St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-04
Wheat Forced Up Several Times, But Its
Own Weight and Long Unloading
Broke 1t.
The Very Lively Movement in Prices
Without Apparent Cause Troubles
the Scalpers.
It Is Said There Are No Shorts OUT
Other Markets Heavy and
Dull
The Splendid Statement of the ST.
Paul Road Makes the Stock
Market Strong.
Chicago
Special to the Globe.

CHICAGO, Dee 3.-There was a crowd
in the wheat pit to-day that filled the cen
ter of it, spread over its edge and then
bulged out over the floor. All the trading,
however. that was done was excited by
perhaps fifty of the two hundred or three
hundred which made up the noisy crowd.
This was one of those days on which every
body exhibited great interest in the market,
but on which everybody was completely in
the dark over the influences at work on
prices. The curb for January was S714c,
and the opening was at S712c.
This was pretty nearly the top
for the day. 1t is believed
that the Minneapolis crowd has been chiefly
responsible for the latest boom in wheat.
Their news agencies have been at work in
the Northwest and their traders active on
the board. To-day, for instance, it was
reported that the Millers' association had
raised the price of wheat &c buShel, and
at about the same time Crosby & Co. and
others who are credited with having the
millers for clients, were busy sellers. 1t
was also the talk that Nat Jones wanted to
bull prices to sell on. If he did, then the
market was taken away from him by Singer
81 Cudahy, for they were very large sellers
on the advance, through large number of
brokers.
AFTER THE BREAK
it was said that Jones himself sold. The
figures did not at any time get close enough
to the put or call prices to make the sellers
of privileges active traders. The very large
decrease in the amount of wheat ON passage
had probably good deal to do with the
great strength i'll wheat at the opening. 1t
was surprise to everybody that it should
close at SIC last night. The fact that
calls" had sold at sec the night before was
evidence of this. There has, however,
been something under the market
Of late which has not been
eXplicable. pointers have been
out for three days in quarters to buy, thus
showing that there has been some method
i'll the advance. Ream talks bearish, show
ing that he is not under the movement
''CuSh'' Clifford was the first good-siZed bull
who did any large buying. He took several
hundred thousand bushels of wheat at the
opening, out the pit showed none of the
great traders doing anything on a large
scale until Jones & Cudahy and Singer
came in. The bullishneSs, however, was
in the air. The opening for January was
at S755c, it dropped down to S71S, and then
doomed up to S75sc. Renewed buying
TURNED THE MARKET UP
about noon and the 10 o'clock closing was
&c above the bottom and exactly where it
rested at termination of business. yesterday,
viz: S6}Sc for cash and December, SIC for
January, 8715c for February and $3.50
934c for May. The volume of business
was at no time remarkably heavy, but the
market could not rightly be called dull.
The reVivifying influence of the bull talk is
plainly felt in the interior and was reflected
back through the commission houses, which
were doing no little miscellaneous trading.
This afternoon the market advanced 3sc
on the strength of war news and North
western advices, closing firm at SIC for De-
cember, S735c for January, S75Sc for Feb
ruary and $500 for May. Il call wheat
weak" said an unbiased trader, you will
notice that it takes all the bone and sinew
of healthy body, combined with the arts
and devices of an ingenious mind to put the
price up, but once the underpinning is re-
moved the market falls like lead. There are
no shorts in wheat. Everybody has got all
he can carry" Chandler Brown says:
This morning the decrease on passage
looked like radical change in the Situa-
ton, as on its face it showed
A SUDDEN STOP SOMEWHERE
to wheat. 1t does not look so now, as the
demand for it to-day was not as active as
expected, and from the fact that in addition
to the decrease on passage the imports have
also decreased, and as the wheat can hardly
have arrived at its destination it is more
than probable that the wheat will show up
again i'll the next statement. War news
appears to be the chief reliance of the
bulls, and should their expectations be real
lied by further complications on the other
side the road to higher prices for time
would be easy. Without these disturbing
influences, however, we think that prices
must decline until wheat moves out or the
visible supply begins TO decrease"
Corn was moderately active to-day and
prices little lower. The speculative trad
ing was in January and May. Cash and
December remained steady, closing point
under yesterday at 41c December, $3.50
January, 87$4c February, 40c May. The
manpulatOrS seem to have a good grip, and
for the present are in complete control of
the market. The year corn deal is still a
Toss up" 1t can easily fail for want of
support. and easily succeed if the shorts
allow themselves to become panic-stricken.
Business i'll the oats crowd was reported
as quiet and fairly active, and values were
just shade lower, but the changes were
unimportant. Provisions were weak and
lower. The liberal receipts of hogs here
and elsewhere made the packers feel bear
ish, and they hammered the market. Pork
opened and closed 715@1Oc lower than at
yesterdays close; lard, 214@5c, and ribs SC
lower for cash and December, and 21Sc for
deferred delivery. The tone of the market
was soft, and packers talked the product
down as well as sold it down.
PETER BERKEY, Pres. F. W. ANDERSON, Cashier
c. w. GRIGGs, V. Pres. A. c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
CAPITAL, 100000.
Corner Fifth and Jackson streets