St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-30
UNDER THE WEATHER.
This is the Explanation the Bulls Offer
for the Present Situation in
Wheat.
There is a Chance That the Winter Wheat
Crop May Freeze Up and Be
Ruined
Strain and Provision Markets Show
Decline Which Short Buying
Failed to Counterfeit.
A Lively Day in Wall Street, the Mar
ket Closing Stronger at Top
Figures.
Chicago.
Special to the Globe.

Chicago.
Special to the Globe.
CHICAGO, Dee. eff it were not for
She very warm weather that has prevailed
now for two weeks. suggesting to every
body bare wheat fields and a forward
winter wheat crop, all the bull influences
would count for little. The figures of Sec
rotary Stone last night, showing that the
wheat visible" had commenced to die, was
offset this morning by news of an increased
movement in the Northwest. The visible
really cuts small figure now among the
market Influences, and is not likely to I'M
less it begins to decrease million or two a
week The bullishneSS is supported by the
fear on the one hand and the hope ON the
other that rain will soon be here, and then
a freeze, and that damage on great scale
will be suffered. Although there is GER
tainly no sign of great expectations in this
market by any party, it is steadily claimed
that the Northwestern milling crowd has a
holding here of not less, certainly, than
$1,000, 900 bushels. bought through Foss,
Strong IL Co., Norton & Worthington.
Hamill & Brine, Crosby & Co. and some
others.
ABOUT AT BOTTOM PRICES.
wheat, L guess said Mr.. Worthington,
sis about at bottom prices / look for a
rapid decrease in the visible supply, and if l
were short l should feel very nervous over
this unreasonable weather. Unless every
thing is favorable there is bound to be dam
age. All the fields in the winter wheat coun-
try are bare now, and a cold wave is on the
way now. Besides, there is strength in the
speculative situation. Armour, Archie
Fisher Jones and some other rich local oper-
ators are long great deal of wheat. They
are not anxious holders but such a concen-
tration OF wheat is a menace to shorts. The
great holding, however, is by the very rich
millers of the Northwest, who have bought
the wheat not for the sum of couple of
cents, but who expect to make 10, 20, perhaps
so cents buShel. They ought to know the
situation. They make $50, 900, 900 worth of
-four and know the demand for it. They
know the situation in the interior. They
know the amount of wheat in farmers
hands. They know the movement and know
the crops. They must be better posted than
the shoestring Chicago operators. L believe
in wheat"
1.-THE VISIBLE SUPPLY
on this CROP" said Robert Lindblom, ''has
not increased more than $1,000, 900 bushels
There are 100000 bushels of old wheat in
the country, and l think we will soon be eat
ing into that. The ordinary increase in the
cid visible at this season is about 25, 000, 900
bushels. If, at the harvest of 1885. there has
been no enormous surplus the visible now
would have been very SMALL
Wheat opened &c higher than it closed
yesterday, advanced nc or thereabouts,
and then declined to about the opening or
shade below, where it hung Iifelessly dur
ing the greater part of the session. The
long-lOoked-for turn in the visible supply
was made known this morning by the pub
LEGATION of the official statement of stocks
In warehouses. The country sent in mod
b.
news, and New York was large but not
aggressive purchaser. The great holders
OF long wheat made no sign, but symptoms
of nervousness on the part of several pro-
fessionals, who are working the short side
of the market. and who are reported to be
heavily short, were clearly manifest to the
sharpened visions of the professional OBJ
servers who live in and around the wheat
pit. The early temper of the market may
rghtfully be described as
FIRM AND EVEN STRONG,
but liberal Otfe ringS by holders who thought
it good market to sell on had a Softening
Effect Until well along in the day there
was firm undertOne to the market, but
later dealings were on a scale of diminish
ing values. The l o'clock closing was at
the bottom prices of the forenoon, and the
feeling was one of weakness. Outside mar
kets were heavy and the influence was de-
pressing. The early surface strength had
evaporated in large degree by the time
the board adjourned for lunch. The market
suffered drain of 19@%c this afternoon,
and closed very weak. Liberal offerings of
long wheat and raiding by the bears did the
business. After the late board puts on May
sold at 698@90c and calls at 9I@91 &c.
CORN OPENED HIGHER
r IL
visible supply and sold up &c. At this
point Nat Jones, who is known as a heavy
long holder, scared the boys by dropping
$50, 900 bu among them. E.W. Bailey was
the principal taker of the stuff offered Nor
ton IL Worthington sold January early, but
when May broke later on, they took hold of
considerable of that month The market
presented a quiet and steady appear
Rnce, with trading only fair and
mostly by professionals. Receipts were
moderate and shipments rather small. For
eign and Eastern markets were steady.
Offerings were not large, and prices moved
with small range and closed at &c de-
cline on yeaI, sc on January, but 1s@Ic
higher ON May, which held firm owing to
the large short interest and bad weather.
Year sold at 3614 @363sc, January at 36sS
@S65sc, May at 80 Is @395sc, and closed at
the inside.
PORK
was the principal article of merchandise in
the provision pit, and it was traded in only
Oh falling market during the entire ses-
sion. The small number of hogs received
opened May pork at S10.3715, or2115c above
the close of yesterday, but the dearth of
buying orders sent the figures steadily
downward, and this option lost 71ac during
ing the first two hours of the session. The
market was quiet and rather strong early,
but easy at the close. showing decline of
15@1715c on pork and 21Sc on lard and
short ribs. Trading was almost exclusively
local. Mess pork for February opened at
$40, and ranged from S719@1O. OH,
closing at S9.S715. March closed at So 81 a
and May at 5000. Lard closed at Sc for
February, Sc. 10 for March and S62 211 for
May. Short ribs closed at $40 for Feb
ruary and S4.9775 for March.
PETER BERKEY. Pres. F. W. ANDERSON, Cashier.
C. W. GRIGGS, " Pres. a. C. ANDERSON, Asst. c.