St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-12-07
A Big Break for the Bulls, Ending With
Hopeful Future for the Bears
Next Week.
Wheat Subject to Free Selling, and, Not
Receiving Any Support, VAL
ues Drop.
The Holiday Temper is Beginning tc
Get Possession of All the
Markets.
Money Still Firmly Held, But the
Stock List is Weaker and
Inactive.
Chicago.
Special TO the Clio

CHICAGO, Dec again the statement
must be made that the commercial situation,
as it applies to Chicago and vicinity, is less
bearish at the moment, though conditions
are so strained that there is no telling how
long this statement will contain the quota
of truth usually found in this column. 1t
will be no news to traders, who have kept
themselves posted for week past, to hear
that there is some new blood in wheat and
that the former friends of this slippery
grain have parted company with it. by
former friends is meant such active ad-
herents as George Eldredge, Nat Jones, Nc
Cornack, Kenneth and long line OF others.
That is they are not grabbing with their
former eagerness for bull points. Of course
they still consider wheat good enough to
speculate on and would buy it as quickly
as they would anything else, once satisfied
there is money to be made in it. But the
big traders have unloaded. OF this there IS
small doubt. 1t is equally certain the
heavier lines of that wheat have been called
in. 1t thus appears the market has eyened
itself up in such manner that no very
serious injuries can result from rapid
movement by reason of any cause unfor-
seen at the present time.
FORElGN WAX
is probably the only lever strong enough
TO bring about any appreciate advance.
and as to the probabilities in this case the
newspaper-reading public is well advised.
Gables have been factor to considerable
strength during last week in the hands of
newer and younger elements on change,
who have undertaken the stupendous task
of advancing wheat-a thing older, wiser
and better heads in every way have been
unable to accomplish. But by being sprung
from day to day news Of this class is rapidly
losing the weight and influence it originally
carried, and by knowing the ratio dlminu-
ton one can almost compute the time when
war or peace cables will cease to be
a factor i'll the hands OF either
bulls OF bears. At the price
wheat can only be looked on by an out
slider as sale. Reasons for this faith are
not lacking. The strongest men in the
Western speculative world have tugged at
it until they wearied of ever pulling it up.
They had brains, money, perseverance and
a long line of friends back of them to help
them, and By moving heaven and earth they
could not materially OF permanently adj
vance the price. For every point they
pushed it forward it would drop back two
points as soon as they took their shoulders
the light of such record it is probable that
handful of young commission men acting
for nobody knows who and unknown except
in the
CHICAGO BULL PIT
can bull the price up to point where it
will stick. Present prices are higher than
those of last week by 2l4c for wheat, &c
for coin. 20 for oats and 219 @5c for pork.
The advent of cold weather has been fac
tor to more strength in corn and was also
made use of, with light receipts, in bring
ing about this appreciation in wheat. Re-
ceipts have fallen Off but well-grounded
suspicion exists that it is because elevator
room in the Northwest is entirely taken up.
GuesSers on hog receipts for the month
have placed the figures at over 1000, 900
head. This is not improbable On several
days they have exceeded so, 600 head and of
course exercised depressing effect on
values of manufactured product. In larger
deliveries very little change has taken place
i'll quotations. 1.-The Northwest" said a
trader who generally keeps one eye on
nillers and another on the pit, ''Sent in a
good many orders to sell wheat to-day but
the market went down so fast that not
much could be worked off. Inasmuch as
the millerS advanced bids 3 cents last night
and to-day their ACTION in trying to sell very
strkingly illustrates the confidence they
have in their ability to advance this market
on the strength of advertisements to pay
higher prices for wheat. It looks to me
very much as though they knew their adj
vices would be 'coppered, and they wanted
to
SELL AT THE TOP"
A suspicion of strength entered the early
market, but il did not remain long. Cable
advices were indefinitely quoted turn
dearer, while the weather influences here
and in the Northwest were rather favorable
to the bulls than otherwise. Receipts were
also light here and at primary points. The
combination was sufficient to open January
4 higher, at S94c, but this figure proved
the top for the day. The bulk of early offer
ings came from Schwartz u Dupee, who
unloaded little May wheat wherever
they could find dumping ground. Each sue
ceeding weak spot brought out more or
less stuff for the three deliveries between
January and May. Lester, Roche, Barbee
and Hamell Brine helped along the decline
by filling up the crowd whenever there was
any disposition to take it. Once during
early hours there was all attempt to bull on
the lower cOnsols, but official quotations
came in. showing the market unchanged.
The decline during the first two hours of
the session was an even cent, January sell
ing at SS14c at 1850.
THE BULL SIDE SUFFERED
all day from an absence of buying orders.
Nobody appeared to want it for speculation.
while naturally shorts coulc not be expected
in with the market going steadily in their
favor. Besides it is an open question
whether or not there are any of this class
out. The bulk profess to believe there are
none. The export demand is practically
nothing. Dwight Gillette figures that on a
basis of Ssc for cash wheat. present prices,
wheat cannot be shipped from here to Liv-
erpool and landed at anything better than
12c over foreign prices, Around IL O'Clock
the market witnessed slight Improvement
on local buying, but on King IL Co. IS esti-
mate that the increase in next weeks visible
would be 1850, 600 bushels, values dropped
off again more rapidly than they had pre-
viously advanced. The inside figures of
the day were closing quotations, and show
a drop of 54@5sc on those current at
o'clock yesterday. January ranged at 81 e
(0S9ssc, with seize the opening and 81 e
0S7s4c the closing. February ran from
s9]6c down to sS16c, and closed at $50
SS4c. May started at e55s@9575c, and
took a drive to 93$4c. closing at $3.50
935se. 1t was reported that Minneapolis
people he'd ordered another advance In
prices.
Corn was rather quiet and weak during
the early part of the session. Liverpool
was strong and lie higher. but it was
offset by cold weather, which will improve
grading and increase arrivals. Offerings
were liberal early and prices declined $40
&c on year and 34@Ssc on longer futures.
During the last half hour better feeling
set. Several strong houses began buying
and part of the decline on year was recov-
cred, and the last sales only showed a &c
break on year. but nose on January and