St. Paul daily globe., 1886-01-16
Heavy Transactions in Wheat, but the
Bulls Fail to Keep the
Price Up.
4 Little Thumping on the Part OF Big
Operators Breaking the Market
Again.
Provisions Lively and Higher, Excft-
ing Attention--N othing Doing in
Small Grains.
The Stock Market Suffers Bear Raid,
Closing at the Lowest Point
Reached.
Chicago Grain and Provisions.

Special TO the GloDe.
CHICAGO. Jan. 15.--''Wheat, " said VIII
lam Dunn this morning, ''is still &C at Chi
cago above an export basis. This is count
ing no commission. Including tile commits
siOns at both ends, it is &c above any possl-
bIlity Of exporting at profit. The foreign
bourses." continued this prominent eX-
porter, covered their shorts at Soc. They
are putting them out again to-day" There
was enormous speculation in wheat again
to-day. Values were just fairly steady, but
on declining scale for the first
two hours, the opening A@35c
pective decrease of 75O, 000@1, 000, 600
bushels, and reported heavy purchases on
account of NewYo ork combination, being
the principal elements of strength. The
temper Of the crowd was nervous, how
ever, and desultOry trade Oh large scale
was the feature of the early hours. Later
information reached here Of the actual eX-
port shipment of $500, 900 gold by Brown
Brothers. and rumors of additional Quanti-
ties to go out soon. Brewster 81 Co.,
Eldredge & Co. and Schwarts 81 Dupee
were the first to take advantage of the
news. They began selling May when it
was about SEC. The crowd quickly caught
on, and fury to sell broke the market to
64H@845sc.
THE LOWEST POINT REACHED.
The May option Of wheat sold down to
S41Ic. II closed at SAGE. 1t is said that
Ream yesterday was ''called" 600, 900 BUSH
els, which he cleverly had sold the night
before. He worked the market last night
up to SEC, 50 that the calls he had sold at
S55Sc were acted upon. This morning
when the price was 8412c Ream was short
at S5Ec, and had profit of 50, 600. The
wheat called last night at S5%c all paid
11%c this morning. From SEC to S419@S45ac
il was fool race. The bears who had been
waiting for a chance to get on top were
crazy to sell, and the bulls who were wait
ing for an excuse to unload struggled to the
front. The only purchasers were
shorts who were willing to take
in profits. From 1920 to 1 o'clock the
amount of business transacted was very
large and the excitement great. The clos
ing at l o'clock was on basis of S4M0
8456c for May. The late closing was
shade higher, but without much tirmness at
zoe for January, 795c for February, 1890
for March, SAGE for May and S61sc for
June. On the curb puts for May sold at
8435c, and calls at S519c. Corn was stupid
but unchanged, operators being backward
in trading and only about enough was done
i'll futures to establish prices. Receipts
were larger. 1S9 cars, and 270 cars were
predicted for tomorrow. Shippers bought
moderately. but most Of the arrivals went
to store. May sold at 391I@39$lc and
closed at 395Sc, February at SO 6H@364c,
January at 361Sc. The provision pit was a
scene of excitement and exceptionally heavy
trading.
PRICES OF HOG PRODUCT
were higher all around, pork advancing zoe,
and lard and ribs following. The dealings
were chiefly in pork and in May lard. May
pork opened 718c higher, and advanced to
5000, dropping back afterwards to
S10.S2H, where it rested at the close.
Eldredge bought 20, 600 barrels at nearly..the
top to cover, and he did not have to stir
from his tracks. Roach took in IL, 600 bar
rels for Bloom, who had been bulling for
several days, and who was one of the first
to hear Of the expectation Of gold and act
on his information. Stone bought 20. 900
barrels at S10.S5 and upward, giving up the
name of Howe, who, being comparative
stranger to the trade, was viewed with dis
trust. but when it was quickly stated to
interested parties that he was q private
representative of Swift the millionaire beef
packer at the stock yards, no further ques-
tionS were asked. Another broker re-
ports II, 500 barrels of pork traded in,
ana not included III the above count,
from which it is safe to say that not less
than 100000 barrels passed around, and
that is probably putting the transactions too
low. Ribs were rather quiet. This after
noon Broker Stone gave up the name of
Howe, Swift's agent on the floor on about
$4,000 barrels of pork, the produce he had
bought in the morning. Inasmuch as Swift
is beef man and was never known to
monkey in pork, this very greatly myStified
the pork crowd. 1t was by some considered
a purchase for Armour, but while every
body hazarded a guess on it, nobody knew
anything about it. The close was active
and strong at $10.55 for January and Feb
ruary. S1O.65 for March, $10.s5 for May
pork; $6.10 for January and February,
$6.1 for March and S6.2719 for May lard,
and $500 for February, S5.271a for March
and $5.4219 for May short ribs.
PETER BERKEY, Pres F. w. ANDERSON, Cashier.