St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-21
Once More Bullish Feeling Pervades the
Atmosphere on the Chicago
Change,
Because Of Good Buying by Short" Trad
ers and All Values Respond Thereto,
Showing an Advance.
The Pork Deal said to BE Manipu-
lated Dy PIankinton of
Milwaukee.
Stocks Active, But Lower, and thu
Money Market Far From Active
General News.
Chicago Grain and Provisions.
speclal TO the Globe.

SPECIAL to the Globe.
CHICAGO. Jan. 20.-There was more
general miscellaneous outside buying OF
wheat to-day than Oh any previous day 1or
some time. and the market, as whole, can
be classed IS very strong. Wheat at 770
7Sc looks dirt cheap to the country and
wheat for May selling at SIC is very tempt
ing. There was very little wheat for sale
at the opening. which was L@Mc higher
than Yesterdays closing. and this gave
courage to numerous class of small
traders who were on the lookout for re-
bound, and they bid the market up from
S3%c to S5Hc, with good as
sistance from the commission houses.
The trading on the advancing
scale was not extraordinarily heavy.
New York was a steady but not large
buver early, export negotiations strengthen
ing the speculative sentiment at the sea-
board. FIRST cables were better, but later
advices from Liverpool were OF a different
tenor and the strength shown at the out
side evaDolated. Private wire houses began
selling for account Of their Eastern clients,
and Orr. Crittenden q Co. offered property
in any quantity and at any prices. Their
brokers pervaded the pit and prices went
down &c under the pressure. 1t was not
known whether the firm mentioned was
acting for New York or the Northwest, and
some had ii that it was
PUTTING OUT NEW LINES
Of short wheat for Ream and his friends, who
bought their then outstanding lines yeSter-
day, according to common report. The
trading late in the morning session was at
improved values. and the 1 o'clock close was
at an advance from yesterday of 1@lAc.
This afternoon the market advanced all
other &c, closing at 7S5sc for January and
February. 781Sc for March, S45sc for May,
soc for June. Everingham offers the fol-
lowing bull argument tonight:
Last week the imports into the United
Kingdom, together with home deliveries,
were. according to reliable authorities, l.000,-
600 bushels less than consumptiVe wants.
This week the imports are half million less
than last. Our decrease last week was. say
three-fourths Of a million, and it is now an
ticpated will be fully as much this week.
Foreign markets have not changed. and there
was no reason why they should. While ours
were stampeding, with their diminished re-
ceipts, would not an advance here he more
than likely to cause one there? Were the
conditions reversed, an increase in receipts
and piiing up of warehouse stocks every
where, we know there would be a continued
break. The situation is stronger ana better
for an active upward movement the it has
heen for months. How long the legitimate
outcome may be postponed, and the hope of
the bulls deferred, it is impossible to state.
We have full faith the turn has come, for
time at least. and purchases anywhere around
current prices are a safe investment.
BUT CHANDLER SAYS:
! think now that we have had our reaction
and that wheat is a sale. The short interest
has liQuidated. and unless the best bull fea-
lures develop over night to-morroW's market
will be without good support.
CORN WAS STRONGER
with more disposition on the part of shorts
to cover, as receipts were small and ship
ping demand for low grades good at slight
advance. Holders were less disposed to
SELL as wheat was higher and buyers bid
the market up Oh themselves. May opened
at 4Oc, sold to 405sc, but weakened after
the demand fell off and closed at 403s.
February closed at 3611@36Mc, and April
at 36I 031c, closing at the outside. Oats
were quiet and, generally speaking, strong.
The pork deal is now very certainly in the
hands of Plankinton of Milwaukee. There
is said to be one or two Milwaukee men as
sOciated with him. 1t is reported here, and
believed at the Cream City, that Plankinton
is of the opinion that pork is good for an
advance of S304 a barrel. The advance
which has taken May from about $40 up to
Sl1.50 has really been engineered by him,
but has had all the appearance Of being
spontaneous country movement. Plankin-
ton managing his deals from Milwaukee,
almost always
BULLED THINGS
in this way until he captures the control.
il is pretty certain low that his holdings
are large enough to create a very large and
very general covering, and to greatly timber
up the speculation. Provisions were
nervous, irregular and uncertain to-day.
Pork opened sc higher and dropped 171Sc
under a Tattling fire of selling orders
credited to 1.-The country" but some are set
down by others to an alleged combination
Of packers who were suspected of being
DESTROYS of shaking out the ''tailers" pre-
paratory to working up the market again.
The market hardened later, and advanced
to the opening range by the hour of closing
business at 1 o'clock. Lard was rather
weak than otherwise, and ribs moved in
substantial accord with pork, closing firm
at the best prices Of the day. This after
noon pork advanced sc in sympathy with
the increased strength in wheat. The close
was strong for all the provision list at 81. %
for February, $11.15 for March, and S12.3
for May pork; Sc. Is for February, Sc. 20
for March. and S6.3215 for May lard; S.. S5
for February, $685. for March, and
$685. for May ribs.