St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-22
PORK BEARS" GORED.
Some Heavy Operators Who Have Been
Short Now Find Themselves Badly
Treated,
Although Both Wheat And Provisions
Closed at Substantially the Same
Figures as on Wednesday.
Many Traders Think the Bottom Has
Been Reached, as Exporters are
Becoming Purchasers.
The Stoc,r Market Closed at the Top
Figures of the Day--Monetary
Matters.
Chicago Grain and Provisions.

Chicago Grain and Provisions.
CHICAGO. Jan. 21.-The failure of j. b.
Oliver of Milwaukee, although 1t had very
little effect on the market, was the most
significant incident of the day. Oliver, up
10 within twelve-month. was one Of the
great grain dealers of the country. He went
to Milwaukee and ran a wheat corner at st.
Louis two years ago that tied up the specu-
lators Of that town and made them howl
with pain. They almost all defaulted and
when the selling price was fixed it shaved
OF a great deal Of divers profits.
Oliver" said Abe Poole, ''has been per-
sistent and pluc5y bun for two years and has
put up his last dollar. il will be very bad
failure for him. 1t is q case of plucky stub
borness with the market dead against him.
The failure had this effect on wheat. 1t
was like pointing a moral. sort OF warn
ing 10 other less determined bulls to get out
of the way. Mccormick, Kennett q Co.
and Field also were the big sellers. The
former are said to have put out almost q
million bushels. \ cable from Antwerp
that Belgium had joined the procession of
protection countries. slight drop in con-
suls and a reasonable certainty that the
next visible supply statement would show
decrease in stocks of about one million
bushels produced feeling Of strength in
The wheat market this morning, which was
assisted by warmed-Over
MIDwINTER WAR NEWS
from the Bosphorus This latter factor was
not weghty. however. for when it was re-
membered that the uniform of the unspeak-
able Turk consists of a coat of paint and a
straw hat, it was decided that war news from
that quarter was just mite premature. a
belief that the professional bears Of high
degree were working up prices for turn or
a market TO sell on had more effect on the
trading crowd, but conflicting rumors as TO
the exact attitude of the professionals has
confused the scalpers. and kept many of
them out OF the deal altogether. The early
strength was not lasting. Wheat opened
&c lower. advanced to S41Ic for May, and
then dropped back TO S3$S0S3Tc. The
market recovered. and prices fiuctuated
between SIC and 845sc most of the morning.
The brokers, about whose operations there
is always curiosity and mystery, were the
principal traders, and they seemed to be
nearly evenly divided as to number and eX
tent of orders. though sellers had, if any
thing a shade the best of it. The 1 o'clock
closing was at S414@S435c. An increase
in the amount of wheat and flour on passage
to the United Kingdom and the continent
effect on the market, but, as most of this
Increase is directly attributable TO the
INCREASED EXPORT MOVEMENT
from America, this terrifying feature of the
situation lost much of its force. The clos
ing figures on the late board were somewhat
higher than at / o'clock, though it cannot
be said there was any marked degree OF
lirlnneSs. Quotations arc 7STc for Janu-
"a
S455c for May and S64c for June, gain
of about sc over yesterday. On the curb
puts on May wheat sold at Sac and
"calls" at 85Hc. The market exhibited
throughout unmistakable signs Of the recent
bear enthusiasm having nearly exhausted
itself. There were no frequent offerings of
big blocks below prevailing bids, and the
raids that were attempted were not so nu-
merous, and they lacked the force neces-
sary to carry the uncertain portion of the
crowd with them. This latter element in
the trade, though not of much value in sup
port of market, is quick TO catch the ten
dency and array itself on the winning side.
To-day they have been buying on the least
indications of strengthening in the market.
and il is a reasonably good presumption
that they are with the balance of power.
Another item to be considered is that after
wheat broke S5c the most universal eX-
preston was, nothing can prevent it going
to soc. and antcipations of 75c were freely
INDUCED in by many, so much so that
number who had been confident bulls and
carried wheat down to about S5c turned
bears and went short TO try to get their
LOSSES back.
CORN AND OATS
gave signs of life again to-day. The activity
in oats was something astonishing; the
prices bObbed about within a C range
with an appearance of nervous energy that
was as refreshing as it was unusual. The
tone of corn and oats was strong. and the
inquiry for cash property was noticeably
brisk. The scalpers held provisions to-day,
and they gave the Smarllet vigorous
shaking up, devOting their time and talent
mainly to pork. This staple opened at
S11.45 for May, 1Oc higher than yesterday.
but dropped under free offerings of product
to S11.2215. 1T rallied to S11.40 and
closed at 1 o'clock at SI1.30. Opinion is
still divided as TO the merits and true in
wardness of this deal, some holding that
the market is advancing because the legiti-
mate situation warrants higher prices, and
Others that few heavyweight packers are
making a market to resell their product,
sold originally at low figures and bought
DetCh DIT IL lcSS. L llIJ ever NDOug WAS Q6-
ceived as to the extent of the crop is now
changed from the bear to the bull side
They unhesitatingly give it as their opinion
that prices will eventually be established at
a higher range, but the activity displayed
by them in the manufacture of pork, as
shown by the abnormal activity in cooper
age, fills the mournful souls of some sus-
piciOus persons who are always looking for
the worst of it with forebodingS, and this
element is freely predicting big break as
a natural consequence of the statement of
stocks, followed possibly by a rebound at
the rib end of the market, which will be
relatively as much lighter as pork becomes
heavier. provided the suspicious prove well
founded. The best posted men in the
trade lay claims to the greatest amount of
ignorance at this juncture. The close was
at S11.O5 for February. S11.15 for March,
and $11.3718 for May pork, an advance of
sc; S6.1719 for February, S622% for
March, and S6.3715 for May lard, an ad-
vance of 219@5c. Short ribs are I'M
changed at S5.2715 for February, So. 4215
for March, and $3.50 for May.
PETER BERKEY. Pres. +. w. ANDERSON Cashier
{. w. GRIGGs, V. Pres. A. c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
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