St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-09
WAITING FOR A SIGN.
;peoulators Expecting Something in the
Nature of Pillar of Fire for
Pointer.
30 Many People Jumping on Wheat That
Prices Have to Take
Tumble.
Corn, Oats and Provisions Also Show
the Effects of Bearish Spec
ulation.
Stocks at New York Demoralized d!
the Northwestern Passenger
Rate War.
Chicago Grain and Provisions.


Special to the Globe.
CHICAGO. Feb. S.-There have been
fluctuations enough in wheat OF late 10
pratifv the scalper. but not near enough
decision about its movements to satisfy the
operators on either the bull or the bear slde.
There was trick that took the May optlon
very close to SIC, and then rally that TOOK
it and kept it the remainder OF the week
above S5c. Pains have been taken 10 get
the views of the great wheat carriers,
SPECTATORS and millers. They are oouno
10 be of all sorts. At Chlcago
Armour is pronounced pun III
his views. but announces that he
is doing nothing TO help the market. There
is at least one operator who is pronounced
bear and whose short line OF wheat Is
supported by enormous accrued prohts:
Recently there has appeared party heaoeo
by Ream, which apparently proposes 10
move from one side to the other OF the
market and to get profits If 1t can from
both. At Minneapolis it is said there Is the
same division Of sentiment among the great
manufacturers of flour. With the Pillsbury
interest on the ''bull" and the Washburn on
the ssbear' side of flour. there is little chance
for the smaller men up there. For variety
of reasons wheat traders just now regard
this is one of the little
SPECULATIVE EPoCHs,
a time when something is to turn up to set
tie all the doubts. There have been scores
Of lust such hating places in the last two
years. and each one has been looked on as
the one which was finally to settle for good
the speculative difficulties. SO far they
have ali been disappointmeDts. Wheat
spectators have for months been waiting
for sign, some sort of miracle pillar OF
fire, perhaps, or a cloud of smoke, to lead
them in their grain gambling. The bulls
have been waiting for 1t Win
desperation and the ''bears" with expect
ancy. bullishness and bearishness are not a
MATTER of faith, andenot creeds Tor which
anybody wants to make sacrifices. 1t is
not likely that at this time any more than
at those which have passed the future OF
prices is to be revealed to anybody in
miraculous sort of way. The men who
wait for blaze of glory to illumine their
speculative way will be surely disappointed.
Wheat may be on the
POINT OF TURNING
and IT may not. The fact is the visible sup
ply is on the decrease, and the speed seems
TO be increasing. Stocks are being eaten
into. If the speed of the depletion keeps
on increasing, il will help the situation
greatly. Pillsbury says the flour trade is I'M
proving, too.
Wheat, philosophical speaker said, is
fair gumble. 1t does seem to be q fairer gam
bic than for some time.
have been around this board for ten or
dozen years. remarked u bald-headed old chap
in the wheat Lit to-day, and / do not remem-
Der Of anybody ever making any good-sized
profits by taking the short side of the market
during February and March. These periods
have always belonged TO the bulls, and think
they will this year. The impression seems 10
be growing that our wheat prices are about
down to hard-pan. IL this is being a bull,
you may write me down as a member of that
army.
Among the men looking at the market
through different kind OF spectacles it was
said that everybody of any note or influence
was ''long" at the present time, except
Ream. Cudahy and Linn. The wheat mar
ket was remarkably
DESTITUTE OF INTERESTING
features to-day. 1t opened strong at Sat
urday's closing figures, and advanced 40
sc. but weakened immediately on esti-
mates OF decrease OF 100000 bushels in
the visible supply, figure considerably be-
low the bull estimates on Saturday. Nav
sold down from S53gc to 843lc, but revived
and remained pegged at about S4X@
Local TALENT had the deal pretty much to
itself most of the time. The tone of the
foreign market advices was rather better
and the cables brought messages in several
instances canceling selling orders given a
little above current quotations. This was
interpreted as a good bull point, but it was
not very bosterouS indication OF revolu-
zion in English sentiment on the subject OF
the price of bread stutfs Wheat broke the
last hour, May selling down to S4A@S4$sc
and closing at 1 O'Clock at that figure. New
York sent in large selling orders and the
local crowd got bearish on news that Pills
bury had shut down his Anchor mill and
REDUCED THE OUTPUT
Of his "a" mill one-half, and that the Min
neapoliS mills were running at One-half of
their total capacity on account Of low
water. A belief that Ream and his party
were selling, and had been for two days in
fluenced the grand army of ''tailers" to
trade on the short side, and altogether the
market was sadly lacking support toward
the end of business on the long session of
the board. This afternoon there was a
slight reaction, the close being
steady at 791Sc for February, 7915c
for March, 81 &c for May and Sc IS for June
Corn remained dull until noon, when there
w
feeling was easy. Receipts were larger and
a heavier run was predicted for to-
morrow. Shippers bought moderately of
low grades, but the demand for lots in
store was not urgent. Speculative offer
ings were fair. The trade centered in May
and prices declined from 40Hc to 40c, and
closed at 40c, decline of 4 &c from Satur-
day. February closed at $3.50, July at
403lc. Provisions were dull and lower
The leading packers are making no move
that is visible
TO THE NAKED EYE
and the holders Of products seem to be
rather FESTIVE. 1t is argued on the one
hand that the preponderance of capital is
still interested on the bull side of the mar
ket, but that the scheme is to shake out
the ''tailers' and ''milk" the ''shoe-
stringers," as it is expressed in the language
OF the pit, and then put up prices once
more. 1t is argued on the other hand that
the packers having made market and
unloaded their accumulated product at
profit are willing to let the boys and the
country carry the stuff until they get tired,
feeling satisfied the load will prove too
heavy for them and that capital could pick
up the property cheaper when conditions
were more favorable for an advance. At
l o'clock the tape chronicled loss from
Saturday of 1Oc on pork, sc on ribs and
21zc Oh lard. This afternoon, however,
there was slight improvement in pork
and ribs, though lard was quiet.
PETER BERKEY. Pres. w. ANDERSON. Cashier.
c. W. GRIGGS, V. Pres. A c. ANDERSON Asst c.
THE ST. PAUL NATIONAL BANK,
CAPITAL. $50O,OOO.
Corner Fifth and Jackson streets