St. Paul daily globe., 1886-01-09
BULLY" STORM NEWS.
a Nervous Wheat Market With Strong
Ball Feeling Developed on North
western Weather Reports.
Some Facts About the Present Holdings
of Wheat and the Prospects
for Higher Prices.
Corn Dull and Lower, Oats of no Ac-
count, and Provisions, Though
Active, Ch ange Slightly.
DuIlness in Wall Street Attributed
to Northwestern Meteorology
--Prices Downward.
Chicago.
Special to the Clone.


Special to the GLOBE.
CHICAGO, Jan. Sat one minute to-day
the crowd in the wheat pit thought ooc
such an extortionate price for May wheat
that not one of them would touch it, and
the next minute they all thought it so as
tonishingly cheap that everybody in the pit
was scrambling for it. There was very
little choice at the opening. There were
no better reasons for rally this morning
than there were last night and not so good.
The big traders, Cudahy and Ream, were
on hand, but apparently not buying as they
were yesterday. Lestir and Schwartz &
Dupee were sellers, and the latter in pretty
large blocks. w. L. Harvey & Co. were
sellers. too. Dwight & Gillette were buy
ers at the start. but the volume Of trade was
not large and the tempernOt excited. What
ever interest was gotten up was over the
cold wave which the signal service officers
said was approaching. Up somewhere in
the Northwest it was said the weather was
intensely cold and blizzard raging. In the
Southeast however, where all the winter
wheat is, the news was that the fields had
been within a few days well covered with
snow. The market looked bad. however.
as the big bears, aware that the present
month might prove crisis for the growing
wheat. were holding off. The situation
about the wheat pit just now seems to be
this: The cash wheat is well held, being
in the hands of Armour, Egglest0n. Poole,
Sherman & Co.. and probably Hutchinson.
They have all got their holdings sold for
Nav. so that the fact that the 15, 900, 900 of
wheat which is in their hands is of no aid
to the market. They have really no interest
10 sustain prices. The grain is probably
owned by the countrymen, who are al
ways bulls and under all circumstances
There were
VERY LARGE BLOCKS
held by the YOungs at Milwaukee and by
the millers at Minneapolis, but the signs
are that these holdings have liquidated.
The close tonight was active, weak and
lower al 81 &c for January, 81 &c for Feb
ruary. So Is c for March, S7$sc for May and
soc for June. 1t is not often that readers
of this column are asked to peruse editorial
utterances, but the following from the
Daily Business is SO pertinent that its re-
production may be made without apology.
Editor Nicholas says:
Unless the wiseacres are off in their reck-
Oning, u radical change in the relative posi-
tions Of the leaders of the bear and bull par
ties has been going on during the past two or
three days in wheat. For nearly a month
a powerful Northwestern syndicate of
millers and capitalists representing the bull
side, and an equally powerful combination of
local spectators, representing enormous
lines of short wheat, have been facing each
other in the Chicago wheat pit making occa-
sonal feints and throwing out feelers, but
otherwise venturing no open moves that
could be detected. The unmistakable drift of
values has been downward, however, and the
stolid stubborness of the bulls was an impor-
tant element against them in the fight. They
sat on their own shoulders, so TO speak, and
every additional bushel of wheat they took on
added to the load they were themselves
carrying. Apparently the issue was simply
question of endurance, and in such con-
test the bears had the best of it. The tend
ency was their way, and they were absolutely
untrammeled, besides enjoying the benefit of
being paid out Of the enemy's ammunition
stores for waiting. During the past few days
dealing in the wheat pit has been on a huge
scale, and the opinion obtains credence on
the floor of the exchange that the
NORTHWEST HAS UNLoADED,
and the big local shorts have taken the prop
erty to cover their outstanding contracts
and that, not satisfied with "evening up"
both sides kept on, the bulls going short and
the bears getting on the other side.
1.-The millers and their friends got away
with bundle of our money the first time they
made a combined attack on our market" said |
a prominent local trader this afternoon, "but |
we beat them out this time and we are going |
to do it again.
Whether the boasts will be made good |
remains to be seen. There are many things |
happening to confirm the prevailing belief |
that the Northwest is working the short |
side OF the deal now. Dispatches from that |
quarter are being numerOusly received to |
the effect that side-tracked wheat is being |
crowded into store, that receipts are increas- |
ing again, and that the tiour-market is dull |
and dropping and without encouragement |
ha of nf
the news that drifts in from the spring |
wheat country is very different to what it |
was up to within short time ago. and the |
brokers who are set down as representing |
the leading speculative interests of Mime |
apOllS and st. Paul in many instances have |
shifted their positions very decidedly touch |
ing the future. These circumstances are |
mentioned as StrawS showing which way |
the wind may be blowing. The argument |
Tor higher prices is now based on the de- |
creaslng quantity of wheat afioat for Eng |
land and the continent. The anticipated |
dlminution of available stocks abroad and at |
home. the reasonable certainty of injury to |
winter wheat, if the cold wave which is |
drifting this way should not lift before il |
chillS the bare wheat fields, add to the exist |
ing
NATURAL REACTION" SENTIMENT
that finds lOdgment in the minds of MANY
spectators who have brought themselves |
TO think that perhaps the time has arrived |
for turn. Another version is that the |
large holders of the Northwest have volun- |
tarily let the market down to a point which |
the local bear party above referred to would |
be willing TO join them, and the long wheat |
sold on the break came mainly from mis- |
cellaneOus holders, that the short interest |
has been practically eliminated (the foreign |
interest eXcepted) and the Northwest with |
very strong Chicago speculative assistance
will give the market great boost in the |
near future. After adjournment puts"
on May wheat sold at S7(0S715c and ''calls" |
at S71s @SSc. Corn averaged trife higher.
owing to small receipts, fair shipping de- |
mand and prospects Of decreased arrivals. |
as the storms throughout the West will pre- |
vent free movement. Shorts We're the |
chief buyers and advanced prices &c, but |
outside figures were not maintained as the |
early demand did not keep up. May ad- |
vanced from 1890 to 39X@40c and |
39%c The close was only &c
better than yesterday. February |
ranged at 3655 @365sc, and closed at SO 36c |
DID. January closed at 9619c and May at |
3S24c. In oats trading was confined to |
cash and May, the close being steady and |
about unchanged at 2S4c for January and |
FEBRUARY and 3419c for May. Provisions |
were quiet and tolerably steady. There |
Were very few ORDERS and room traders |
manifested but little disposition to operate. |
Prices opened firm and then weakened. but |
closed rater steady and a shade higher than |
yesterday. Mess pork for May opened at |
S1O.6219 and closed at $1,000, and the range |
was SO. $500 1865. February closed at |
Sl030 and March at S10.50. Lard closed |
at 6.O7H for February, Sc. Is for March. |