St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-24
The Men About the Pork Pit Want to
Get at Mr.. Plankinton's At
titude.
Both Wheat and Pork Believed to be a
Good Investment at Present
Figures,
A. Typical Saturday Market, Prices
Fluctuating but Little, Close
ing Low.
The situation in Railway Stocks al
New York Getting Very Bear
ish Indeed.
Chicago Grain and Provisions.

Special to the Globe.
CHICAGO, Jan. 23.-The situation in the
wheat market probably presents better
showing than at any time for several
months. Prices have got down to some
where near the proper figure and an adj
vance may be looked for, not a large or
sudden advance, but steady, healthy rise
in values. This view of the case is based
on the consumptive demand which may
reasonably be expected from the American
people, and leaves the export feature out
of the question entirely. The stock OF
wheat and -four in the country at the pres
ent time, it is only reasonable TO suppose,
will be pretty well used up before
the next crop can be made
available, taking it for granted that the
next crop will be a complete success when
it comes. When the export feature is taken
into consideration it is only fair TO presume
there will be some portion of our present
supply taken by foreign countries. Austria
liam and Indian wheat is well enough in its
way; and allowing that there is large
eXportable surplus in those countries, the
fact still remains that American wheat will
still be taken, as the wheat from those
countries will not stand the ocean voyage
and be fit for use as flour
WITHOUT BEING MIXED
with the good hard and reliable American
article If the stuff does not go to export
in the form Of wheat it will in the form OF
-four for the fact remains that they must
have 1t, Belgian legislation to the contrary
Notwithstanding. Again, it is not certain
The next crop will be a success, and though
that time is still far in the distance, it is
safe to say that, with several months of
winter weather ahead, the crop is liable to
some risks At any rate this feature will
cut some figure in the manip-
ulatiOn of the next few months,
and prices Will at times probably
show a figure much above their real value
On this account, but outside of this an adj
vance is not probable but to certain de-
gree certain. Prices have got TO point
where they cannot go much lower, and the
visible supply of grain has not only got to
point where it cannot go higher, but has
begun to 90 the other way. After the first
week OF decrease in the visible the great
bulk now showing will dwindle away very
fast and as that has heretofore been the
great. black cloud obscuring the light in
THE COMMERCIAL SKY,
its removal will bring with it returning
hope and cheer to the many dealers who
have been long hoping for an era of higher
prices. The course of the price of wheat
will depend largely during the next week
on ChicagOs visible supply figures. Wheat
certainly is not going abroad. Only two
boatloadS were taken to-day, and less than
500. 900 bushels went out of New York last
week 1t is claimed. however, that the de-
mand from the interior points for wheat is
so sharp that the present huge
visible supply will from this OH be
rapidly depleted. 1t is a little remarkable
that the prices of winter wheat at Toledo,
Detroit and St. Louis should be as high or
higher than at New York, and this partly
sustains the assertions of this extraordinary
home and interior demand. The visible
supply figures Monday will show how sharp
and how general this demand is. If there
is a decrease of 100. 600 bushels or more the
market is likely to be pretty well sustained.
Wheat dropped to-day, and about 1c of the
advance was lost. The opening was firm at
last evening closing prices, and Hutchinson
began
BUYING IN LARGE BLOCKS.
at the market The crowd very generally
looked for higher prices, but the sight of a
head stuck up conSpicuously was too great
temptation, and with DOnnybroOk in
stinct the traders went at it. Schwartz &
Dupee led off with tremendous offerings
and others followed. The scalpers, who
had been following the market up, closed
out their trades and went the other way,
and these professionals who were naturally
bearsh joined in and sold. The buyers
were brought to a standstill and the screws
were put on with redoubled force,
pressing the market down frHm S61fc to
S5Hc for May. A reaction carried the
price back to S53[c, but it subsequently
dropped 10 50 &c and closed at So Il 0S514c.
Public market cables were quoted as steady
and dull. Some private advices quoted an
advance of Sd. and gave the additional in
formation that the advance had stopped
business. The very latest news from across
the water was that Liverpool had softened
on the early break here but these --latest
morseIs from abroad do not weigh sixteen
ounces to the pound quite. Corn eased off
to-day in sympathy with wheat, selling
down 3sc under heavy selling of May by
A. VI. Wright d Co. and David Bows.
OATS WERE STRONG,
and higher early, but the advance was sub
sequently lost. All hog product was lower
Pork sold off 10@1215c and lard and ribs
&c, as compared with yesterday. The mar
ket was weaker to-day than it has been for
some time past. 1t had little solid support
from any quarter apparently. Spectators
about the provision pit would like to be able
TO settle whether to-day's drop in pork was
simply little easing upon the ''shorts" TO
invite more selling, or a sort of collapse
of a deal which has always been
in the hands of outsiders and
was started by outsiders. There were no
new developments to-day. The bulls be-
lieve that Plankinton is at the head of the
bulls; that he has cleverly spread around
his orders so as all the time to give the i'm
preston that it was an outsiders bull move
ment. The facts wont be known to a dead
certainty, of course, until the price is a
good deal higher or a good deal lower than
they are now. The market acts peculiarly
at times seems to bear out one and at
times to bear out the other assumption.