St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-12
WITH BULLS ANDBEARS
The Market Opens Strong, But Under
Adverse Influences Shows
Marked Decline.
Nothing But a Crop Disaster Likely to
Advance the Price of Wheat or
Other Cereals.
Opposite Factions in the Corn and
Provision Pits Fighting
for Supremacy.
stock Operators Exercised over inc
Unexpected Cut by the BaltI-
more 81 Ohio Railroad.
Chicago.
Special to the Globe.


Special to the Globe.
CHICAGO. Jan. lib. p. Hutchinson
admitted the other day that he had lost in
wheadsince the removal Of the board into its
present quarters about S275, 600. Hutchin-
son has been bull ''scalper." lie has
bought wheat hoping that the price would
90 MP, he has dropped it just as soon as he
could after finding that the market was not
going his way His operations have been
on great scale, but he has not been de-
termined holder. lie has always divided
his losses, and half the time perhaps, has
interspersed them with winnings. If
Hutchinson admits q loss of S275, 900,
what have been the losses of those more
pertInaciOus bulls. who have not been scalp
ers who have bought wheat and clung to
it. not dividing their losses. and never re-
lieving their mOnotOny? For a very long
time, until last week, the price of wheat
seemed to depend on the strength of the
bull and bear parties. There were the
great Northwestern millers who were hold
ers of wheat and bulls on it. There was a
great lot Of wheat held at Milwaukee, pre-
sumably by the Youngs, and it was even
said of this interest that Alexander Mitchell.
holding the wheat in his bank, and being
believer in it at these prices. was prepared
TO ''See the deal through" as he had seen
number of others in times past for his
Scotch friends at Milwaukee. But is
plain now that the course Of wheat does
not any longer depend on the relative
strength of the speculative parties, for there
does not appear to be any bull side left If
THE NORTHWESTERN WHEAT
has not been thrown over, a large part of
ii has, and there is good reason for believ-
ing that the Young wheat has gone the
same way. Wheat is well held, but that
does not mean anything, for the rich men
who own it have it guaranteed by sales for
May. The only real ''long" interest left is
made ND of a few rich but discouraged bulls
at Chicago, and the thousands of impOver-
ished countrymen i'm the West. who have a
passion for grain gambling without know
ing anything of the intricaces of the game.
1t has happened before that at the moment
when the bulls have lost all power to help
themselves something has transpiTed to
save them. A blight totally unexpected
rescued Plankinton IL McGeogh in the year
1875 from bad plight. 1t is not impossi-
BILE that this present northern cold, which
has invaded the South with savageness UNI
heard of hitherto, may have damaged the
crop. That would settle the struggle.
Phenomenally low prices have in years past
only been rescued by crop disasters and
wars. 1t is not expected now that specu-
lative manipulation can do anything for
prices on the crops. A crop disaster, how
ever could change the situation in twink
ling. There was nothing in wheat to-day
but dullness. The cold weather and an an
ticipated decrease of 200, 600 bushels in the
visible supply held the market steady.
Under ordinary circumstances these factors
would haS aused decided upward move
ment. tO-daV an almost total
ABSENCE OF OUTSIDE BUYING
orders ard an ostentatious indifference on
the part of local bulls to the advantages
presented, were the most conspicuous fea-
lures of the market. A feeling that de-
crease in the visible at this writing lin the
blockade'I condition of railrOadS) is without
special significance, was deeply rooted, and
the manifestations of this sentiment was
witnessed in the prevailing lassitude. The
bears were also very quiet, evidently pre-
ferring not to stir up opposition by an eXhi-
bition of freshness. and not feeling alto
gether satisfied with the weather outlook.
The visible supply figures did not occasion
them much uneasiness. May wheat opened
at SSl4c, an advance of 4@3sc from Satur-
days closing. but prices did not go above
that point and settled back eventually TO
S73Sc, Tallying in a short time to SSc, when
the market remained pegged for an hour or
more. AS an illustration of the dizziness a
broker stated that he had offered to buy or
sell %, 900 bushels at S8c four or five times
without making trade. A revival of bull
lishness marked the last hours of trading,
but there was nothing of a revolutionary
character in the dealing. Hancock did the
most of the buying, and he seemed quite
anxious to take on q load. A dispatch from
Baltimore that so, 600 bushels had been
taken for export, talk Of a 900, 600 bushel
instead of 700, 600 bushel decrease in the
''visible" and scattering reports of damage
to winter wheat were
STIMULATING AGENTS.
An anticipated increase in farmers de-
liveries in the Northwest was one of the
new bear arguments used. The highest
price paid for May was SS34c. and at
o'clock SS35c ruled. This afternoon the
market was easier at size January. at
S216c February, sage March, .S7T@SSc
May. Corn and oats were even duller than
usual, and quotations fluctuated little. Re-
ceiptS were very light, and anticipated re-
ceipts are given in small figures. Corn
closed quiet at 3619 January, 3615c Febru-
airy, 1890 May. Oats quiet at 2S14c Janu-
airy, 2SAc February, 1880 May.
Provisions were strong and higher, be-
cause with such excellent conditions for
packing, and all the houses ready to kill,
there were not hogs enough on hand to sup
ply Armour alone. The prospect for the
week, too, is that hogs will be higher on
account of their scarcity. 1t is predicted
that the receipts for the week will not be
above $50, 600 head. Latest figures were:
Pork firm at S1O.45 January, S1O.4716 Feb
ruary, $1O.5715 March, $1O.7715 May. Lard
unchanged at S6.O215 February, $500
March, 1928 April, SG.3215 May. Short
ribs quiet at $5.17X February, 1925
March, $40 May. ........
PETER BERKEY. Pres. F.W. ANDERSON, Cashier.
c. w. GRIGGs, V. Pres. A. c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
CApTTAT qEn0 mn