St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-07
WHEAT DOESN'T DROP,
But Pork Does to an Extent That is
Alarming to All the Little
Holders.
A OursOry Glance at the see-saW Market
of the Week Just
Closed.
Wheat Stubbornly Refuses to Drop
Below Fridays Figures-.Corn
and Oats Dull.
p The New York Stock Market A1to-
gether Upset by the northwestern
Passenger War.
Chicago Grain and Provisions.

Chicago Grain and Provisions.
Special to the Globe.
CHICAGO, Feb. 6.-The anomaly OF
crowd bearish in everything in the list eX-
cept hog product, and decidedly bulllsh on
this. has been the most marked feature OF
the local trade since last Saturday. just
why these conditions should exist it is diff
cult TO explain. except on the hypothesis
that hackers are extensive holders of manu-
featured meats. Traders, guided by an I'M
known law. have looked with good deal
of contempt on pork all the way down from
S12 or S13, at which figure it sold last sum-
mer and only one man is known to have
nAde any very large winning on the
''short" side. This was George EldIidge.
Since it struck the 50 point he has been its
most active champion, and has staid right
with it on the up turn. His followers
have been equally friendly to it,
and have lost no opportunity to do
1t a friendly turn in the way of
Buying it. Experience has taught the willy
operator, who is extrayagant in his praise
of a certain article. but who does not show
his faith by his works to the extent of buy
ing it. The Eldredge crowd has done both.
1t has talked and bought until this spirit
has entered pretty much the whole crowd,
and the result is the ful6llment of the pre-
dictiOns made in these columns for the last
two weeks. May pork closes tonight about
zoe
HIGHER THAN A WEEK AGO,
having during the week sold nearly soc
higher. While the advance has been steady
and of fair aggregate, no one is prepared
to assert that it is going to stop at once.
There are too many bulls under pork to
- Oh
to a man, are bullish on the stuff, notwith-
standing such action has an elevating ten
dency on the raw material and makes them
pay higher prices for live hogs. But
this they seem abundantly willing TO do,
and SO long as it is their money that makes
the hay raiser happy, no third party has
right to object With wheat the situation
is as different as possible. 1t has its friends
and its enemies about equally numbered.
Judged from the simple standpoint of prices,
one might jump at the conclusion that the
latter outnumbered the former, for tonight
finds May wheat one cent lower than last
Saturday, having been IA C. lower. The
truth is that the bears have simply been the
more active and energetic, and if bull
points have now and then shown themselves
In the wheat situation they have been kept
rs dark as possible. The strongest argu-
ment tonight in the hands of wheat bulls is
the talk of decrease in next weeks visible
Rpproximating 1000, 900 bushels.
sPINNERs OF FAIR TALES.
have loaded the Millers' association up and
unloaded it again, and have exported dozens
of boat loads of wheat from seabOard points
which never afterward appeared in official
figures With continued favorable weather
In all winter wheat districts and prospect
sc =
to base bull movement than there was
week ago. An unbiased opinion, therefore,
points to still lower prices for wheat
Wheat was nervous and not without
symptoms of considerable strength to-day.
The cables had good deal to say about
failures of grain houses In Liver
pool and Dublin. but these embarrass-
ments were subsequently reported from the
other side as being unimpOrtant. The mar
ket opened A@$5c lower and weak on the
first cables, but, as later advices indicated a
better feeling in the English market, that
factor ceased to have weight on the bear
SIDE Estimates of million-bushel de-
crease in the visible stiffened the market
and encouraged buying. Pillsbury's talk
about good demand for -four was also
freely passed around. and the figures on the
blackboard, showing more general move
ment from primary points, were also favor
ably commented on. together with the adj
ditional circumstance that for the second
time this week the aggregate daily ship
ments were
IN EXCESS OF RECEIPTS
Reports of further delivery for export at
the seaboard were also heard. The bears
were out in full force and operated on the
theory that whatever good luck there may
be in store for the bulls in the future, bank
ing thereon is yet premature and that at the
worst there will be enough stuff to go
around for long time ahead The contest
in the pit to-day was as lively as it has been
any day this week. and the result was
draw. The l o'clock price was about the
same as yesterdays closing. 1t was &c
above the lowest and ss@Xc below the
highest. The market was weakest the last
hour. Corn was firm and higher. Some
little speculative life was observable in the
corn crowd. and the May option was ad-
vanced To 405sc, where it was quite firmly
held. There was no change in oats. May
pork got down under $11.30 this morning
and all the little bulls on it. who have been
growing more vehement the higher the fig
ures have gotten were feeling very much
in the dumps. There has been drop now
of nearly SOC barrel from the top. and
the Q6cT6dS6 mas exhausted u ROOu many OF
THE LATEST RECRUITS.
When 81 is reached it is believed that
the decline will be very rapid. After
there has been a vigorous shut-out of the
interloping outsiders, the country and
other outsiders, then it is more than likely
the stocks will be found in the hands of
the packers. The situation still continues
very greatly mixed, both at the yards and
about the provision pit, with half the
packers bulls on product and the other half
bearing it with all their money. The
country is still the mainstay of provisions
but it was observed to-day that several
parties who have been extensively adver-
tised as bulls In provisions were quietly
unloading pork and ribs upon the crowd.
The statement was made to-day upon what
seems to be excellent authority that con-
siderable percentage of the concentrated
holdings had been distributed on the line.
This is denied by the representatives of the
houses specified. May pork closed at
$11.25, May lard at Sc. 25 and ribs for the
same month at S5.62k,
PETER BERKEY. Pres. F. W. ANDERSON. Cashier
G. w. GRIGGs, V. kres. A. c. ANDERSON Asst G,
THE ST. PAUL NATIONAL BANK.
CAPITAL, $1,000