St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-08
WHEAT DOESN'T DROP,
But Pork Does to an Extent That Is
Alarming to All the Little
Holders.
A Cursory Glance at the See-Saw Market
of the Week Just
Closed.
Wheat Stubborniy Refuses to Drop
Below Fridays Ffgures--Corh
and Oats Dull.
The New York stock Market AlIo
sether Upset by the northwestern
Passenger War.
Chicago Grain and Provisions.

Chicago Grain and PrOVlsiohs'
Special to the Globe.
CHICAGO. Feb. 6.-The anomaly OF
crowd bearish in everything in the list eX-
rept hog product, and decidedly Dulllsh on
this has been the most marked feature OF
the local trade since last Saturday just
whv these conditions should exist it is diff
cult to explain, except on the hypothesis
that packers 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 Sl3, at which figure it sold last sum-
mer, and only one man is known 10 nave
made any very large winning on the
E'short" side This was George Eldrldge.
Since it struck the 50 point he has been It's
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
it friendly turn in the way or
buying it. Experience has taught the WHY
operator, VINO is eXtravagant III MS praise
of certain article. but who does not snow
his faith by his works to the extent OF Dny-
ing it. The Eldredge crowd has done both.
1t has talked and bought until this spirit
has entered pretty much the whole crowd,
IL
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
warrant any such rash assertion. Packers,
to man. are bullish on the stuff, notWlth-
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 50 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 ouInumbered the former, for tonight
finds May wheat one cent lower than last
Saturday. having been IL 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
as dark as possible. The strongest argu-
ment tonight in the hands of wheat bulls is
the talk of decrease in next weeks visible
approXimating 1000, 600 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
of its remaining, there is even less on which
to base a bull movement than there was
week ago. Ar unbiased opinion, therefore,
points to still lower prices Tor wheat.
Wheat was nervous and not without
symptoms of considerable strength to-day.
The cables had a 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 H@3sc lower and weak Oh the
first cables, but. as later advices indicated
better feeling in the English market, that
factor ceased to have weight on the bear
side. Estimates of a milion-bushel de-
crease in the visible stiffened the market
and encouraged buying. Pillsbury's talk
about good demand for flour was also
freely passed around. and the figures on the
blackboard, showing a 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 theresnay
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 thas been
any day this week. and the result was
draw. The ! o'clock price was about the
same as yesterdays closing. 1t was &c
above the lowest and 3S@1zc 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 adj
vanced to 1880, 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 a barrel from the top, and
the decrease has exhausted a good many of
THE LATEST RECRUITS.
When S11 is reached it is believed that
the decline will be very rapid. After
there has been vigorous shut-out of the
interloping outsiders, the country and
other outsiders, then it is more than likely
the stocks viii 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 quiedy
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
S11.25, May lard at $6.2 and ribs for the
same month at $5.621I.
PETER BERKEY, Pres. +. W. ANDERSON, Cashier.
c. w. GRIGGS, Y. Pres. a. G. ANDERSON, Asst. G.
THE ST. PAUL NATIONAL BANK,
CAPITAL S50O,OOO