St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-06
PILLSBURY ON WHEAT.
The Big Miller Says That the Situation
in the Flour Trade is I'm
proving.
A Determined Raid on Wheat Results
in Small Decline in the
Price.
Corn Shows Slight Improvement,
Oats Inactive and Provisions
Dull and Lower.
The Squeeze in Lackawanna Still
on in Wall Street In All
its FURRY.
Chicago Grain and Provisions.

Chicago Grain and Provisions.
Special to the Globe.
CHICAGO. Feb 5.-''There may be lOO,OOO
barrels of -four in store at Minneapolis" SAID
G. A. Pillsbury, the largest -four miller ia the
country. land it looks an enormous quantity.
The fact is, that is just four days run of
Minneapolis millers alone when these mills
are nut 10 their speed. There has been a great
deal of talk about the Northwestern crowd
in wheat and so much talk of my own opera
tious," continued Mr. Pillsbury, ''that | am
bounded by all sorts of people who think am
in and out of the market all the while, and
have pointers TO give. Now the fact
is / am simply q manufactures and
not a speculator at all. 1t was said yes
terday that / was large buyer of wheat
] didn't buy a bushel. j own a great deal of
wheat and so do the other millers. We buy
it and hold it because II we didn't it would 90
10y us and we couldn't get IL at all. am
often a large seller of wheat 1t is true thar
Il month or so ago sold great deal at Chi
eagO. did it not as a Spectator, but to
avoid reputation. simply sold against my
cash wheat in the Northwest and was pre-
pared to deliver it. I he -four trade looked ua-
satisfactory and II was an insurance against
loss to go short at Chicago against the stocks
held at the North. But we shipped that
WHEAT TO DULUTH,
and did not ship TO Chicago. We would have
sent a good deal more than we did If 1t had
not beeu that our wheat while better did not
quite fill the technical description of Chicago
No. 2. The situation in -four is improving. j
have been manufacturer tor a good many
years and never yet knew of long season OF
depression that was not followed by a re-
vival. People needto eat and need -four.
Just following the period of imitation the
traders who loaded up with stocks of -four
lost money and had bad luck so long
on big stock bought in advance that
they gave up the contest. For
several seasons buyers have been taking
flour from hand to mouth. The demand
from all points is sharpening up, especially
from the quarters usually supplied by the
winter wheat mills, for those mills have prac-
tically ground nothing. In December was
compelled to store -four. This month we are
selling as fast as we grind. There must have
been large stocks of flour in existence at the
opening of the season. or we should have felt
the demand before this, for there has been no
new supply of flour that did not exist before,
and -four is staple that goes into consump-
ton right along. When the demand does be-
come brisk don't see where the mills are GO
ing to get their wheat from"
''Isnt there wheat enough in the North
west?'
''NOT WHEAT ENOUGH"
said Mr.. Pillsbury, Ito run the mills of Min
nesota and Dakota half through the season if
operated Ut dDyUnlnE lkc In6lf capacity.
Still, | have seen the situation just like that
before and the mills have always gotten all
the wheat they wanted in some way or other.
have before this bought wheat at Chicago
and shipped to Minneapolis. 1t is possible
that / may have to do this in 1856 before the
season closes. If the wheat market would
advance and keep buoyanJ for a month, all
the while lifting little, SO as TO encourage
-four buyers, the stock of -four would soon be
exhausted, and the stock OF wheat in the
Northwest too"
Wheat behaved in very contrary manner
to-day. The market was weak on the curb
last evening and this morning, and the first
sales were 5s0%c lower than yesterday. The
temper of the crowd was bullish, however,
and May, the leading option, advanced to
S413c with good buying. A large quantity of
short wheat was taken in at S41<GS419c. In
deed the shorts were the best buyers, and as
soon as their demands were satisfied prices
suffered decline. The market proved to be
VERY STUBBORN ONE
however, and, although quotations frequently
touched SAC, and even 1890, rebounds were
sharp and inevitable. Violent efforts were
made TO crowd the market under SIC and
keep it there, but it wouldn't stay. Cables
were conflicting. In a majority of cases first
cables were dull from the United Kingdom,
and strong from the continent, Antwerp be-
ing quoted as bidding higher. Other advices
later were to the effect that conditions were
ned slow and nervous until about noon, when
reports of wheat taken for export from New
York, variously estimated at from
seven to twenty-five boat loads, gave
the bulls nerve and they jumped
Nav I'D to S5llc The crowd only needed an
excuse to take the long side, aud this news
furnished the excuse. The close at IL o'clock
was at the very top, February selling at 1899,
May at s514c and June at 867sc. The turn
taken ut the last hour was a complete sur
prise to the general crowd. The tendency all
the morning was toward lower range Of
values, but the advance the last hour was
exceedingly sharp and the market behaved as
though there was power under it, No two
reports of the amount taken for the conti-
nenU were the same, but the impression pre-
vailed
IT WAS LARGER THAN APPEARED.
The chief cynics were inclined to look upon
the whole business as trio k engineered to
work the market on. The bulls characterize
such talk as wild raving, and pin their faith
on the genuineness of the deals. In the late
board there was no change OF consequence,
though the market was quite active. Corn
was neglected and there were barely enough
trades to establish quotations. Receipts were
moderate, but an increase was predicted for
tomorrow. Liverpool was steady and New
York quiet. Shippers made fair pur-
chases of low grades. May sold at
40@40Ac. February was nominal at
ooZsWoo|2c, anu SIOSou soSauy at ou'sIue
figures. All hog product was inclined to be
quiet and steady early in the session, May
pork opening at PIC lower than it closed,
largely in mpathy with other markets, and
falling of an additional 215c; but around IL
O'Clock, with quite little squirt of local buy
ing, it advanced l2%c to Sill 49,. When
the demand was supplied values reacted 7l%c,
and toward the close of the morning ranged
pretty steady. This afternoon, however,
there was slight reaction, pork closing at
$ll 20 for March, Sll371S for May and S1l.45
for June. Lard was quoted at $6.l21S for
February, S6I715 for March and S6.2715 for
May, and short ribs at IS. so for February
and March and So. 7215 for May.
PETER BERKEY. Pres. F. w. ANDERSON, Cashier.
{. w. GRIGGs, V. kres. A. c. ANDERSON, Asst. C.
THE ST. PAUL NATIONAL BANK,
CAPITAL, 100000.