St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-05
Two Big Operators Make Successful
Drive at the Little
Holders.
a Great Lot of Stop Orders Causes the
Selling Cut of Country
Customers.
Provisions Alone OF the Speculative
List Show Strength and
Firmness.
Wall Street Given Over TO Bear Argu-
ments, With a Slight Recovery
at the Close.
Chicago.
Special to the Globe.

Special to the Globe.
CHICAGO, Dec. 4.-Wheat bulls are
grieving to-day. From the opening OF
trading on the cash this forenoon. when the
talking of the interchangeable holders put May
wheat to 90Xc, until noon the figures de-
clined. The May option touched SIC.
Schwartz and Dupee sold 100000 bushels
at this latter figure, and in all likelihood
some misguided customer, whose margins
were gone at that point, is nursing his hurts
and believing if he could only have held on
another fraction he would have been all
right. A good many millions of wheat
went the same way. At 90c there were
stop orders reached, at S91Sc great many
more, and when the market got so near soc
that the commission men and brokers saw
that they would need to save their commits
sions, millions of bushels of long grain.
some of it bought recently. more Of 1t held
until the loss had become enormous, went
overheard. Nobody could tell exactly how
the break was engineered. 1t is pretty GER
tain that Mr.. John Cudahy and Norman B.
Ream brought it about by making drive
to get at the market. No very large sales
by Hamil d. COngdon are said 10 have been
for the account of those two great traders.
They were after stop orders. and very
plainly caught great lot of them. There
was the greatest desire on all sides TO know
whether any of the wheat held by such
houses as Crosby & Co.. Hamil & Brine,
Foss, Strong d. Co. and Others and owned
by
THE NORTHWESTERN MILLERS,
had come out on the drop. Inquiries
showed that the general opinion was that
none of the '1ong' grain had been sold.
After the May option touched SOC there was
a slight reaction, caused by purchases of
''scalpers" and covering by ''shOrts." Dur
ing almost all the day the private wires
were down, and this makes the market
easier to raid. The East has been bullish
for some time, and if the New Workers
had been in communication with their
houses it's quite certain they would have
made an attempt to stop the break. All the
talk about to-nights visible supply figures
was of bearish character, too. 1t was
figured out that the decrease, if any, would
be very small inded; not any such one as
ought to discourage holders. In the after
noon the selling fever was on and values re-
ceded and closed almost at the lowest point
reached. Contradiction of the export re-
ports was the basis for decline. 1t looks
very much as if the speculative world is at
last beginning to grasp the situation, and
when they fully realize as fact that we
must reduce our prices to point that will
induce foreigners to buy of us, the thoughts
that we may
SECURE GOOD PRICES
for part Of our surplus wheat may be en-
tertained. Late figures were S22<c for
January. S3Ac for February, $3.50 for
March and soc for May.
The corn pit was dull. There is some
prospect of an attempt before long to adj
vance May. Lester g. Co. and McGeoch
and a number Of other large firms are adj
viSing purchasers. 1t is claimed that when
the grain gets centralized the cash will be
in the hands of Poole, Sherman 81 Co., who
bought largely for January and sold for
February. On the other hand, an excellent
authority says that McGeoch owns three
quarters of the stock here, and expects to
hold it until May. The net loss on the day
was 1S@Hc, closing 36c for January, 365Sc
for February for 1890 for May.
The published stock of provisions for De-
cember bears out all the packers said of the
enormous supply. There are now over
225, 900 barrels of all kinds of pork on hand,
against less than $50, 600 barrels last year.
There are nearly twice as many ribs, and
10, 900, 600 more pounds of hams This was
not larger than was expected, but the ad-
vertiSement of this vast addition to the load
frightened timid holders and offerings were
on a scale of liberality, though no large lots
came out. The net decline at o'clock was
21a@5c. Trade was practically suspended
after II o'clock, the members of the pro-
vision crowd turning their attention to the
election matter. The close was steady for
pork at 5000 for January, S1O.O5 for Feb
ruary, Sob for March and $40. 40 for
May. Lard steady at Sc for January, Sc. O5
for February and So. 10 for March. Short
ribs steady at S4.97H for January, SIS for
February and $5.0715 for March.
PETER BERKEY. Pres. +. w. ANDERSON, Cashier
{. W. GRIGGs, V. Pres. A. c. ANDERSON, Asst. G.
THE ST. PAUL NATIONAL BANK,
CAPITAL 100000.
Corner Fifth and Jackson streets