St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-17
A Sharp and Decided Advance, Causing
Uneasiness Among Dealers in
Provision Pits.
Wheat Also Shows an Advance, but the
Bears Profess to be Satisfied
With the Result.
But There is Growing Belief that
Wheat is "A Good Thing to
Go etLong'' On.
An Inactive Opening Followed by
Sharp Bear Drive in the wall
Street Market.
Chicago Grain and Provisions

Special TO the GlODe.
CHICAGO, Jan. 1G.-Both sides have had
a severe shaking up during the week, but
the bulls have had decidedly the worst OF it,
and along about Friday noon they were
very battered looking set. During the week
the wheat market hrs witnessed bulge and
2 break. There were but two days, how
ever. when the marketwa Qu0tably strong.
The prevailing tone was weak, with prices
closing an even &c lower than on the Friday
previous. The real standing of the market
has been clearly illustrated by the short dis
tance the purchase Of few million bushels
advances the price, and by the far greater
distance the sale Of a like amount puts the
price down. In other words, it bulls
great deal harder than it bears. While the
figures show a decline il must be acknOwl-
edged that the causes bringing about these
results have been composed largely of
wind" and reports having no actual
foundation in fact. Among this class of
rumOrs has been the talk Of gold exports.
Twice during the week the market has been
seriously depressed by fallacious reports OF
this kind. There has not only not been
any exports of gold, but it is improbable
that there will be. Such, at least, is the
view taken by a leading Chicago banker.
exports have been regularly denied on the
day following their systematic production.
The only logical conclusion is that reports
are originated in the East TO Influence con-
gressOnal legislation and sent West for eff
feet on the grain market. The big pur-
chaSes OF the week have been principally on
''ShOrt'' account, quantities Of this kind Of
wheat being taken at bottom prices. Sales
have been Jointly on short account and
Of
''LoNG" WHEAT.
on which margins had become about eX-
hausted. All over the country small hold
eTs have been shaken out. On Thursday it
was reported that the bears were after the
scalp of Crosby, one of the millers' associa-
ton leading lights and holder of several
hundred thousand bushels of wheat, but
they could not freeze him out, and now he
will keep his wheat until it pleases his own
sweet will to let it go. The class who be-
lieve that higher prices are about to be the
order of the day are receiving numerous ac-
cessiOnS to their ranks. The ground work
is made of the visible supply and the unus-
ual weather conditions. The former, it is
claimed, will show next week decrease of
about ], 900. 600 bushels. The other argu-
ment is that the warm weather is taking
all the SHOW off the winter wheat.
leaving it covered with water. which.
with little cold weather, will turn to ice
and result in incalculabe damage to the
crops A portion of this argument is worthy
of more or less credence. Having been
bearish on wheat all the way down from 81,
ii seems improbable that the decline will be
Of very much longer duration. An advance
is dependent on three things: A steadily
decreasing visible supply. damage to winter
wheat and foreign war. Any one of these
three would advance the price, but the
third cause is by no means as likely to
occur as the two former. A concentration
of speculation on either side, however.
would be of greater moment to the trade
than anything else, all well-regulated
guesses made by manipulation excepted.
Notwithstanding its price wheat is still
about 15c above practical export basis,
though wheat can be
EXPORTED ON PAPER
and no money lost by the operation. Pork
is being industriously bulled, and higher
prices are probable. The week has wit
messed an advance of about 35045c per
barrel. To-day not less than 100, 600 bar
relS were traded in. Wheat developed
fiImness, and staying qualities to-day
not anticipated by the bears. The market
opened about where it rested last evening,
and desire to get little ofssthe stuff mani
tested itself in all parts of the pit. Nobody
appeared anxious to bull the market, for on
every bulge the buyers drew out and waited
for prices to recede before completing pur-
chases. Houses representing New York
and the Northwest were among the
largest and Steadest buyers. The
improvement was attributed very largely
TO the anticipated increase in the visible
supply for the week OF nearly if not quite
LOCO, 600 bushels. The scalping elements
seized upon this legitimate feature of
changed conditions as good excuse for a
decisive speculative reaction, and the mer-
chant class had good deal. to say in the
same general line. The deal was, as usual.
confined principally to May, which opened
at S4@sc, sold down to SAGE, advanced to
Soc, subsequently easing off and closing at
S513c On the curb at 3 o'clock there was
a break of &c in wheat, May selling at 85c.
There were rumOrS of grain failures abroad.
In the pork crowd the purchases
by Stone Yesterday are still the
talk of the brokers and spectators.
The purchase of 90, 600 to %, 900 barrels of
pork by broker who, heretofore, has done
his business in $50 barrel lots, and then the
giving up of the name of man who never
in his life was known to have a dollars
interest in pork were also puzzlers. Kent
& Favorite smile so significantly when
asked about the transaction that those who
do ask them set it down to Mr.. Armour
and MI. Kent, and the big purchases are
NO PUZZLE AT ALL.
This morning G. II. Adams & Co. took
short 5000 barrels for May at from 81 O.S5
up to $1,000, presumably for Armour &
Co. Before the day was over the S11
point had been reached for May, and most
of those in the crowd who had been I'M
decided made up their minds pork was
going to boom and they had better catch
on. Houses near to Kent are getting bull
ish in their advice to customers. This is
significant, because Sid Kent has been pre-
sumably leading the fight on the advance
in pork. So far as the trade go. this is
about the proper time to bull the pit The
houses have now been under way on ''regu-
lar' pork two and one-half months, and
the cellars must be pretty well filled if they
evOr Will be. The stocks are large and the
manufacturers ought to be in a sell
ing mood. If they are they will be
found manipulating in advance. Trade
conditions, however, about the pork pit
have been disturbed since ''Old
Hutch' left off packing and began
TO harass his old partners as
an outsider. Then, too, remarkable
as it may appear, the packing crowd has
been very much mixed and at variance all
this winter. Allerton has been a bull.
The big New ENGLAND concern. the Inter-
national, has been bullish. Armour and
the Chicago Packing company, Vent,
Cudaby and the others have been bears.
There may not be much of an advance in
pork after all, with even the traditions
forcing it. The trading crowd is divided
between two opinions on the merits of the
provision deal. One story is that the heavy
1Nonlrarc n hnr Il