St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-08
In the Face of Natural Weakness and In
creased Offerings, the Market Closes
Firm Without Change.
Bears Find Stumbling Block in Put
Prices, and Shorts Become
Heavy Buyers.
Corn Shows No Change, But Pro-
visions Are Bid Up by Hopeful
Spectators.
A Sharp Advance in Erie Railroad
Stocks Over It's Favorable No
vember Report.
Chicago,
Special to the Globe.


will go up out of reach sure" An APP
preaching cold wave was going to do all
this. But the day came and went and
wheat failed to boom. Taken as whole,
all the early signs and predictions failed en-
tirely and left the market fat and lower. 1t
is alleged that all the wheat possible is kept
away from Duluth and poured into Mime
apOlis. Explaining these conditions, an
operator doing big Northwestern business
permitted his left eye to drop and said:
They are all on the short side"
Wheat was again subjected to
terrific hammering. and the drift of prices
continued downward. though the decline
was far from phenomenal. A determined
stand was made early III the day on the re-
ported approach of cold wave and the
prospective injury to winter wheat. Nicis-
STUDIES in the weather are having an i'm
portant influence on prices these DAYS, and
reports from the winter-wheat districts
touching the condition and prospects of the
crop are eagerly sought. The cold-wave
card was played with vigor, and the market
was well sustained, but offerings were on a
scale Of mdiminished liberality. and the
bulls were forced back. The decline was
slow. and every inch of the ground was
stubbOmly contested. An enormous guam
tity of grain was sold, and its absorption by
the crowd was accomplished with much less
effort than seemed possible. considering
the apparent
TEMPER OF THE MARKET.
II. Bliss was a large buyer and Clifford
large seller. 1t was also the opinion of the
pit that Ream IL Cupahy, through Carr a.
CO., were covering a good line of short
wheat. what ever covering was done was
effected without forcing up prices and this
IL
ers who usually operate for the Northwest
were the freest Sellers and adyices from st.
Paul and Minneapolis were received to the
effect that the syndicate of millers and cap
italists of those cities, which has been I'M
der wheat for several weeks, had thrown
its holdings and is working the other
side of the deal. These reports were
accepted with the usual number of grains
of allowance, but many persons were quite
ready to believe there was something to the
gossip. The market was pressed down &c
from the opening for May and 1c from the 4,
best figures Of the morning. The less |
active months, following in relative posi-
ton, recorded quotations showing an APP
parently ragged and eccentric market,
which is explained by the occasional long |
intervals between sales. From the lowest |
point there was recovery of nc, Febru- |
62Hc, and May at S715c. The net loss |
from yesterday was &c. The advantage |
in favor of the bears could hardly be con-
sidered entirely satisfactory to that inter- |
est and shows that wheat still has many |
good friends, unless, indeed, it should be |
discovered that the
LOCAL BEAR PARTY
Il getting out and transferring its deal to |
Gsfler hands. which not few operators i'm |
agine represents the true state of affairs. |
On the afternoon board wheat was advanced |
sharply by large purchases by Clarke and |
by Carr, partners of n. b. Ream. The |
crowd leaped to the conclusion that this |
heavy and very successful operator was
going over to the bull side at present prices
and proposed to work bulge. This theory.
as much as Ream's purchases, advanced
prices. An advance of PC was realized. the
close being about the same as Wednesday,
with considerable firmneSs, at Size for jan |
uary, SIC for February, S21&c for March, |
S7szc for May and S9$Sc for June. Here's |
a tough one that individual traders will |
solve for themselves, but the GLOBE quotes |
a strong trader as follows:
Since the Goth of December the decline |
has been from 917sc to size. 1t is nearly sc. |
The break has not been rapid, for it has been |
strongly disputed and fought against day by |
day and inch by inch with apparent success |
thus far on the bear side. A great many |
millions have been sold, and it is not the |
scalpers nor the country that have bought |
them. When will the shorts try to cover? |
Are the present large holders able to stand |
by their purchases and force shorts to buy |
in? These are interesting queries. feel |
satisfied that a very large percentage of the |
wheat bought on this break has gone into |
very strong hands and that the bulls have |
now taken grip that the bears will not be |
able to move 1t looks 10 me 2S If fha furn /
has come.
CORN SHOWED MORE ACTIVITY
and weakness owing to the decline in wheat |
and small gain in arrivals, which aggre- |
gated 101 cars Offerings were on a large |
scale, and there was less disposition to sup
port the market. Shippers made fair pur-
ohases early for dry lots, but later with |
drew. Prices of samples, however, re-
manned steady. but futures were easy and |
the close showed slight decline from yes |
terday. January sold at SO Is @363S, Feb |
ruary at 36H @365sc, with light sales at |
36S5 @369c. May was the favorite at 391S |
@395sc, and closed at 1880. Receipts |
are running light partly because of the |
recent severe storms in the West. The |
market is inactive and transactions keep |
within the same narrow range as for the |
past few days. Weakness in wheat does |
not materially affect it, and unless receipts |
soon show an important increase there will |
be enough buying orders come in to cause a |
fair advance. The advance in pork, which |
took May options to S10.70 this morning, |
attracted as much attention as the drop in |
wheat. The packing crowd, which almost |
invariably acts as unit in the pork pit, is |
plainly divided just now. Hutchinson, al |
though not packer in fact any longer. is |
still from his long experience practically on |
as good basis as the manufacturers them |
selves.
HE HAS BEEN DEFEATED
in his attempt to bull wheat by Cudahy, |
and as he knows that Cudahy is very anxi- |
Gus that the product shall not go up, ''Old |
Hutch' has started in to do as much in the |
pork crowd. Allerton is also a bull and |
also still a packer. The latter saws that the |
receipts of hogs have been so disappointing |
that product is more likely to advance con- |
siderably than to do anything else. The |
purchase by Armour & Co. recently of a |
good deal of property has given the impress |
sion that this great house has turned bull |
ish, too. Neither Mr.. Armour, how |
ever, nor any of his associates |
talk higher prices for hog products. In |
the pit this morning Armour was early |
buyer. Ferguson d Allerton were the |
largest sellers. The trading on the late |
OodlO Wao 4ultC SpilltSu. TIC loss sustained |
during the early hours being more than re-
gained. Late figures were: Pork strong |
and higher at $1,000 for January, $40. S2%
for February. $10.421S for March and |
S10.6215 for May. Lard was about I'M
changed at S6.05 for January, S6.O7L for |
February. So. Is for March, and Sc. 271z for |
May. Short ribs were firm at SIS. 12% for |
January, $5.12H for February and S. 1755 |
for March.
PETER RFRKFY Pres Z w ANnrpcn,r cnnbin.