St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-11-29
AFRAID OF A SQUEEZE
The Provision Clique Said t.
Have Become Purchasers
Of Wheat.
Shorts Fear a Squeeze and
Hasten to Get Under
Cover.
Corn, Oats and Provisions
Also Close With Good
Advances.
The Wall Street Market Was
Fipmer Than on Sat-
urday.

CHICAGO, Nov. 2S.-Wheat advanced nearly
cent today. The impression seemed to be
that some prominent traders In provisions
had paid more attention 10 wheat Of late
than to hog product ana that there might be
an effort to give shorts u squeeze. ReaiZ-
ing sales reduced the gain in prices to ssc at
the close. Corn closed at a407sc higher than
on Saturday. Provisions were buoyant
Compared with Saturday night pork is up
40c. lard 25c and ribs Zoe.
Wheat was strong almost from the start,
notwithstanding the receipts in the North
west were heavy-1,799 cars against ], 739 for
the corresponding day last year-and cables
were easier. Receipts at all primary points
were large, and. though the increase III he
visible supply was not so large as for some
weeks past, it still showed gain of nearly
1850 000 Blu. bringing the stocks up to II. Co.,
600 bu-far in excess of anything ever known
before. In the face of this the market sold
steadily up.
The firmness seemed TO be due 10 the sharp
advance in the provision market and to re-
ports most industrously circulated that
Cudahy. Wright and other provision opera
tors had turned to the bullish side OF wheat
and were heavy buyers. Mitchell, Seyerns
and several large commission houses also
had generous buying orders: On nearly
all the hard spots Partridge sold
good deal, but the market took it
readily. Late in the day Linn sent bullish
news from Southern Illinois regarding wheat,
Champlin brought similar reports from Kan
sas, Northwest dispatches reported sudden
drop in receipts at country elevators, though
other dispatches were of different tenor.
Opening about The same as Saturday. prices
advanced S4076c, eased off zee. ruled firm
and the clos was about " c higher for De-
cember and Ssc higher for May.
Corn was influenced by the strength in
wheat and provisions. There was not much
for sale, and. as shorts were nervous and dis
posed to cover, sellers had the advantage.
Another strengthening factor was the de-
crease in the visible supply, and the rains
over the Southwest were expected to check
the shipments of new corn. FIRST prices
were unchanged from Saturday, then the
market advanced 5S0fc, reacted slightly,
changed some. ruled firm, and at the close
had game ed 9s@D1sc.
A fair business was conducted in oats, with
options closing fraction higher. The coun-.
try bought pretty freely; the heaviest local
buying was done by Baldwin Farnum and
hwartz-Dupee There was no important
selling.
Provisions scored good advance the first
hour but it looked as if the upward move
ment Was temporary bulge. Later the
buying was renewed. and the highest prices
or the year we're made on DOrk, while ribs
and lard were again put to fancy figures.
The advance was not the result of news from
the y ards this time, but to open buying on
large scale by The Cudahy Wright brokers.
There was reaction of about zoe from the
high points, but there was a swirl toward the
end which took everything TO the top again.
Freights were low. Shippers Did %42c for
corn 70 Buffalo Estimated receipts for to-
morrow: Wheat. KS cars; corn, $50 cars;
hogs, $4,000.
The leading futures ranged as follows: