St. Paul daily globe., 1892-11-20
BULGES And SLUMPS
Followed Each Other Rapidly
: in Provisions on Chicago
Change.
General Impression That the
Bull Clique Was Working
to Get Out.
Wheat Was Weak, Closing at
About the Days Lowest
Prices.

CHICAGO, Nov. 19.-Rapid bulges and
slumps succeeded each other, causing gem
eral impression that the bull clique in provi-
'sions was working sentiment to drive out
their holdings on. Very little change from
yesterdays closing prices resulted in the
end. The wheat and corn markets were
easier on heavy receipts in the Northwest
and selling orders from there. December
wheat is off s4c and Nav 5sc.. Corn is un-
changed for November and December, but
about Ac lower for May. M
The provision market was the focus for
many of the scalping crowd from the grain
pits. who found that hog products afforded
better opportunities than their usual spe-
ciaities. The market opened easier under
the influence of rather heavier hog receipts
than had been looked for, bat on John Cuda-
by appearing as a ready buyer of January
pork and lard, there was a sudden change,
and prices began to work upward On the
call the feature was the free selling Of jan
uary lard by Cudaay, who disposed Of about
1000 tierceS at $3.50 i'll such lots as were
wanted. Counselman and Day were good
sellers of January ribs early in the session.
The operations of the bull clique were con-
fusing to the operators. Cudahy was at one
time buyer and at another seller, while
Wright was dropping chunks of produce OH
the market every time il became radically
bullish. Fluctuations were very frequent
and over wide range both in pork and
lard. Pork gained &c over the opening price
for January and dropped sc from it's highest
point without giving sellers chance to dis
pose of much on the decline. 1t very easily
again recovered 30c from the last named
break without the buying of any great guam
tlty. January lard was equally erratic. open
ing off 712c, then advancing 25c, declining
3}c and jumping &c again from the low
point Ribs were nervous also, but fluetuated
over narrower range.
While the first sales of wheat were at about
the closing figures Of last night the market
turned weak and continued So closing about
at the bottom for the day The arrivals in
the Northwest were heavy, having been
nearly 1000 cars for two days, and Minneap-
oils was said to have gone off yesterday 1c,
while communication with this city and
other markets was cut off. Another reason
for the weakness was the fact that the bulk
OF the short interest was covered yesterday
and the bullish influence of that demand
was therefore eliminated. Lucky longs were
taking advantage of the bulge to realize
and short sellers were as active. The ex-
ports for the week, as reported by Brad
streets, would have been more encouraging.
perhaps were it not that the same authority
estimates the available supply at 90 031, GO, bu.
Leopold Bloom is said to have dumped his
holdings as soon as the market opened.
The feature of the corn market was de-
mand for December corn, which infused
more spirit into the trades. w r. Harvey, it
was understood, had arranged with the ele-
vator companies to carry corn from Decem-
Der to May for less than the prevailing spread
between those months, and immediately be-
gan buying the December and selling the
May 10 avail himself of the assured profit he
knew of. His action reduced the spread
somewhat.
There was hardly anything done in oats-
barely enough to cause range os Ac in the
price of the active future gJras3
Freights were steady, with fair demand
for vessel room at 2l2c fo7 wheat and 2L2c TOR
corn to Bnffolo. Estimated receipts for
Monday-Wheat, 22e cars; corn, 2I0 cars
oats 165 cars. hogs N 0fl0