St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-28
A BOOM ALL AROUND.
Which is in Danger of Proving a
Boomerang
Confidence Restored SO Vigorously
That People are Afraid of
Being Confident.
Anticipation That Reaction VIII Follow
Yesterdays Activity.
CHICAGO.
Especial Telegram to the Globe. |


most largely dealt in, and exhibiting the |
largest appreciation in prices. Provisions
were strong, and mess pork took a further
upturn and sold at a marked advance on the
highest prices yet touched, since the manipu-
lators started their deal. Lard and meats
were 4 shade higher, but quiet and without
support, except what they derived from pork
Wheat opened 4 shade higher on demand
tocover shorts, but the Liverpool advices
were unfavorable and early quotations from
Now York faiied to show any improvement.
The weather was favorable and crop reports
generally good. Immediately after the
opening the bears commenced to hammer
prices and were aided to some extent by the
scalpers, who had bought before the advance
yesterday and under Increased offerings
prices were forced down 1c from an opening
of 90i@ for July. The decline checked Of
frring and the upturn in stocks in New
York inspired the wheat bulls with conf
dence, and the bears who were so anxious
to sell early became still more anxious to
buy when they discovered that the market
was oversold and sellers scarce. Prices
quickly started on the up grade, the bidding
increasing as prices advanced and when it
became known that the visible supply COM
compiled by the officers of the board of trade
would show a decrease of about 1,9O0. 600
bushels since last Tuesdays report, there
was rush to cover which was largely aug
mented by an almost contiguous advance in
stocks and an improvement in New York
quotations or grain, and prices during the
last hour of the session steadily advanced to
9l54c showing an appreciation of 214c ovsr
the lowest prices and closeing firm at 915s@
91&ic for July, with August at 15c premium,
the afternoon board the filing was weak ow-
ing to advices from New York of a mistake
Of ZOO, 600 bushel in the visable supply of
wheat and corn, and wheat declined to
close of 81 sc.
The corn market was only moderately ac-
tive and although prices averaged higher the
market failed to show any special energy,
and the advance in quotations was largely
due to wheat. Liverpool markets were
qoted and depressed; crop reports were
favorable and there was an increase in re-
ceipts TO 706 cars; 63 grading contract.
But the withdrawal from store aggregate
$50, 900 bushels freight room was taken for
2l3,0O0, bnd the visible supply was reported
TO have decreased 100, OO0-these last three
factors CRIPPLED with the advance i'll wheat iu-
duced free buying by shorts aud after the
first early decline of 5Sc, the market deyel-
oped considerable steadiness. July opened
at 81 15@5714c, receded to 56%5c and then
advanced under the influence noted to
close of 571l@5735. Tradining futures was
chiefly local. In the afternoon the influence
and July closed at size.
Oats sympathized with the strength in
wheat and corn, but the market did not
exhibit any special activity. July opened at
Yesterdays close, 31%, advanced under
moderate demand to cover shorts to 321%c,
and closed on the regular board at 1890,
and in the afternoon at the same figures.
In provisions there was only moderate
business, SPECTATORS not being inclined to
do much trading, and transactions being
chiefly on local account. The shipping de-
mand was light and figures were below the
views Of sellers. Prices on all leading de-
scriptions averaged higher.
Trading in pork was limited, bnt the feel
ing was stronger in a general way, and
prices were advanced 50(06Gc on the whole
range, with very little variation in quotation
for delivery within the next three months
Offerings were moderate and the demand
light and chiefly from shorts. July opened
at $500 or 215c higher than Yesterdays
close, advanced and closed at $40. 9.050S19.1 10
for cash June and July, and $19@S19.O5 for
August. On the afternoon board pork was
excited and closed at $1730 for July, or zoe
nh no +bn
Lard was rather quiet and trading moder-
ate at a shade higher price. July opened at
SS.3215 and closed firm at SS.3715 in the af-
ternoon.
Cattle active and 5@10c high, or back again
to about to where they were Friday and Sat
urday. At an early hour about all were sold,
ana the market closed firm on all descriptions
of fat cattle Butchers stock also is in good de-
mand and prices steady Stockers and feeders
are quoted shade lower, but there are so
few changing hands that there is barely
market. Receipts of distillery cattle light
and but a few loads of Texas on sale The
hog market opened with brisk demand
from shippers and spectators for the best
heavy and for these sorts prices were 5(01Oc
higher than the lowest yesterday. Toward
rather weakened as one or two of the big
packing firms were not buying refused to
pay the prices of the morning for the sorts
that were left by shippers. However, taken
altogether, the market was shade higher
than yesterday.
There was barely a sufficient quantity of
sheep on sale to make n market. The glut of
last week has been worked off and new deal
ers are beginning to want few more than
the arrivals furnish.
Jno. W. Rumsey u Co. say: 'All things
considered we think that we have had ad-
vance enough for the present, and believe
that selling wheat on the bulges will result in
profit. The shipping demand for corn is
good and we think it wise to buy and in
crease holdings on any decline. The pro
vision market advanced sharply under buy
ing by the clique. But the market has not
legitimate strength"
AIilmine, Bodman & Co. say: ''There ap-
pears to be. great confidence expressed in
corn at about SIC for July and we think the
weakness of the last two days has been al
most wholly the result of local pounding and
not from outside influences"
Mccormick, Kennett & Day saw: ssWe
think wheat good scaping market but
prefer the long side on material breaks as the
accidents are in favor of the bulls at these
prices and at this season of the year. How
ever, we would sell on bulges for time, as
there are no indications of manipulation. !,
CHICAGO FINANCIAL.