St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-02
CHICAGO
Especial Telegram to the Globe,1

Special Telegram TO the Globe.
CHICAGO, May IA surprise was in store
for the hears in the grain market to-day, and
those who at the outset were over-anXious to
sell at a further material decline from yester-
days close. were still more anxious to buy
back before the end of the first hour on
'change, at much higher price. The effect
OF keene's failure was largely over-estimated,
as there was really no reason why it should
change the course of the Chicago markets in
the least, except, perhaps, slightly in stocks,
and that fact was fully realized by the
shorts long before the close of to-day.
The advance was nothing more than ex-
pected by those who were informed as to the
actual situation of the trade, as there was
nothing in the legitimate position of the
market to justify yesterdays decline, which,
as stated in these dispatches, was due al
most entirely to the manipulatons of
those who had unloaded on the bulge and
were working for a decline on which to buy
it back, and those of the crowd who took ad-
vantage of this break yesterday afternoon
and early to day had occasion to congratu-
themselves, while those who stood out, as
many of the large manipulators are supposed
to have done, were greatly disappointed at
the unexpected upturn.
The provision market was strong and high
er, but there were no legitimate reasons for
the advance, except perhaps in lard, where
light stocks were imported, the consumptive
demand being light. The only buying was
by shorts, and the legitimate situation was
weakened by the large arrivals of hogs, the
results for the day amounting to 20,5 500 and
$1,000 since Monday morning. These facts
are not of a character to encourage buying
far on advances.
The new system Of sending out market
quotations, which places them entirely in the
hands Of the board, went into operation this
morning, and worked admirably. The board
employs its own reporters and messengers,
making its selection from those previously
employed by the several telegraph companies
and placing the entire department of market
reports under the management of Mr.. E. P.
Whitford, formerly manager of the Western
Union board of trade office. The market re-
port messengers are distinctiyely uniformed
by a white canvas cap encircled by a black
band on which are the letters ''B. of To
The course of the wheat market to-day
was bitter Disappointment to the bears, as
they anticipated a sharp decline, based on
lower New York and English markets, but
the result was directly opposite. This being
the first of the month, the regular monthly
settlements deferred the opening of the ses-
sion until 10 O'Clock, and as the operators
had become well informed as to the unfavor-
able situation in other markets the
bears were prepared for a
down raid, and the opening sales were 10
15c under yesterdays close at 924@9215c
for June, both prices being accepted at the
same time, and a few reported at 92c, but the
demand to buy was unexpectedly large, in
Guiding heavy orders from other points, and
when the bears who were so anxious to sell
at the opening, had unloaded, there was less
realizing, while the demand to buy contin-
ued to increase, and although there were
occasional downward movements, they were
quickly followed by an upward reaction, and
the market may be stated as having been
strong through the entire session, and closed
at the highest prices.
ences affecting the market: 'sThe specula-
tive element here, which was advised
of the large purchases here yesterday
afternoon by New York parties,
suspected there was a little game
set for them, and the manipulators
there, taking advantage of the hour and a
half later opening of our board, were sus-
pected of depressing New York for the pur-
pose of making the crowd here so sick they
would be willing to sell their June
wheat this morning at 9Oc, but the
boys here 'tumbled to the racket and went
through the gauzy blind with a rush, and
opened June at 911lc and July at 92%c.
They doomed the market like a flash, selling
July right straight up to 9514c without stop
ping, and New York kept its market at about
S1.1O, hoping to demoralize the crowd here,
but the boys showed their mettle and staid,
holding the boom right along, which they
had no trouble in doing, as there had been
created yesterday considerable short inter-
est, and there were numerous buying orders
here from interior points, trying to get in on
the break, and these two influences kept the
market humming right along"
One of the most noticeable, and at the
same time strongest features of the market,
was its enormous capacity for absorbing and
holding everything offered Very little OF
the wheat bought again came on the market
which, in the face of the fact that buyers had
good profits, showed they bought with the in
tention of holding, and closing sales were al
9455@9479c, showing an advance Of 214@
21ac over the opening figures. The receipts
were again light and the shipments heavy,
aggregating 100000 bushels, and it is esti-
mated there will be less than 5000, 900 bush
els Of contract grades here at the close of the
week. Stocks at other points are also de-
creasing, and advices from London state
that last weeks consumption in the United
Kingdom exceeded former deliveries and for
eign imports for the same time by ], $40. 900
bushels. The deliveries here on Nav con-
tracts have been liberal but not so heavy as
expected, and a majority went to parties who
are not likely to again deliver it until taken
for shipment. On the call offerings Of
wheat increased and prices declined 9609<c,
while on the curb the feeling was weak, and
June declined to 9335c.
Corn was active and higher, but very much
unsettled and dprices irregular. The deliverie.
of May contracts were free, but general,
provided for. The receipts were some heavier
and shipments continued quite large. TIL.
market opened unsettled, and some sale
were made at lower prices, but became strons
under active buying, and prices advanced
155(01%c above inside prices, with numerou
fluctuations, eased off and finally closed a
about 5000 higher than the closing figure