St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-14
The Manipulators Continue to Add
Dollar by Dollar to the Price
of All Provisions.
Share Speculation Shows Considerable Un-
steadiness, But BuOyant Feeling
Exists All Around.
A Rumor Current That the Bulls Are
Preparing to Give the Bears a
Royal Goring.
CHICAGO.
special Telegram to the Globe. |

something that only future developments can
determine. In the absence Of other material in
fuences in favor of higher prices the improved
feeling must be largely attributed to purchases
Of wheat made on its merits by those who are
imbued with the idea that it has got quite as low
Rs it ought to under existing circumstances.
Conservative operators, however, are Of the
opinion that lower prices will come
by citing the enormous country sup
ply which is being daily headed towards
this city, and state that in the face of heavy re-
ceipts it will be impossible to maintain any sub
stantial advance, Be that as it may, there was
sharp advance all around to-day and the bulls
consequently in very high feathers, predicting
q still further rise in values Wheat opened at
1880 for September and closed at 811sc, a gain
of 2l4 c over the last quotations of yesterday.
Corn went up &c, closing at 81 5sc for Septem-
Der, and oats registered gain of &c closing at
251s for the same month. Pork advanced 81,
August being held at S26 and lard closed 7Ac
higher at 81 81 for September while ribs made
the same advance, the last figures being S9.72.
Wheat opened irm at &c over yesterdays
closing figures and was early bulled on its price
more than any other reason, an irregular advance
Of 1ls@1 &c taking place on the morning session,
though it was not entirely maintained up to the
O'Clock close. Receipts were not quite as
heavy as yesterday they expected to
be, but what strength was impaired was about
counterbalanced by heavy cables and moderate
shipments. Except in October opening prices
were the lowest Of the session. 1t is said that
Lester, Cudahy, Hutchinson and Schwartz 6
Dupee covered in liberal lines of shorts and they
received the credit of supporting the market,
but as general thing the crowd were afraid to
go in very heavy an wheat this morning.
it being an open question which way
it would go. No outside support worth mention
ing was received and at the close of the morning
session the feeling firm at an advance of q C
over the opening. On the afternoon board, how
ever things frightened up considerably. A
stronger feeling prevailed and September went
up with jump to s11sc. This strength was re-
duced by general covering by the shorts, who
were frightened by the very strong closing in
New York. The strength there was amply ex-
planned in the afternoon by private dispatch re-
ceived by j. W. Rumsey & Co, which stated
that there was shortage of S5,00000O bushels
in the export supply, and that exporters were
very eager to buy. This demand will prove quite
an important factor in prices here if it be any
where near great as predicted
Corn opened strong, but only fractionally
ulSuCI illlr luOIulIB anu do III WuedL Tue lONeot
prices were those at the opening. 1t followed
the fluctuations OF the later cereal petty closely
A great deal of short corn was covered during
.hc morning, Sid. Kent, the Adams brokers, Pool
and Sherman being the heaviest buyers The
shorts also bobbed up with strong demand later
and sharp advance was scored, September going
up from 4914c at the opening to 509sc at o'clock.
In the afternoon corn shared the strength OF
yheo nd oil at orJ
51Ac for October.
Oats were quiet and frmer, closing about i C
higher than yesterday at % &c for Septem Der.
In the provision market there was fair specu-
lative business, but trading on shipping account
was light. The feeling was somewhat unsettled
and prices were higher, attention being directed
chiefly to lard and ribs. The shorts were
anxious about their outstanding contracts and at
times the competition resulted in sharp advances
in prices, thus rendering trading on outside
account rather unsatisfactory. Foreign advices
quoted stronger feeling and higher prices in
bacon, but other articles were unchanged and
eastern markets were steadier.
Trading in pork was as limited as usual, but
Armour put the price of August up to S26 as
SORT OF hint to the shorts that they had better
walk mp like little men and settle unless they
wished TO be forced to do it at still more exhorbi-
tant figures.
In lard the feeling was steadier, with very
firm offerings, but no great inquiry about the de-
mand. Prices ruled 5@THc higher and closed
steady at S752 for September, and S7.62n for
October.
Trading was quite active in ribs, but the mar
ket was unsettled and prices fuctuated within
quite wide range. The opening was fully l5c
higher, and further appreciation of 10c quickly
followed, but later the offerings were more lib
eral and prices as rapidly receded 4O950c per
100 pounds, rallying 90Gs5c and ruling some.
what irregularly to the close, which was at 49, -
Tor September. aud S9.5 for October
1.-The RIB market" said q broker, sswill be
handled exactly as the pork has been 1t shows
the same master hand. Messrs. Cudahy & Stee-
vers undoubtedly got their inspiration from Ar
mour The ribs well held There is q good
demand for them at the price at which shey are
being jobbed. The short interest is immense
and the stock in existence which can be deliv-
cred in September is just as exact as the stock
OF pork. August pork is at Ss5, because there
Is no pork on hand and because there is big ur-
settled shortage. The September option is ap-
preaching the same figure for the same reason.
Now, should not be surprised to sec August
and September ribs sell at $40 so, because there
was mp TO fortnight ago the most reckless sort
Of selling OF them, and the day OF reckoning is
not far OF"
There was very quiet feeling in the cotton
market st the outset There was little or no ex-
port demand, and there did not appear to be any
very urgent eastern orders here but the fact
that the receipts fell considerably short of gen,
ersl expectations prevented any important weak
ening. Along the middle OF the forenoon fair
general demand had sprung up, and by mid
lay the larger part Of the stuff had been
weighed. While no class of cattle sold mater
lally lower than Tuesday, the average was cas-
Ter. Fair to good butchers cows were scarce.
ond were wanted Ut So .5O34.s5. Stockers were
no more plentiful than earlier in the week.
snd being in fairly active demand sold as high
as before. They were quoted at $. .5094. so.
The receipts OF range cattle amounted to about
100 loads They were wanted by Gamers aud
dressed beef shippers at about steady prices.
The situation in the hog market was less SAT-
Isfaeiory TO statesmen than the day before
Packers did not take hold as freely aud trade
dragged all the morning. Ezrly sales made
quite as good figures as paid Tuesday, but as the
forenoon advanced weaker feeling was deveI-
oped and before II O'Clock prices were OF a;
least SC. The supply was light, but there was a
prospect that good many lots would hsve TO be
held over. Sales were at S5.50Gs.s IS for inferior
to choice light snd at ss.s0Gs.s0 for inferior
mixed to extrs heavy. Waugh Bros got the
latter price for some fne ones, sold without
shrink There was some trading in skips and
eulis At sS.5OSs.S0 Packers showed great par