St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-31
The Visible Supply Shows Up With a
Genuine Surprise in a Decrease
Of 100000 Bushels.
ALittle Excitement in Corn in New York,
but None in Chicago-Pro-
visions Regular.
Trade in Shares Was Brisk at Higher
Prices at the Opening, but the
Close Was Tame.
CHICAGO.
[special Telegram 70 the GlObe.I


course, the near options getting 11Ec above
yesterdays last figures and closing le above,
while May got up 15Sc and closed 4 above.
As a broker remarked, 'The market seems
10 have rise in it anyway" but outside of
this the factors generally were favorable, the
most prominent one being a decrease in
visible supply, a thing unheard Of lately.
Corn was fairly steady, but did not attract
much attention. The year option closed x
lower and the May option sc higher.
Oats were inactive and about steady.
Provisions were rather quiet, but strong and
at the close pork was 10c above yesterdays
close, lard 21I05c higher and ribs 21Ec high
er. Closing quotations we're: January wheat
76c, May S3c, January corn 3556c, May
3s55c, May oats 2s5sc, February pork S11,
February lard Sc .65, February ribs $3.50.
CHOOSING OFFICERS.
Shortly after o'clock order was called on
the floor and r. w. Durham was elected
chairman of the annual convention for the
election of officers of the board. Balloting
for president was at once entered upon. The
candidates were E. n Blake, the present
incumbent, c. L. Hutchinson and John r.
Beusley. Blake received 100 votes and was
declared nominated. c. l.. Hutchinson
received 72 votes and John r. Bensley 30.
James II. Milne was nominated for second
vice president. The present second vice
president will be promoted to the position of
first. Chairman Durham appointed
the following named members to constitute
a committee to nominate the new directory
and arbitration committee and the conven-
tion adjourned: Charles Counselman, chair
man, George Howe. w. NJ. Egan, ]. B.
Hobbs and j. H. Dwight.
HOW 1T WORKED.
The opportunity offered on 'change this
morning TO pocket a snug profit on wheat
purchased yesterday was too attractive
10 be resisted. Dozens of bulls, who
appear to have every confidence
that cash wheat will sell at
goc before it sells below 75c again sold freely
of their holdings, and having made little
money for the first time, perhaps, since the
new crop was harvested, resumed their bull
tactics with increased vigor. Contrary to the
manner of operating which has been usual Of
late, this wheat was not dumped on the mar
ket because it was feared the market would
break, but simply for the purpose of taking
the profit In 1t, and all the ssles of long stuff
made did not appear to influence in the
slightest degree the course Of prices, which
continued steadily upward until 11zc above
the last figures current yesterday. January
opened at 75Tc, rose to 7615c and
closed at zoe, while February followed the
same course, &c above the earlier option.
May ooened at s216 went down to s35S and
closed at SIC against size yesterday. The
posting of the visible supply caused good
deal of excitement. One week ago the in
crease was nearly 1000, 900 bushels, as esti-
mated by our authorities, and ii was expected
that the increase to-day would he somewhere
around 5000 600 bushels. Judge of the sur
prise which was created by the announce
ment that the visible supply as compared
with last week had decreased nearly 400, 900
bushels. Liverpool was strong and Mark
Lane higher. The quotations for the ad
vance announced yesterday came along to-
day, and showed pence to shilling i'm
provement for California and red winter off
coast, on passage and for prompt shipment.
II is estimated that only one-third of the
crop is now left with the farmers of the north
western region, although our receipts for two
days were 446 cars against 220 yesterday.
The advance here has affected all surround
ing markets, and a general wheat boom is
now in progress all over the country. As
was the case yesterday the strongest feature
of the market was the large number of orders
from the country to buy wheat VIM. Young
g. Co., j. s. Lester & Co., Geo. G. Eldredge
& Co., w. T. Baker & Co., A NJ. Wright g.
CO.., Schwartz g. Dupee, and O.. N. Roche
were among the larger houses in receipt of
such orders, and the act of filing them in
wheat was naturally very great element of
strength. Houses having private wires to
New York were in frequent receipt of tile
grams in reference to the wheat situation.
Three-fourths of them were of decidedly
bullish tone, and not few very plausible ar
guments were presented showing why wheat
must continue to advance.
Said R. w. Durham, OF the firm of VIM.
Young 81 Co.. as he glanced over a pile of
kilograms brought him on the floor: ''The
English are buying wheat here pretty heavily
through Canadian houses. We are in receipt
of dispatch this morning saying that Liv-
erpool was Sd higher per GENITAL,
which is the biggest jump of that
market can remember. This is apparently
swhat has started Englishmen to buying, but
don't believe they'll hold out long. They'll
probably take profit of a cent or SO when it
is offered, with the expectation of being able
TO load up again at lower price,
81 regard the market as tending surely to-
ward much higher range of prces,n said
G. S. Everingham, ''and look for very active
trnding, with heavy buying on all weak spots.
The Accommodations in this country have now
reached their maximum, aud we may, with
out doubt look for steady, and before long,
rapid reduction in that bete NOR of the
trade, the visible SUPPLY The
weather has been mild and rainy for
the past three or four days, and the snow has
all disappeared, with change to cold freez-
ing weather. The next influence to expect
towards an increased excitement will be the
talk of damage to the winter wheat crop.
The reduced acreage, it is estimated, will
produce, with full average yield, not much
over 400, 100000 bushel crop, and under
these circumstances any fear of winter kill
Ing viii naturally cause increased excitement
aud possibly much higher range of values
than is now deemed possible"
Hamill d Brine were very large sellers of
wheat at the top, for the account, 1t is be-
lieyed, of Ed. Cottrell, of New York. Ham
ill's sales probably aggregated 1900, 600.
Cottrell, his customer, has been 4 big winner
on the up turn.
''The decrease in stocks Of wheat" said
Geo. Rumsey, ISIS significant. New York.
st. Louis and Baltimore all show decrease.
m
demand from abroad is increasing, and it be-
- 80