Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-11
WHEAT HIGHER AND FIRMLY HELD
The January Corner in Corn go Longer
aMatter Of Doubt.
PROVISIONS AND HOGS STRONGER
The stock Market Variable but Gener-
ally Steady in Tone.
CHICAGO.
Especial Telegram to the Globe.

day, and at tin they manifested a
supply as reported Indicated only about
the same stock al last week, it really
showed decrease of about 100000 bush
els, because there was included in the
amount which was efoat in New York har-
bor and which had been left out previous
ly. During the morning cables quoted
prices better, and again there was a report
of an export demand in New York. On
the call the strength Of the provision
market helped grain, and the
shorts became alarmed and nearly
million and a half of May wheat
was traded at $1.O23s@1. ops, the greater
part at the former price. On the curb
wheat was strong at $1.0O15 bid. The
local crowd is about evenly divided in
numbers and prestige, and the bulls we're
aided by buying orders from Cincinnati
and ST. Louis. The bears were sympa
thized with by some New York parties
who sold out and took small profits. Billy
Murray was buying to-day, and he may
try to sell out tomorrow, but his scalps
and maneuyers have bat little effect. The
attempt made at ore time to break the
market below $1.02 was very sharp and
determined effort. It's failure proved, the
local operators, who are believers in wheat,
have nerve, faith and big bank account.
Some Of the crowd talked Armour, but
your correspondent thinks the movements
of the market resemble the fine hand work
of Sid. Kent. Perhaps, however, Lind
blom is getting nerved up to back his con-
nections. His New York special partner,
W. S. Williams, is in the city, and talks
very bearish on wheat. a broker who
don't love the Lindblom crowd
said to-night 81 copper what
Williams talks just as I do P D.
Armour. You recollect he is the man who
went in on corn and made a pile, took his
profit and went out"
Corn was very strong to-day, and few
sales of May were made at 6O%c. Itwss
firm on the curb at 6Oc bid. The receipts
we're larger, the visible supply showed an
increase of nearly half million bushels,
and the crowd backed by st. Louis, Gin
cinnati and Indianapolis were beerish This
had no effect with the bulls, who controlled
the market at their own sweet will. The
bears who had loudly been prating that
the New Workers have sold out their Jan
uary corn, the correspondents who have
been wiring that Schwartz d Dupee
have let go the deal, the confidential cir
cular manufacturers who have been writ
ing if there is deal in January it is 30
near nI that it cannot be perceived, have
struck new note. They now say, "Hold-
ers of January corn are exchanging it for
May" At all events to-day Schwartz il
Dupee were buyers on every weak place,
although they did not appear themselves.
The attitude of Schwarz & Dupee
and some of the whilom bears
who were glad to cover and
take their losses, fearing corn was again
on the way to 65c, scared many Of the
tailers. The discontinue of the bears was
increased by dispatches received from
Kansas City by McDermid, Russ & Co. to
the effect that only forty car loads of corn
had been received at that point during the
past twenty four hours. The following
also had It's effect:
The proY ision market continued on the
upturn to-day, despite the increased re-
ceipts of hogs and foreign advicss which
indicate an easier feeling on lard and
bacon, and further reduction in prices
there. February and May pork were the
favorita options, and the market
at l p. m. closed steady with an
advance of 10 zoe. Lard follows suit
with 5@10o gained, while short ribs hold
their own. During the latter part of the
day there was good deal of animation in
pork products, and the shorts seemed very
anxious 20 cover. On the curb pork a6-
vanoed 1Oe and lard 2115c beyond the prices
on the call, which were slightly higher
than at 1 p. N. While the estimate of
the packing Of the year is some 100000
hogs less than last year, the figure only
caused some conversation. They had lit
tie If anything to do with the appreciation
of prices The market was frmed
by the action OF Che shorts, who are be
coming nervous at the even strength OF
the longs and the rumors that Arm our is
UNI er them. Some of Armour's men were
selling today, but they we're buying in
other parts OF the crowd through anothe I
set of brokers. The bulls were m uch en-
cou-aged and strengthened by the reports
which came from Washington in the latter
part of the DAY that cong ressnlen were be
ing showed under by letters and kilograms
from their constituents asking them to
support all retaliatory measures against
Germany and France which had been
proposed. 1t was said that the pressure
was 50 great that congress would be
forced to act. and that its action would
cause SO much feeIing and have such an
effect upon the manufacturers of those
two countries that Bismarck and the
French government would be forced to re-
move the restrictions upon the importa
tion of American hog products.
'And then?" inquired the GLOBE CORES
pondent
':Why then there will be an immense
export demand and prices will go up with
rush and the stocks in America will bt
reduced to lower point thar