Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-23
STRONGER PRICES.
The Chicago Markets Recover Part Of
Recent Losses.
WHEAT SLIGHTLY InPPOVED.
Corn and Provisions Also Regain Con-
siderable Strength.
A FURTHER RISE EXPECTED.
The Process OF Liquidation on Wall
Street Still Preceding.
WHEAT SLIGHTLY IMPROVED.
CHICAGO
Especial Telegram to the Globe I

Ylved. Ca "a were all Unfavorable, and
stocks Of cet SIS showed an increase at
this point. Cables gave Odessa, Russia,
100000 bushels ana an excessive stock
at leading British ports. There was no
shipping demand and the only legitimate
sustaining influence outside of locoI inter
ests was the shipment from Baltimore of
100000 bushels, leaving the stock al that
point 100000 bushels. The controlling
interests of inc New York stock exchange,
however, had called d halt. The bears had
accorded their much-baited and badly
harasse6 adversaries a breathing spell and
the bulls of the board hsstened to make
the most of the opportunity. Again wires
and statiticisns had been laboring with
figures, and il was reported that the visi-
bic supply would show diminution of
from 100000 to 1900, 600 bushels of wheat.
Corn and provisions we're bosh firm, and
it was said leading broker was making
large purchases OF wheat through brokers
with view, doubtless, of advancing prices
of hog products, which with great accord
the magnates of the stock yards do greatly
desire.
A large share Of the strength in wheat
was owing to heavy purchases made by
Comstock & Hobbs with their accompany
ing horde Of scalpers and tsilers, who
were the prime causes of the weakness
which developed from free offerings on
call. May wheat opened very unsettled,
with sales from 962lc to 971lc about the
same time. Then there was a season of
trading from 97c TO 9714c, rally to 971so,
break to 9715o, and fuctuated to
97a8c, then up to 971ao. After one sale at
9758c the market broke off to 9718c, went
up to 9758c and closed with that price bid.
On call trading footed up 100000 bush
els, and most of it was supposed to be
long wheat, although some was unques-
tionably the dumpings of the Hobbs
Comstock clique referred to. The close
on call was 9715o, but tbs curb was steady
at 97I@9755c. Poole, Kent & Go. were
the largest buyers of wheat dur
ing the day. Charley Mair was
very busy for his principal,
who is supposed to Do Rousse, the lucky
Baltimore Speculation. The boys in the
alley were talking 81 for wheat during the
week, but the bears have not relaxed their
grips and they grimly smiled as the boys
worked hard to increase their stocks.
There was less wheat to be bought on the
curb tonight than for two week past.
Many of the local bears have become a
little wavering, and are essaying plaintive
little attempts at believing, while some
of the bulls are ready to
turn tail if stocks move
down a peg tomorrow or the visible sup
ply fails to show q decrease.
see break off from to-day's advance, but
we think We are liable to see some further
upturn before much of q break"
Mr. A. NJ. Wright ascribes the upturn
wholly to m anipulation.
Shepard & Peacock: "Fhe re appears to
be decided shifting about of affairs
in favor of the bulls, but how long it will
last depends somewhat upon the stock
market and the movement of stuff on ex-
port orders"
Crittenden & Harvey: "Wheat is cheap
enough now, and natural reaction
should carry prices upward fully cents
before VIC ought to expect another decline,
and yet speouiators appear to favor the
sellers side of the market and will make
strong efforts to break prices on any fur
ther rally.'
Lindblom: "Wheat has ruled strong
under good local buying and an expected
decrease in the visible supply. 1t is
natural that after such a decline
reaction should take place
and it is too early yet to measure. There
are good arguments on both sides. In q
general way we beiie>e there will be plenty
of weak spots to buy on"
Kenneth, of Mccormick, Kennett & Day,
says: ''Shorts bought heavily on call, and
we may get little break in consequence.
but May wheat will sell above SLIGO and
probably much higher when We get a
steady reduction in stocks and our usual
spring crop scares."
The receipts Of corn to-day were very
disappointing to the bears, being only $40
cars, of which 40 per cent. graded. The
strength o. the wheat market was COM
municated to the grosser cereal, and
prices ruled higher. General trade is
bulilsh, and the provision crowd were
heavy buyers. The Wall street crowd were
said to be quietly adding to their holdings.
and IS immense quantities of
corn headed this way didn't
seem to materialize, it is not impos-
sible that they appear openly as buyers
during the next few days. It may prove
interesting to note that Lindblom, who was
among the earliest TO discover that the
January doal had been abandoned, was one
of the largest buyers all day. On call he
was taking in 10000 bushel blocks, Mr.
Culver was also heavy and steady buyer
which provoked remark from one of Jacl
Sturges' former intimates: "Mr. GIoB,
man, our friends down by big breeze ar,
beginning to get ready to take your warn
ing, and to prepare for settlement o
January corn" Cudahy & Stevens, Roch
and Sherwin, and F. G. Logan were ais
heavy buyers, On call the feel