St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-28
A SHARP UPTURN.
The Bulls Have All the
Amusement in the Chicago
Grain Pits.
The Opinion Gaining Ground that
Wheat Has at Last Found
Bottom.
The Leading Cereal Scores an Advance
of Nearly Two Cents During the
Boards Session.
Corn ana Oats also Higher, but the Provision
Trade Seem to be Taking Little
Rest.
Wan Street Goes a Little One Way, Then
Little the Other, and Nobody is
Very Happy.
Corn and Oats also Higher, but the Provision
Trade Seem to be Taking Little
Rest.
CHICAGO.


advent Of a great upturn. These are OF that
class who are always easily swayed by local in
huences and any marked change in values, how
ever temporary. The more conservative, while
they are still on the bull side, are slow about
making and definite prophesies and the future
course of the market in the immediate future
and still slower about backing up their vie"
with active operations Markets opened
strong in sympathy with yesterdays late
feeling, and were fairly active early,
owing to improved cables and light
receipts, these influences stimulating the shorts
to fairly active covering. Then came the report
of the New York statistican as to the visible
supply, his figures showing a decrease in the
supply Of wheat Of 600, 600 bushels, or about half
million more than shown by the Chicago
report. Late in the day there was sharp ad-
vance in eastern markets, which stimulated the
markets here, and the closing was strong and
excited Wheat closed 1RcQD1@5c higher corn
McGIMc c higher and oats Il higher. Provisions
ruled quiet and rather heavy, ribs being the only
article to show advance and they went up
17Isc02Oc. Lard and pork at the close were
unchanged from yesterday last figures.
Wheat attracted the chief attention. Private
telegrams were received early in the day stating
that the visible supply statement of the New
York satistican showed n decrease in the visible
supply of wheat of 600, 900 bushels, thus confirm
ing the statements Of Secretary Stone and max
ing strong bull arghment, of which that class Of
spectators were not slow to avail themselves.
There was a general scramble among the shorts
to cover, and Durham and his crowd who bought
heavily yesterday, closed ont a large line Of long
wheat at an advance. Milmine, Bodman & Co.
were heavy sellers at the advance, the buyers being
principally sho .. Lester e Co. selling for
New York partle-, ana it is reported that this
house is managing pool formed in New York to
sell several million bushels OF october wheat for
quick turn. A good deal of trading is being
done IN the way Of spreads between New York
and Chcago-buying New York and selling Chi
cago, the difference between the two markets be-
ing about lie. The betting eased up somewhat
towards the close of the morning board, but i'll
the afternoon reports came OF jump of 5sc in
the New York market and this GRATED big
bulge here, setting the active bulls nearly wild,
and pushing the price of wheat up 5Sc. Among
the heavy buyers were L. d. Wnslow g. Co.,
Counselman, Gibbord and Durham and Baker.
wheat has touched the low water mark for
the year of grace 1854 said an operator this
morning, rs he watched the market opening q C
above the closing OF yesterday, with n strong
feeling prevalent on the floor of change 1.-The
IldIktl HAS bccu uIAE8lIb along on the bottom
for some time, and the decline in receipts and
the reduction Of the visible supply must have
their natural effect" September wheat, which
closed at 79c yesterday, opened at 79a4 and
closed ut SOhc, and October, which closed at
sOsac, opened at 8llac and closed to-day at
32i4c
Corn was less active than wheat, operators
showing less disposition to take hold, although
the tone Of the market was firm all through the
day on the marked falling Off in receipts; large
Increase in shipments and cool weather reported
generally throughout the west. The increase in
the visible supply Of this article as shown by the
New York reports 10000 bushels, and as the
stock Of No. in store here is only 5l3 $50 the
HrIuness is not considered without foundation
The opening was quiet at l4@Sc advance, and
early in the session there was considerable heavy
buying by Broom, Baker, Caniher, Connselman,
Docs and a host OF followers, though their
buying brought about an advance OF
only 564c Among the free sellers
were Chaplain, Shcrwn, and Wheeler &
Gregory. Corn did not share the late strength OF
wheat, but just about held its own. September
opened at 52tlc, yesterdays close, and closed al
52lac, and October which closed yesterday al
50'oc, opened at 81 &c, and closed at Bose The
speculative demand for oats was brisk chiefly on
account Of shorts who were desirous of covering
and prices ruled somewhat higher. owing to thi.
demand and to the influence cf the improvement
in the other grain markets. September opened
inc higher than yesterday close and closed al
957,c, total gain OF l4c. October closed a
2G'sc.
Provisions were only fairly active and lard at
tractcd the bulk Of the attention that was be-
slowed upon them The feeling, however, wa,
somewhat unsettlrd and there was considerable
nuctuatIou, though the range was narrow. Price.
advanced early In the session, but settled
back again and closed steady for everything ex
ccpt ribs on which there was an advance. Lart
opened stronger and soon advanced 56Tl,c, bu
the advance was followed by a reduction OF l0c
Towards the close there was a slight rally aud
the closing figures were those of yesterday Rib,
were moderately active and prices were irregular
but advanced sO127} sc, the advance being mod
eratcly well sustained and the Closiugs at $1,000
Tor September against $40. 80 yesterday, and at
$40 Tor october against s.. 50 yesterday
There was an active demand for all sorts OF
cattle and prices ruled 4 shade higher all around
Frst-class shipping aed export sold at 81. 5OG7.
sccou class S5.50G62S, grassers SS.756G475,
cows aud bulls Ss.s50S. s5, stockers 81. .sOG
$50, feeders S5.55gG4.e5, Texans SS.4ODS. so,
Wyominss and Moutauas, and Nebraskas and
Texans S315QtI. 50, stock calves SIO.5O 70 Il per
head and veal calves SG65.s5.
There was sharp demand for besl aeavy hogs
and they sold a strong lOc higher, the best max.
ius S6sO1G5O, with Phjadelphias at SIS 65,
medium S65 $50 and common grassers $500
5.15. Light sorts were not wanted and were
slow, making S6GG35 for the best and S565 50
for gvasscrs. Tho market closed steady, with
fewer in the pens unsold than for any day this
week.
The Chandler Brown company say: ''We esti-
mate the short interest in the wheat market as
being very large, but believe it is mostly for ac-
count Of eastern and foreign spectators who
have been very bearish and heavy sellers the
greater par; Of the past year. They have made
great deal of money and will not mark prices
up on themselves Immediately by fastening to
:oycr their sales at 8 small loss. We think the
outlook tonight encouraging for the bulls. but
believe that any advance in prices will be grad
ual"
nsmju S Brine say: "Cnless outside news
sQujJe strong tomorrow, We think prices will
5e easier. We still think the ball side safest,
however, and look for better range Of prices
next month"
Milmiue. Bodman i Co, say: "If we could
only get reaction Of a few cents now we might
look Tor large business. Ii begins TO look more
healthy TO Us, as II we might be reaching point
OF decreasing stocks, under lighter receipts and
better export movement. We hope it is the
dawn of more active trade and better feeling