St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-06
MONDAYS MARKETS.
A Considerable Appreciation
in Cereals and Hog
Products.
The Highest Figures not Being
Sustained to the Clos
ing Hour.
The Hopes of the Bulls Rise as Rap
idly as the Visible Supply De-
creaSes.
4 Roseate View of the Situation Puts Cash
Wheat ut 81 Before Saturday
Night.
Jay Gould Said to be Selling Southwestern
Stocks and Buying Northern
Pacifics.
CHICAGO


OF the present week WOulu see caSn WHeaI Sl
bushel. Their expectations grew greater
as the day advanced, but they received some
what of damper by the break toward the
close. The chief trading was done by scalp
ers, and though there was legitimate reasons
for an advance it wBs rather sharper than
was warranted, the excess being due to the
manipulatons of local clique.
The grain markets were active. very ner-
vous, and prices higher, but the advance was
not fully sustained up to the close of the reg
ular session, the appreciation being altogether
too large not to call out free selling by many
who had good profits in holdings bought at
much lower prices, hence some decline was
really to be expected to follow the sharp up
ward movement that has been secured since
Saturday morning.
Provisions were rather strong, although
there was 40 apparent cause to Justify higher
prices. There was very little trading for any
article on the list outside Of speculative, the
demand being very small. The fear of
strong bonds, which are generally under
stood to be under all hog products, makes
small traders extremely cautious about hay
ing anything to do with them. This seems
especially true of the situation to-day, thus
leaving very little to be said about it. The
opening price of July pork was S17.60 and
the close Zoe higher, while the highest price
OF the day was $17.S0.
Wheat was active and prices averaged ma
terially higher, but the feeling was nervous.
Public cables quoted the market firm at
Liverpool for spot, but Cd per quarter lower
for HOotinCr 1a1 wifi
foreign weather and good crop reports, were
the leading bear arguments, but the New
York markets early developed considerable
strength, and a marked improvement in
values was reported at St. Louis and other
winter wheat marts, where stocks of desirable
milling qualities are very low. IT was gen
orally understood at the opening that
strong local syndicate had been formed to
whip in the Wall street bears, who are known
to be largely short here.
A large share of the scalping done to-day
is accountable to the crowd at the head of
which are Ream, Jones, Cudahy and Singer.
They are, according to pretty good authority,
making large capital out of William Young
& Co.'s big deal for Daniel Wells, of Milwau-
kee. Young's deal for Milwaukee parties is
estimated at from 100000 to 100000
bushels, which is considered quite safe to use
as scaling basis. AS the visible supply de-
creases with growing rapidity, the hopes of
The bulls increase. There are now about 25,-
250, 600 bushels of wheat in sight. At the
present rate of its disappearance, next week
will see the supply cut down to less than co.
000,0 900. When that figure is reached the
~. hi,
begin.
June opened firm at 941I(1945Sc, broke
under strong pressure on the bears to Sc
cure d decline, and sold at 94115c, but imme-
diately reacted under strong buying by
shorts. Advices of an advancing market
rent to customers soon brought good many
long orders, and the demand soon became
urgent and towards noon was materially aug
mented by buying for an advance, caused
by reports Of strong and excited French
markets, and prices moved rapidly up to
963lc, at which there was free realizing by
the bulls, and as all the bears that could be
whipped in had covered the bidding was not
equal to the offerings, and quotations reced-
ed as rapidly as they had gone up, and closed
on Change at 95Bc. July was 1c over June
and August l &c under. On call wheat was
stronger and advanced 15@5sc, the strength
continuing on the curb, where June closed
at 96c and July at 97c.
Moderate activity was manifested in corn
In q speculative way, and fair inquiry was
reported for low grades on track from ship
pers. The advance in wheat caused fair
covering by shorts, and scalpers also went
in for an upward turn, based largely on the
supposition that the low inspection, only IA
cars out of 236, coupled with the excitement
in wheat, would induce large buying by
heavy bull operators. 1t soon became ap-
parent, however, that the market derived its
chief support from wheat, and when the
latter started on the down grade corn fol-
lowed. July opened at 5734c, or sc over
Saturdays close, advanced to 5S$lc, and
when the axious buyers had filled up, closed
at 575Sc. June was 1S@2c under July
and cash, and May sold at 53T@54c. Corn
was trile stronger on call and steady on
the curb.
Oats followed the other grains closely,
opening firm, advancing 1c and closing
weak.
Provisions did not exhibit much anima-
ton, but the feeling was firmer and prices
higher. Spectators were not inclined to do
much trading either on local or outside ac-
count, and shippers were favored with few
orders. Foreign articles showed no change,
and the eastern markets indicated slightly
improved feeling. The speculative offerings
were not large, owing to the irmness in the
hog market and buy ers were slow to meet
the views of sellers. The appreciation in
prices was well supported, and prices closed
steady.
The trading was only moderately active IN
pork, though the feeling was firm. Offerings
were not large, and the demand only fair.
speculative trading centering in contracts
for July delivery. Prices ruled stronger and
were advanced 20@25c on the whole range.
but receded 10@15c, and closed steadily.
The shipping demand was moderate
Lard was in fair demand, and firmer
feeling prevailed, trading being chiefly in
contracts for July delivery. Prices were
frmer, and about 5@715c higher, closing
con. paratiyely steady. The shipping de-
mand was moderate.
Short ribs were traded in only fairly
though stronger feeling was manifested.
Offerings were not very large, and the de-
mand limited. Prices ruled frmer, and
were advanced 5(o715c per 100 pounds, clos