St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-04
WEALTH IN WHEAT.
The Advance in the Leading
Cereal Continues Day
by Day,
The Saturday Curb Close for Feb
ruary Being at Above
Eighty Cents.
WoeFishOffer, the Great Wall Street
Bear, Reported to be Buying
Heavily in Chicago.
Corn Sympath'ves With Wheat, and Gains
About Tw CONTRIBUTIONS Trife
Higher.
Share Trading Demoralized as Usual, the
Closing Being Tame--Statements of
IsTi cad Earnings.
CHICAGO.
Especial Jegram to the Globe.


started upward again and regained all that
they had lost, and more, too, the feeling be-
ing very bullish late in the day. Wheat
opened shade higher for most options, but
declined pretty steadily at first, sliding down
about lc, but the upward turn later carried
al options up TO 1c higher than Yesterdays
close and &c higher than the lowest point.
Corn opened at yesterdays last figures, fell
about 14c, then started upward
and closed at the highest point
Of the day, January being 1$5c
higher than yesterday, February &c and
May &c. Oats were fairly steady, February
closing re lower and May 80 higher. Pro
visions were higher during most Of the day
and ribs closed 2JEc lower, while pork and
lard recovered themselves, the former clos
ing ne higher than on yesterday and the
latter &c higher The last figures on the
regular board we're: February wheat 79%c,
May sGAc; January corn SO sc, May 1890;
January oats 2525c, May 29c; February pork
$ll.42J5; February lard SG.S2lE; February
ribs $3.50. On the curb trading was active
and wheat advanced to 8O5zc for February
and SIZE for May, closing - of for Feb
fudIl anu = OAl AOl Way NOAn was uAoO
stronger.
At ? p. IN. an opposition party of board q
trad. members held a caucus to nominate
another ticket to be voted on ut the an nual
election TO take place next Monday, Jan
8. The chairman elected was f. B. Stevens.
The names proposed for nomination for pres
ident were E. y. Blake, John c. King, j. W.
Rumsey John L. Benscy, and Chas. T.
Trego. One ballot resulted in the strong in
dorsement Of Mr.. Blake. The nomination
OF Jas. y. Milne was also inGorscd for second
vice president. The chair then appointed d.
7. Baxter, c. W. REGINA. Jas. McEiroy, Jas.
Nichols, and VIM. Gardner q "A committee
to select names To make up board of direct
ors and committees OF arbitration and APP
peals.
The directors of the board Of trade this
afternoon adopted a report completely exon
Grating James II. Milne from the allegation
that hc had been furnishing tie market quo
tations 10 a firm which, il was alleged, was
engaged In the bucket shop business.
The wheat market opened much quieter,
owing greatly to the fact that there had been
much active buyiug 10y the shorts on the
curb late yesterday, aud this class. being
pretty well covered, were not as anxious to
buy ms they otherwise would have been.
Thinking this dullncss was possibly an in
dication OF weakness, the crowd resolved TO
test the market. Was the time not now ripe
for flank movement, swift, sure, decisive
movement in the opposite direction 10 the
course the market had been 50 evenly pur
suing OF latct Would not such movement
catch multitude OF uuwary investors!
Wheat had opened strong, but the
market showed signs of coming dull
ness, whicl might indicate that the boom
had run its course for the time being.
Having reasoned out the situation IN
this wise, ,hc crowd sold some heat short.
The price declined and points, and the
crowd sold some more wheat short. This
time the market wayercd stood still, refused
o. decline, became firm, In fact, and tie
crowd, In order 90 break through what it be
lievcd 20 hca slight obstruction interposed by
tn opposition, sold some more wheat short
aud scored barely points OF decue. TIL
obstinate 0rtuness of the outside frightened
them somewhat and, concluding that their
conclusions had been promaturely arrived at,
they began 10 lower their sales very quickly
when the price was 40 its lowest Then the
fact tha, substantial fortunes are invested In
the outside and waiting to support it was
demonstrated. The price advanced
SgAiu instantly. such buying craze
took possession OF the crowd as held them
yesterday, ANA prices went up 4c with a
jump and then settled down 10 a steady ad-
vance, which didn't stop till prices were
about % above the lowest notch, and a bali
was called hv the adjournment Of the board
TGs incident showed pretty conclusivrly that
the dulcr condition Of the trade did not nee
pssarIly indicate that prices were about to
take tumble The shippers were quite as
busy Es usual aud leading houses DID a fair
amount OF business Tor their outside patrons,
Their, was more hquidatug than investing,
however though heavy local traders, who
seem 90 think wheat purchase, continued
TO buy moderately Eggicstou il one Of the
large buyers, ana the same is claimed for
Lynn. Holmes, Kent and several others O..
u6e caborc. Cash wheat was not
much handled in the pit, aud February Was
even more popular tbau Msy. The former
option opened + better at 5Qc. declined e.
5sc under The shor; selling movement men
uoucd above. aud then improved, withou,
reaction, closing AZ the highest point.
59fsc against sS1,c yesterday. while
on the curb IL sold as high As
Soa,c and closed al S04c. Nav was
steadier. 10 opened 1.c higher at SSs.c.
wen; down % S9t4 C aud then up 70 a close
on thc board q SAGE. The bull movement
continued ou ,hy curb aud transactions were
made at s. 3. e, che close being st S6esc
Liverpool was 6rmcr aud Mark Lane rising
California was QUOTED pence per quarter
higher aud red winter / shilling better
California ou passage was I shilling higher
aud rcd winter Tor P7omp; shipment pence
better.
I don't know why wbea, rallied 50
sharply" said 3 broker "5ut every sho-, i
now thoroughly alarmed ard each little
pan!e sends new crowd in to buy. Tn be-
gaming 90 feel that each bulge is 20 De
something Ike The brpak-loug and steady
and without Incident"
TIE gossip IS that woeris6olrer. the Wall
street bear, has been buying enormously
through Ellis * Eldridee aud others. and !.
responsible Tor The bulge.
The small supplies a. ooueeutrAtinr
markets 10 ths Cai;cd Kingdom arr cer,ainly
favo-iuE featuo," said A NJ. Wright
and while sharp breals may occar after ne