St. Paul daily globe., 1885-06-06

WHEAT WAY, WAY UP.
Higher Prices Ruling in the Wheat Pit
With Marked Activity All
Around.
Chicago, St. Louis and New York Wheat
Markets Bulled at the Opening
Yesterday.
Corn, Oats and Provisions, Although
Active, Did Not Share i'll the
Advance.
The northwestern Annual Report
knocks the Life Out of the
Stock Market.
Chicago.
Special to the Globe.

the undercurrent was equally firm and pow
erfui. 1t looks as though the bull move
ment now inaugurated had come to stay, at
least so long as the causes which produce
it remain in force There was an easier
feeling at the outset caused mainly by the
fact that foreign adviceS apparently took
no notice of our advance yesterday. Liver
pool was quiet and steady at unchanged
quotations. Mark Lane was very very
SLOW" English country markets were
cheap" and cargOeS were quiet at IS od
per quarter for California and red winter.
The weather II England is ''hot and for
cling Such q cool and Indifferent dispatch
was d little trying to the bull temper OF
many parties and the market fell 35@Ac
lower and sold down under free realizing 10
SS5se for July, where
\ BUYING WAVE
struck it and sent it forward to 90c. AS
was announced in this column yesterday.
heavy capitalists and spectators have taken
hold of winter wheat for long and steady
pull. believing that the condition OF the
growing crop, if nothing else, warrants
higher prices At the same time it was
clearly seen to-day that England does not
want our wheat. and will not follow us in
any upward movement until the temporary
abundance Of her supplies has been
cleared away by actual consumption. But,
according to present indications and pros
poets. we shall not have 4 large amount OF
wheat next year for export to ai:y place, or
at any price. and so foreign cables do not
frighten parties here as they used TO. The
market is ROW considered to be on It's
merit. whether England wants any of our
yheat or not. New York opened &c
higher. sold off 5sc, and then rallied. st.
n
falling off a half, and then
GOING Up AGAIN.
Receipts were good and showed no signs of
falling off. Prime reported the insects Ill
Kansas on the increase, while word came
from Southern Ohio that there would not
be one-eighth of last year 'sscrops secured in
that section. Spring wheat prospects, how
ever, are everywhere announced as favor
able. The same leaders who made them
selves felt in yesterdays deal-Jones, FL
dredge Roche and Linn-were on the same
side to-day, pushing up the market for all
they were worth, with the crop reports
about the only thing in sight to help them.
Other influences were depressing, for it is
pretty we'll known that next weeks visible
will show an increase of at least $50, 600
bushels in wheat The July option opened
15c higher, at S915c, fell off early to S61sc,
and by II o'clock had recorded
AN IRREGULAR ADVANCE
of 1c. after which hour it sold up strongly
to 9015c, casing off &c before / o'clock.
Hobbs, representing an element not prev
iously in the market to any great extent.
came in to-day and raised a good many
surmises by his free purchases. AS gem
eral thing the buying was done by the
crowd.
On the afternoon board there was con-
tinued strong feeling, under liberal pur-
chaseS by the shorts, who were assisted by
the bulls in sending prices up. The close
was firm at nearly top prices OF the day.
Latest figures We're S914c June, Gle July.
9315c August, 95c September, an advance
Of 1A@15Sc over yesterday. Henry War
rem, Stevens Fraley, Carter, hlilmine,
Bodman & Co.. and Stauffer were the large
sellers Of wheat at about the time that
July seemed destined to get under soc and
STAY under. Clifford and Schwartz and
Dupee3
WERE LARGE SELLERS,
too. All the scalpers turned in en- masSe
and put out lines, apparently feeling Yery
sure that the big crowd had bulled the mar
llet and was getting ready to unload.
About this same time George Baldwin and
Dick Wagner, who are supposed to repre-
sent Armour, became large buyers. 1t was
ali Armour day, and everybody talked
Armour. T. u. Baxter and Hobbs were
big buyers. too. insiders. however, are of
the opinion that the same coterie which
began last Friday to bull the market, after
having made a large profit on the bear side,
are now still bulling the market Ream,
Jones, Roche. the LinnS and Cudahy are
still at it, and have simply snapped brokers
i,o haIl11nnnH tO
get around to
THE ARMOUR GANG.
Corn held It's own pretty well, although
at first it opened Sc lower and sold down
to $3.50 for July and August, but it did not
stay there long before buying orders carried
it up again To 46c. or a notch below yester-
day. Liverpool was firmer On corn, though
not quOtably higher. and the Eastern
markets were firm. The strength in wheat
also helped it along. Good growing weather
was reported everywhere, but the farmers
We're said 10 be TeplaHting to a large extent
Notwithstanding light receipts, heavy ship
ments and better cables, our market was
quiet and steady, the excitement in wheat
mon0poliZing the whole attention TO the
exclusion of almost everything else. July
corn opened at 46c. advanced to 4614c, de-
cIined to 457Ic, closing quiet but steady at
45%c. The cash demand continues good
but prices We're a shade lower. in sympathy
with the lull III the
SPECULATIVE MARKET.
yet all offerings were taken at about 1lc
lower than yesterday. The close was
4636c for June, 45%c for July and August
and 4614c for Sertember-a fall of &c off
from yesterday. Very many feel bullish
on wheat who are not on corn. but the two
unless something special arises to separate
them. like the falling off i'll the receipts III
one with large arrivals in the other. The
entire situation in corn. however, is thought
to be largely dependent upon the future
movement from first hands.
Oats had no snap and the market was
duh and weak, closing about the medium
figures Of the day. Fluctuations were con-
fined TO q range of sc, while the close was
about even on advance and shrinkage.
Latest figures were 33S5c for June and
July. 2814c for August. and 2715c for Sep
tember.
The provision crowd continue to do little
beyond holding down row Of cane-seated
chairs, which regularly every morniug they
arrange in semi-circle, making a fo0t-rest
OF the bottom step OF the pit. To-day both
July pork and lard closed exactly the same
as .yesterday-310.35 and SG.571G respect
lively. I'le range was 10c i'll the former
and re III the latter. The feeling is rather
weak than otherwise As increased receipts
Of hogs are generally expected, and with
present liberal stoclls of product. it is
thought that any important advance is I'M
probable.
The Quotations.
CHICAGO, June 5.-FloGr dull and un-
changed. Wheat-Trading active, with unset
tied and nervous feeling, with prices ruling