St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-06
The Leading Cereal Continues It's ADJ
vance, and a Dollar Bushel!"
May Soon Again Be Heard in
the Land.
Corn Catches the Infection and Gains Some
what, and Provisions Take Part III the
General Appreciation.
stocks Very Firm at the Close in Wal
Street, st. Paul and Northwestern
Leading the Advance.
CHICAGO.
Especial Telegram to the Globe. F!


aud an unintiated spccuator, gazing at the
turbulent, seething mass Of humanity on the
floor, would have thought that a full-glown
riot was in progress, and his only surprise
would have been at the absence of firearms.
There was method in the madness, however,
and the amount OF tEading done was i'm
mense. Wheat opened about $lc higher
than Saturday, had a setback Of about
s5c early, and then doomed upwards to S219c
for February and SS55c for May. In the
afternoon, under free realizing prices fell off
1c for February, closing at size,
or 155c over Saturdays close, and declining
&c for May to a close Of S7$.c, or 155c
above Saturday. Corn participated in the
bulge, and went up to 371lc for February
and 4O1&c for May, closing 5Zc lower and Ic
higher than on Saturday for February, and
&c FOR May. Oats joined the procession,
January closing 5Ec higher at 26Hc, and
May ${c higher at 29$%c. Provisions were
also strong, February pork getting up to S12,
but closing at $1L.775l, 35c higher than on
Saturday. February lard closed re higher
al So 80, and February ribs 175Ic higher at
S5.97}5.
Frank J. Magin, one of the best known
brokers on the board, but who has lately de-
voted most Of his attention to scalpng, sent
around notice to-day to close out his trades.
He has been short of wheat.
Wheat was by all odds the leading feature
OF the day. The pit was overrun with null
titude Of anxious buyers and sellers and
doubtful individuals who couldn't make up
hat ,ft,Il I.,,f 81. l.. ,l,
Tie fundamental feature Of the days trans
actions was the heavy buying by outsiders
aud the heavy selling by several strong local
parties and the general crowd Of scalpcrs.
The scalpers plainly got the worst Of it as the
motto Of the cereal, steadily adhered TO, was
unquestionably ''onwart and upward - cs
pecially upward. The outsiders, and partic
ulariy that faction Of them popularity den0m-
mated "lambs," bought wheat because the
price was going up. The strong local parties
sold for the same reason, convinced
that the higher It got the farther It would
eventually tumble. The professional scalp
ers sold partly because the strong parties
sold and partly because they had made up
their minds over Sunday that the present
boom had about exhausted itself. The open
ing was "a c higher than Saturdays regular
close, and a shade below the last curb figures
at S05,c for February and SIC for May.
Billy Lynn and Hobbs opened the bali by
heavy selling, and tAis tru ke the market to
SO4 for February and 96l4c for May, but
soon outside orders began TO come In, and
purchased on this account inauguratrd an
upward movement, which continued without
substantial reaction TO 50 Ic Tor February
and SSlSc for NAV, the close Of the morning
board being within fraction of the highest
point. In the afternoon there was a weaker
feeling, owing to the desire on the part Of the
holders to take the substantial profits already
assured and the final close was at S5l5c for
February aud S15sc for May. Liverpool and
London markets were strOn ger,
with an improved demand from
the continent and large buying
orders from the east Receipts were smaller
and the ouly feature of discouraging char
Rcter was The reported falling of in export
demand In New York. Predictions as to the
near future are now without much value, as
during period Of such wild excitement rs
now prevails, no one can tell what an hour
will bring forth. Great caution should br
observed in trading,as sharp reaction Is now
certainly due, aud it may set In ut any time,
while, on the contrary. the reactions may be
like that OF to-day, sharp but short. The
strength Of the market is now, however, In
New York and foreign markets, SO that this
activity may be continued until some change
occurs in those msrkets.
This market is rather following than
leading in this advance" f." said bull. "Thr
foreign markets are all going up faster than
we
This was oiTcrrd as an argument for the
solidity Of the bulge. II ought 10 be good
one, for just as it certainly takes the grain
sp. oulaturs the world over long. very long,
while to ali get around 70 the opinion that
prices are cheap aud that wheat is purchase,
so Il ought also 90 take them 4 very long
while, even II tncy are mistaken, to all get
around TO the point Of seeing it aud 70 get TO
deprccisuug wheat again. So that this argu-
ment altogether, aside from the merits that
the advance is likely 10 last because it is par
ncipatel In the world over. Is good one.
Spectators appcart 10 have had little II any
thing Co do with the advance. After going
Tor three months without figuring her stock.
Eu0ope suddenly finds that she has much less
wheat than she thought. The provldcut fell
lows Immediately commence buviug. With
more thar the ordinary promputude the i'm
proviieui fellows follow after New York
advances, 81. Louis follows, So do Baltimore,
Duluth. and tuaIly Chicago. It Is found, Of
course, taai rich men with morc money than
they know what to Go with held a great lot Of
this cheap graia. but it Is found also that
most Of them had it sold for some other
mouth. In fact. in marvellous degree, Il
tbis bulge lasts, 1t viii prove one partiei-
pated in by ltt!e traders on csual terms With
great oucs.
"The time has now arrived" said Robert
IiudblOm, when can demonstrate my
position, set So clearly that even the most
shslloW mind eau grasp IT, In 'he 6rst
place. there are 10 ostcisl figures 70 show
that the crop q So vas larger than that Of
ISSs, Tue theory oi over production is en-
ugcly on 4 large visible supply sud small
demand, but, as the latter resulted from the
former, we have ouly 90 consider the visible
supply. This Is l6.O00.OO0 bushels larger
tsau the average Tor the pas, year. but there
u .O0O. .UOU less aHo4t I&.{OO. 600 less in
TIE Cuitcd KinUiou'. snd 10000. 600 less in
store on the eoutlneat, - taAt, matter
OF fact, tbs words visible supp is rsAly