St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-03
Short Covering and Crop Scares Not With
out Influence in Favoring the Bull
Movement.
Not Much News Afloat but Consider
able Business Done--A Scram-
BILE to Cover.
Money Reported Plentfful--A Drop In
Exchange--The Day in Wall
Street.
Chicago.
Special to the Globe.


decline. The market undertook to react
yesterday, but did not make success OF II,
as the resultant weakness in the afternoon
was worse than anything that had preceded
it; but this morning the unexpected decrease
in the visible supply statement ana tne
equally unexpected decline III Engllsh
consols, added to the fact that the market
was largely oversold, together produced
reyulsion which created not a little conSter-
nation among the small army of shorts.
July wheat closed yesterday at about S539c
bid. This morning it opened at S614c and
sold up to the call price, S6Mc,
in no time. There it halted,
went back 7sc, rallied quickly and
passed on to S75sc, &c above where it
closed yesterday. The bulls had caught the
bears mapping, and made them smart for it.
Liverpool was very dull and cargoes
largest for many weeks but all these things
made no difference to an over-sold demand.
Prices were bound to go up until the shorts
were filled, whether England ever
WANTED TO BUY
another bushel or not. New York and st.
Louis did not appear to be as much agltated
over the situation as we were, although both
markets opened some higher and afterward
advanced ne more. The last report of
Prime said that Kansas and Illinois wheat
was developing into ''cheat;" that Kentucky
would not raise enough for seed, and that
Indiana was already buying and
shipping wheat from this market.
The bulls, of course, believe all that
is said and more too, while the bears give it
little or no credence whatever. One thing
is certain, and that is the wheat market is
destined to be lively one in the future, in
one direction or both. Some predict big
deal in it, and others think it will go lower.
From the opening almost to the close
Eldridge & Co. were buyers of wheat.
They had orders, it is said, to cover Ream'S
short contract, and did it. This great trader
is said to be winner to the amount OF
$50, 900 on this last drop in wheat. This
profit is assured by the purchases he made
to-day, and will all be in his pockets, met
aphorically, by tomorrow night. To-day
was looked upon by every short in the land,
apparently, as the proper time for covering.
Most of the commission houses did
A BIG BUSINESS,
and especially those houses with New York
connections. a vast number of puts were
sold last night, in the hope that the price
would go so low that the property would
be put and the short contracts covered in
city shorts. who were bent on covering, the
lower consols helped to advance the market.
The explanation, later, that consols were
really no lower at all, but were simply be-
ing figured ''ex-dividend," did not affect
the crowd. The latter accept bold facts,
but will never listen to qualifications or eX-
plantations. 1.-The market is naturally higher
to-day" said a commission man, because
it has been pounded and hammered so
much of late. Wheat, corn and provisions
are higher, all for the same reason" ''But,"
he added, $50 long as you can't find ship
per in this market, no matter how care
fully you look for one, you need not
feel that prices are going to run right away
from everybody" On the other hand,
many operators considered the up-tuIn
nothing but reaction" and sold as
heavily as ever. This class was led by
Hamill & Brine and Lester. both of which
houses put out considerable wheat during
the day. On the afternoon board the mar
ket was again firmer and higher, and the
close was as follows: S75sc for June. S7Mc
for July, S92c for August, 81 &c for Sep
TENDER.
OPERATORS OPINIONS.
Hasty interviews with leading operators
are herewith appended: ''We have had a
10c decline in prices, and the situation Of
the growing crops grows daily worse" said
George Shepard. 1.-The only bear argu
ment is the large visible supply. Were it
not for this, prices would probably be 100
zoe higher. I believe, consequently, that
this argument has had its full effect, and
believe the tendency of the market will now
be towards higher values"
''Wheat settled in strong hands on the
recent break said Mr.. Brown of the Chan
dler-BrOWn company, land l look for a
further advance in prices"
There may be some reaction from this
advance" said George Everingham, ''but
the market is in good shape for further
advance, and any decline can be, at the
Z. most but temporary"
Corn showed fully as much strength, in
proportion as wheat although it did not
advance so much. July closed yesterday
at 4455c, opened this morning at 44%c,
went up to 45Ac, broke to IS, rallied
quickly and went on up to acc. The re-
ceipts were again large. and Liverpool
was depressed" and 4 penny per
GENITAL lower, but the buying fever was on
and the hungry maw OF the shorts had to
be filed at some price. There did not ap-
pear to be any new facts in the situation,
but the advance was considered to be the
down turn in values. The shipping demand
for corn continues good, and should any
accident happen to the new crop there
would be the livelieSt kind of
MUSIC IN THE AIR.
But as it Is the acreage is large and the
condition good as whole, though the sea-
son is little late. July had good many
friends on the floor to-day. Norton Worth
ngton bought largely of July and August
A. NJ. Wright of June and July, while
Love & Nelson were buyers of about every
thing Added to this there was pretty
generally short covering. The profit in the
deal shows up &c on the long side since
yesterday morning, and but for the heavy
receipts would have gone still higher. The
close was firm at 46Ac June, Acc July, 461ac
August, 1890 September.
Oats were only moderately active, and
there was very little trading outside of the
local speculative circles. Prices kept
within narrow range, and closed at the
medium ones of the day, showing an appre-
citation Of I@3Sc. Sales for June were at
B2H@325sc, closing at 3215c. Other OPP
tons closed $3.50 July, 2S14c August,
2714c September.
Provisions ruled stronger, influenced by
the advance in grain, and to some extent
by lighter receipts Of hogs. STOCKS for May
81, posted to-day, show 2O7, 15s bbls. of
mess pork, 80, 139, 0s9 lbs. of ribs, and TO-
1913 tierces of lard against 219, 595 bbls. of
mess pork, $3.50, 321 Tbs. of ribs and So
461 tierces of lard on April 80. The close
was steady, at nearly the outside prices of
The day. There is no material change in
the situation, and permanent advance is
improbable. The close for pork was 25c
higher than yesterday at 5000 June,
s10.50 August, $1,000 September. Lard
closed 10c higher at S6.4715 June, So. 55
July, S6.62T August. .7215 September