St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-03
And Indications Strong that the
Advance VIII Continue for
Some Time.
Both Foreign and Domestic Reports
Favorable to the Bulls. and
Trading Lively all Day.
Many Urgent Orders Untitled at the Adjourn
ment-COrn Rises and Closes Some
what Higher.
A Better Feeling in Wall Street in the
Last Hour Under the Pressure Of
Jay Gould.
CHICAGO.
Especial Telegram TO the Globe.I


CHICAGO, Jan 2.-Business opened on
'chauge to-day with q boom. Everybody
was trading and nearly everybody was bear
ish. 1t begins to look as = the good time SO
long expected was here, and it is surely
a fact that greater activity prevailed in the
wheat pit than for the past eight or nine
months. That grain opened strong. and at
one time was up to SEC, a good Be above
Wednesdays close, but there was falling
off towards the close, which was at s516c
January and February closed 214c higher
than on Wednesday at 7S5lc and 7SZc
respectively. Corn was stronger but rather
quiet. The old was sc higher 3434c for
January and q higher at 3S$5c for May.
Oats were up 3 for January at the close for
253Ec and 4 c for May at 2SYc. PrOvis-
ions were stronger aud pork went up about
4Oc but fell Off on the afternoon board, and
closed 22}zc higher for February at 11.4O.
February lard was up to Sc S21I, but closed
at SG.75, 215c above Wednesday. Ribs
gained 75I@lGc, closing at 50, ,S25l for Jan
uay and February. This was delivery day,
and a good deal Of wheat went around, the
delivery toys say 1900 900 or 1000, 900
bushels but very little corn or provisions.
The failure of p. P. Oldershaw 6 Co., one
OF the oldest firms on the board Of trade, was
announced by Secretary Stone to-day, just
before the close Of the board. The failure
was occasioned By the sudden rise to-day in
wheat and pork Mr. Oidershaw says his
liabilities will not exceed $4,000, and he re-
fuses 10 speak concerning his assets.
Wheat was a very desirable article this
morning The orders were plenty and
authorized purchases Of large amounts.
Liverpool and London cables were stronger
than they have been in many day. Reports
were received that the winter crop in Kansas
is suffering from heavy falls Of seet Rumors
from Indiana said that winter wheat there
was being damaged hy thick covering Of
ice. Receipts are light, stocks decreasing
In fact, every possible bull argument was
brought to bear, aud with such good effect
that cash wheat, whlch opened sc higher at
77I4c, closed strong at l O'Clock worth 1s]5c.
The May option, in which very active trade
was done, opened sc higher at s3]I,
dropped back to S3c and then advanced,
closing at | o'clock AT the highest point Of
the morning board, So lic. On tue afternoon
board there was q squirt early and SEC was
reached, but at this figure Billy Murray and
Nat Jones became large sellers, aud the
price recedcd to close Of 81 &c.. January
opened &c higher and closed . 40 higher at
isle and February opened 35c higher and
closed 4, C. higher at = Sc.
"Whv," said one enthusiastic and indus
trious frequenter Of the wheat pit this morn
Ing, "any man ought 10 know enough to bug
wheat at 51c aud get rich'
Apparently nine Of ten Of the brokers there
we're employed by men who held the same
opinion. There was very little "moukeyiug"
going on. number Of the more active
ones were dismaycd to hear the bell toll its
summons to adjourn while half a dozen ur-
gent orders remained yet untitled. Owing
70 the unusual activity il was hardly possible
10 form an estimate OF the amount Of wheat
bought and sold, aud it would be equally diff
dcult 70 convey by giving names any very
clear idea Of what houses were most inter
ested u the days trade. Every one did all
he was capable OF doing. The large houses
had many orders 10 buy and a few to sell
long STUFF. The scalpers, having pretty gem
orally uqudated their deals on the last day
of the year, were buyers almost to man
Calls paid nea rly two full cents.
"Oh, " said one scalper. who bought calls
on "Wednesday on 100, 0OO bushels of wheat
and stood on them, "wheat will sell at 9Oc
within the next few days. The d--d fools
are just getting walked up"
2
ever, notwithstanding e has advanced in the
last fortnight nearly l0c bushel, because
the things which were in doubt fortnight
ago are plain now. and purchasing is not the
uncertain thing that it was. The marke; here
is not advancing as fast as il Is abroad.
London went up 2 pence quarter to-day. 4"
"rye been a bull a long while, " said John
K, Beusley
'lou feel very fine, theuf"
~ was ball when it hurt" continued
the speaker 81 thiak wheat at S54c fol
MAY still very cheap"
"Nill the advance continue or will the
stud commence going down is what everv-
body woud Ike to know"
'It 1 could answer tha, question" said
one troller, Il would ask nothing more.
would make lots 90 money"
The world is Just waking up 70 the fact. -
chimcd in Lindblom in his rich basso. ..that
The supply of wheat IS 10000. 600 bushels
less than IL was year ago, aud that while
The visible supply here Is la7Se It IS simply
So because The poor frightened farmers have
dumped tall on tae market, wae7s every
body could see and talk about e."
'Oh don't kaow said Abe Poole n
answer tothe inquiry put 70 everybody tLis
morning; ''Is the bulge going 20 last or
uoti" ITS hard matter to read. Every
body's buying aud everybody's Mid. rs
not possible to say"
Bacon x shepherd, in their circular to
night. have the following; stocks OF whca;
iu London and Liverpool, Jan /, sh0u;
6.oo0,oC0 bushels, aud s90.0 barrels of
-four Which is reducing soar % wheat. about
io,50aoeo. S;ocks in other markets sbroad
are spoadis Ely snaii. and We are ad-
vlsed that mii.gys, bakers and other con
sumers have pursued the "haud to
mouth policy ci bay,ug Ter the past YEAR
50 thst Invisible accamplauous that a7e
ordinarily held in ;his way do &C; exist
nov. We think sais also the case
in this country. We, iAerrfors. look tor an
incrcssiaE demand, both for export and
hone eousan q,ion, aud believe In 4 s;ill