St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-05
WEALTH IN WHEAT.
The Advance in the Leading
Cereal Continues Day
by Day,
The Saturday Curb Close for Feb
ruary BENG at Above
2;<hty Cents.
Woerishoffer, the Great Wall Street
Bear, Reported to be Buying
Heavily in Chicago.
Corn Sympathizes With Wheat, and Gains
About Two Cent-ProvisiOns Trifie
Higher.
Share Trading DemOralized as Usual the
Closing Being Tame--Statements OF
Railroad Earnings.
Corn Sympathizes With Wheat, and Gains
About Two Cent-PrOvisiOns a Trlhe
Higher.
CHICAGO.
Especial Telegram to the GlObe.I

reaction In the Dull movement OH Sh"H@ ~
this morning, but later in the day prices
started upward again and regained all that
they had lost, and more, too, the feeling De-
ing very bullish late in the day. Wheat
opened a shade higher for most options, but
declined pretty steadily at first, sliding down
about Ic, but the upward turn later carried
all options up to 1c higher than yesterdays
close and &c higher than the lowest point
Corn opened at yesterdays last figures, 1ell
about &c, 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 we're fairly steady, February
closing &c lower and May &c higher. Pro
visions were higher during most Of the day
and ribs closed 21lc lower, while pork and
lard recovered themselves. the former clos
ing 2jIc higher than on yesterday and the
latter 1lc higher. The last figures on the
regular board were: February wheat 79Xc,
May S64c; January corn 3655c, May 1890;
January oats 2534c, May 29c; February pork
s1I421<; February lard SG.S21E; February
ribs s.. 80. On the curb trading was active
and wheat advanced to S055c for February
and SIZE for May, closing &c off for Feb
ruary and 3sc of for May. Corn was also
stronger.
At 2 p. N. an opposition party of board Of
trade members held a caucus to nominate
another ticket to be voted on at the annual
election to take place next Monday, Jan
g. The chairman elected was +. B. Stevens.
The names proposed for nomination for pres
ident were Z. n. Blake, John G. King, j. w.
Rumsey, John X. Bensley, and Chas. T.
Trego. One ballot resulted in the strong in
dorscment Of Mr.. Blake. The nomination
OF JAS n. Milne was also inGorsed for second
vice president. The chair then appointed d.
+. Baxter, G. ". Regina. Jas. McElroy, Jas.
Nichols, and VIM. Gardner as 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 report completely exon
Grating James Il. Milne from the allegation
that he had been furnishing the market quo
tations TO a firm which, il was alleged, was
engaged in the bucket shop business.
The wheat market opened much quicter,
owing greatly to the fact that there had been
much active buying by the shorts on the
curb late yesterday, and this class. being
pretty well covered, were not as anxious TO
buy as they otherwise would have been.
Thinking this dullncss was possibly an in
dication OF weakness the crowd resolved 10
test the market. Was the time not now ripe
for a flank movement, swift, sure, decisive
movement, In the opposite direction to the
course the market had been 50 evenly pur-
suing OF latri Would not such a movement
catch a multitude Of uuwary investors
Wheat had opened strong, but the
market showed signs Of coming dull
ness, which might indicate that the boom
had run its course for the time being.
Having reasoned out the situation In
this wise, the crowd sold some wheat short.
The price declined , and 3 points, aud the
crowd sold some more wheat short. This
tune the market wavered, stood still, refused
TO decline, became trm, in fact, and the
crowd, In order To break through what Il be
licved 10 Toe "a slight obstruction interposed by
the opposition, sold some more wheat short
and scored barely points OF decline. The
them somewhat and, concluding that their
conclusions had been premAturcly arrived at,
they began to lower their sales very quickly
when the price was at its lowest. Then the
fact that substantial fortunes are invested In
the outside aud waiting to support It was
demonstrated. The price advanced
again instantly. Such buying craze
II fla hnf1
yesterday, and prices went up &C with a
jump aud then settled down to steady ad-
vance, which didn't stop TIL prices were
about &c above the lowest notch, and a halt
was called by the adjournment of the board.
This incident showed pretty conclusively that
the duller condition of the trade did not nee
essarily indicate that prices were about TO
take tumble. The shippers were quite as
busy as usual and leading houses did fair
amount of business for their outside patrons.
There was more liquidating than investing,
however, though heavy local traders, who
seem to think wheat 4 purchase, continued
90 buy moderately. Egylcston is one Of the
large buyers, and the same is claimed Tor
Lynn, Holmes, Kent aud several others OF
like calibre. Cash wheat was not
much handled in the pit, and February was
even more popular than May. The former
option opened he better at 59c, declined to
sSc under the short selling movement men
aoued above, aud then improved. without
reaction. closing at the highest point
seJse against 7SEe yesterday, while
on the curb 1t sold as high as
s0xc aud closed at S04c. May was
Ueadier. Il opened nc higher at S5%c,
vent down to SAKE aud then 10 to close
on The board OF S64e. The bull movement
rontiuued on the curb and transactions were
made at S7A.e, the close being at S6%e.
Liverpool was trmer and Mark Lane rising.
California was quoted pence per quarter
higher, and red winter shilling better.
California 90 passage was shilling higher,
aud red vlnter for prompt shipment pence
better.
~ don't know why wheat rallied SC
.hsrplv,m said a broker, "but every short Is
new thoroughly alarmed and each little
uanic sends a new crowd in to buy. I'm be
viuning TO feel that each bulge is to be
something Ike the hreak-loug aud steady
and without incident"
The gossip Is that woerishoffer, the Wal
stree, bear, has been buying enormously
through Fills s Eldridge and others, and 4
responsible for the bulge.
.sThe small supplies at concentrating
markets In the United Kingdom are Certainly
a savorsng feature" said A. ". Wrisht,
snrd vAile sharp breaks may occur after TIE