St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 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 in 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
erful. It looks as though the bull move
ment now naugurated had come to stay, at
least so long as the causes which produce
il 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 sd
per Quarter for California and red winter.
The weather n England is ''hOt and for
cling Such d cool and indifferent dispatch
was a little trying to the bull temper of
many parties and the market fell $s@4c
lower and sold down under free realizing to
sS5sc Tor 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, il nothing else, warrants
higher prices. At the same time it was
clearly seen to-day that England does not
want our wheat. and viii not follow rs 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 large amount OF
wheat next year for export TO any place, or
at any price, and so foreign cables do not
frighten parties here as they used TO. The
market is now considered to be on It's
merit, whether England wants any of our
wheat or not New York opened &c
higher, sold OF 55sc, and then rallied. st.
Louis was very strong, opening 1c higher,
falling OFF hall, and then
GOING Up AGAIN.
ReceiptS were good and showed no signs of
falling off. Prime reported the insects III
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-J0nes. Ell
dredge Roche and Linn-Were on the same
side to-day. pushing up the market for all
they We're worth, with the crop reports
about the only thing in sight to help them.
Other influences were depressing, for it is
pretty well known that next weeks visible
will show an increase of at least $50, 600
bushels in wheat The July option opened
re higher, at S915c, fell off early to SS5sc,
and by II o'clock had recorded
AN IRREGULAR ADVANCE
of 1c after which hour it sold up strongly
10 9O1Ic. casing off &c before 1 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 gen
eral thing the buying was done by the
crowd.
On the afternoon board there was a 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 were S914c June, Gle July.
931sc August, Csc September, an advance
of 1M@155c over yesterday. Henry War
rem. Stevens Fraley, Carter, AIilmine,
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
Dupee;
WERE LARGE SELLERS,
too. All the scalpers turned in en- masse
and put out lines apparently feeling very
sure that the big crowd had bulled the mar
ket 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
an Armour day. and everybody talked
Armour. T. II. 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 large profit on the bear side,
are row sill bulling the market. Ream,
Jones. Roche, the Linns and Cudahy are
still at it, and have simply snapped brokers
for the nonce. To-day they happened to
get around to
THE ARMOUR GANG.
Corn held It's own pretty well, although
at first it opened &c lower and sold down
to 49, &c for July and August, but it did not
stay there long before buying orders carried
it up again to acc, or a notch below yester-
day. Liverpool was tirmer on corn, though
not quotably higher and the Eastern
markets were firm. The strength III wheat
also helped it along. Good growing weather
was reported everywhere. but the farmers
were said to be replanting to large extent.
Notwithstanding light receipts, heavy ship
mentS and better cables, our market was
quiet and steady, the excitement in wheat
mOnOp0liZing the whole attention to the
exclusion of almost everything else. July
corn opened at 46c, advanced to 461lc, de
clined to 45115c, closing quiet but steady at
45Xc. The cash demand continues good,
but prices were q shade lower. in sympathy
with the hull in the
SPECULATIVE MARKET,
yet all offerings were taken at about &c
lower than yesterday. The close was
$3.50 for June, 45Ic for July and August
and 4615c for September-a fall of &c off
from yesterday. Very many feel bullish
on wheat who are not on corn, but the two
grains will be likely to keep along together
unless something special arises to separate
them, like the falling off in the receipts in
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
dull and weak, closing about the medium
figures Of the day. Fluctuations were con-
fined TO range of &c, while the close was
about even on advance and shrinkage.
Latest figures We're 1890 for June and
July, 2019c for August and 2712c for Sep
TENDER.
The provision crowd continue to do little
beyond holding down row OF cane-seated
chairs, which regularly every morning they
arrange in a sem-circle, making foCt-rest
of the bottom step OF the pit. To-day both
July pork and lard closed exactly the same
as yeSterlay-S10. 80 and $6.57N respect
lively. The range was 10c in the former
and nc i'll the latter. The feeling is rather
weak than otherwise, as increased receipts
of hogs are generally expected, and with
present liberal stocks OF product. it is
thought that any important advance is i'm
probable.
The Quotations.
CHICAGO, June 5.-Flour dull and I'M
changed. Wheat-TradiGg active, with unset
tied and nervous feeling, with prices ruling