St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-05
PILLSBURY WADES IN.
The Big Minneapolis Miller Credited
With Taking More Wheat This
Morning.
Moderate Firmness in Wheat at the Open
ing Develops Into Positive Bull
Boom.
Provisions Easier Than for Some
Time, Losing Quite Sharply
Corn and Oats Dull.
Deacon White Gets Taste of His
own Terrible Medfcine--Wau
street Gossip.
Chicago Grain and Provisions.

Special to the Globe.
CHICAGO. Feb. 4.-Pillsbury. the mill
ionaire miller, was on the floor to-day.
The market was very weak at the opening.
and the May option sold down to s35Sc.
1t was the gossip that Pillsbury took hold
and bought at this figure. While the Cos
sip was going around the market firmed up
nearly cent bushel i'm very short order.
and gave color to the talk. Pillsbury was
the leader of the Minneapolis crowd on the
short side of wheat a month ago. and
which is supposed to be losing not little
money on the long side just now. 1t is
said by some that the holdings of cash
wheat reach into the millions of BUSH
els, and some put them as high
as 5000. 600 bushels. AT any rate he was
the cynosure to-day and got the credit for
the days advance. Wheat closed yesterday
and opened to-day at very nearly the same
point. The market displayed a hrmness
quite unexpected to a majority of the
traders and advanced H@3sc. May climb
ing to sage. The heavyweights made
their appearance at this juncture and Of
fered property on a scale of great liberal
ity. pushing the market down &c May
striking S3Sc and showing great weak
been long considerable amounts of wheat.
let go on the down turn under the belief
that the market was
GOING TO SMASH.
Meantime outside buying orders multiplied.
and the staying force eventually made it.
self felt in hardening values. The. price
steadily advanced, and the bear party. after
trying unsucceSsfully to stem the tide drew
off, determined apparently to offer no fur
Their active resistance, but let the bull senti-
ment exhaust itself if it would BY l2
o'clock March was selling at S41Sc, and the
market was seemingly as solid as a rock
The tone Of foreign advces was rather less
bearish than usual, and the posting Of the
amount Of wheat on passage
to the continent and United
Kingdom, which showed about G. O0O. 600
bushels less than at the corresponding ne.
riod last year. reports that about $50. 600
bushels had been taken in Baltimore and
New York for export late yesterday and
this morning, tOge her with general re-
vival of country confidence. as plainly
manifested in the increasing number of or
ders from the interior. all contributed TO
the firmness that infused the crowd after
the early break. The bears showed that
to days firmness is ephemereal, and that
when the demands of the country bulls are
satisfied the market VIII react and drop
back Of its own weight. a report that |
the
NORTHWESTERN MILLERs
had lowered their bids at country points 8 |
cents in order to discourage further de- |
livery. was seized upon as a bear argument. |
This. added TO free selling by scalpegs to-
ward the close, caused prices Ia TALL away. |
and at l O'Clock May was quoted at 81 &c. |
butthlS afternoon the marke; was stronger I
again adSancng 5s@Mc, May closing at |
842s@S4zc and June at So4c. gain of |
&c for the day. Corn manifested little |
business, but the market was steadier
owing to the early strength in !
wheat and small receipts. Liverpool |
and New York markets We're quiet, the latter /
being easier. Shippers purchased mod
erately, but their actions had no particular !
effect on the market May sold at $500 |
401c, and closed at 40c, the same as TWEEN |
ty-four hours before February at 36G3615c. /
closing at 3615c. Oats were quiet and |
without important change as to condition |
and price. Provisions were active and !
lower, pork closing at a loss of zoe |
compared with Yesterday, ribs 800
1779c lower and lard unchanged
There were no strikngly sensational
features in the market. spectators who
had profits on the long side showing a
disposition to realize. With shipping in
quiry at the stock yards that keeps live
hogs 25c per 100 TBS above the profit for
packing, and 10 immediate prospect of an
improvement in the receipts. provision bulls
do not eyince alarm at the decline The
stuff is widely scattered but brokers say
that on every break holdings become more