St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-02
WHEAT ON THE UP GRADE.
Au Early Slump Followed by a Move
ment Toward the Dollar
Mark.
The Action Of the Market a Surprise
Even to Its Manipu-
lat0rs.
Financial Operations Of the Honey
Kings---The General Quota
tons.

CHICAGO. May 3l.-The course of the
wheat market was a genuine surprise
TO the majority of the spectators.
From decided weakness during the hrSt
two hours it developed later most pro-
nounced strength, and instead OF loss,
as threatened in the beginning. the
July delivery gained 21sc. The interval
of Decoration day has, therefore. failed
to diminish the courage of the bulls,
who appeared merely to have laid in
wait until the shorts had made their
lines heavy enough to be tempting, and
then continually coralled them. July
wheat sold from 9O9Sc up to $3.50.
and closed at 935s@93s4c. There
was struggle at the open
ing to put prices down. The
market lowered for time around 9la6
and 9115c. and then forged gradually
ahead until 9l$lc was recorded. There
being nothing in the early items of
news to stimulate the buyers, the prices
gradually fell away again, until at
length they struck 90%c about one and
half hours after the opening. Then
came reports from the Northwest which
claimed deficiency of moisture In tina t
region so far, and venturing to predict
not over 70 per cent of crop for Min
nesota and Dakota, and that brought in
some buying orders, which caused re-
action to about 914c. The northwest
ern bugaboo had exhausted its infiu-
ence, and prices we're again Oh the de-
cline and had once more worked down
as tar as 90s4, when rumor was spread
that some one had a dispatch this morn
ing on the condition of wheat in Mis-
souri, which said it would show S per
cent decline in the forthcoming state
reports The buying up on this piece
of news became fast and furious" and
in fact there were no sellers OF
an amount until the price had reached
92c. A few minutes later it was 924c,
and the advance was not stopped until
after $3.50 had been paid. Thus far 1t
has taken the sellers two hours to knock
off about ~ from the opening price by
laborious chipping, like mechanic
chiselling at an iron casting. and in
fifteen minutes one blast of wind, sup
posed to have come from Missouri, oblit-
Grated the decline and added 29sc to the
opening price. Nothing could better
illustrate the nervous feeling in the
market and upon which side the pre-
ponderance of the trading sentiment is.
Rumors concerning the Illinois state re-
port were also rife about the same time,
predicting falling off of IL to Ii points
in the condition of wheat in this
state. The parentage of this latter
rumor was denied by several firms
who are usually well posted on the
opinion of the experts in the employ of
the agricultural oureau at Springfield.
The market having once advanced,
showed no disposition to return to
lower level, and hung on the top rung
of the ladder or very near it until the
tap of the bell at lis p. m. The bull
enthusiasm in the wheat pit was not
communicated to corn to any great eX
tent. the favorable weather and liberal
receipts restraining the ardor of the
buyers. Trading was rather inanimate
and fluctuations very narrow. Bust
ness in the oats crowd was quiet and the
market rather uninteresting. Toward
the close there was break lin prices
which was nearly recovered except for
the May option, which closed 119c lower.
July showed range of only &c during
the entire session. The provision mar
ket was exceedingly quiet. Pork closed
as on Thursday; ribs and lard 212c
lower.
Leading futures ranged as follows: