St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-01
WHEAT ON THE UP GRADE.
An Early Slump Followed y q Move
ment Toward the Dollar
Mark.
The Action of the Market a Surprise
Even to Its Manipu-
lat0rs.
Financial Operations Of the Money
Kings---The General Quota
lions.

CHICAGO. May 3l.-The course of the
| wheat market was q genuine surprise
| to the majority of the spectators.
From decided weakness during the first
| two hours it developed later most pro-
nounced strength, and instead of a 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 902Sc up to $3.50,
and closed at 935S@o3Mc. There
was a struggle at the OPEN,
ing to put prices down. The
market lowered for time around 9l3s
and 9119c, and then forged gradually
ahead until 9134c 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 905Sc about one and
a half hours after the opening. Then
came reports from the Northwest which
region so far, and venturing to predict
| not over Is per cent of crop for Min
neSota and Dakota, and that brought in
some buying orders, which caused re-
action to about 9l4c. The northwest
ern bugaboo had exhausted its influ
ence, and prices were again on the de-
cline and had once more worked down
as far as 90&, when rumor was spread
that some one had dispatch this morn
ing on the condition of wheat in Mis-
souri, which said it would show per
cent decline in the forthcoming state
report. 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 9214c,
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 &c 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 235sc 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 ID 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 bureau at Springfield.
The market having once advanced,
showed no disposition to return to a
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 a break in prices
which was nearly recovered except for
the May option, which closed 1115c 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 219c
| lower.
| Leading futures ranged as follows: