St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-05
A Strong Bulge Succeeded
Immediately by a Col
lapse.
Light Receipts Sufficient to
Prevent a Marked Decline
in Corn.
Increased Volume Of Business
on the Wall Street Stock 7
Market.
Rumors of Pools in st. Paul,
Lake Shore and Other
Securities.

CHICAGO, Feb. 4.-The cold weather
was the topic of general conversation
previous to the opening of the market.
and it was variously commented upon
as to its bearing upon the Immediate
future of wheat values. The cables
were easier in tone, Beerbohm report
ing declining tendency at Liverpool.
The result of the foregoing influences
was seen at the opening in general de-
sire to sell at about the price ruling at
the close of the market yesterday.
There were few scattered transactions
at S1.OOH. but the bulk of the first trad
ing was done at 991sc to 81. and 99slc
was the current price in few seconds
from the start. There was reaction
to 81, another dip to 9956c, and for
some time business was rather dull,
with the price well maintained
around 81. In the meantime the North
western receipts had been reported as
light. A statement. said to be taken
from communication published in a
late number of Beerbohm, which stated
that the last Russian crop was officially
estimated to have produced only 1885,
600, 600 bu of the average weight of fifty
five pou nds, and. if this is correct, it
was the smallest crop of recent years.
BradStreets estimate, showing a de-
crease in stocks of 100000 bu last
week, including both sides of the Rock
les. was also received during the time
the fluctuations recorded above were
taking place, and for some time after
ward the market was Influenced by
them. What news of a bullish nature
failed to accomplish, AN attempt by some
of the local shorts to cover their
previous sales was not long in bringing
about. There came to hand about the
same time reports of considerable sales
of cash wheat, and the local scalpers
were quick to perceive the anxiety of
the shorts and helped to increase the
fears of the latter by bidding the price
up. There was a quick advance to
$1.005s, a reaction to $1.001s, and these
fluctuations were followed by bulge.
and S1.O111s was paid before the excited
traders stopped to draw breath. The
price was around $1.OO$4@1.0O%, when
dispatch was received by Bigelow e
Co. from San Francisco. reporting good
general rains in California and Oregon.
These rains served the double purpose
of relieving the thirsty Pacific coast
soil and extinguishing the bullish
cOnflagra ion then raging in the wheat
pit. The price here collapsed immedi-
ately and another exciting time was eX-
perienced, as the evidence was all wiped
out and May wheat sold down to 995sc
and closed at $3.50, or &c lower than it
rested yesterday. There were sales of
cash wheat advised from Duluth, where
Thomson SOld 10000 bu to go to Liver
pool at the highest prices of any sales
made recently. Buffalo reported so car
loads sold to go to interior millers. Min
neapolis reported one sale made there
to winter wheat miller OF 10000 bu of
No. northern at one cent under the
price for the May delivery, and 10000
bu were reported sold at Detroit for
shipment by rail to New York.
The light receipts were sufficient in
their influence to keep corn from de-
Ginning. The opening price for May
was $500, and there was one sale at
closing figures $500. Oats opened dull
and continued so until the bulge in
wheat, when the minor cereal showed a
slight advance. The trading was only
fair, however, at range of &c. The
provision market was weak at the start
and May pork was soon selling at
$10.021s. although SOLO was paid i'm
mediately at the opening. Business was
rather quiet, with packers selling on
hard spots and covering shorts Oh the
decline the chief features. Cudahy was
the most prominent seller.
The leading futures ranged as follows: