St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-11-03
BOOSTED BY SHORTS.
Chicago Markets Rally Sharp
ly After an Interval OF
Depression.
Bears Get Frightened and
Hasten to Cover Their
Lines.
Cudahy and Wright Give the
Provision Crowd Another
Shaking Up.
Approaching Election Attract
ing Attention From Stock
Speculation.

CHICAGO, Nov. "A strong rally after an
interval of depression was the feature of to-
days markets. The strength extended into
ali pits. lifting both cereals and provisions
Price changes from last night, however, are
not remarkable.
In wheat at the start there was apparently
general feeling of Encouragement and
free liquidation increased by rain throughout
the winter wheat district. December was the
weakest, and fell to &c discount on May,
against 5l2c difference yesterday. Counsel
man was out with statement that all re-
ports connecting his house with an intended
squeeze of that mouth are utterly without
foundation, and that he really feels very
bearish on the market This was followed
by weak cables which increased the de-
preston, and the selling was for a time
urgent and vicious. May sold at the lowest
on the crop.
Later however. operators began to feel
that perhaps they had not acted wisely in
selling so freely, and began to take back the
property. At the same time the estimates
for tomorrow came in unusually light, and
this was quickly followed by Bradstreet's
report OF the available supply, showing a
m UGH smaller increase than expected I'm
der the influence of this news the market
developed considerable firmness. and prices
reacted The opening was lac lower, and
prices declined l.@9sc more, rallying later
about 5sc. and closing steady 1sc from top.
Reports from the Northwest are generally
agreed about heavy decrease in farmers
deliveries, bat country elevators and side
tracks are So crowded that the effect of that
on Minneapolis and Duluth receipts is not eX-
pected TO show for some time vet. A good
deal Of December wheat held by Counsel.
man. Day was changed by them into May.
Corn was weak during the first hour and
sold off sharply, influenced largely by the
downward tendency in wheat, for all other
conditions were favorable. The receipts
were nearly lOlcars less than estimated, and
rain was reported everywhere in the corn
belt, but the slump in wheat carried corn
with it. Later, when wheat began to react,
corn quickly followed and was further
strengthened by the small estimate for to-
morrowNonly SIS cars. Opening trades were
at 180Ac advance, but prices sagged 14@lc,
reacting later l205sc, ruled quiet, changed
some and closed with fractional grain.
Oats were steady most of the day, the re-
expected and the estimate for tomorrow was
for only $50 cars The close was at A6l15c
above yesterdays figures.
There was sharp action in the provision
market most of the session. 1t was not I'M
expected. The trade knew that the Cudahy-
Wright people were after the Ryan & Co.
pork. Many think this line was sold out this
morning There was break of &c and then
the market went soaring. Compared with
last night pork is f5c higher. lard 1712@25c.
and ribs 7I2c. T. j. Ryan today admitted
that he was a trifie over 100000 pounds
short on the October rib deal. He also said
that he did not propose to settle at the ar
| bitrarv price fixed Monday. The vigor with
| which he was pushed in the pork pit today
may or may not have some bearing on the
| ribs DEAL
There was a good demand for vessel room,
| and rates to Buffalo advanced ls to 14c to 2Ss
| @212c for wheat, and 214c for corn. EST
mated receipts for tomorrow Wheat &c
cars corn, 235 cars; oats, $50 cars; hogs
| 31.0U0.
The leading futures ranged as follows: