St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-14
CLOSED AT The TOP.
Sharp Bulge Marked the Close
Of the Chicago Wheat
Pit.
Final Figures Were the High
est Reached During the
Trading.
Light Receipts Of Hogs Cause
All Products to Advance
Sharply.
An Unusually Large Number
of Stocks Traded in on
Wall Street.

CHICAGO, Jan. ia sharp bulge and
considerable excitement marked the
close in the wheat pit today. The eX-
PLANTATION put forward is that the mar
ket is oversold to tremendous extent,
and that the people who are buying
wheat made ND their minds that there
are shorts enough 10 give good, strong
market to sell out upon later. The close
was at the top figures for the day, and
compared with last night is $4c up for
May and 11sc for July. Corn gained
full cent and oats &c. Provisions also
were firm, and left off with an advance
of 215e over last night fer pork, l71sc
for lard and 2215c for ribs.
The ease with which prices for wheat
have Leen advanced during the last few
DAYS, the absence Of any decidedly bear
ish news tended TO make a strong mar
ket. Shorts showed good deal of
nervousness, and were disposed TO
cover, while the scalping element
seemed to favor the bull side. There
was comparatively little wheat for sale.
and the competition among buyers was
sharp. Some prominent brokers, sup
posed 10 be acting for the clique, bought
freely on all weak spots, and, though
they sold some on the rallies, it was
generally thought that the aggregate of
their purchases exceeded their sales,
and that the clique was gradually IN
creasing its holdings. Iardrldge and
BaIdWin-Farnum led the selling.
Cables were somewhat easier, but re-
ceipts III the Northwest were smaller,
and there we're a good many reports
frnt, fhn u n m oh nf tiin who
was bare Of snow, With the mercury 10
deg. below zero, and damage feared.
The exports OF wheat and -four for SIX
months were reported at 100, 900 hu.
or at the rate of 2lS,000,000 bu for the
year. AS the total exports last year
were only 225. 000, 900 hu, this was quoted
as showing that the foreign demand this
year has been surprisingly good. The
failure of Nj. q. Oglesby & Son, snail
traders in wheat, was announced at
noon. The failure had no effect on the
market. Wheat receipts at primary
points today were only 495, 900 bu and
the shipments only $4,000 bu.
The Minneapolis Market Record gives
the country elevator stocks of wheat i'll
the Northwest at 20,G00,0O0 bushels,
against about 100000 bushels eSti-
mated by Bradstreet. Opening prices
were at &c decline on heavy local re-
ceipts and the adverse cable news, but
the market soon advanced 25W3lc,
Teceded to the full extent of the early
advance, then improved sc, ruled IL
regular, closing strong at exactly 1c
above the low point OF the day for May.
July delivery, which yesterday sold OFF
to &c discount. was in better demand to-
day, and advanced to wi hin l15c OF the
May price. 1t was cIdimed that st.
Louis parties were accountable fer the
advance. they having sent in buying or
derS for about LOCO, 900 bushels for July
5elivery.
In corn business was not confined so
much as of late to local operators, and
Evidently lead to the long side. Open
ling trades were at yesterdays final
quotations, but soon became active and
advanced 3Lc upon buying, said TO be
for the Southwest and New York. The
market afterwards reacted slightly,
bulged 5sc. and closed with 1c gain.
The stronger feeling in the cash market
also eXerted some influence on specu-
latiVe values, but is due in a measure 10
the restricted movement owing 10 the
stormy conditions all over the West.
Offerings Of oats were not large, and
on fair buying by strong parties and in
sympathy with other grains prices adj
Vanccd re. The market closed steady
at about tine top figures.
The provision market felt the i'll
fuence Of only $4,000 hogs having been
received, whereas 5000 had been eX-
pectcd. There WAS an immediate de-
mand for all the chief articles of the
hog product at considerable advance
upon Yesterdays closing prices. The
small estimate for tomorrow was also a