Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-02-03
HE PROVISION MARKETS HIGHER
Light Receipts, and Speculative De-
mand Strengthen Prices.
THE STOCK MARKET FEVERISH.
A Marked Decline in all the Leading
Stocks.
CHICAGO.
Especial Telegram to the Globe. I

CHICAGO, Feb. 2.-To-day has been a
rather exciting one on Change. All the
markets were buoyant and subject to spas
modic fluctuations, the tendency being de-
cidedly toward higher prices. The wheat
market is being the subject of a struggle
between the bulls and bears, several large
operators seeming bent on higher prices.
The nature of the manipulation is as yet
uncertain, but it appears to be scalp. 1t
is believed the big buyers of to-day will
turn sellers as soon as there is a
good profit on their holdings. A
great packing firm has been purchasing
heavy in the provision pit the present
week, and many of the dealers in the sta
pies under this head have reversed their
policy in consequence, believing that it
signifed the acquiescence of the packers,
who control this market to higher prices.
Spirited bidding is resulting in steady
improvement, and to-day's advance is more
considerable than has been made in con-
siderable period. The shorts are panicky
over the weather, the continuance of
storms greatly curtailing receipts. Corn
also, since the late deal ended is grading
lower.
On the board wheat was active and un
settled, but the whole fuctuation.of the day
was scarcely 1c and at the close February
was about &c higher than it closed at 1
o'clock yesterday, and March, April and
May 18c higher. Early sales were 4@3Sc
advance from the closing figures at l
o'clock yesterday, ruled tolerably firm un-
der great speculative and short demand
and sold up irregularly about 15c on near
futures and &c on May, but afterwards
became weak under several disquieting
rumors, which brought out free sellers and
finally fell about 1c on March, %c on May,
but afterwards improved 1@1Ic, then
fuctuated within narrow range and
closed tolerably firm. A large speculative
business was transacted, the demand being
largely from parties who had sold freely
yesterday expecting a break in prices.
Offerings were quite few and at times,
when the highest figures were reached,
there was considerable pressure to sell.
During the afternoon a strong bull feeling
prevailed in all the markets, there being a
lively demand through the whole range
and spirited competition among buyers.
A million and quarter bushels of wheat
changed hands in very few moments on
the call, the bears, who, believing in con-
tinued depressionin the grain, had for two
months past been heavily short on May,
being large buyers. Eight hundred and
fifty thousand bushels for this delivery
alone were sold, and prices ruled from at
an advance OF 15@2c over final board
quotations. February ended the day at
$10691.061@cand May at $1.1215c. Winter
and spring sympathized strongly with the
speculative grade, the former being firm
but quiet and the latter in good request
and higher. There is no change in affairs
among the -four men, and trading is in
consequential. Both sides hold firm to
their ideas as to values.
In the corn pit a large business was
transacted with the feeling little unset
tied, accompanied with a higher range of
prices. Trading was chiefly on specula-
tive account, with a good demand from
shippers. The receipts were again smaller,
and foreign market advices were of a, favor
able tenor. The market opened strong
and about 34@1c higher for February and
March and 15c higher for May, ruled firm,
and advanced an additional 15@58c, then
became weaker under free speculative Of
ferings, and prices declined go %c from
early outside figures, fuctuated and final
ly closed 1 &c higher for February, 118c
higher for March and sc higher for May
than the closing figures on change yester-
day. No. and high mixed were in fair
demand, and car lots sold at 5515@55Mc
and closed at $500 bid. Round lots were
quotably the same as February, rejected
was in good demand and sold 4615@47c.
New mixed was in good request and sold
chiefly at SOC, with some few
cars in certain locations at 5O$$@5OMc,
and closed firm at 5O@5O4c. There was
an active demand at 5000 higher prices
and but moderate offerings during the af-
ternoon.
There was a very steady market for oats
A fair volume of business was done in fu-
lures, and prices reacted from inside fig
ures on the decline of yesterday. The cash
market was quiet and on the regular mar
ket both demand and offerings were rather
light. Car lots of No. 2 sold at 37%c.
Rejected nominal; none offered. Sample
lots in fair demand all round and prices
steady. May was in good
request during the afternoon, quarter
million bushels being purchased on call.
Buyers paid $S@5Sc better prices than on
the board.
For rye the offerings were light all
round, and firm feeling prevailed. The
demand was about moderate, and yester-
days prices were obtainable. Sample lots
steady. Future deliveries firm, with light
buying orders and very few sellers, and
closed at about 7O16c. For barley there
was no market for No. further than tc
say that 23c uaG ahOut tho