Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-02-15
STOCKS DULL AND DROPPING
CHICAGO.


into a good-sized boom to-day, and there
was good deal of excitement shown on
change The business done exceeded that
of all the prior days of the week combined.
Wheat now leads the markets, and other
cereals respond in sympathy TO its
changes. Corn, which heretofore engrossed
public attention, Is reIegatej to back
seat for the present. Trading today was
largely in excess Of that Cor any day for
more than q week past. Out
side orders were much more nUmer-
Gus. and the demand caused large buying
by the shorts. who worked themselves
into a little panic and caused May wheat
10 climb up nearly four cents. Corn ad-
vanced in consequence, and other markets
responded. 1t Is not expected that to-
days closing figures can be sustained
right along. but the indications favor
higher prices ultimately. It is predicted
this evening that May wheat Will break
two cents tomorrow, but if it does, a
recovery will 6e likely to follow in a day
or two
Among the operators in the cereal on
the board there was great ac
tivity and a buoyant feeling almost
from the beginning to the close, prices adj
vancing Al &c from the opening, reacted
some, but at the close February was &c
higher than at 1 o'clock yesterday. March
$50 higher, April 3115c higher, and May 4c
higher. The in provement commenced
oft nm
advance of 15c on the call, and closed very
strong, opening this morning nearly 14c
over closing at 1 o'clock, and &c over
closing on call, and under a brisk short
and speculative inquiry, went up irregu-
larly 41lc, reacted some, but closed
rather firm. The primary cause of the
improvement was The gloomy reports as
to the condition of the crops in England
and on the continent. This first started
the market up when the shorts became
alarmed and began to buy in, and specula-
tors were seized with desire to purchase.
The competition this created, aided by
soft weather in the West, prospects of
general break up of the country roads, and
the damage caused by recent floods, all
contributed their full share to bring about
the advance; numerous buying orders
were received from the East, aud the
New York advices favored holders.
The large advance brough out liberal
offerings, but these were readily absorbed.
The receipts continue small. On the call
board trading was active, the bears threw
great quantities on to the market and
prices reacted 1l@15c, over 100000
bushels for May delivery being sold at
1.1538@I1558. Early in the day this
month had touched $1.164. Tomorrow
the bears whose holdings are larger than
those of the other side, promise
to show their hand. Spring wheat
advanced sharply with the speculative
grade, and was in good demand. Winter
holds quiet owing to The light offerings,
but is held higher.
Flour very firm, and dealers were asking
higher, and not disposed to sell unless
good appreciation is allowed, with the
higher wheat market and light stocks of
flour helping to this better rate. The
home trade we're buying better brands,
while shippers are kept from purchasing
by limiting orders to certain prices, that
is now below dealers views.
Corn was active and decidedly
strong, March selling up IL cents
from the closing a. o'clock yesterday,
and May &c, and closed at nearly the out
side prices of the day. The improvement
was chiefly due to the sympathy with the
buoyanCy in wheat. but other causes also
had considerable influence. The strength
exhibited yesterday and early this morn
ing caused not a little uneasiness among
shorts, who became liberal buyers, and
there was also Il growing disposition to
buy on speculation. The soft weather and
the prospective breaking up of the country
roads, has led to the anticipation of
light arrivals in the near future, and had a
tendency to increase the bull feeling. The
speculation was chiefly in the May future,
which advanced &c more than the other
futures; car lots of No. 3 closed at about
57@5718c, rejected sold at 491ll @4924c for
outside houses and 50951c for special
locations. The shipping demand is good
and the receipts show an increase. Low
grades are in good request, but trading is
chiefly in the sample. Buyers still dis
crimlnate sharply against soft corn, and
pay good margin Tor grain
stored in warehouses receiving southern
and southwestern corn. The dealing in
May was very large, and bids ranged at
59$5@6O78c and closed at 6O4c. Early
sales were at 59112c,sold at 5924c then down
to 5915c, with some sales at 5938, up to
6O1Ic, ruled steady for some time between
COL and COZ, but near the close took a
sudden start up, and sold TO 6Oz8c, closed
6O4c@6O7ac.
In the afternoon when the effort was
made to break wheat, corn eased
off 1la38c, and large quantities
were offered. The demand, however, did
not sIacken, and before the close of the
call there had been a complete recovery in
the more deferred futures and still fur
Their gain. Trading was enormous, the
call sales for May alone being 2,165,OOo
bushels at cess @61llc, the closing sale be-
ing at 6115c.
Oats were active and selling strongly