St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-16
The Days Doings in Provisions
and Grain Devoid of In
teresting Features.
Wheat Unsettled and Fluctuating With
a aBearish Outlook-FlOur in
Poor Demand.
Lard Moderately Active and Irregular Hogs
Opened Weak But Rallied Under
the Demand Of the
Shorts.
Northern Pacific the Feature of the Day
in Wall Street--BuIlish Indi-
sations ContiAu9e
CHICAGO.
rsnec;al Telegram to the Globe.l

CHICAGO, Feb. 15.-Operatons on 'change
today weae devoid Of any particularly inter
esting features. Only fair activity was ap-
parent, and that mostly in local circles, with
no large or otherwise extraordinary transac-
tons sort Of stagnation, particularly
noticeable in grain, seemed to be the result
Of yesterdays heavy sales. The weakness
In corn was partially due to continued sales
BY country dealers. Hewever it very soon
became known that receipts for the day
would be unusually light, so corn, with the
other markets, gradually strengthened up
and all closed quite bulish at the highest
points,
The greater portion Of the corn now ar
riying comes over the Wabash, the district
tributary to which is nearly exhausted. Con-
sequently the bulls in the corn pit are be-
ginning to outnumber the bears by a large
majority. Corn was controlled by the same
manipulation that engineered other articles,
opening weak and lower and advancing &c
a response to the improvement in wheat
ind provisions, and closing weak on 'change
1t 1c over the extreme inside prices of the
Jession. At the opening there was rush to
sell by big and little operators. No. 2
opened at 5919c and Instantly fell to
59Hc, when demand from the shorts
and free buying by scalpers for reaction
started prices upward The provision crowd
who wanted to help hog products by bulling
grain, also bought freely, and No. 2, which
sold early at 50405995c rallied and after re-
peated fluctuations sold at 6015c and closed
on change at 604c. About the only legiti-
mate support was the decrease in the inspec-
tion of IA cars from yesterday, to-day's re-
turns showing only 300 cars, Of which 81
were contract. This, however, should not
be considered as nearly all of the corn carG-
ing roads continue to decline to bring in
when consigned to Chicago elevators. The
heaviest buyers outside the provision crowd
were, David Doves 81 Co. Schwartz d Dupee,
Geo, Eldridgt & Co., Geo, Brown and Kan
merer On the call the weakness was SO
pronounced that Geo. Eldridge bid and got
about 10000 bushels, which sustained the
market. There was reported to-day sale of
corn for September delivery at SO. There
was good deal of changing options ahead,
and July appeared TO become quite favorite
option.
Wheat was unsettled, 1uctuating frequent
ly between narrow limits. II
opened weak with May at 1OO4
and sales were made at that
price at $1.OOH, $1OO15 and one at 81 The
market went up to S1.0O24, down to s1.O099
and then up to $1.O1@1.O1%, and closed,
after many fluctuations, weak at S1.O1 sell
ler's option. The only reason for any
strength in wheat other than the manipula-
ton of the provision crowd, was the report
that central Illinois miller had bought
950,000 bushels Of red wheat in st. Louis
VIII n the crowd took hold on this report the
manipulators fed them very easily. May
wncat closed on call and curb at $1.O11$.
Pork showed its customary fluctuations
The receipts of hogs were reported at 16, 900,
which was fully up to the anticipations The
quality of the hogs was better, and at the
opening the feeling in products was weak.
First sales were at $18,1719018.20 for May,
or 60c per barrel under the opening. Sales
the manipulations of packers, and sold at
$1S.629, and after repeated fluctuations,
closed on 'change at SIS. 55@1S.5715.
Lard was moderately active on speculative
account and the feeling feverish. 1t
opened weak, with pork, appreciated
15c per 100 lbs, and was irregular, the
trading being purely of a scalping character
May opened at S10.0715, sold up to $1O.25,
and closed on 'change at 5000. Short-rib
sides sympathized with the other articles and
opened 5@10c lower, but, under a demand
10 cover shorts, sold up 15@2Oc, and closed
at about the highest price. There was no
shipping demand for any class of meats ex-
cept picked hams and shoulders. On the
''curb'' the May options closed: Pork,
$1S.521I; lard, s1O.171S; ribs, s9.7715.
Robert Lindblom s. Co. say: ''Wheat
opened weak, but under good demand
from shorts and others, it gradually
advanced, and closed 75c higher.
French cables were reported weak, and one
said it was panicky, but the effect was only
momentary, May selling down from $1.O1 to
$1.0011 and then rallied again. AS usual at
this season receipts are small and the visible
supply s decreasing, but at the present rate
of decrease we will have more in sight on
May 1st than ever before at that date, and
what is worse still, we will have an immense
stock of spring wheat in Chicago which will
be a bar to every bull effort and compel hold
ers to pay pawnbrokers rates all the year
through. We need war news or crop scares
pretty bad, Corn has followed wheat to-day,
receipts will probably decrease some, but our
adVlces from Kansas are that farmers have
not commenced to sell yet. Like everybody
else they hope for firmer prices and hold.
They will not do so much longer.
Milmine, Bodman & Co., say: "All we
hear regarding the growing wheat crop is
favorable. There is no real strength in the
deal as we can see. We would not advise pur-
chasers OF May corn at over 6Oc, but think
on all such breaks as we have just had ii is
safe to take on some for turn. think re-
ceipts will show material falling off.
Mccormick, Kennett & Day say: tsThe
weather is very cold throughout the winter
wheat section and millers were heavy buyers
of cash wheat in st. Lonis to-day. 1t is a
very safe spread to buy wheat in New York
or Baltimore and sell here. The present diff
ference is about 13c and it will be 1S(02Oc in
May. We consider the short side in corn
very dangerous"
Crittenden & Harvey say: ''We think the
early buying orders for wheat were mainly
for the east and st. Louis. There is nothing
new to offer and sales can be made with con-
fdence on sharp bulges or purchases on
reasonable declines Prices of corn NAV
have temporary breaks, but we think pur-
chases made on soft spots will make
money"