St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-27
A BETTER FEELING.
Wheat Active, Strong and Stead
ier, Closing On Change
at SO S-8c.
Pork Opened Weak, But Firmed Up
Under Good Demand to
Cover Contracts.
Corn Stronger in Sympathy With Wheat
Cattle Quiet and Steady--Oats Dull
and Shade Higher.
Wall Street Opened Weak, Had Slight
Recovery, But Lost Activity and
Closed Weak.
CHICAGO.
Especial Telegram to the Globe.

Especial Telegram to the I'll ODE.
CHICAGO, Feb 26.-Prices were reported
at the opening of business here as lower in
New York and only steady in Liverpool.
The receipts were fair and local stocks show
ed a small increase. These things with a
clear sky and brighter sun caused grain to
open weak. A repert that lot of wheat had
been posted in st. Louis as ''out of condi-
ton" had some little effect, but later it was
found that the wheat was 'tdoctored stuff -
However, this is a small bull agreement, as
about 900 bushels will have to be deduct
ed from the visible supply next week,
May wheat opened at 81, 971S94 with few
sales at either extreme. The 'big four"
were heavy buyers, and the crowd "tailed on"
being evidently afraid to remain short over
twenty-four hours. Some new parties had
entered the pit and this was probably the
reason why Ream ct al. changed their posi-
ton. Neither they nor the crowd could
guess who the new brokers were operating
for. Prices advanced at one to 975sc, halted,
went off to 9719, when it was reported that
the visible supply as posted by the secretary
of the secretary Of the Chicago board of trade
showed decrease of nearly 600, 900; that a
heavy New York speculator had appeared in
the New York market as a heavy buyer of
wheat, and small cloud obscured the sun
for few moments, wheat went almost with
bound to $3.50, then fuctuated and closed
firm at 9855c bid. On the call $50, 600 May
wheat went at 981a@4c, and closed at
9835c. Sellers curb quotations were report
cd QSl/n nd ba lv oil fran
ton your correspondent could hear of was at
9SIc, although there were reported sales at
CSC
Milmine, Badman & Co. say: ''The market
was active and strong, making neat ad
vance of a plump cent which is very refresh
ing after so long a decline. The advance
was caused by the shorts taking fright at
some new buyers who took hold of the open
ing this morning and bought quite freely
while under 9714c. The market opened at
about 9714c May, and sold up from opening
with very few weak spots, closing
at 9S35c. The advance to-day may be at
tributed, we judge, to a natural reaction
from the large decline. Weak parties having
solo too much, took fright, and all one way.
We don't think the advance will be main
tanned there being nothing in the general
situation as we can see, warranting any ma
terial advance, and we think to-doy it has
about exhausted itself, as we believe the long
wheat will be coming on the market freely at
trife further advance.
'There was a report current on the floor
that some heavy stock spectators from Wall
street had appeared on the New York market
as liberal buyers of wheat, and st. Louis par
ties telegraphed here that some 200, 900
bushels No. 2 red in q certain elevator there
had been posted as out of condition, and this
was used here as bull argument, but a St.
Louis man told US to-day that the wheat was
''doctored stuff and has been known to the
trade there as ''stump tail, - and has been so
marked all season. There is no improve
ment in the export demand and we should
not be surprised to see some decline in day
or two from this speculative bulge.''
A. NJ. Wright Il Co., say "The outlook
at present is favorable for better prices in the
near future, and at no time since prices
started down on the recent decline have large
operators shown so much confidence in an
upward reaction as to-day. This is partly
due to the fact that wheat is relatively cheap
er than any other article sold on change, and
the erratic character of the weather, which is
the reverse of favorable to the winter wheat
Crittenden & Harvey say: THE feeling
seems greatly improved and we think we
shall witness another good bulge on specu-
lative account before we see any lower
prices.''
Shepard & Peacock say: ''It is difficult to
find good reason to base the advance upon;
there was nothing in the way Of news, either
foreign or home"
Minor, Richards & Co. say: cit now looks
as though the decline would be at least tenn
porarily checked by those who were recent
sellers taking their profits. We cannot, at
present, see anything beyond this to cause
much advance"
Corn acted in sympathy with wheat. 1t
opened weak and firmed up under heavy
buying by the ''big four,'' Comstock and
the crowd. Ream sold 400, 600 bushels in
in two lots early, but when the wheat market
took the upturn he brought it back through
brokers'. There were four or five cars of
corn received to-day of which only 43 graded
No. 2. The receipts are now mostly from
Iowa and Nebraska. Kansas corn goes
through without stopping or goes round to
the seaboard The consumptive demand for
low grades continues good.
Oats were dull but the consumptive de-
mand appears to be increasing, and sample
oats were firm and about 19c higher.
There was a good speculative business
transacted in the market for hog products,
but prices ruled somewhat irregular. There
was little more inclination to sell for future
delVery early in the day,
both by local and outside
parties, and material reduction in prices
was submitted to- Later the feeling was
stronger, and prices rallied again and ruled
comparatively steady to the close The ship
ping demand was only fair, and trading
chiefly in quiet way. The receipts of hogs
continued light, and the quality poor
Foreign advices showed weaker feeling
in that quarter, and prices were reduced Cd
on lard and bacon. Eastern markets were
quiet and prices averaged lower. The re-
ceipts of product were fair and the shipments
were larger than for several days past
Pork opened weak at S1S for May, being
decline of 715c from the extreme inside
figures of yesterday afternoon, but prices
soon took an upward turn and with moder-
ate offerings and a good demand to cover
contracts, prices appreciated to $1S.25 and
closed on change at $18.25 bid, and sellers
at $1S.2715. There were really no new fea-
lures to influence prices, except the small re-
ceipts of hogs, and trading was chiefly be-
tween local scalpers.
Lard was moderately active, but prices aver