St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-07
Wheat Lays Over the Rest of the Grain
List, Scoring an Advance of
Nearly One Cent.
Provisions on the Top Shelf-Pork Reaches
$1S, While Lard and Ribs Close
&c Higher.
The Stock Market Somewhat Irreyu lar
Closing Firm and steady at
Slight Advance.
Chicago.

February at SIC. Corn was stronger ana
fairly active; May stuff opened at 40Hc and
sold up to Ale, closing at 405c. Oats were
quiet at unchanged prices for February,
273lc being the ruling price, though May
closed re higher, at 30Yc. Provisions were
stronger and higher, May pork showing
range Of 3259c. closing near the highest
figures, at 1926. Lard was fairly active and
6rm, closing at S7.22I for the May option,
while short ribs for the same month showed
CLEAR GAIN
of Sc at the close, scoring S6.57X. Trading
was fairly brisk all day. Tne grain markets
to-day opened steadily at yesterdays closing
figures, but later developed a very nervous
feeling AMI values were irregular. WIeat
received large share of attention from local
spectators but the absence OF outside orders
made the market weak while the cold wealth
ee had tendency to firm prices up; these
two contradictory innItnccs resulting in an
early stationary market for an LOur after the
opening. Tue crowd Of traders in the wheat
Dit was nearly equity divided. Tae shorts
were anxious to cover and tue longs betrayed
their anxiety lest the mIrGst sIOI.d g dom
again and leave tuem minus their profits
Nav wheat opened st ady at 935c, but at an
cary hour reacted &c and from that time
until the clos. OF tue morning session
FLUCTUATIONS WERE RAPID,
though not exhibiting 50 wide a range as
yesterday.
European adviccs failed to show any ma
terial change at the leading ceuters on that
side Of the Atlantic, aud the receipts here
were not calculated to exert any marked IN
fucnce. Further the impression existed that
the bears intended to renew wal on prices,so
that there was good reason for early weak
ness in values. Toward the close of the early
session prices frmed up. May selling as high
as s45Sc, and it was evident that there was
no disposition to pound prices. The un-
easiness of the shorts Was also increased by
war rumors from Europe, reports Of melting
snow and prospective
DAMAGE TO WINTER WHEAT
in the southwest and the attempts to buy for
the purpose Of filling contracts Resulted in an
appreciation of lc. Trading was mainly OF a
local character, and when the shorts had
pretty well covered, and scalpers who bought
on the war news and crop scare were hed up,
the demand was less urgent and prices quiz
city settled of A@Jfc from outside, and
closed steady at 1873 c for February, 7S1Sc for
March, and SAKE for May. 1t was claimed
that fully 3,OO0,0 900 bushels Of shoft wheat
was bought in between $3.50 aud O'Clock,
and the statement was also made that among
heavy sellers Of long stuff were number OF
ENGLISH CAPITALISTS.
The bears called attention also TO the re-
port that no wheat was being taken for ex-
port. Among local traders who were sellers
are Clifford and Geo. Smith. The latter got
rid of about 200, 600 bushels, while Clifford
sold ali day and must have gotten rid OF con
siderably more. Counselman was probably
the largest buyer on the floor, though Lester,
and Schwarz Il Dupee also sold heavily.
But for the heavy covering Of shorts aud the
influence Of strong provision market it was
the impression that wheat would have been
weak and considerably lower
az think that I'm at heart bsarish," aid
awcl known scalprr, ''but Pm very sure
would not sell any wheat just nov" lyon
see'', he continued, "the feeling Is
WONDERFULLY NERVOUS
Just now The local crowd appears to be
bullish, while outsiders ara apparently bear
ish. II local scapers should whoop this
market up the countrymeu would pour their
orders In here and the the market wonld
be beyond ATTY control"
"There is" went on the speaker, "a good
deal to make traders nervous. The Euro
pean situation Is most certainly becoming
cunaioted. and then this is the critical period
d. TNI,fs fltasr
after so long thaw is little alarming" Il
don't take much stock In this ADVANCE said
NJ. L. Bodmau, "for although trading pits
are liyclier than they have been for months
this is purely
SPECULATIVE BULGE,
and bull operators will need big crop scare
aud disastrous war news 70 let them out at
present prices"
The status Of the market emaius very uncer-
tain. The bears claim that prices should de-
cline owing 70 the lack OF export demand
aud the probability OF an increase OF about
three-quarters OF n million in the next visi-
bic supply statement The bulls, on the con-
trary. assert that prices are already so low
that these depressing influences can have no
further effect and that export demand is la
bic to show a sudden aud large revival at SC
higher prices, while the warlike outlook Ia
Europe aud contingencies Of a damage to
the
WINTER WHEAT CROP
frpn this stand point make large advance
in ihe future quite probable.
Corn was relatively stronger than wheat.
opening &c higher for near deliveries, al
though the foreign markets were lower aud
inactive. May opened at +0Ac, steady aud
in fair demand. but latter in sympathy
with the wheat market it went up &c on the
afternoon board. THE feeling OF strength
was increased owing 10 drmer feeling in
other speculative articles. May advancing at
one time to ale, but later Il fell of to 40 &c
closing ut that sgure, or Use better than
yesterdays close. February corn closed
frm aud steady at S6aic.
ruE FUTURE OF TsE CORN MARKET
is good deal uncertain YET as receipts do
not INCREASE nearly as fast as has been pre-
dicted. Every lt,lo while some one comes
cut with the statement that oceans Of cUru
are awaiting shipment and the long expected
movement from Grst hands has really set In.
but, after day or two Of liberal arrivals The
receipts fall risOt back iato the old moderate
chan bel again The steady daily demand
fer cash corr Is not without its influence Ia
sustaining values aud the general feeling IS
besrish.
Oats were moderately active and showed
steady advance IL \ = Gazing 20 short cover
Ing. the NAY option bciaE about the only one