St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-08
The Wheat Markets "Bulled" by
Spectators, but "Bpared" by
The Snow Storm.
Provisions Exhibit Marvellous st ength, May
Pork os ng at an Advance on Its
Way to Higher Prices.
New York stock Market Exhibiting More
Lie and neutrality-suspicious. as
to the Future.
Chicago.


liberal offerings the market fell of, however,
closing re below the opening at $3.50 for
May. Corn opened higher and stronger.
seemingly independent of the influences
surrounding wheat February stuff sold to
373Ec, and May touched Ale as the highest
point OF the day. The market was easier
later, closing at 5000 February and 4035c
May. The trade in oats was dull all day.
PRICES RANGING LOWER
in sympathy with other grains. Receipts
were light, and speculative demand slow at
best and confined almost exclusively to the
Nav option At the close prices were lower,27c
being asked for February, aud May sold off
1zc. closing at 30%c. Provisions were the
strongest articles on the floor, and trading
was livelier than for many long day. The
opening was 5@lOc higher with later ad-
v4nces fully sustained at the close.
The grain markets showed about the same
erratic course that was the chief Characteristic
Of Yesterdays trading. Wheat developed
Id raj degree of speculative activity. opening
firm and advancing 1EG&c on last even
irg's closing figures, but there an alb
-eacc of supporting factors of pronounced
BRITISH MARKETS
being tame and the former weak. Outside
buying orders were smaller. Receipts at
eleven of the leading markets for the week
exceeded the shipments over 100000
bushels. There was nothing in foreign war
news to encourage thinkiug operators to buy.
The snow went far to allay previous fears re-
garding the safety Of the winter wheat, and
when the early buyers, who were mainly
shorts. wanted to even up for the week, or
inconsiderate scalpers who bought because
they imagined that prices were about to go
up, had got what they wanted, the bidding
slowed up, and weak feeling developed. 1t
was also given out that about 100000
bushels held on New York accounts was lin
tied on stop at s31lc. With a view to Great
ing panic, by striking out such large line,
the wreckers commenced
VIGOROUS HAMMERING
Of prices, and by liberal selling forced de-
B cline Of nc below the supposed limit on the
OF mentioned. but wheat failed to come out.
A few strong bull operators, seeing that the
bears had sold themselves into hole, decided
on flank movement, and by liberal buying
started prices on the up grade. The bears,
seeing they were caught in their own trap
commenced furious bidding to cover their
shorts, and an advance of $<@Tc followed.
During the early hour there was little demand
at the advance, and prices again receded &c
and closed steady at h@3sc over the lowest
figures, selling at 772<c February and $3.50
for May. Wheat to-day was bulled by Sid
Kent's purchases, but beared by the beauti-
full snow storm which will put
oUIETus on CROP scAREs
for short time. The week taken as a whole
has developed nothing particularly inter-
esting in relation to speculation in grain
and provisions. Those Of the lambs who
have not been forced TO lay down their
loads Of wheat, are stubbornly and sullenly
uuresponsive 10 the attacks Of big bears.
Altogether they still own considerable wheat.
and would very much like profit on it. II
they fight 1t on this line all winter they
may get their profit but most Of them would
sell at a loss now. On Thursday May wheat
sold up TO s5c. Crops damaged by watar
ard ice in the southwest was the
ALLEGED CAUSE
Of the advance, but on the day following It
was strongly suspected that the report had
emanated from the brairs Of several St
Louis spectators who had wheat to sell at
Soc Al any rate, when the price touched
that figure they were discovered to he un
loading through their brokers here in guam
ties which sent prices down again. 1t has
since been stated that so far no great amount
of injury 10 the winter wheat crop has re-
suited from the late extremes In the weather.
Tue bears claim to get some comfort out of
the reports that the amount OF wheat on the
passage to
EUROPEAN PORTS
is rapidly increasing. They also point with |
satisfaction To the visible supply, still !
Mt nearly its maximum aud yesterday gen
tlemau who leans toward the bear side Of the |
question exhibited as a result of some bard |
figuring a statement Of the situation, wherein |
100, 900, 600 bushels represented the sum |
total Of wheat afoat on the Pacific coast, aud /
that which had accumulated at various At |
lautic aud other shipping centcrs. Within /
three DAYS, however. freight rates have been /
getting brmer and very big bears consider |
ably weaker. The fact that the railroads are 4
neither reducing their rates nor granting
SPECIAL RATES
% individual shippers seems to refute the /
theory that wheat on passage is rapidly accu- |
mulaiiug In such case shippers would not 1
feel justified in sending grain forward at the 4
regular rates. Gables we're dull for both corn
on spot and to arrive, with slightly easier /
prices. The market opened here for Nav de !
livery at 4OStc shade higher than it closed I
yesterday, sold as high as 405sc. then de- /
chned 70 1850, AZ which it closed. Had not .
the market for hog product been so strong
eoru would have declined rather more to-day,
one reason for this being the fact that owing
TO the temporary inability of some Of the
eastern roads TO handle all OF the grain offered
them, the
SALE OF CASH CORN
was lighter to-,lay than Tor several davs past.
As With WHEAT, there seems tn be plenty Of
euyegs Gu every decline, aud there are plenty
OF brokers who arr dru believers in far better
prices.
Nv at do you think about NV pcrkl''
was the question which men asked OF their
nClgboors aa TIE ,or today. II the fellow
iuquirsg ut was honest. be said be didn't
ku W uything. for this vas the truth Of it.
but taere werr al sorts t., assumptions OF
wisdom. Mas p'rS started AZ slS. = tribe
b. iter thaa il einsei last uiglt. L ven, TO
SIS. TO aud clos Il al SlS.2 -,
rHE srrC ,r;oS ~ PORK
az cars q beSr cut tbs pred4c,iou .hat it is
bent upon rcaeaing SIS Tor Nav before
Mar .. Tee packers. snd especially The
yr, e, 81 tacm J. Armour & c.. hav- uov