St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-02
Wheat Receivers From Yesterdays
Heavy Decline, Closing Very
Active and Higher.
There is Heavy Trading in the wheat
Pit, and May Corn Advances
One Cent.
Provisions More Active, Scoring Decided
Advance and Closing at the
Top Notch.
An Increase of Operators at the Stock Elk
change Stimulates Prices-Review
of the Week.
Chicago.
Special to the Globe

at 7Sss@S05sc, closing at soc. Corn au-
vanced 5S0%c, with sales of No. for May
at 4O3G041Ac, closing at Age. Oats were
steady. Provisions were weak early but firm
later, closing higher than twenty-four hours
ago. Mess pork for May sold at S12.4219@
sl2.671S and closed at S12.65. Short ribs
for Nav sold at Sc. 25@6.35 and closed at
$685.. Lard was rather more active, May
selling at Sc. 90@7.05, closing at SIO27a.
On Friday of last week some people seemed
to think May wheat at $3.50 was very
cheap article. Yesterday when that option
could not be sold at 7S4c three
out of five Of all operators
on 'change appeared convinced that just now
the articlewas dear at any price, above any
day since the beginning of the year, not ex-
cevting those which were celebrated early IN
January, by sharp advance Of several cents.
Yesterday, with its remarkable depression
and overwhelming deluge of bear influences
and practices, will linger in the memory OF
the spectators in wheat futures, from Ihe
capitalist who has counted his holdings Dy
the hundreds OF thousands to the small in
weston, who has scraped together the where
with TO margin ), 000-bushel lot None OF
them will soon forget Feb. q, 1885. Not
less enduring viii be the recollection OF an
other class of operators, but OF far more
pleasant nature. They have
A SMILING LOOK
and iovial demeanor which contrasts sharply
with the careworn faces and spiritless aspect OF
the successful bulls of January. They
are the shorts who were to have been ''froZen
out" One of these astute and far-seeing
spectators smoked fragrant cigar In 1.-THE
allev'' after the end of the battle in the pit
yesterday afternoon. Said he to the writer OF
this:
81 was short of wheat during the upward
turn in January and about 100000 out Oh
pocket, out did not lose my grip. l was
willing to bet $50, 900 1 was right. Now the
crowd owes $40, 900. For year l haven't
bought bushel of wheat that l hadn't
already sold, and have never covered
bushel except at profit"
The grain and provision markets to-day
were active, feeling very nervous
and values unsettled, but the course
of prices was directly opposite those
of the preceding days this week,
/. e., instead of opening at about the top and
closing at the bottom, they opened at nearly
the lowest and closed at about the extreme
outside figures Of the session.
WHEAT WAS ACTIVE,
but values were very irregular The infu-
ences were nearly all of an unfayorable
character. Liverpool, London aud Cont
1t1I1
and heavy markets. Prices at the eastern
seaboard and other leading points opened
demoralized. The weekly receipts showed a
material gain over the one Immediately pre-
ceding, and were among the largest If not
the heaviest ever delivered here during the
last week in February. But this being the
close of the week and month there was more
disposition to even up deals and shorts
bought freely throughout the day.
The opening sales were about &c
over Yesterdays close, advanced &c further
on under free bidding to fill contracts,
weakened and declined q on rumors OF ad-
ditional suspensions Of wheat firms at st.
Louis and other points. But there was little
for sale at the break, while the buying by
shorts and heavy houses on the long side
was continuous, and as the day advanced
there was an increased support in the shape
of outside buying orders. The early reports
of business troubles we're also contradicted
and induced the floor scalpers, who follow
the crowd, to take the long side, and an APP
probation of 11G@15sc was secured and
maintained. Although
THERE ARE NO NEW FEATURES
OF a legitimate character to cause and
sustain an advance, there is a feel
ing that the recent severe decline
should be followed by fair upward reaction,
aud much of the buying was based on the
theory that for the present the long Is safer
than the short side, as the market is oversold.
The weak holders have been 'shook" out
and the chances of n crop scare and other ac-
cldents favor the bulls. The closing prices
were 74l+c for February and March, 70 Is for
April and soc for May.
Sid Kent is having over again the very ex-
perience he had few weeks ago. He must
fight the mob, and be looks tired. The only
difference now is that, whereas on the big
bulge he was a bear and fighting the advance,
he is now working the market on the bull
side aud fighting the decline. 1t is no
wonder he looks tired. He had a
tough experience selling wheat from
soc up to soc, and he may possibly have q
tough time buying wheat from soc down.
The break yesterday is attributed to the St.
Louis failures. AS one broker remarked this
afternoon, this market is being run on St
Louis just now. New York is cutting a
small figure In comparison.
CORN PARTICIPATED IN THE BOOM
aud advanced rapidly, opening at the same
price as last nights close, 404c for May. In
short time there was active selling at Ala
4ll4c. Foreign adviecs, which were far
from satisfactory, seemed to have no effect
on the market and the high figures were
maintained until the close. The latest quo
tations were S6slc for February aud March,
s6iSc for April and Al &c for May. Oats
were dull all day, with moderate speculation
In Nav st range OF &c
At the close the market was quiet aud steady
At e6sle March, eTc April aud S0Ac May.
Nav pork attracted 8 good deal Of atteu-
ton from the crowd, and trading was very
brisk. The market was very strong, and as
the option kept climbing up the scale in price
one speculator WAS heard 10 exclaim: ''She'll
touch sl9.95 before the close" This, how
ever, was probably case Of the wish being
father Of the thought At any rate, his pre-
diesiou failed to be realized. On the rising
OF the market the shorts covered in s great
deal of stuff. Closing last night az ls.47iS
the option opened this morning sc lower. Il
soon ran up to SASSY, and from tha;
commenced to 'irop until $ia.4eS was
reached. Then, with the rally in wheat came 4
rise aud it steadily climbed up to sIs.65, a;