St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-01
Wheat Receivers From Yesterdays
Heavy Decline, Closing Very
Active and Higher.
There is Heavy Trading in the WheaG
Pit, and May Corn Advances
One Cent.
Provisions More Active, Scoring Declaeu
Advance and Closing at the
Top Notch.
An Increase of Operators at the Stock Tx
change Stimulates Prices-RevleW
of the Week.
Chicago.
Special TO the Globe

yanced 5I0Tc, with sales of No. 2 for May
at 4O96@412lc, closing at 41Bc Oats were
steady. Provisions were weak early but firm
later. closing higher than twtnty-four hours
ago. Mess pork for May sold at sl2.427a@
S12671S and closed at $3.50. Short ribs
for May sold at S6.25@6.35 and closed at
$685.. Lard was rather more active, May
selling at Sc 9O@7O5, closing at S7.02H-
On Friday of last week some people seemed
to think May wheat at S32lc was very
cheap article. Yesterday when that option
could not be sold at 7SHc three
out of five of all operators
on ,change appeared convinced that just now
the article was dear at any price, above any
day since the beginning of the year, not ex-
Getting 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 the
capitalist who has counted his holdings by
the hundreds OF thousands to the small in
weston, who has scraped together the where
with TO margin a 5,000-bushel lot. None OF
them will soon forget Feb. q, 1885. Not
less enduring will be the recollection OF an
other class of operators, but of far more
pleasant nature. They have
A SMILING LOOK
and q 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
far-
spectators smoked fragrant cigar in ''the
alev'' after the end of the battle in the pit
yesterday afternoon. Said he to the writer of
this:
q was short of wheat during the upward
turn in January and about 10000 out of
pocket, out did not lose my grip. l was
willing to bet $50, 900 l was right Now the
crowd owes 800, 1000. For year l haven't
bought bushel of wheat that l hadn't
already sold, and 1 have never covered
bushel except at a 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,
l. 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 we're nearly all of an unfavorable
character Liverpool, London and CONT
mental advices generally report weak, dull
and heavy markets. Prices at the eastern
seaboard and other leading points opened
demoralized. The weekly receipts showed
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 sc
over yesterdays close, advanced sc further
on under free bidding to fill contracts,
weakened and declined &c on rumors OF adj
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 were also contradicted
and induced the floor scalpers, who follow
the crowd, to take the long side, and an APP
probation of 11E@1%c was secured and
maintained Although
THERE ARE No NEW FEATURES
of a legitimate character to cause and
adv l.
ing that the recent severe decline
should be followed by fair upward reaction,
and 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 a crop scare and other ac
cidents favor the bulls. The closing prices
were 74l4c for February and March, 75Js for
April aud soc for May.
Sid Kent is having over again the very ex-
perience he had n few weeks ago. He must
fight the mob, and he looks tired. The only
difference now is that, whereas on the big
bulge he was 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 \
tough experience selling wheat from
soc up 10 soc, and he may possibly have a
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 q
small figure in comparison.
CORN PARTICIPATED IN THE BOOM
aud advanced rapidly, opening at the same
price as last nights close, 4OLsc for May In
short time there was active selling at Ala
axe. Foreign sdviccs, which were far
from satisfactory, seemed to have no effect
on the market and the high figures we're
maintained until the close. The latest quo
tations were S6}4c for February aud March,
S6lSe for April and axe for Nav. Oats
were dull 81 Aay, with moderate speculation
in May at range Of &c
AT the cloNe the market was quiet and steady
at s6slc March, eTc April and S0l4c MAY
May pork attracted a good deal of atteu-
ton from the crowd, aud trading was very
brisk. The market was very strong. and as
the option kept climbing up the scale in price
one speculator Was heard TO exclaim Shell
touch SASS before the close" This, how
ever, was probably case Of the wish being
father Of the thought. At any rate. his pre-
dietiou failed to be realized. On the rising
of the market the shorts covered in great
deal Of stuff. Closing last night at SI24TtS.
the option opened this morning sc lover. It
soon ran up to Sls.55i5, AMI from that
commenced to drop until sls, 4al< was
reached Then, with the rally in wheat came
rise and it steadily climbed up to Sls.65. at
which d<ure 1t closed. At the close the mar
kct was drm, March selling az SIs - and
April at Sass. A 6rmuess was marked in