St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-01
Yesterdays Rise in Wheat Mainly Due
to Fears That the Winter Crop
Will be Injured.
Corn Steady at Fridays Prices. Oats I'm
changed and Provisions Lower
at the Close.
Strength of Northwestern Fea-
ture of the Market.
CHICAGO
Especial Telegram to the Globe

main features toward stronger market, and
fair advance in prices was scored In all de-
partments of trade, the tone at the close of
the day being firm and steady. May wheat
opened at S22lc, sold up to S35Sc, closing at
that figure, gain of 1c over Fridays close.
Corn was quiet but steady at the closing
prices of yesterday, May selling up to 401Sc,
closing at 40c, in good demand and with a
firm feeling. Oats were more active, fair
days trading being reported at unchanged
figures. At one time during the session No.
? May sold up to 30$lc, but at the close was
quoted at S015c, the same as Friday. Provi
sions opened higher, advancing under bet
ter market at the stock yards, but later showed
slight decline. At the close the Nav OPP
tons were quoted: Pork S12 As, lard 81 .071S;
short ribs S637H.
The grain markets, although showing more
speculative activity, and at times indications
OF returning confidence, were nervous and
values irregular. Wheat was the most active
article traded in, and exhibited the widest
fluctuations in prices. Foreign advices were
unfavorable TO sellers, decline of 316d per
quarter being quoted in Liverpool and Lon
don. There were predictions of large receipts
next week. The next report of the visible
supply was estimated to show an increase Of
900. 900 TO 100000 bushels. The bears
went on the floor with evident intentions to
secure another victory by forcing prices still
lower, and opening sales were only &c
over yesterdays close. 1t soon became ap-
parent, however, that all but the strongest
and most persistent holders had previously
unloaded. Seeing change in the situation,
and finding that there was a disposition
among conservative shorts to settle up their
weeks deals and go home, even the chronic
bears decided to do likewise, but when they
attempted to buy the offerings were not COM
mensurate with the demand, which was
materially increased by the execution
of orders from large local spectators,
who frequently buy heavy lines on breaks.
The uneasness of the bears was also aggra-
waited by predictions of soft weather, which,
it is feared, will melt the snow and expose
the fall sown wheat to damage by frost.
Spirited bidding, induced by these influences,
caused an appreciation of lc for opening
prices, and although break of &c followed,
the continued nuying sent prices to the top
at the close. May wheat opened &c over
Fridays close at S2Hc, and under the filling
of large line of shorts advanced early 1c as
the day wore on, and the signs of the morn
ing proved good. Kent and Cudahy, who
have been short u large line through the
recent decline, continued buying heavily.
Later the demand became lighter and values
reacted 5S(62{c with no efforts made to sup
port the market. Toward the close the
market became firm at the highest points Of
the day, closing at 7655c for February, 771Ec
for March and S35sc for May. Frank Crit
tended, Of Orr. crittenden q Comes, was
asker what he thought Of wheat.
II think May will sell at zoe before June
~ he said. "There Is more wheat In store
than people imagine. Spectators don't ap-
prcciatc the fact, for instance, that there are
20, 900, 900 bushels at Milwaukee and Chi
cagO. The trouble is, that for some reason
or other, there is no export demand now for
our wheat and crops are now SO enormous
that, unless there is market abroad for
$50, 900, 900 bushels or more, the prices at
home will be demoralized."
Geo. Sheppard said the feeling to-day Is
more bullsh and rather favorable for higher
prices owing to the unsettled condition Of
the weather. Fears OF crop damage are quite
widely extended, but l do not expect any
marked advance in prices and think fiuctua-
lions will be confined TO q narrow range
''The principal buyers here the past two
DAYS have been the shorts" said VI. L. Bod
man, ''aud all the strength we have comes
from this cause. Hence it is only temporary
There Is nothing In the general situation as I
view II warrauting any material advance in
prices now, but on the other hand, think
We will need an improved export demand to
prevent a further decline. i have very little
faith in any bulge in wheat at present. 1t is
likely 10 drog along slewly aud possibly 10 a
lower level until about the LIST OF March, when
the winter wheat crop comes out from under
its blanket OF snow. Then, il the crop should
promise well, the bulls had as well ground their
arms, ditto bears If it looks unfayorable. The
winter, up to the time of the snow. had been
rather unfavorable for the crop and may not
look 40 well as expected"
The present soft weather and prospects Of
a continuance OF the same vas the principal
bull argument to-day. II the thaw is fol-
lowed by rain aud If the fields become un-
covered, then the speculative pits are IN a
condition for a cash score even II the wheat
fields are not.
In the corn pit the events Of the day were
all Of the kind most acceptable to the bears.
The demand was poor, receipts were larger,
with reports that they would be still larger
next week, and the crowd was distinctly
bearish, aud its bearishness was Of the kind
that is illustrated by strong inclinations to
sell stun short Bailey was one Of the earlier
sellers and Kammerer was Que Of the largest.
The shorts appear to believe, as they talk,
that May corn may be good property at 3Sc,
hut not al 4Oc. February opened &c higher at
36ssc, and May 81 lower at $3.50, and the
former was forced up 1 above the opening
aud the latter &c. There was considerable
trading done, although the market was uu-
steady and nervous, fluctuations being rapid.
r. W Clark was the largest seller in the
market The advance in wheat failed TO
impart he or strength to corn, and a drcliue
set in early. the market closing duu but
steady al 364e bid for February and 40c for
Msy.
There was not much life IN the market for
hog products, although trading was fairly
active, aud in a general way the market
showed little more strength, and prices sv-
ersgcd little higher. Orders we're chiefly
Tor spectators, the shipping demand not
being particularly urgent Foreign adviees
continued dull and unchanged, and rather
uufavo-able than Otherwise, while eastern
markets were only moderately drm. Re
ccipts vere good. aud shipments Of all kinds
large. The advance in wheat stimulated
/ prices Of provisions 70 some extent, and all