St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-17
FIRMER AND ADVANCED.
The Grain Market Makes Slight Ad-
vance Despite Adverse News and
Stubbornly Maintains 1t.
Arguments of Bulls and Bears so
Evenly Balanced That They are
Mutually Held in Check.
Corn and Oats Higher and Stronger-Pro-
visions Rather Bullish and Slightly
Higher Prices.
Quiet Day on the Stock Exchange, Laeka-
wanna and the Changers the Cen
ter of Interest.
Chicago.
Special TO the Globe

Chicago.
Special TO the Globe.
CHICAGO, Feb. 16.--On 'change wheat adj
yapced &c. and No for May sold at S31zc
to SAFE closing at sac. Corn advanced &c
to &c. with sales of No for May at 4o25c
to Ale. closing at 4O5Sc. Oats &c better,
No 2 for May closing at 9O5sc. Mess pork
IOc higher Sales for May were at Sl3.l77z
@19.2O, closing at S13.25@13.274. Lard
for March closed at S7.0272@GO5,
NAV closed at S7.175% bid. Short ribs for
May sold at s6.671ECa6.7712, and closed
at s6.721I. The market on 'change, al
though destitute of special energy
and the volume of trading moder-
ate, was stronger and prices gradually
moved upward. Wheat was quoted
weak aad under neglect in Liverpool and
London markets and prices opened al Satur-
days inside figures, but there was an absence
of customary selling pressure, and 1t soon
became apparent that
A STRONGER FEELING
was developed. Advices from southern and
southwestern winter wheat fields reported the
crop situation unpromising. These reports in
connection with an apparently absurd war
rumor started the shorts to covering. few
large operators took moderate amounts and
slthough there was an absence of outside or
ders the demand proved greater than the
supply and prices appreciated quite substan-
tally, selling TO TS%5c February,
78%c March and S414c May. The
New York market responded 10 the
improvement he re 10 about the same extent,
but business in both places was almost wholly
speculative. no export demand being noted.
The bulls managed TO wake up sufficiently tor
take advantage Of this fresh installment of
war news, while the bears had hardly energy
sufficient to cover their shorts when the news
was first reported When May wheat had
reached S4l4c, the highest point, the bulls
protested TO gather considerable hope that
the war business would pan out but the
bears declared that the peope who had no
other pretext upon which 10 buy wheat had
better sell it. Prices ran off again at the
close, with
An EASIER FEELING
predominating though considerable stronger
than on Saturday. The latest quotations
were &c for February, 1899 for March,
Sac for May.
A. VI. Wright, In speaking OF the future Of
the market this afternoon, said: ''While l
fail 10 see any features of a legitimate char
acter on which to base buying for advance,
there is unquestonably a strong desire
among those who live by manipulating the
market to secure Il good upward movement.
This is no doubt due TO the fact that the low
prices prevent heavy operators from selling
freely. Hence the clique want u sharp bulge
on which to unload their holdings, and put
out goodli OF shorts preparatory to another
break, ard indications to-day were favorable
for a successful accom- plishment Of their pur-
poses, as well managed speculative maneu-
vers are frequently more potent in influenc
ing prices than the legitimate laws Of trade
"Unless there is break this week, - said
another, 'there is likely 10 be just as dry
aud uneventful a time as there was last
week. Lent begins ON Wednesday, however,
aud
LOOK FOR SHAEE-oCT
in the provision pit The market begins |
firm because Of the story sent out from New |
York that Phil Armour is running a pork |
corner. predict that If he is running |
corner there are too many tailers to suit him |
and that there will be break"
Corn was stronger on general prin-
cipes, advancing &c for February
and May, with the usual amount of |
business transacted, which, as during the |
past week, was wholly Of 4 scalpng nature. |
The advance was the result OF the general |
hullish feeling prevalent and lively demand |
from small shorts. Stocks here are very |
moderate, and the continued bad weather |
keeps the
BEARS SELLING SHORT.
while the prospect for increased receipts is |
as unhattering as at present Shippers |
wanted all offerings of cash corn OF what
ever grade, whether arrived or clos. at hand |
and this naturally affected tue market for |
future delivery. In addition to this some |
receivers said that owing to the continuance /
OF the very severe weather and the conse- |
queut largely increased local consumption, |
receipts would not be so liberal |
as they had been led TO expect. Although |
this market is gaining friends daily. there /
exists an impression that prices are too high, |
and decline will inevitably result at no |
distant day. At the close an easier feeling |
prevailed, prices falling OIL lzGl.c from the
highest point Of the day, closing st 31L,c |
February and 405Sc MAY. Oats ruled very
quiet bat steady, aud moderately firm, at au
advance OF about &c. Transactions we're
confined TO seller Nav, and were few in num-
Der, because Of the light offerings aud few
buying orders. The February option ruled |
steady at s7l@c, closing unchanged. while
May was quoted at 3Osic, closing at 3OLc |
Some trading in April stun ranged At 27lsR /
29T.e.
PROVISIONS WERE STRONGER
and prices averaged a shade higher. but the
market was deficient in snap, and there were
no sustaining features OF legitimate cha--
scter, except the cold weather, which il Is
thought will lessen the receipts Of hogs for
the current week and create an uneasy feel
Ing among the bears, who are short Mess
pork opened al Sl3.l5is for Nav, sold at
$3.50. and closed at siS.25. Lard was
slow hut shade stronger. Opened at s.. 20
for May, closing al $7.lTi<95.eO. Short
rie sides were in moderate speculative re
quest but prices were 7ISGIOc higher. clos
Ing al 6.5s'S for NAV. What little interest
there has been in the hog products Of late
has been confined mainly TO the provision pit
When pork was at Sll. its cheapness was
pointed out and traders who accepted the
Argument aud bought anywhere between
Sll ana SiS. have had little reason for regret.
There has not been time when purchasers
with reasonable patience and moderate cous-
sgc could not
REAP PROFIT
There IS still very good argument for fur