St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-27
Heavy Buying of Pork Forces Up the
Price, Causing UnwOnted Activity
in the Product.
Wheat Extremely Dull, the Close Showing
Loss Of Cent from Thurs
days Prices.
Other Cereals Share in the Weakness
in Wheat. but Little Trading
Being Reported.
Active Trading in Wall Street.-The
Changers Showing Weakness on
Report of Cut Rates.
Chicago Grain and Provisions.

Special TO the Globe.
CHICAGO. Feb. 26.-Wheat was dull and
lower to-day. Public cables were steady and
private cables discouraging rs Of yore- The
crop news, such as il was, proved favorable
TO the bull side Of the market, but it did not
come in sufficient force 10 have a decided in-
suence on prices. The drift seemed to be
downward all morning, though the course OF
prices was trregularly in that direction, &C
casionally reactions varying the monotony or
the proceedings. A number Of local traders,
backed by New York orders, came an ana
pounded the market on the theory that the
reported purchases at the seaport Tor eX-
port were wash trades, and that the quantlty
actually taken was much less tian IL was
thought to be. They found the market def
Gent in individuality and lacking immediate
support, with the commission houses Qnln-
terested behind buying orders OF conse-
quence, while n good many OF the friends OF
wheat seemed not altogether avcrse to seeing
prices 20 of a trife. The best support the
market had to-day was from the privilege
crowd The price OF May halted for long
time near last nights put standard, Tut
after the demand from the privilege traders
was satisfied, q decline TO G4$4Q,S41s occurred.
From that point the market rallied slightly,
but closed at ! o'clock at S5c, a loss on the
day OF &c. There was nothing 70 base tue
conclusion on that the export market had
been stuffed" as reported, beyond settled
suspicion Il3J SuCD Was LuC CdSc.
on TEE AFTERNOOE BOARD
the market opened ZclOWer and sold n S4llc
for May, when il grew steadler ana hung
around G455 Q5454c during the rest OF the Sos
sion, closing at 9454c, Il loss OF an even cent
from yesterday. On the curb this afternoon
puts on May wheat were Off red at S414c and
calls ut 85H455Ic. Nat Jones, whose judg-
1nent is indisputable, but whose utterances
are not always accepted in speculation, de-
clared to-day that ne is bear on wheat. and
said the foreign demand reported as all exc
ated by Chicago bulls turned exporters. The
breGk at the close was caused by reported
heavy sales by Armour, who has been dump
ing wheat ndustriouslY since Wednesday.
Warren Geddes and Jones sold Il large line Of
May corn to-day. Increasing receipts at
Western and seabOard points and falling Oh
in export shipments and home demand are
having depressing effect on prices, and the
market was rather easy in its tone to-day.
The opening was q tritle under yesterdays
close. and later broke 3sGI2c, closing at the
lowest figures of the day at 39szc for Febru-
airy and March, $500 for April and f0lsc for
May. Provisions were excited to-day, and
pork had a lively shake-up The deal was ic
May. The opening was at $40. TO, q loss as
compared with yesterdays close OF nc.
Between $3.50 and ii "A. IN. the price huctu-
ated between 5000 and 5000, touching
both extremes several times, and jumping up
and down
MOST FCCENTRIC MANNER.
A large amount OF property was sold out
on stop orGers and scattering holders showed
q very general disposition TO run. The ner-
vOusness was intensified by the uncertainty
with regard 20 the intentions o. Franz Howe
who WIS known to he long an where from
$4,000 70 $4,000 bushels. he was called by
everybody with whom he had trades, and
some of the JiIuid ones thought he would
throw the stuff. He must have responded TO
the demands made on him, for the market
braced up suddenly and started from $40 90,
where Il had been hanging tremblngiy, and
worked up TO $40. S2l2. closing trades On the
long session, being Il basis of Sl0.77%.
Stone, HOwes broker, bought 5000 TO 10000
barrels on the rally. The mystery as to whom
Rowe represents is still unsOlved. some still
holding firm TO the faith that he is acting for
Armour, ard others asserting with positive
ness that he is backed 10y "a powerful stock
yards syndicate. The clamor of Howes ST.
lence is deafening. This afternoon the May
pork advanced nc, and ribs showed slight
improvement. The close shows slight Rd-
vance over yesterday. Among shrewd oper-
atorS the opinion is freely expressed til at
Howe's purchases are made for Armour, who
is reported TO ue anxious to freeze out some
OF the littlU fellows and control the market
for ends best known to himself.
TETER BERKEY .EPres. F.w. ANDERSON, Cashier
{. W. GRiGGs, V. Fres. A. c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
CAPITAL $500,000
Corner Fifth and Jackson streets