St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-22
a Look Over the Speculative Situation,
and but Little Encouragement
Seen in Prices.
Corn Steady and Unchanged, While
Provisions are Entirely Neg
Iected but Prices Steady.
stocksat New York Still Demoralizeo
by the Smash-Up OF the kali-
road Pools.
Chicago Grain and Provisions.

DrinciDal elevators, ana IilaV HOUllliS III ohO
way Of an export demand Is WITHIN the
limits of reasonable expectation, IL Is only
necessary to say that No. l California WheaC
is now laid down in Liverpool at S7c, Whue
New York red winter cannot be touched aC
less than S1.04. And it is sad to be well
known fact that California wheat IS actually
worth, for cOnsumptive or shipping pur-
poses. fully Sc per bushel more than New
York red winter. A little thing that adds
TO the general gloom OF the situation is that
wheat bulls have for weeks and
months been talking and praying
for an export demand. To a
man no a tree the prospect OF rellef 10 the
American surplus by reason OF any such
foreign calls looks very gloomy ana the dec
creasing attention given 20 this feature OF
trade looks very much as though the bulls
themselves were on the verge OF realizing
that they were leaning on broken reed.
The Visible supply" continues to present
itself in the shape Of a bugaboo OF such
hdeOus mien as TO chase colo chlilS Oh
fright up and down the spinal columns OF
the bulls. II has been agreed on all sides
that IL ought TO show a decrease at this time
of year of ], 900. 600 bushels per week be-
cause farmers deliveries are at their lowest
point and consumption goes on and on for
ever that is, theoretically. Practically the
case is
LITTLE DIFFERENT.
The American people don't seem to be
eating their full allowance of flour, while
farmers seem to be shipping in goodly
quantities of grain which they held last
fall, farmer like, for higher prices. These
things combined make a blue outlook Tor
hghef prices in the wheat market, even
more pronounced than it was several weeks
ago. The net decline for the week has
been only &c, with gross huctuation OF
about &c. The undertone, hover, IS weaker
than these figures would indicate, for while
the short interest iii the market is believed
10 be substantially the same, the New
Workers are thought TO be on the long
side TO a greater extent than formerly.
Their purchases Of May wheat in this mar
ket have been 50 extensive that, were II not
for inherent weakness III wheat the price
would have advanced instead OF falling
back. In speaking Of the probable course
OF the market in the near future, ii can only
be reiterated that higher prices depend on
improbabilties, namely, foreign war, large
decreases in the visible supply and brisk
export demand. The alleged corner in Feb
ruary corn at New York, with possible
transferring OF the small end of the deal 10
Chicago, has tended 10 hold up this grain
ened and pulled down by wheat. Various
parties among them BOWS and Norton
WOrthington, have been mentioned as the
engineers of
TIE CHICAGO END,
but the course Of the options named shows
few if any signs OF manipulation. This |
grain is very generally looked on as a pur-
chase, especially for the long futures.
Prime says May is good for 45c if it is good
for anything at all. 1t closed tonight at
4116c. Pork seems to have bulged its little
bulge and subsidized into the regular rut in
which it travelled with such perSistency a
month or so ago. Packers, who by COM
mon consent are credited with having more
interest in higher prices than any other
class when the market is not largely ''lOng," /
were not making any special atfort to en-
nance values Although the situation
may be written down as bearish
with prices more likely To 20
lower than To advance. A firm feeling was
apparent in wheat at the start this morning,
yet it was difficult to tell from what source
the strength was derived. There was little
in cables 70 justify a strong market, general |
advices showing the prospect of steady
supply to the grain-consuming centers, with
q chance Of yet lower rates Tor the higher
grades Of wheat. There We're also the usual
grists of crop reports from the states and
territories to the effect that iITeparable
damage mad been done already to the grow
ing wheat: that il had turned yellow etc.
etc. In some sections the snow was said
- have smothercd the crop beyond the hope
of a harvest in this year of grace, while
Eldredge d Co. received telegram from In
diana that there was no snow in Hoosier-
dom, and
TERRIFICALIY COLD WEATHER
was freezing the roots off everything above
or below ground. The general opinion
was entertained by many, however, that
the bottom bid had been touched for May
at SAC, and that, or any point above that,
for the time being, was the speculative
market. AS a consequence there was very
considerable room trading, while nearly all
were willing toIealize and swift to do so
when the 4 C or even 18c came their way.
They stood not upon the order of getting
in their gains. so they got them in as
quickly as possible. The legal holiday on
Monday, WaShington'S birthday coupled
with the fact that it follwed Sunday, had
some influence on the quick trading. as the
ScalperS did not care to have deals open
over two days. At a later period in the
day a foreign demand was made pub
lie, and this, in part, added to the hardness
OF the market, and confirmed the belief
over yOnder was not as well supplied as
had been claimed and as the inevitable eff
feet very strong undercurrent resulted and
the foreign-inquiry phase was used with
steady effect by the bull element. New
York was the heaviest buyer in this mar
ket all morning and received the credit of
having engineered the advance. There was
steady buying by the priVate-wire houses
and large commission firms, and the belief
prevailed that considerable short wheat had
been covered during the session on local ac-
sOunt. Schwartz IL Dupee bought about
$50. Geo. which was set down TO Partridge,
but later Oh the name of Robert Warren
was
GIVEN UP
as the principal. Up to l o'clock thirty-six
boat loads were reported as having been
taken in New York for export to the CONT
nent and Scotland since yesterdays close
The closing was at about an even cent over
Fridays close. Corn WAS dull. Receipts
We're fair, but percentage small. Cables
were steady. New York was quiet and
lower early, hut later became strong and
advanced 7&@34c for February. Orders to
buy or sell were scarce, and scalpers did most
OF the business. The undertone was stronger,
ana May held at 4l@0417 sc and closed steady.
March sold at 373s @373Ic Shippers
made lew purchases, and prices were
14@l2c lower. Provisions were again dull.
and the range of prices was not sufficient to
make any alteration. Speculation was al
most at stand still. and orders from out
side were few and far between. Mess pork
for May opened at SLIPS and closed at
SLIGO. March closed at S11.O2 April at
$lL07% and June at S11.271<. Lard
closed at Sc % for March. SIS. 10 for April.
S6.17N for May and S6.2255 for June
Soloc for MAY Nparp az GH 17l/IAc on Oh