St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-28
Brief but Comprehensive Resume of the
Doings of the Financial and Com
mercial World.
The Situation on Chicago Change About
rs Bearish as 1t Was One
Week Ago.
Wheat Shows a Slight Decline, Corn
Eetrays Weakness and Provis-
Ions Are Slow.
Free Realizing Sales Serve TO Weaken
the Wall Street Market, Clos
ing Lower.
Chicago Grain and Provisions.


CHICAGO. Feb. 27.-No one to a greater
extent than the trader on 'change realizes
the truth Of the saying that comparisons are
odiOus. This week the bear in wheat will
find them as obnoxious as the bull found
them distasteful week ago. In ether
grains and provisions. however, the bear
still stands on his hind legs and growls.
The break in pork has been sudden, sharp,
and TO the average trader quite unexpected.
But on the board it goes without saying
that it is the unexpected that always hap
pens. The seeker after light in this deal finds
little Of a satisfactory nature. He viii be
told on one side that packers are selling, that
1.-THE country" is dropping a load OF long
pork. back of which there is no margin,
and on another that packers are trying 10
work the market down without getting rid
of any more pork than possible, but that a
good deal of the mysterious Howe" pork
has come to light in the way of settlement,
and has made the market very heavy. This
was particularly true Of Thursday, when
pork shrmk some % per cent. And at 10
time during the week have prices in May
pork averaged as nigh as they did week
ago on corresponding days. From the free
manner in which year pork was offered at
SOLO, and sold cash pork at 50, it would
appear that
THE ACTIVE OPTIONS
could not 90 in any direction except down.
ward. But there appears at the same time
TO be no end Of confidence in hog product,
Notwithstanding the decline. Country
orders, with tie possible exception of one
or two days, have been fully up to the aver
age. The sales, except those forced by
packers, have been Of property held by par
ties who were unfortunate in selecting the
wrong side of the market to operate on.
Last Friday May closed at S11.2O. This
week it has sold as low as $1,000, a clear
drop Of 6Oc per ba. rel, and only a
fraction of it has been recovered.
Yesterday the crowd discovered that
Howe was putting up' for all his last
purchases Of 100, 900 barrels, and values
picked up little, closing firm. 1t is notice
able that good many of the big traders in
wheat are rather leaning toward the bull
side, though they acknowledge seeing
nothing just now on which to base any
single or concerted effort TO advance prices.
Their argument is that everything of a re-
liable or even fallacions character, which
could be used by the bears 10 make lower
prices. has already been made factor to
the market. They have harped on big re-
ceiptS, no export movement, an absence of
buying orders on investment account peace
abroad, etc, until at last they find them
selves running rather
SHORT OF AMMUNITION.
On the other hand, the bulls have dis
covered a few boat-loads going out of New
York now and then, and have about con-
WINGED the country that the winter wheat
crop has not gone through trying winter,
and come out entirely unframed. Kansas
- =
age of 40 per cent. The biggest bulge for |
the bulls was an advance OH one day of |
iMc. The close tonight was only &c |
higher than the preceding Saturday. 1t is |
said that ArmOur's name has been given up |
on some gOod-sized sales the last two days /
and that toward the close of the week there /
are those who think that the willy packer |
has unloaded on them, and deserted sink |
ing ship. Clearing weather also makes the |
81 tuatiOn weaker and makes the /
operators think of the time not far distant |
when they will hear the ''robbin sing |
again." The much-talked-of New York |
February corn corner failed to materialize,
at least so far as the Chicago end of it is
No one is making particular
effort to advance prices in this cereal. bows
and Norton Worthington appear interested
in it TO a slight extent but they are not |
acting as they would if they carried all the
February corn around in their pockets. |
Wheat started in weak This morning on dis |
cables and floor talk that the |
visible would show decrease of only ESQ., |
900 bushels this week. The scalpers were |
bearish in feeling, and began scalping |
May opened at SAGE, sold a |
split higher, and then declined, with |
now and then a rally to S414c.
HUTCHINSON SOLD puts"
yesterday afternoon to the tune of 500, 900 |
bushels, and at the club last night he was |
talking bearish. This morning he appeared |
in the pit and seemed very anxious to sell |
wheat in %, 00O-bushel lots. The scouts |
say that while he was selling 200. 900 |
bushels, his brokers were buying ZOO. 900 !
bushels on the other side of the pit Why |
all this diplomacy is not explained, as the !
crowd seemed quite willing to selling. |
Gradually, however, the market hardened |
and it was discovered that quiet buying had /
been going on on the decline. Prices adj |
vanced &c, and the market remained |
begged at S4%@S45sc for the last hour and |
a half, and closed there Buying by shorts !
was conspicuous feature Of the market. that |
element manifeSting a nervous indiSpoSition |
TO go over Sunday with open trades. The |
bull guesSers put the decrease in the visible |
at zoo, 600 TO goo, 600 bushels, but conserva- |
tives put their estimates lower and say that |
500. 90 bushels will be nearer the mark. |
The continued heavy receipts at Minneapo- !
lis and the sudden shutting down of export |
clearances about the middle of the week !.
upset the calculations Of the bulls, who had |
been counting on Il LOCO, 600 bushel de- /
crease. The Minneapolis run is believed |
TO be very short-liVed, but the bulls dislike /
to be obliged TO do the explaining which the |
eXlgencies Of the occasion seem TO demand. |
1t puts them at a disadvantage.
LATEST QUOTATIONS.
were about $sc under yesterday at T9%c |
for February and March, 4}]5c Tor May and |
So &c for June. Trading in corn was on a |
very limited scale, and quototions under |
went no special change. The tone was
rather easier in consequence of the fzZle OF |
the New York deal, but the reported en-
gagenent of freight room on a liberal plane !
At that port proved q buoy to the market. |
and the closing was nOticeably firm. Offer
ingS were firm, but not more than buyers .
were able TO provide for. May sold at |
i05S @404c, and closed at 40l40
4Os6c, an &c advance over yesterday and /
March 36Ic. Shippers bought moderately /
Al slightly better prices. Everything in the /
provision line excepting pork was neglected. ]
BUSINESS enough was done in that speciality,
however, to make make up for dull trade
in other articles. The market was very
nervous, aud the price of May fluctuated
between S10.75 and S1O95, the close being
at Sl0.s71G. The brokers, scalpers and
packers, who occasionally take flyers
were restless and jumped in ana out with
out a. very clear idea of the why's and |
That large amount of prop
erty was picked mp by somebody on the
break yesterday was admitted, but where it
went and what was TO be the next move on