St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-03
Chicago Grain and Provisions.


Special to the Globe.
CHICAGO, Feb. wheat was heavy to-day
and the price tended downward. The visible
supply decrease was not 100000 bushels
greater than the estimates, and the bears
felt encouraged to sell early for that reason.
Cables were quiet and export inquiry was
very slack. Nevertheless the stalwart DUH
commission houses were on hand WIN Iair
number of buying orders. Inc market ueiu
reasonably firm, but the crowd was IN seh-
ing mood and plugged the market WIN LII VI .
wheat than il could stand. brokers doing the
heaviest selling The impression gained GROUND
that the big professionals, who nave Deen IN
the BACKGROUND for a few days watching Ine
market to see now it would behave WITHOUT
them, had taken hold once more and they
were on top for a down turn. No special Ell
fort was made to create this impression, but
the idea found Judgment in the breasts Oh
many of the observers of the pit. Inc May
option first sold al 851s and Hutchinson was
q fair buyer from the outset, and when inc
figures sagged down to sj13c, Norton ana
Wortbington appeared on the same iide. But
the sellers were free and persistent and the
Rean-Jones party are credited with oe'ng the
conspicuous operators in that direction.
MILWAUKEE, PEOPLE
were also doing a fair share OF the selllng'
Suffer, Warner Geades also seemed very
willing to supply the demands of buyers. AT
s5I<c some recovery was made. with Mllmlne
and Bliss as purchasers. The tone OF the
market was weak, however, all through the
morning session. The report that an ample
body of snow covered the winter wheat neids
as far south as Peoria, was potent element
in weakening the faith of traders who have
been hopi z for g crop scare as stimulsnt 10
prices. Trading was at no time very
heavy. and light outside business was
reported. The room operators, however,
kept the air of the pit from Stagnatlng, ana
~, r.in
met with solid resistance, and reached &c
from the lowest point touched, March closing
at Sole, May at S53Ec and June at S7Ac. A
small Quantity taken at New York for export
was one of the late elements of strength, and
a general hardening Of the cash wheat market
in Buffalo and other interior points where
rnillers are drawing on stocks and paying
premium for choice grades of spring wheat
had
STIMULATING EFFECT
on speculation here. The cereal opened &c
higher. eased Off "a little, and closed the same
us l O'Clock. at 801sc for February. oO%c for
March, e55sc for May and 8IAc for June.
Corn was quiet and disposed to weakness, on
account, principally OF the increase in the
visible. Oats experienced no change what
ever in price, fluctuations being nil. May
corn closed unchanged from yesterday ut
409Sc. The statement Of local stocks of pro-
visions published this morning was crafty
ing To the bulls in that product. 1t showed
an increase of 100000 pounds over the
stocks one month ago, and 45,O00,00
pounds over the stocks one year ago,
when pork was 81 a barrel higher, ribs and
lard correspondingly above present quota
tons. The exhibit was not a surprise to
either party, but it was as favorable as the
bulls could hope, and stocks we're less favor
able than the bears had anticipated. The
market was accordingly firm and prices
higher. A good deal of activity was dis
played in the pit, and an unusually large out
side business was reported. On the late
board pork advanced sharply, closing zoe
higher than yesterday for May at Sill so, lard
713c at So 30 and ribs l0c higher at So T7z.