St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-21
NEW YORK SCHEMES.
Large Alleged Exports of Wheat at
Gotham Put the Price Up in
Chicago.
l Look Over the Speculative Situation,
and but Little Encouragement
Seen in Prices.
gorn Steady and Unchanged, While
Provisions are Entirely Neg
lected but Prices steady.
tocks at New York Still DemorallZeo
by the Smash-Up of the Rail-
road Pools.
Chicago Grain and Provisions.

Chicago Grain and Provisions
ipecial to the Globe.
CHICAGO. Feb. 20.-As a cllncher 10 Ihe
tatement that England is not soon going 10
educe the quantity of wheat in any OF our
,rincinal elevators. and that nothing IN the
yav of an export demand is within the
limits of reasonable expectation, 1t is only
necessary to say that No. California wheat
snow laid down in Liverpool at 97c. while
New York red winter cannot be touched at
less than Sl.O4. And it is said to be we'll
known fact that California wheat is actually
worth. for consumptive or shipping pur-
noses. 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
man up tree the prospect of relief to the
American surplus by reason Of any such
foreign calls looks very gloomy and the de-
creasing attention given 90 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
hideous mien as to chase cold chills of
fright up and down the spinal columns OF
the bulls. 1t has been agreed on all sides
that il ought to show a decrease at this time
OF year of 1000. 900 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 a
LITTLE DIFFERENT.
A 70 IA
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 for
highef 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 fiuctuatlon OF
about &C. The undertOne. hover, is weaker
than these figures would Indicate, for while
the short interest in the market is believed
to 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 so extensive that, were 1t not
for inherent weakness in wheat the price
would have advanced instead Of falling
back. In speaking of the probable course
of the market in the near future. IL can only
be reiterated that higher prices depend on
ilnprobabiities, namely. foreign war, large
decreases in the visible supply and brisk
export demand. The alleged corner ia Feb
ruary corn at New York, with a possible
transferring of the small end of the deal to
Chicago. has tended to hold up this grain
beyond the possibilities Of its being weak
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. Ii closed tonight at
41Lc. Pork seems to have bulged its little
bulge and subsidized into the regular rut in
which it travelled with such persstency 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 atfolt TO en-
nance values. Although the situation
may be written down as bearish
with prices more likely to 90
lower than to advance. A firm feeling was
vet it was difficult to tell from what source
the strength was derived. There was little
in cables to justify strong market, general
advices showing the prospect Of steady
supply to the grain-cOnsumlng centers, with
chance of yet lower rates for the higher
grades Of wheat. There were also the usual
grists of crop reports from the states and
territories to the effect that irreparable
damage had been done already to the grow
ing wheat; that it had turned yellow. etc,
etc. In some sections the snow was said
to have smothered the crop beyond the hope
of a harvest in this year of grace, while
Eldredge & Co. received telegram from In
diana that there was no snow in Hoosier
dom, and
TERRIFICALLY 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 to realize and swift to do so
when the Il or even Is 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, Washngton'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 foreign demand was made pub
lie and this, III 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 prvate-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 q Dupee bought about
$50. 600, which was set down to Partridge
but later on 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
were fair. but percentage small. Cables
were steady New York was quiet and
lower early. but later became strong and
advanced 1f@34c for February. Orders to
buy or sell were scarce, and scalpers did most
of the business. The undertOne was stronger,