St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-02-12
A BIG DEAL IN PORK.
Bullish Brokers Force the Price to Oeles-
tial Figures. but a Decline
Followed.
The Entire Provision List, Though Quite
Active, Succumbs to Bsafish Inhu-
ences, Closing Lower.
Letter and Other Big Operators,
Though Strong Bulls, Make but
Slight Improvement.
Rather Stupid Day In Wall Street,
Neither Faction Claiming
Victory.
Enecial to the Globe.

Special to the Globe.
CHICAGO, Ills, Feb. 1.-THE bull sat
little the hardest on the teeter-
board this morning much to the
surp-ise of on-lookers and somewhat
10 the surprise of himself Yesterday
wheat was '.bulled" on an anticipated de-
crease of 1000, 900 bushels in the amount
sfloat. This morning the amount afioat
showed up actually $50, 600 bushels larger
than last week. Yet the price of wheat
advanced nc. Henry Clews az Co. tele-
Taphed yesterday that the amount of wheat
on passage to the continent and the United
Kingdom was 1000. 600 bushels less than
last week. The official report this morning
showed an increase of about !, 600, 900 BUSH
els Wheat opened &c of as a con-
sequence of free selling on the curb
by parties who had heard of the cor
rectiOn in the on passage estimates and
looked for break in prices. The market
gtiffened right up, however, and May adj
Vanced from So &c to S5$4c. Brokers were
very free buyers, on whose account they
would not say. A considerable quantity of
long wheat came out at about 8517c. The
crowd was bullish on anticipation Of
freeze, and so far as could be ascertained
the big bears made no special effort to
bUIOW COlQ MdtcI vi bllO Oullo OuOoAuC VI q
free circulation of the denials and correc-
tons referred to heretofore. There was
hammerlng at the very outset. but when
the temper of the crowd was found to be
HOSTILE TO A DECLINE
the bears drew out, apparently content to
await developments from positions on the
back seats. The close at / O'Clock was
fairly firm at a fraction above bottom
prices. An advance of 1z@%c, how
ever was lost late in the day, under heavy
selling by Hutchinson, the local crowd
very generally followed this lead. Five
loads were taken for export, while orders
for ten more were held, but up to this time
have not been worked. Lester is bulling
wheat now and bulling it with all his
might. Bangs, his partner, is giving bear
advice, so that whichever way the wheat
market goes a few of the customers are
likely to be right. 1t is new wrinkle to
have bear opinion from one patron and a
bull one from another hanging on the same
peg. This isS conservatism. The close to-
day was easier though active at 791zc Feb
ruary, 795Sc March, S5c May, S61zc June.
only H@Hc above Wednesdays latest fig
ures.
J. Corn developed increased strength, and
trading was larger than on any previous
Ody JOI buc ulOltll. nc carly olIcuBbu
and cents advance in New York caused
fair buying by shorts, sent prices &c
higher early. Later, New York broke.
and holders have realized freely, and
nearly all the
EARLY ADVANCE WAS LOST,
but at 2:30 o'clock prices were H0%c
higher than at the same time yesterday.
May opened at 405sc, sold at 40%c, broke
to 403604014c and closed at 401zc. Feb
ruary sold at 36X@37c and closed at SO &c.
Shippers bought fairly at H@1<c advance.
No. 2 was especially wanted for shipment
to New York to fill short sales.
Pork again moved up to $11.40 for May
this morning. The deal is evidently so
strong, the prices go up so easily just
when the crowd expects it to go down,
that everybody is about to admit that
Plankinton or Armour or some other good
man is really bulling it. But the price did
not hold. From S11.40 Nav pork went
suddenly to $11.271a, and there it stuck
until 1 o'clock. The queer thing about
pork is that it goes up with such ease and
agility. The bears have been
talking a break in the price since
May was selling at about 50, and all the
while there has been a steady advance. 1t
has, in the estimates of the professional
pork spectators, ''been a countryman's
deal" but it all the while exhibits so much
fight that they are now half inclined to adj
nit that so sturdy countryman as John
Plankinton is, is leading the rest of the
countrymen, May was up to S11.70 and
has been down to 81. 10; it now looks as if
the option was ON the way back toward
S11.70 again. The price this time last year
for May was about $13. In the late board
provisions were easier. closing for February
and May options at S11.02l@11.2 21< for
pork, $6.021z@6.05 for lard, $5.47X@
5.5215 for ribs. The fact that the supply
ofshogs has been greatly overestimated is
daily becoming apparent and strengthens
the belief in both prices.
PETER BERKEY ,sPres. +. w. ANDERSON, Cashier.
c. w. GRIGGs, V. Pres. A. G. ANDERSON, Asst. G.