St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-02-04
Wheat Was Rather Panicky and Fluc-
tuated Considerable, But Closed
Firm5r.
Other Grains and Provisions Were
Steady and But Frifls
Easier.
Transactions in the Financial Circles
of Wall Street.-The General
Quotations.
Special TO the Globe.

quantity OF wheat was worked Ill New
York for export. This morning direct mar
ket cables were weak, and London and Liy-
erpool took advantage of the depression
caused 10y adyices Of their own sending TO
buy wheat on liberal scale here and i'll New
York. That is . way they have. The local
crowd is pretty well out of long wheat, and
the country hasn't been in. The bulls are
standing around. They do not want TO get
on until the last minute. The price Of May
huctuated during the first hour between
S2Ise and S3Ssc, and seemed quite firm. Corn
opened steady aud remained steady for
time, the price of May ranging at 52ts652s4c.
The provision market was unexciting. May
pork ranged al Sl5-35Ge15.50, and May lard
S7.9C6t192ts. Trade light. Dizziness was
the predominant feature of the board of
trade markets throughout the whole of the
long session. There is muscle under corn
and provisionS-good country muscle
that does not easily tire, while III
wheat the market seems to be humping IL :
ward. Then, foreign advices are not en-
couraging, if cablegrams are to be taken at
what they say, hut, read between the lines,
the bulls see material from which TO form
their hopes. supplies in Great Britain are
large IL be sure-large enough 10 furnish
food for the consumers of the kingdom for
month or sin weeks but the figures of the
amount on passage" are not assuring TO the
foreigners. The amount on passage is
less by nearly 100000 bushels than it
was on the corresponding date last year, and
Europe is naturally looking toward America
for repleniShing stores. Liverpool advices
TO leading firm on Change are to the effect
that English markets for the next month
will be governed by the course of events il
the American markets New York is quoted
rs soft, but il may be stated that cash
wheat is not pressing for sale i'll any of
the Western or Northwestern markets. The
interior milling demand is increasing and
from the Northwest word is sent out contin-
ually, with varying degree of emphasis.
There viii be no wheat there for shipment,
excepting from the single point Duluth.
where stocks are way below last year.
THE NORTHWESTERN MILLERs
have teen. and are still, outbidding Duluth,
and had it not been for the extraordinary eff
forts of Duluth elevator people to attract
wheat TO that point, the warehouses would
have been practically empty now. The
situation is hardening" said an old grain
merchant, land there is no good reason why
holders of centraled stocks should not get
handsome advance over May prices for
their grain Nevertheless, holders may get
panic-stricken or tired out before advance
comes. i'll which event low prices would rule
until the end Of the old crop year and the
new wheat begins TO arrive. To-day the tone
of the local wheat was weak until the
session was we'll along when change i'll
sentiment was observable. May wheat sold
down to S2lac but there was very little for
sale at that figure and big demand and Il
rally occurred. There was just enough war
talk 10 make people slightly nervous and to
deter selling short. and to compel some who
were short to run 10 cover. The shorts had
to bid up the market before getting what they
needed to eXtricate themselves. Trade was
not heavy. The undertone to corn is less
firm than that to wheat. Country muscle is
displaying symptoms of WEAKNESS, but il is
stubborn, and the work of letting go is fear
full process. Liquidation is slowly progress
ing, however, and the corn bears are operat-
ing with more confidence as the spring APP
proaehes. ST. Louis is very bearish on corn
and country correspondence is not so full
of facts to foTtify the bulls. There
appears to be seine corn left in the interior
of which there may yet be found liberal
surplus fer shipment May corn recovered
from % l2c 10 5Sc before the close, and May
wheat went back to SIC. Trading was prin-
eipally among professionals, and was of
rather SIN all aggregate volume. The proviS-
ion deal was uninteresting to the end; prices
did not fiuctuate to amount to anything and
there was no pressure to sell or anxiety to
bull product. At the afternoon session wheat
was firm. Other grains and provisions were
trIfie easier.
THE ROUTINE REPORT.
CHICAGO, Feb 3-The influences surround
ing the markets at the opening of
the board were rather bearish. The
receipts of hogs at the yards were
above the estimates. Everything was
quiet and easy in tone ut the start but
first prices were as q rule unchanged from
the closing figures of yesterday. May wheat
started at 5 Ssc, May corn at 52l2@e52sse
of interest in wheat were the buying for
European account the change of front
by the New Workers. The New Workers
took their cue from the indications OF war
as evidenced by the lower consol and rente
quotations. They found Il good market to
buy on, as the local crowd was depressed by
the action, or rather non-action, of outside
Spectators. May wheat kept between
SII2@S17Sc till within half an hour of the
close of the morning session, when all the
buying just referred to had some effect and
May sold at .s13S@82c. Corn was dull, with
May iuctuating between 52ls@52s4c. Pork
was very dull. lu. lard and IiDs were fairly
active. \ report that Bismarck would make
very warlike speech at the opening of the
the good European buying referred to above,
caused May wheat to advance to S2Isc. May
corn advanced to 527s@53 and trading be-
came active.
The leading futures ranged as follows
kciosing at 76I2e; May, sIlsc, closing al
see; June, S2c closing at 82g2c; July,
S2lsc, closing at S2s4c. Corn-So. 2, March,
47s4c closing nj 4S1sc; May, 52l3e, closing at
527sc; June, 52Ssc, closing at 527Sc; July,
53hc. closing ut 53Sic. Oats-No. ., May,
3234c. closing ut 33e. Mess Pork-Per Dbl,
May, SI455, closing at S1I55. Lard-Pei
100 lbs, March, $3.50, closing at 81 so;
May. s.. 80 closing al 81. 97I9; June, s.. 91I2
closing at So: July, IS, closing at SS.05
Short Ribs--Per 100 lbs, March, S7.62I2
closing at S7.62I2; May. S7.75, CLOSING
at $3.50; June closing at @.S5
Cash quotations were as follows: Flour
Steady and unchanged, with little better de
mand Wheat-No. 2 spring, T618Gl77lec
No. spring, 66@G6L2c; No. 2 red, soc
Corn-No. 2, 4Se. Oats-No. 2, 29@3oc
Rye-NO. ., COO. Barley-No. 2, S1GlS2isc
Flax Seed-No. 1. 81 .46t91 .46I2. Timoth,
Seetl-Prime. S2.47. Pork-Mess, per Dbl
SI130@I4 Lard-Per 100 lbs 81 .77K
az Short Ribs-Sides QoOse), S7.57ls@
T.60: dry saited shoulders, (boxedl, S6.05@
6.1o; short clear sides (boxedl, Ss@9.05
Whisky-DiStillers' finished goods. per, gal
Sl.13. Receipts-Flour. 5000 bbls: wheat
5000 bu: corn. Jos 600 bu: oats, IO2, 0O(
bu; rye 1000 bu; barley. 45, 900 bu. Ship
ments-Flour, 10000 bbls: wheat, 1900
bu; corn, 81, 600 bu: oats, 81 900 bu; rye
1000 bu; barley, 1000 blu. On the pro
duce exchange to-day the butter marke
was quiet; extra creamery, 2303GIa
fancy dairy. 25Q26c. Eggs, 19Je1c,