St. Paul daily globe., 1889-02-18
THE COMMERCIAL RECORD.
No Longer Any Doubt That Big Deal
ers Have C0rnered May
Wheat.
The Clique Sends Up the Price Three
And a Quarter
Points.
Corn Tumbles, Oats Follow Suit, Pro-,
visions Declining - Financial
Transactions.
Special to the Globe.


Special to the Globe
CHICAGO, Feb. 16.-The Chicago
wheat market to-day surpassed all pre-
vious action since the first of the year,
| The extreme range in the price of May
| in two hours time was about 4119c, with
frequent breaks and rallies covering 10
| &c. The market opened very quiet,
| with May but 15c higher at SLOTS. and
| July but &c higher at 941sc. The pit
| was dull for time with May at s1.OS@
1.Os4. A furry was started by the
rumor of failure at st. Louis. On this
the crowd plunged into buying. There
was little wheat for sale. The weather.
| injurious to the growing crop, the slight
advance for wheat in Liverpool, and The
advance in price of -four in London
with the good demand for cash wheat
here, all helped to frighten the shorts.
1t was the opportunity of the bull
clique. There was mysterious"
strength under the market. Under
these influences May jumped to Sill. an
advance of Sc in few minutes. Then
came denial of the st. Louis rumored
| failure, and then also came heavy sell
| ing for time of long wheat credited to
Kent, Cudahy and others. On this the
price fell back to S1.103s. A second
bulge put May to s1.115s, and second
decline left it at S1.1O1a. Then came the
| third and final bulge of the forenoon,
and May went with whirl to $1.124.
Every hour made it clearer that the
wheat is cornered, and cornered to stay
until the clique names the price of set
tlement. There was sudden break
from s1.124 to $1.101s. another bulge to
| S1.11as, then to $1.10T and again to
S1.114 before 1 o'clock. July sold
at 94slc early and up to 96Ic.
Fairbank was on the floor smiling.
Counselman was prominent seller at
the top and helped the break. The
transactions were enormous at times.
and again prices moved quickly up OF
down, simply on the action Of scalpers
and plungers. Receipts here were Sc
cars. Primary receipts were about 147,-
600 bu. Clearances about 10000 bu at
New York and Philadelphia. The close
| OF the session was without feature, eX-
cept that the advance was pretty we'll
sustained, and May closed S1.1111s, or
SIC over last night. Corn receipts 492
cars, with 80 cars of new No. 2. Ship
ments were 10000 bu. Export clear
ances were 49,, 600 bu. There was some
free selling here early, before the big
bulge in wheat, and prices declined 40
| 1sc. Later most of the loss was recov-
cred. Oats receipts, 131 cars. Market
fairly active and prices slightly lower
| Provisions sold at lower range of
| prices, with only fair business.
THE ROUTINE REPORT. q
CHICAGO. Feb. 16.-Trading in wheat
was very active and the market slightly
unsettled and at times very excited.
The opening for May delivery was 40
| 15c higher than yesterdays closing. ad-
Vanced 112c, and rose suddenly, advanc-
ing Sc more as suddenly dropped back
1&c, again advanced &c, weakened off
and closed about 33sc higher than yes
terday. July advanced 1ac and closed
1c higher than yesterday. Interest
centered principally in the May future,
and it was difficult to give any reason
for the advance other than that ''shorts"
/
no stopping the advancing tendency. 1t
was feeling of wild excitement and
| swept the market like cyclone. Prices
varied 15c and 1c before trades could be
written down. There were some dis
| Quieting rumOrS in circulation which
may have helped to intensity the un-
settled and nervous feeling which exist
| ed. but they were subsequently denied.
There was very little interest manifest
ed in corn. The feeling was easier and
| slightly lower prices were established,
though the range did not vary much
from yesterday. Oats were fairly active,
opening 1s@4c higher, weakened and
receded &c, rallied 1s@4c, and closed
quiet. Hog products were unsettled.
Early the market was moderately active
and rather firm, but this was followed
by weakness. with decline in prices.
THE GENERAL QUOTATIONS.
Wheat-No. 2. February opened at
s105. closed at $1.07; May opened at
$l.O77s, closing at Sill; July opened at
9422sc, closing at 95&c. Corn-No. Feb
ruary opened at 345sc, closing at 3411sc;
March, 34s4c, closing at size; May,
SIC, closing at 35Tc. Oats-No. 2, ,Febru-
ary opened at 253sc, closing at 253sc;
May, 2S7sc, closing at 2711s. Mess Pork
(per bbl)-February opened at s11.171l,
closing at S11; May opened at sl1 .35,
closing at S11.171s; June opened at
s1l.4U, closing at s11.2719. Lard {per 100
lbs)-February closed at S6.55; March
opened at $6.55, closing at S6.55; May,
s6.75, closing at $6.65. Short Ribs (per
100 lbs)-February closed at $685.:
March opened at 1856, closing at
s5.s2119; May, $6.0711a. closing at s5.9711S5.
Cash quotations were as follows: Flour
firm and higher. Winter wheat patents,
S5@5.50: spring wheat patents, s6@6.35; /;
bakers, s3.75@4.25. Wheat = No. 2
spring, sl.07; No. 8 spring, 9S@95c:
No. 2 red, $1.07. Corn-NO. 2 341sc
Oats-No. 2, 2515c. Rye - No. 2,
4515c. Barley-No. 2, none. Flaxseed
No. l, sl.59. Prime timothy seed,
s1.47@1.4s. Mess pork, per bbl, $11.
Lard, per 100 lbs, $6.571a@ @6.60. Short
ribs sides Qoose), $5.s0@5.90. Whisky
Distillers' finished goods, per gal, S1.O3.
Receipts-Flour, 1000 bbls; wheat, 49,
600 bu; corn, 10000 bu; oats, l23, 900
bu: rye, 5000 bu; barley, $4,000 bu.
Shipments-Flour, 5000 bbls; wheat,
10000 bu; corn, 10000 bu; oats, 5000
bu: rye, 5000 bu; barley. 1900 bu.
On the produce exchange to-day the
butter market was steady and un-
changed. Eggs steady and unchanged.
r. M. NEWPORT & SON,
Investment Bankers,
152, 153, 154 Drake Block. Loan Money
on Improved Real Estate Security,
At O. 81. IA and 8 per cent,
On Shortest Notice for any amount