St. Paul daily globe., 1889-02-17
THE COMMERCIAL RECORD.
No Longer ANY Doubt That Big Deal
ers Have Cornered Nay
Wheat.
The Clique Sends Up the Price Three
Aud a Quarter
Points.
Corn Tumhles, Oats Follow Suit, Pro-
visions Declining --- Financial
Transactions.
Srccial 70 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 41sc, with
frequent breaks and rallies covering 1@
&c. The market opened very quiet,
with May but &c higher at S1.O71s, and
July but Sc higher at Gage. The pit
was dull for time with May at Sl.OS(9
1.OSI. 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 a mysterious"
strength under the market. Under
these influences May jumped to Sill, an
advance of Sc in few minutes. linen
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 $1.10aS. A second
bulge put May to s1.115s, and a second
decline left it at $1.l015. Then came the
third and final bulge of the forenoon,
and May went with a wbirl to Sl.l24.
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 S1.1214 to Sl.1015, another bulge to
$l113s. then to S1.l0T and again to
$11lA before l o'clock. July sold
at 94slc early and up to 9614c.
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 or
down, simply on the action of scalpers
and plungers, Receipts here were Sc
cars. Primary receipts we're about 49,
900 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 well
sustained, and May closed $1.1111s, or
31Sc over last night. Corn receipts 492
ears, with 30 cars of new No. 2. Ship
ments were 10000 bu. Export clear
ances were $4,000 bu. There was some
free selling here early, before the big
bulge in wheat, and prices declined 40
;ac. 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 a fair business.
THE ROUTINE REPORT.
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 140D
&c higher than yesterdays closing. ad-
vanced l19c, and rose suddenly, advanc-
ing &c more as suddenly dropped back
1$4c, again advanced &c, weakened off
and closed about $3.50 higher than yes
terday. july advanced 15c 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'
once fairly starting to cover, there was
10 stopping the advancing tendency. 1t
was feeling of wild excitement and
swept the market like a cyclone. Prices
varied lie and lc 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
Sigh, ,ly lower prices were established,
though the range did not vary much
from yesterday. Oats were fairly active,
opening B@4c higher, weakened and
reeeded &c, rallied 16@Ic, 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
s1.05. closed at S1.O7; May opened at
$l.07X, closing at Sill; July opened at
947sc, closing at 95Ac. Corn-No. Feb
ruary opened at 34aSc, closing at 34}sc;
March, 349lc, closing at 341%c; May,
SIC, closing at 355sc. Oats-No. 2, 2,Febru-
ary opened at 255sc, closing at 255Gc;
May, 2815c, closing at 2711s. Mess Pork
per bbl)-February opened at s1l.l71S,
closing at s11; May opened at sl1.S5,
closing at $11.1719; June opened at
VlAs1o, SlOoiHS3 az Tl1.Si/2s Lulu tpSl lUU
lbs)-February closed at $3.50; March
opened at S6.55, closing at S655; May,
e675, closing at 1866. Short Ribs (per
100 lbs)-February closed at $685.;
March opened at $5.S5, closing at
&5.S21a; May, S6.O719, closing at s5.971155.
Cash quotations were as follows: Flour
firm and higher. Winter wheat patents,
s595.50; spring wheat patents, S506.35;
bakers, $3.75G04.25. Wheat - No. 2
spring, SLOT; No. 8 spring, 93@95c;
No. 2 red, $1.07. Corn-No. 9 341Sc
Oats-No. 2, 251zc. Rye - No. 2,
451ac. Barley-No. 2, none. Flaxseed
No. /, sl.59. Prime timothy seed,
$1.47(01.4s. Mess pork, per bbl, S11.
Lard, per 100 lbs, s6.57115016 Short
ribs sides Qoose), S5.SG@5.90. Whisky
Distillers' finished goods, per gal, S1.03.
Receipts 1000 bbls; wheat, 49,
900 bu; corn. 10000 bu; oats, 12S, 200
bu; rye, 5000 bu; barley. $4,000 bu.
Shipments-Flour, 5000 bbls; wheat,
10000 bu; corn. 167, 600 bu; oats, 81, 1000
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,
IrvesfD1enf Rnnbn-c