St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-28
ECCENTRIC MARKET.
Local Spectators in Chicago
Don't Like It's Peculiari-
ties.
Cudahy Comes Forward and
Lets Them Have q Liberal
Quantity.
Unexpected Shipment OF Gold
Checks Wall Street Oper-
atoms.
Dull Stagnation the Most
Prominent Feature OBJ
servable.

CHICAGO. Feb. 27.-Local spectators
did not like the action of the wheat
market. 1t found that it had been some
what duped by some shrewd traders IN
st. Louis, who bought very freely at
the outset and took great deal of prop
erty from the local Scalping element.
After their wants had been supplied,
they sent in little story to the effect
that 1CO,OC0 bushels of wheat had been
bought there for export. The trade here
Jumped at the conclusion that it was red
winter wheat, and accordingly began
to buy back the grain that they had
sold at the comparatively low prices
which prevailed early. They were has
tened in their buying by the statement
that Baker was loading out 10000 bu
for export here, and by Minneapolis dis
patches saying that millers there
had swept the tables clear Of sam
pies. For some reason the local buyers
found no difficulty in supplying their
wants. Cudahy left them have liberal
quantity, and it was the popular impress
sion later in the day that the st. Louis
people had also considerably parted
with some of the grain purchased ear
lier. At any rate, the May wheat which
had opened strong at 973Sc, which had
sold early at 9715@97l4c, and which aft
erWard buiged to 975lc, broke down to
97c. The cause of the break was the
change in sentiment brought about by
the later st. Louis advices. These were
that the export sales were 100 cars in
stead of 10000 bu; that it was Pacific
coast wheat at sc under the price
of No. 2 red winter, and that
it was for April shipment and
might be reSold there before the date.
Outside of the items enumerated above,
the bulIiSh news was but rehaSh OF
Yesterday. Liverpool markets were but
4@17d per GENITAL trmer. and there
were the same reports of damage to the
French wheat crop. The wheat and
-four clearings were again liberal from
the four leading Atlantic ports. Re
ceipts at Duluth and Minneapolis were
again liberal. Kansas City receipts
were unusually large. Mccormick q
Co had an Antwerp cable which said:
quarter of the French wheat crop dam
aged by frost" The market was dull
and featdreless during the last half
hour OF the session. Corn started out
strong because of the extremely
light receipts, but weakened un-
der selling by quite number of large
local operators. Many Of these were
selling against calls which had bought
from 541ac to 551ac, good for all of Feb.
ruary. There was no outside trade of
significance, and 1t was the general i'm
preston that the trade was we'll evened
up. May started at 561Sc; sold to 5619c,
10 55$c@555sc, and ranged around 551sc
for some time. Oats followed corn. 1t
appeared as though this grain was as
we'll evened up as the corn. May started
at 4S16c, sold to 1890 and off to 4Sc. The
provision market was firm. The firm
ness came quite as much from the pau
city Of the offerings as from the number
of buying orders, neither of which were
either numerous or very urgent. There
was some covering of shorts by the
Cudahys, but an absence of anything
having the appearance of buying on
long account.
The leading futures ranged as follows: