St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-25
Change Of One-Half a Cent a
Bushei to Their DiSad-
vantage.
News Not of a Nature to
Stimulate Buying Into
Activity.
Lindblom a Heavy Buyer and
Cudahy Covers His
Shorts.
Nothing in the Wall Street
Market Worthy Of Men
.tiOn.

CHICAGO, Feb. 24-After an interval
of two days it was not surprising to
find that the wheat spectators had
changed their ideas Of the value OF that
article by half cent bushel. The
change was to the disadvantage of the
bulls. The first transactions in the
May delivery were chiefly at 96Isc,
against 9635c as the market closed on
Saturday last There was great deal
for sale. and. although buying orders
seemed numerous, those to sell pre-
ponderated, and the tendency for about
half an hour was downward. 1t sold
within five minutes of the opening at
95$4 (@957sc to a limited extent, and to a
considerable amount at 951sc, at $40 a.
m. it was $3.50, and fifteen min
utes later it had advanced to 9611c,
and after another five min
uteS' interval was back again
to 90. The price, after the fluctuations
here recorded, kept moving up aud
down slowly between 9615 and 9614 un-
til within an hour Of the close. There
was fairly active business, with the
tone rather bullish at the decline. The
news which first came to hand was not
of a nature to stimulate good buying.
The weather was mild, with soaking
rains over the greater part OF the winter
wheat country. The early cables were
generally firm. but denoted an inactive
market at Liverpool. In addition to
this, the receipts in the Northwest were
heavy. The prediction of another cold
wave failed for time to impress the
crowd, which was still laboring under
the effect produced by the failure of
a former announcement of the same
kind. 1t had its effect later.
Lindblom was sheavy buyer of May
wheat, and Cudahy was supposed to be
quietly covering some OF his short
wheat. although making show of still
being seller. Milmine Bodman bought
a considerable amount. Hutchinson
took some May wheat early, but was a
free seller of July. Mitchell was good
buyer, and so also were BrOSSeau, KAN
merer and S. Y. White & Co. Partridge
was seller early, and was fighting it
out on that line on every Lice advance
during the entire session. The reports
of some inquiries for export to Lisbon
gave the bulls some encouragement
near the close, but the bull feeling
which resulted in the end came princi-
paly from the improved demand for
cash wheat and the cold wave
talk. The corn traders were
atM first disposed to tail on
to the action of the wheat market. The
weak feeling apparent for a few mo-
mentS Oh that account soon gave place
to an independent strength, which went
from strong to very strong, and was
very firm up to the close. May started
at 5415c, hut trading at that price was OF
very short duration. 1t was up to 541sc
five minutes from the start, and at 9:40
time it was advanced to 551ac and had a
decline, realizing sales to 55115c; an adj
vance to 555Sc followed, and from that
time to the close it tluctuated several
times between 5514c and 55Lc. The
moist weather and consequent prospec-
tive scarcity of contract corn was
one of the disturbing influences to
the bears. Hutchinson and st.
Louis shorts were buying. but the
strong receiving houses here were buy
ing in considerable quantities. The
Cudahy Packing company sold moder-
ate amount. There was a strong bull
feeling in the oats market that resulted
in an advance of &c. Fowler was the
heaviest buyer, his sales amounting to
about 100000 bu. Hutchinson was
moderate seller of June. There was
only one side to the deal; it was weak
from start to finish. Hogs without num-
Der still appear to be headed to market
and the stocks of provisions continue to
grow. Armour and Steiner were sell
ing pork freely. j. Cudahy and the
Cudahy Packing company were sellers
of lard. Hutchinson bought some of
the latter. Prices at the close were
1870 lower for pork, and lard had a
similar decline, while ribs closed &c
lower.
The leading futures ranged as follows: