St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-19
WHEAT RUNS UPWARD
Chicago Trading Monopolized
by Transactions in the
Wheat Pit.
Operators in Other Articles
Waited the Outcome Of
the Excitement.
The Leading Cereal Closed a
Good Day Firm, With a
Big Advance.
New York Market Small in
Volume, but Steady in
Temper.

CHICAGO. Feb. 1s-The wheat pit was the
center of interest on the board of tlade TODAY,
In fact 1t nearly monopolized the trading for
a considerable part Of the session, operators
in the other pits waiting for the outcome of
the excitement as they feared the influence
of that market on the other commodities dealt
III on the floor. The dealings were accom-
panied by good deal of excitement and
much nervousness with prices ranging at a
decided advance. A very influential factor
in the bullish situation for q time was the
published statement that the market was in
the control of q bull clique. with Standard
Oil, the nitrate beds and the bonanza millions
at its command.
There was other causes for strength, how
ever. Cables were strong and higher. Liver
pool was Had up. London was Cd higher on
caTgoes nearly due and Sd on those two
months out, but Sd lower on those for
prompt Shipment according to the board of
trade cable. Domestic markets were also
advancing. Bradstreets showed decrease
in the available stocks of 2,25O. 900 blu on both
coasts. The weather, too, was threatening,
4 cold wave being expected to follow the
warm rains which were reported from most
OF the winter wheat area. Then there was
the Cincinnati Price Currents crop summary,
which said that the last week was the most
trying one the crop has yet experienced. In
addition to this there was rumor that the
llllno1s state crop report would give the con-
d1tlon OF wheat as n. against 50 in December
May wheat closed yesterday at 92l2c On
the curb this morning it sold as high as DISCO
The opening OH the board was somewhat
ragged, with sales at 93l2c to Ole. The adj
vance was met by flood of sales OF long
wheat which was held at profit and of sales
against "calls," and. though many shorts
were scared and covering. the offerings were
SO heavy that the market Sagged off steadily
to 93c. Then there was a reaction TO 95S4c
another ID 9414c, followed by little more
frmness till noon. During the last hour the
market continued unsettled. May sold off
to 33lsc, reacted to 9312c. held for some time
around that figure. then, near the close, shot
up to and closed firm at 95c, the top figure of
3he day.
The cause of the sudden bulge was attrib-
nted TO the higher closing cables and the fact
that some operators had sold themselves
short earlier in the day and were anxious to
cover, not caring to risk having their deals
open over night. i'll view of the bullish ap-
pearance OF the situation. Among the best
sellers today were Irwin Green, Logan, Bige-
low, Counselman & Day, clifford. Nash
Wright and Mitchell. Ream was on the floor
for the first time in some weeks and sold q
good deal of wheat between 94c and 93a4c,
but covered most of il on the subsequent
break. Partridge continued to sell short, and
was called heavily for margins
Corn was quiet and its fluctuations in
prices were confined to comparatively mar
row range. following pretty closely the price
changes in wheat. Values at Liverpool
were Ad higher, but Bradstreet's reported
an increase of l.322000 bushels in the
available supply. May opened &c higher at
4?c. fuctuated between ALAG and 4214c and
closed steady at the top.
Oats were quiet and steady and closed at
the highest figures of the day with gain
of ssc.
Hog products were rather firm on the
whole, in sympathy with the higher range of
prices of grain. May pork. which closed at
S1l.s5 Yesterday. opened at $lI9O. with one
sale at Sl2, weakened gradually to Sli85 raj
lied and closed at $11.97l2. Lard and ribs
show slight gains. sif17<' ~
Estimated receipts for tomorrow: Wheat.
l25 cars; corn, 425 cars; oats, lsS cars; hogs,
$4,000
The leading futures range as follows: