St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-21
AID FOR the BULLS.
Unexpected Decrease in the
Visible Supply Strength
ened Wheat.
Corn Declined Under Contin-
ued Liquidation by New
Workers.
Provisions We're Weak and
Lower All Through the
Session.
Reading Overshadowed All
Other Interest in Wall
Street.

CHICAGO, Feb. 20.-The visible supply
of wheat Unexpectedly showed a de-
crease today and turned sentiment to
the bull side. The market closed at an
Improvement of sc. Corn was weak
under continued New York liquidation
of l0ng stuff, and declined &c compared
with Saturdays closing price. ProvlS-
ions were weak and lower all tie stS-
sion. and rested with losses OF zoe III
pork and 215c in lard and ribs
Wheat started off extremely weak,
with but little business. Cables were
lower; domestic markets heavy. a con-
siderable increase III the visible supply
was expected and the New York stock
market was reported rather panicky.
All this affected the market here quite
unfavorably and there was quite free
selling for time, under which the
market went off TO sc below the panic
figure of last week, and it looked tor
time as though 1t was headed for a still
lower level. Later there was sudden
change for the better and a quick adj
vance of 1c from the low point, but
much Of the Improvement was subSe-
entirely due to the surprise furnished
by the visible, which, instead of show
lag an increase, made decrease OF 49,
900 bu. This created momentary alarm
among those who had sold early and
there was something Of scramble to
get back the wheat. The cliQue'S brok-
ers seemed to b buying a good deal of
July on the weak spots, but on the raj
lies sold moderately OF May.
The opening was about the same as
Saturdays closing, ruled weak and de-
clined 11@35c, then became stronger
and, after one or i fluctuations, adj
vanced lc for May IS for July, then
eased off sc, held adler, and the
closing was &c for May and &c for July
from bottom figures. The report Of the
Corn Trade News that the Argentine
shipments were 100000 bu the past
fortnight, the largest on record, had
weakening effect. There was some ref
erence to the elevator room being scarce;
that probably not to exceed about 1,000,-
GOO bu working capacity remained in
the elevators here, and that vessel room
was also pretty well taken up. 1t was
also remarked that possibly it was on
the belief that storage room would be
soon all taken that the combination, it
any existed, was buying wheat, think
ing that the market could then be con-
trOlled more easily.
In corn there was continuation OF
tho desire to liQuidate noted during the
closing days Of last week. although the
decline brought fair coyeringOf short
lines, which showed a profit. The weak
ness in the stock market made itself
felt, and outside speculative orders
were largely on the selling side. May
delivery was part of the time rela-
lively weaker than July, the difference
widening to 35c premium for the latter.
Long" liQuidated freely in oats, and
the weakness in corn also affected the
market. There was a good buying by
"shorts." and, after 35c decline,a rally
Of lie followed. but the close Was easy
at a net loss for the day of &c.
The reports from the yards of de-
cline Of from &c to l0c in the price of
hogs was one reason assigned for the
weakness in provisions. Baldwin was
q vigorous FOUNDER OF pork; Hogan,
Mitchell ana hwartZ-Dupee were free
sellers; Nelson Morris, Lamson Bros.
and Swift were the most prominent
buyers.
Estimated recipes for tomorrow:
Wheat, 300 cars; corn, 40 cars; oats,
29O cars; hogs, 1900 head.
The leading futures ranged as follows: