St. Paul daily globe., 1896-02-03
TWO AND oNE-FOURTH CENTS AD.
DED TO THE GROWING PRICE
OF WHEAT.
BULLISH NEWS FROM EUROPE
SENDS THE PRICE UP TO THE
HIGHEST NOTCH, G7 CENTS
AND OVER.
But the Pit Was In a Ferment, and
but Little Attention Was Paid
to Him.

CHICAGO, Feb. Another agitated and
very strong wheat market was added today
to the long list of the last two weeks. The
price started with jump of about 1a4c and
at the end a 2Kc rise had been established for
the day. Corn and oats were likewise strong
er, but only moderately active. Provisions
also made another small advance. The open
Ing OF the wheat market was a surprise to the
trade and set the pit in a ferment Yesterday
the closing price of May was 65@651sc, and
this morning a wild shout went up for it at
from 661s16615c, and as soon as those who had
sold calls for the day at from 655sc up to
6C1sc, could get their voices keyed up to the
proper pitch, they were shouting bids of 66a4c
or 1Ac above where the market left off yester-
DAY. The latter price was paid before thirty
seconds of the session had passed. In about
forty minutes from the opening, and after the
prices had settled again to 661sc, the market
took another whirl to &c. Armour was a
heavy open seller, both on the first and on the
second advance, although there was scarcely
man in the pit who did not think Armour
manipulation was at the bottom of both
bulges.
The Corn Trade News figures, showing an
unexpectedly large deficiency in wheat sup
plies for Europe, was, perhaps the prime
bul!ish factor, although this was followed I'D
by decrease of 1,6S0,OOO bu in Liverpool
wheat stocks during January. The Liverpool
CdDle also quoted ID advance, and there
estimates of large decrease in the amount
aHoat Monday and the English visible supply.
The total exports from both coasts for the
week were astonishingly light compared with
the week before, showing shrinkage of l. 3O0,-
OVO bu in wheat and -four and the Northwest
efn deliveries continue liberal. But these
Dearlsh factors were lost sight Of in view of
the publish conditions reported from abroad
ana there was active covering by shorts and
energetic investment buying and the advance
was sharp and excited and well sustained
Armour made pretense of selling early, but
soon withdrew the country was In the market
again, and commission houses had heavy buy
ing orders.
Inc snort sellers were thoroughly demoral-
lZed ana dared do nothing but buy back what
they mad previously sold; they were afraid to
go over Sunday short a bushel and in that
state OF feeling they bid the price up near the
END to STAG for May and 67667Ac for July
ana the market rested with sellers at those
prices. ~
Corn was strong and moderately active in
sympathy with wheat. May opened nc higher
at SOBc, rose to Sic and closed Ac higher at
S07sc sellers. |' "'
Oats-The market was quiet early but then
commenced to go up. There was more ac-
I,Vlty SHOWN and the price steadily advanced.
may opened at from 21@0211sc sold I'D to 215s6
&c. ''- 'ii'o u
Provisions were fairly active and stronger.
though the influence of the wheat furry was
partially offset by liberal selling bv hackers
compared with yesterdays prices, May pork
closed 15c higher and lard and ribs TIC biehar
each. -o' : 72o iisner
estimates for Monday-Wheat SS cars: corn
S96; oats, 1872; hogs, "a 200 head
Ihe leading futures ranged as follows: