The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-20
NOTHING TO CHECK THE ADVANC-
ING TENDENCY IN THE WHEAT
PIT.
MAY A FULL CENT HIGHER.
WAR NEWS GAVE THE MARKET 4
BOOM JUST BEFORE THE
CLOSE.
NO DISPOSITION TO TAKE PROFITS.
Over 81 Million Bid in by n Logan
Broker I'm Less Than
Minute.

CHICAGO, Feb. 19.-The advancing tendency
of today's wheat market was uninterrupted,
except by the moderate reactions, which are
its regular accompaniment, the May option
closing at 1c advance. Renewed war rumors
were the cause of the closing strength. Corn
and oats were stronger and closed &c higher
each. Provisions started strong, but lost all
the advance later. and closed at substantially
unchanged figures. There was very nearly a
repetition of Thursdays market in wheat for
the morning. May opened in rather an I'M
certain manner at 751sQ3s, against yester-
days closing figures of 75AQ3sc, but with
hardly any trading at the lower quotations,
sales a rule being made at 75Ac The
price kept creeping up slowly moderate,
scattering buying, with disposition of buy
ers to take profits, or bears to put out short
lines at the better figures About the only
explanation offered was that the whole trade
felt bullish-that there was a feeling that
wheat will do better. Liverpool opened only
I'd higher, which was no more than had
been expected, but advanced later and proved
moderately helpful. Northwest receipts showed
a small decrease by 253 cars against $50 last
year. The lethargy did not last long. The slow
advance Of the first hour was followed by a
sudden burst Of buying, which did not seem
to be altogether a surprise in the pit AS
May price touched 1880, Logans leading
broker began bidding, for 100000 and 100000
bushels, at a time. He bought l. 250, 600 bushels
in less than minute, getting part of it at
76c. At that figure the crop appeared to be
for sale, and a sluggish reaction to 755sc en-
sued. Chicago received q Carloads and TO-
900 bushels were inspected out of store. The
shipments hence by rail were 29, 900 bushels,
and by canal 5000 bushels. The Atlantic port
clearances were 900 bushels, in wheat and
flour together. After the decline TO 758c the
market ruled very dull, until about 1890
O'Clock, when a report put into circu-
latiOn of active fighting between the Greeks
and Turks This caused a somewhat excited
bulge to 7612c, but plenty was offered at that
price, and a reaction took place, the market
closing firm, however, at 76A@%c.
Corn was in good demand and fairly ac-
tive. The strength in wheat and the very
heavy export clearances were the chief rea-
sons for the strength. There was good buy
ing by several prominent houses largely in
the way of covering shorts, and prices were
firmly maintained to the end. Atlantic port
clearances were / 1873 444 blu. Nav opened
shade higher at 241sc, sold a shade lower
and advanced to 24A4243sc, where it closed.
cats acted in concert with wheat and corn
opening steady at or very near to yester-
days values, and advancing to close firm.
The better feeling not brought about
through sympathy alone, for outside shorts
were buying, and this item contributed to
the buoyancy Of the market. May opened at
1l1sc. sold to 17asc, and closed with sellers
at It9sc The activity which came into the
provision market few days ago was again
noticed in today's business. Hog receipts
We're again unexpectedly small, and, though
fluctuations were frequent, the general ten
dency of the market during the morning
was upward. Liberal selling caused a sharp
decline in the afternoon, which was arrested.
however, before prices got materially below
Yesterday. At the close May pork was a
shade higher at $SGS.0212; May lard about
zee higher at $4.O212@4.O5, and May ribs a
shade lower at $4.1O@4.121k. Estimates
Wheat, IS cars; corn, 1875 cars; oats, 27O cars:
hogs, 1900 head. N'
The leading futures ranged as follows: