The Saint Paul globe., 1897-02-19
WHEAT HELD FIRM
STEADY THOUGH SLOW ADVANCE
MARKED THE PRICE MOVE
MENT AT CHICAGO.
SHORTS HELPED BY COVERING.
BETTER CABLES AND LIGHT RE-
CEIPTS ALSO FACTORS IN THE
ADVANCE.
BUSINESS MODERATELY HEAVY.
Session Remarkable for the Quiet
Way in Which 1t Was Trans
ncted-FiVe-EiEht Up.

CHICAGO, Feb. 1S-Wheat ruled firm today
and closed at an advance of about fsc after
a session remarkable for the quiet way in
which a moderately heavy business was trans
acted. Covering by shorts responsible
for the advance their action being caused by
strong cables and light Northwest receipts.
Corn and oats advanced IS and "A respectively
and provisions closed higher. Nearly all of
the history of the session in the wheat pit
was made in the first hour and half of trad
ing, the news governing the days fluctuations
being practically confined to that which al
ways comes in before or Immediately after
the opening Of the regular board. May which
closed yesterday afternoon at 745sc, opened
today at T4l2Q sc. That price was the lowest
of the day. A steady though slow advance
ensued, and though fluctuations were fire.
quent, they were small and every decline was
succeeded by a better advance the price
reaching 759s0I5c by IL O'Clock. The small
opening decline was caused by a rather dis
appointing opening at Liverpool first quo
tations from which market showed only I'D
advance, and to the fact of the New York
produce exchange condemning 25,GOO barrels
or Hour. The latter item, however, had a
boomerang effect for it reduced the merchant
able stock, and as the rejected -four was said
to have been made from inferior winter stock
II was taken as evidence that the demand for
good Chicago wheat might be increased Sec
ond cables and those following showed a
steadily advancing tendency in the Liverpool
market, and Northwest receipts were again
small Duluth reporting 40 cars and Mime
apolis 1873, total of 1S2 cars, compared with
80 last week, and 334 the corresponding
day OF the year before. Receipts at Chicago
were ~ cars. Atlantic port clearances were
light, wheat and flour together being only
equal TO Do, 600 bushels. New York reported
that foreign advices were generally bullish
put no acceptances were received of yester-
days cabled offers. The closing cables were
In the main trm, the only market showing
weakness being Antwerp. After the price had
touched 9sq12c a sluggish reaction to 75c
occurred During the rest of the session the
price Kept between 75kNAc, until near the
close Liverpool reported a further advance
to which fact was ascribed the extra firmness
OF the last ten minutes. The price for Nav
was 75A 02sc.
The leading futures ranged as follows:
Corn was firm and higher on a moderate
amount OF business. The small local receipts
constituted the initial factor, and when clear.
ances OF $4,000 bu were reported active COW
eFlng was started. Better cables and the
strength displayed by wheat were also factors
some realizing done in the last hour
ana part OF the advance was lost. May opened
shade higher at 23Ac, sold to 241A@24Ac,
Inen reacted to 24024hc where il closed
oats did not participate in the activity found
in the other pits, and the aggregate business
was very small. firm feeling prevailed
lhnuenceq through sympathy with wheat and
corn, ana at slightly higher range of prices:
shortS did some covering. May opened 1ac
higher at 17c, sold to 1880, advanced to 17H
QllAc, and closed at 171sc bid Provisions
were firm all day and closed at substantially
top figures. The days receipts of hogs were
much smaller than expected, and resulted in
a good opening advance. Pork was bought
heavily, and offerings in other commodities
were readily accepted. At the close May pork
vas about &C higher, at $S; May lard, 1Oc
ngher, at "a, and May ribs 10c higher at
$.1212. Estimates Wheat, 20 cars; corn. 2O5
cars; oats. 800 cars; hogs, 32.OOO head