St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-06
Wheat Inactive and Without New
Features Worthy of Note
Corn in Sympathy.
Pork and Lard Dull and Lower and
Provisions Generally Weak--Sheep
in Better Demand.
Wall Street Feverish and Uncertain With
the Bulls in the Ascendency.
CHICAGO.
fsnecial Telegram to the Globe. |

weak spot or sympathy, a
weakness of one branch of the market. 1t
extended throughout the list, and the fol-
lowing extract sent by prominent house to-
night to its New York house, conveys the
general sentiment: ''This weakness in corn
and provisions will probably depress wheat
further, and unless we have some accident
of weather to interfere we think prices will
probably sell lower tomorrow on the whole
list. The market, however, is in such po-
sition that while the crowd are all
bears, and shouting lower price, with an oc-
cassional talk of 85c for wheat, and SOC for
corn, some strong party might step in to-
morrow and successfully withstand the at
tack which it is reported will be made by the
party of lower prices, to break May wheat be-
low Csc, and corn below 55c. If there is
nothing new in the situation, and the weather
continues as at this writing, showing hard,
the latter may be the case Several heavy
operators were espied this afternoon, in quite
earnest discussion in the new offices of the
Chicago packing and provision company, in
the Calumet building, and an attempt was
made to influence prices on the curb by the
rumor of pool, etc, but it came too late
and was considered too gauzy story, for the
packing company crowd don't caucus in
front offices.''
''Perhaps they were giving Charley Singera
little going over" said bright messen-
ger boy, and the story was
without effect as every one began to smile.
Milmine, Bodman g. Co. say of the mar
ket: "Wheat here opened with quite bril-
liant feeling at 9715c@4c but as has been
the case for some days past there was plenty
of long wheat to be placed on the low spots
and the market quickly declined Ic and lat
er sold at 965s, from which point it rallied,
closing at 97Tc. The trading has been lib
eral but not large and confined to the local
crowd almost exclusively, as there
were very few outside orders.
Some small buying orders from country
points, were filed near the opening,
after which there were some selling orders
received from the east. There is nothing
new in the general situation, and really it is
nothing more nor less than good scalping
market, which is ruled by the strong local
spectators, who make the money, and out
side operators have poor show to make any
thing. The mild weather encourages the
bears to sell freely. We think the shorts
have pretty well covered their lines
and to advance prices will need some out
side support.
"Corn has acted in full sympathy with
wheat, opening at about SIC. May sold
down to564@561Sc. The trading in corn has
been large. Think some large shorts were
taken in to-day for eastern account There
was great effort made to break the market
but it was not entirely successful. We
think there are more outside orders coming
on corn than on wheat and the public senti
ment is lesslbearish.
''The wagon roads west continue in splen-
did condition for wheeling, and the loading
on western roads is said to be liberal so that
receipts are likely to continue good. To days
receipts were $50 cars of which 90 graded No.
2, showing some improvement in condition,
due no doubt to the cold weather. Low
grades are active and in good shipping de-
mand; new mixed, free on board is quoted
at 4S14@49c. rejected, 44946c. choice 46M
@4Sc; no grade 3S@44c.
A. NJ. Wright & Co. say: "Provisions
were dull and prices for all articles of hog
procucts dealt in for future delivery were
weak and without new features to note, and
neither the highest or lowest prices reached
yesterday were touched, as stated in pre-
vious letters, operators on 'change and out
giders who are accustomed to dealing on
legitimate principles have become disgusted
with the trade and left it in the hands
of the ''big four,'' who finding
it no longer possible to decoy lambs into
their trap are like the men who drew the ele
phant in a lottery, i. e., they don't know
what to do with it just now, and the last sales
on change were at about inside figures, and
show decline of 1715@20c per barrel on
pork, 10000 per 100 pounds on lard, and
Sc on short ribs.
The changes iwere rung to-day in all sorts
of shapes on weather scores and there were
some orders to buy wheat which were greatly
magniied n B. Bean and Nat. Jones were
reported as heavy buyers. Billy Murry
took the other side of the market and sold
one round lot of 100000 bushels of May
wheat at 97Ac. On the callthere was some
excitemeat and very liberal offerings, which
were probably induced by the reported fail
ure of large stock house on Wall street,
New York. There were 1,245, 900
bushels of May wheat sold at
9611@965sc, and $4,000 bushels of year
ct Gle. Nearly two million bushels of corn
was sold at 56@5614c, the greater part at soc.
Wallace was heavy seller, while Poole,
Kent & Co. and Ream and his friends were
buying The purchases of all, except Ream,
ct al, were doubtless to cover shorts in the
east. There was little doing after the call,
and no one appeared anxious to increase
lines on either side of the market.
A. NJ. Wright & Co. say in their market
letter: g The London HITLER, which is regard
ed as high statistical authority on the other
side of the Atlantic, prints table showing
that after making liberal allowance for Brit
ish consumption of wheat, the surplus
stock on hand in the kingdom on
May 3, including wheat in
foreign flour will be 24,600000 bushels or
3,O75, 600 quarters. The estimates of the
Miller are based on the ascertained stock
available for bread supplies in the country,
and those known to be sufficiently long on
the way that their arrival there at or before
the period named may be regarded as an as
sured fact.''
Mccormick, Kennel & Day, say: "Wheat
is lower, cables are dull and the market life
less until call, when the local crowd sold
heavily, shaking out many longs. The
winter wheat markets held up well, and we
think parties selling short at present prices
will cover at loss. We never knew year
when the crnp WIS net reported
ruined once or twice during che |