St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-22
Corn and Oats Lower in Sympathy
Lard and Short Ribs Higher
Cattle Firm.
Pork Fairly Active on Speculative Account,
with Values Controlled by Local
Influences.
A Rather Dull Market in Wall Street,
But with Prices well
Maintained.
CHICAGO.
Especial Telegram to the Globe. |

however, the recent success Of the bears and
it is almost wonderful that comparing the
closngs on the ''curb'' tonight with the
closings at 1 p II. yesterday, there should
be so little change. Wheat was nc, corn
75c, oats Nc lower, while pork showed
gain of zoe, lard 121lc, and ribs 35c per 100
pounds.
Wheat was quite active on speculative ac-
count, for the local bears kept up a lively
hammering all day. It was an insessant
rather than daring attack on the market
and was very worrying to the "bulls." The
market opened quite steady, and an advance
Of 5s01@c was scored under goodibuying
from shorts and small receipts. Then the
local crowd commenced to sell and with the
coming in Of lot Of orders from the south
west to SELL the whole local gang rushed to
cover and unload. This made weak clos
ing at 981lc for May.
On the call there appeared to be a better
feeling, and nearly million bushels of May
was traded at 9SM@1sc, and on the curb it
was steady at 9S&c.
A. NJ. Wright q Co. say: "A letter from
Wabash, Indiana, reports that the farmers
seem to have broken loose, and all want to
sell wheat. We took in 5000 bushels at the
mill to-day. This does not favor the often
repeated statement that the stock in the
farmers hands is exhausted.''
Shepard & Peacock say: ''Local influences
continue to rule, and being well committed
to the short side it will take strong news to
turn the market to any material extent"
Mccormick, Kennett 81 Day, say: ''Stocks
OF winter wheat are small and decreasing,
and we think it is the key to the situation.
We don't think any money will be made by
following the short side below dollar for the
next sixty days, though the outcome of the
new crop promises well, and may satisfy the
most sanguine bears. During March and
April, the period of crop scares and the time
when there is likely to be a better export de
mand, we advise buying wheat on soft spots
below a dollar. We think the crowd are all
getting short"
Crittenden & Harvey say: "The market
is virtually without support, and wheat at
current prices, although cheap, is being
kicked about by the speculative crowd in the
absence of legitimate demand, and will only
turn and improve when some leader appears
who will pin his faith to the cheap prices and
buy all the wind on sale.''
Milmine, Bodman & Co. say: Grading
was liberal throughout and the most notice
able feature was the general rush to SELL
Yesterday and to-days market were Just the
kind to make large increase in the short
line, and we think it is larger now than for
long time, and sufficient, we Judge,
to cause a reaction, but the
now, and may run for few DAYS more and
result in a further decline than our former
break. The fact Of the matter is, there is
nothing in the general situation warranting
the present prices on wheat and values will
most likely follow the drift of speculation,
and it is quite as likely to be toward lower as
higher values If we get reaction now it
must come from over selling already done
by weak parties. We do not credit the news
current at New York to-day, of serious dam
age to the growing crop in Indiana and nli-
nois, as all our reports are the reverse
and say thep never had a more promising
prospect at this time of the year. The crop,
we think, is all right up to this date. New
York reports say the visible supply has de-
creased 300, 900 bushels, and that on passage
100000 bushels, while corn has increased
100000 bushels. We have no doubt reached
the point in some localities of the winter
wheat region where the home supplies are
exhausted and mills must hereafter seek
their supplies from primary markets But
this applies, we judge, more to southern
Illinois and Missouri than to other sections,
and we think in Ohio and In
diana the farmers deliveries will
in great measure supply the
milling demand until harvest time. The
bulls have to travel a great ways round to
find the only plausible argument for their
side now. We conclude a bull movement
cannot be successful until we have more
support from exporters. They are doing but
little now"
Corn was sluggish and presented a tired
appearance all day, and was destitute of
legitimate support. Inspection included 291
cars, SO of which graded Contract There
was scarcely any demand for futures except
prices advanced 15c with wheat
they gradually settled back Tc,
selling down from SOC, the extreme outside
price, to 5S15c and closed on change at 5S4
(@55e for May, the rally being in response to
the reaction in wheat. 1t is stated on good
authority that 9, 2,000,000 bus. of No. 2, bought
on the January deal is held in New York, and
the bulls stand in dread of this lot, knowing
that should it suddenly come out it would
cause stampede in prices
Oats were weak and trading in futures
moderate, the closing prices being L@sIc
lower. Sample lots on track are in fair shin
ping demand.
Rye is dull andweak and futures 15c lower.
On the call corn was quite active and clos
ed firm at 585Sc, while oats dropped to 3615c.
Cn the curb there was less interest in corn
and it closed at 5S1Sc bid.
Quite sharp reaction was noticeable in
the market for hog products and decidedly
stronger bidding prevailed during the greater
portion of the session. Parties who sold
freely yesterday we're quite anxious purchas-
ers, and the competition for the offerings
materially assisted in strengthening the
market. Speculations to-day centered chiefly
in contracts for May and June delivery with the
preference given to the former. Prices were
advanced materially on all the leading arti-
cles, and the appreciation was moderately
well supported. The shipping demand con-
tinues moderate and the inquiring was chef
ly for special articles
Foreign adyiees were of a decidedly un-
favorable tenor and quotations were reduced
Sd on lard and Is, Cd on long clears East
ern markets were inclined to quietness