St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-19
AS Has Been the Rule of Late, Trading
was Chiefly Confined to
Local Talent,
Wheat Lower--Corn Strong and Active--0ats
in Good Demand Provisions
Generally Dull.
4 Firm Market in Wall Street. Though
Quiet, Stocks Being Neglected
and Little Doing.
CHICAGO.
Especial Telegram to the Globe. |

terday. They thought that the shorts would
cover fully in wheat, corn and provisions,
and force an advance, which failed to come,
and the course of prices was merely a proof
of the folly of predicting the night before what
the market will do next day. The result in
this instance was the more disappointing
as wheat and provisions declined while corn
was strong, and, as an old operator remark
ed, "the corn baby was strong enough to
walk all by itself, and did it beautifully"
Closing sales tonight show decline of PC
in wheat, 10c in pork, 219c on lard and sc
on short ribs, and &c advance on corn, and
aside from the weakness noted above, no
new features were developed during the day
except that home talent was more apparent
in the wheat pit than usual and trading was
about up to the average and
more general. Outside orders were light,
and operators as a rule do not look for any
marked increase in the speculative business
until stocks at all western points begin to
diminish more rapidly than they have of
late. The visible supply of wheat as posted
by the secretary of the board Of trade showed
a decrease of 491, 900 bushels of whe at, and
an increase of 377, 900 bushels in corn which
was about 225, 900 bushels less than the esti
mated increase in corn, and 5000 bushels
below that made on wheat yesterday.
Stocks in store here were 2,76S, 900
bushels Of wheat, 6,462, 900 bushels of corn,
161O,0 900 bushels of oats, LAO, 900 bushels
of rye and $685. bushels of barley; and
aioat in the harbor there are al 900 bushels
of wheat, 976, 900 bushels of corn and 1922
tract or No. 2 spring wheat in store is H.,
5000 bushels, and of corn 5,S22, 900
bushels; the total amount in store is 90, $685.,
900 bushels against 13, 84S, 900 bushels last
year. The bulk of the wheat is held by oper-
ators here. Hutchinson and Eggle
ston have 100000 bushels between
them, Poole, Kent & Co. about 1900, 600,
and Brega 81 Co. 500, 900. The remainder
is held by David Dows 81 Co., Young 81
Nichols and by a number of small firms who
have from $4,000 to $4,000. 1t is all sold
for May delivery and will be sent around the
first of that month, although carrying charg
es increase after the increase of the winter
storage, April Is, no danger is apprehended
by holders az the difference between near
andlong futures is daily widening and will
afford liberal margin for carrying
charges. A leading commission
house bought in a lot of 10000
bushels of May corn for a country customer
who has been short at a net profit of 81, 700
Fraley, of st. Louis, has been on the bear
side of grain and provisions for the past
three months, both here and at st. Louis,
and his profits are in the neighborhood of
$4,000.
The wheat market was unsettled, irregular
and lower. Liverpool was quiet, and New
York declined H@19c. The rain made the
bears think that the growing crop would be
all right, and there was an increased desire
to sell the market down, and as buyers
were backward about taking hold at the
opening they had an easy task. Opening
sales were at 958@9515c for May, and
97$sc June. Prices 1uctuated for time be-
tween 954@957ac for May and then sud
denly declined to 943sc under free selling
by Lester, Counselman and the E'big four
who operated to-day through brokers. The
decline brought out number of small lots
held on margins which were exhausted at
95c. The decrease in the visible sup
ply and reports of purchases in
New York of ten boat loads and of 100, 900
bushels in Milwaukee, the buying of Hobbs.
Walker, Boxer, Kershaw and a number of
brokers who were supposed to be working for
Kent had reactionary effect, and after fluct-
Mating between 97Isc and Csc for a time the
market finally closed at 9514c for MAY.
There was a good business done in changing
from May to June at about &c difference.
On the call trading was light, the
feeling weak, with sales of
$4,000 bushels at 953@4c, while
on the curb prices declined and closed at Csc.
Few inquiries were made for cash wheat bv
shippers, but no lots of importance changed
hands.
Corn opened &c over yesterdays close,
the first sales being on basis of SIC for
May; it quickly weakened in sympathy with
wheat, and sold at $500, but as inspection
showed only 269 cars against 355 yesterday,
this gave the bulls confidence, which
was further strengthened by reports of
buying orders for No. 2 for shipment which
were put in circulation by strong bears who
were helping to get the market up with the
intention of selling heavy lines at the top
and making good scalp. There was also
number of buying orders on the market for
accounted strong local parties, who anticipate
falling OFF in arrivals and one broker has
purchased 500, 900 bushels for large local
operator, who has been on the bull side for
some time, with good success. From
$500, the market advanced under light
offerings, and buying Of the ''big two" Gull
yer, Schwartz d Dupee, Boynton and the
crowd generally, to SIC, and closed at 565lc, |
with strong feeling. On call 10000
bushels were sold, the largest amount being
by EIdridge s Co., at 567s@57c. Closed firm |
with 56Tc bid.
Oats were in good demand by shippers,
and samples on track were rapidly taken. |
but speculative trading in future was small
and prices showed little change.
Pork was dull throughout the session.
scarcely any interest being manifested, and
sales show little change, opening at S1S O2L
@1S.1O, and closing at SIS. 05@1S.O71S.
Lard sympathized with pork, and was en-
tirely destitute of features of interest, buyers
and sellers showing disposition to stand off
Il closed at 211ac per 100 pounds under yes
terday.
Short ribs met little attention from any
source, the demand being unusually small
with offerings light. Prices closed 215@5c
lower, on a base of $9.55@9.5715 for May.
There was more call for picked hams and
shoulders and prices were maintained.
The cattle market exhibited no new feat
ures. There was fair call from shippers for
choice medium weights and good