St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-12
The Market Situation Completely
Reversed and the Bulls in
Power.
Wheat, AS the Chief Attraction, was
Unsettled and Irregular, But
With Prices Higher.
Pork Active But Very irregular, Closing
Higher---Lard in Sympathy-Corn
and Oats Follow Wheat.
The Wall Street Market Headed in the Di-
rection of Lower Prices With st.
Paul and Central Pacific in
the Lead.
CHICAGO.
Lsnnci0l Telegram to the Globe. ]

CHICAGO, March 11.--There was com
plete reversal in the situation on Change to-
day The bears had their turn yesterday and
the bulls theirs to-day, and as an old opera
tor remarked: ''Whencver we have a bear
Monday you may look for q bull movement
on Tuesday" The bull movement to-day,
however was genuine surprise to the ma
jorty Of operators, who looked for further
decline in prices. The blizzard reported to
be on its way from the north did not come;
on the contrary the morning was bright and
spring like, which gave the bears increased
confidence, and when the bell struck $50
they went into the different
pits with determined effort
to break prices to lower point than they had
yes touched, and force the longs to unload.
They counted without their host, for as soon
as the large operators saw what the crowd
vas up TO, they sent number Of brokers into
shc different pits, and took all the offerings
in such a short space Of time that it caused
complete revolution and scared the shorts
into covering so as TO turn prices upward
and closing sales tonight instead Of showing
decline as many predicted in the morning,
showed an advance of 35(91Ic on wheat, &c
on corn, &c on oats, zoe on pork, sc Oh lard
and 12%c on short ribs.
The feeling on wheat and corn is begin
ing to change, and many large operators
who were bears a short time ago have
changed and are becoming quite bullish, but
the crop OF bears is still large. Trading to-
day in grain and provisions was larger than
on Monday, but was chiefly of local charac-
ter Wheat attracted the most attention, as
1t has done for some time past, and was I'M
settled and irregular. Cables were quiet,
and New York lower on grain and stocks
Sid Kent was the leading spirit in the
wheat crowd. Armour also was credited
with having hand in the deal and he and
Kent run the market from opening to the
close, being large buyers through Poole,
Kent & Co., Dwight & Gillett, Mccormick,
Adams IL Co., and Hamill 81 Brine, their
purchases being 10000 bushels. Roche,
Lester, Cudahy & Stevens, Hobbs and Billy
Murrey were also large buyers. Lester, Muir
rey and Hobbs covering their shorts, wfnle
Roche and Cudahy's purchases were for an
upturn.
The market opened weak and unsettled at
951@Ql% for May. Sales below 95% however
were light. The heavy purchasers of the
parties above referred to quickly turned the
tone from one of weakness to strength and
the small traders tailed on thinking that
there was to be a regular old fashioned bull
movement and were anxious to be on the
winning side. The report that the Armours'
had said wheat would go to 10 before the
close of the week had considerable weight
among the small operators who are
always on the alert for any thing
that may fall from the lips of "King Phillip"
The market steadily advanced with scarcely
set back until 96Tc was reached, when
those who had been free buyers early turned
into sellers, and large part of this load was
sold at the top, Poole, Kent 81 Co. selling
one lot of 300, 900 bushels, and Mccormick,
Adams & Co. 200, 900 bushels to Schwartz 81
Dupree al 96A@afIc. The heavy
offerings created a weaker feel
ing and at 1 O'Clock closing
sales were at 965sc. On the call trading was
larger than usual, sales aggregating 9, 1850, 900
bushels, of which Singer sold 900, 900 bushels
at 96%c@961Sc, and gave the names of
Poole, Kent IL Co., George C. Walker and
Hamill and Brine. The feeling became
weaker as it was Tumored that Walker was
putting more shorts as he is already sa d ty
be short cup to his eyes' and was anxious to
break the market so that he could fill in.
After the call trades were made on the curb
at 963sc.
Corn followed wheat quite closely, the
backing crowd, Lester, ComstOck, Cropier
and Graham being free buyers. Opening
sales were at &c lower than last night, at
55%c for May, but the strength in wheat in
duced free covering by shorts and buying by
scalpers who were encouraged by the govern
ment report showing decreased stocks COM
pared with last year, and although the in
spection showed 466 cars against 416 yester-
day and stocks in store were larger, prices
rallied 1c from the opening, selling up from
55%@56${c for No. 2 May, and closed on
'change at 561%c. The visible supply as
compiled by the board of trade shows 49,
1876, 600 bushels, against IA, 511, 900 last
Tuesday.
Oats were stronger in response to the i'm
provement in other articles, the demand for
No 2 for future and track lots for shipment
was good, and the market closed &c higher
Pork was more active but very irregular.
1t opened at $3.50 for May, rallied to slS,o5
under good scalping demand and covering
by shorts, but the free offerings at the adj
vance caused a reaction and closed at
S17.921I.
Lard sympathked with pork, opening
weak at So. 35@9. 371I May and although the
demand was light prices rallied to $3.50 and
.Iosed at SO As bid.
Short ribs were in better request to cover
shorts. A few shipping orders were also re-
ported and prices appreciated 121l@15c per
100 lbs, closing fraction under the highest
figures. Other meats met better shipping
demand and were more firmly held The
stocks of grain in bushels in store and afoat
in vessels in harbor March s, was as fol-
lows:
Mar 8, "a Mar. 1, 's4 Mar. 10, 's3
Wheat. 49,. 129120G0 12,s9O,0OO 6,331, 900
Conn. 7,145,OOO 6,926,0O0 5,254, 0U0
roc mn