Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-19
TEMPORARY sTEADINEss,
Which Afterwards Gave Way to Weak
ness and Depression.
PROVISION AND CATTLE TRADE.
Shares on the New York Exchange
Somewhat More Unsettled.
CHICAGO.
[speoisl Telegram to the Globa. ]

of comparative qmeiness, but the feeling
etill remains unsettled, and soc is freely
talked for May wheat. There were less
rumors in circulation, and the chief aim
of the majority of operators was to
even up their trades and go slow
for time, and many believe the
end of this week will see the downward
tendency of wheat checked for the time be-
ing, and while nogreat reaction is looked
for in the immediate future, as there is
nothing in the outlook at present to war
rant any decided bullish opinion, yet the
fact that the market has been largely over
sold this week may bring about an up
ward turn when all the shorts commence
to cover. The market for May opened
active and unsettled, with sales sirnulta
neously at 961sc, which was %@9le
lower than the close last night.
The shorts commenced filling, sud good
lines were taken by j. K, Bryant for the
Adamses, Roche and few others, while
Lester, Comstock and Hobbs were free
sellers. The buying proved too much for
the bulls, and prices advanced with few
small reactions to 81 C., when the offer
ings became heavy and break to 9624c.
occurred.
The light receipts and liberal purchases
of local gcalpers for another upturn
caused a sharp sdvance to 9756. Operat-
ors who were. buyers at the open
ing unloadad finely and put out
heavy linesg IS shorts, and the feeling chang
ed to a.aeoidedIy weak one, and was aided
byranors of fnanoiai weakness in the east,
sad dull and heavy cables, end before the
close at one o'clock all the advance of the
the Gay was lost, the market closing at
9615c or Ac below last night On call
tracing was the largest for many months,
aggregating 100000 bushels. Comsfock
and Lester continued to hammer the mar
kst, and with q moderate buying by Lind
blom, Ira Holmes, not Jones, who were
covering shorts, but were unable to
turn ths market and decline to 96c fol-
lowed on snt curb, and in the Offices
moderate amount changed hands at 500
$3.50, the last sales being at $3.50
During the past two days small inquiry
has been made by millers, but their
wants wsre readily supplied from the car
lots on track.
Crittsnden & Harvey say: 'Wheat
opened weak 10 lower than yesterdays
latest prices, but rallied about 1c on some
fair buying and coyerin 6 by timid shorts.
The advance did not last long, however,
as offerings increased aud some Of the ear
ly luyers thought best to reaIize,and when
local talent saw the point they helped the
decline along to the best of their ability,
closing at low point. We believe there is
more safety in the buyer side of wheat
than in short sales at the low prices prs-
vailing, and when the selling craze
wears away the market will
do better. Corn has shown less
activity than wheat, but advanced quite
sharply from the opening prices in sym
pathY with the advance in wheat and pro-
visions, subsequently selling down 20
from the top prices reached and closing
steady at quotations. The market pre-
sents no spsciaI feature. Local opinions
5eem somewhat divided es to the probable
course of prices. There is 40 question
but what corn is relatively higher than
wheat but there is good shipping de-
mand even at current prices, and corn is
bsing used for so many purposes while
wheat is used only for food. The damage
to the crop is being verified
by later reports, and our advioes continue
more discouraging than ever from sections
whsre we supposed the crops were in good
condition. We believe in better prices,
and think time will prove our prediction
consistent. Provisions opened weak and
at the low point of the day, rallying sharp
| ly on good buying by local parties, and
averaged active and firm until the weaker
feeling prevailed in grain, when ny some
miscellaneous selling by local scalpers a
moderate decline was credited, closing up,
however, at shade better prices than yes
| terday. We can see nothing in the
market to csuse short selling. In
fact appearances would Indicate
that oper stors who have little faith
in the product had better not sell at all
for awhile, for unless all signs fail, better
prices can be looked for. Estimate for
tomorrow 10000 to 12,000."
| Shepard & Peacock say: ''The market
opened weak but is yielding. As fast as
the bears desired some of the more
timid ones commenced to cover, which
| started others, ana under the demand thus
created the market advanced about 1c
per bushel But tbs moment any urgency
in the demand became apparent the MIR
ket Iostits hold and fell off faster than i
| advanced, closed weak and pretty clearly
showing that its only support comes from
the shorts. The cable advices were heavy
and our receipts were higher. Today
shipments of wheat exceeded for long
while back the days receipts. The mar
ket looks and acts heavy. Corn a
the opening of the market hung on 81
for May and under weak showing unit
the shorts commenced to cover, whicl
turred the market, and helped along by al
advance in wheat it rose to about 58e 70
May. After the short demand was satif
. fed the market eased of
became weaker and closed sol
lat 574c May. The days receipt