St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-13
May Wheat Touched s1.O3, But Set
tied Back to Opening Prices
Corn and Lard Steady.
Strong Demand For Hogs With But Limited
Receipts -LessuActivity In Provis-
ions---Flour Dull.
Considerable Liyeliness in Wall Street
With Light Fluctuations and
Decline at the Close.
CHICAGO.
Especial Telegram to the Globe. |


vary the monotony, which can hardly be
called monotony, since the excitement oc-
casioned in contest between well matched
combatants is necessarily greater than when
the foe is weak and easily beaten. The
clash of steel against steel enlivens the bat
tie with showers of sparks, while if one
weapon be of wood it is easily broken and
the enemy quickly vanquished. The amount
of tinesse and strategy made daily
use of by large houses
on the board of trade, and that
necessarily sharpened by the present condi-
ton of things would, if laid bare and open
to the understanding of the average country
speculator, materially weaken his hopes of
ever being able to cope with such giants of
diplomacy as are shining lights among our
home talent. There is no long wheat, said
trader to-day, unconscientiously illustrat-
ing the above situation of affairs. Jones and
Ream are long through the newspapers, but
they are not long on the market.
Early morning quotations were an illustra-
tive Of considerable strength all round
There was, for an hour or so, good deal of
short wheat covered and price of wheat for
May advanced from $1.0219 at the opening
to $1.03. From this point gradual decline
started, resulting in a loss of all that had
been gained. 1t is said that there were
number of heavy holders who bought few
days at 81 or slightly above, and satisfied
with sure profit of 111@2c unloaded and
took it. The continued bad weather and in
creasing disaster by flood, while it has abso-
lutely nothing to do with the pres
ent crop is successfully used
as a bull argument. Its real influence in
that direction is insignificant in the effect it
will have ON the finances of the country.
The strength in provisions to-day was hard
ly so marked as it has been for the past
week. An advance in pork amounting to
about zoe was scored, but lost at the close.
Less activity is observable in all articles On
the list. May pork closed to-day at 1S.275l,
after reaching $3.50. There are plenty of
provision men who have faith that it will go
to 500.
There was considerable improvement in
the corn market to-day, the opening being
3sc above yesterdays close and scored an
actual gain of &c. There is some reason why
the condition of the weather should be called
to account for fuctutions in corn and the
bulls will undoubtedly make the most of it.
On the whole there was little of interest tran
spired to-day in connection with local tran
sactions in grain and provisions but it is
whispered that the bears are tuning their fid-
dies and expect soon to lead the bulls
lively dance. On call, wheat was active and
freely offered, and closed at 1.023s for May.
Corn and pork were shade higher; lard and
short ribs steady.
On the curb grain was light, but stronger
feeling developed in wheat until 3 O'Clock,
when it became weak, and a similar feeling
was developed in pork and ribs. Corn and
lard were steady. The closing quotations
bid for May were: Wheat, s1.O21I; corn,
591@c; oats, 2719c; pork, s1S.271S; lard,
, $10.1O; ribs, $96219. Receipts of cattle
show falling off of 1000 as compared with
last Tuesday, and about 1900 for the two
days Of the week so far. The market ruled
rather dull during the early hours of the
evening. A pouring rain, that congealed al
most as fast as it fell, rendered
outdoor operations difficult and unpleasant
80 most of the buyers remained inside
until nearly noon, the general impression
being that should the weather contiue bad,
trade would rule quiet and that perhaps price
might rule a shade lower. The sales that were
made during the morning show no particular
change, andthere good many statesmen who
made up their minds that before they would
accept much of decline, they would carry
over their consignments. Receipts are
4bo ~ of II,
sellers.
Receipts of hogs were about the same as
last Tuesday, and about 1000 less than for
the corresponding period last week. The
market opened with strong
demand and short upturn in prices,
advances being uneven, ranging all the way
from 10c to 21c. Packers, shippers and
spectators were ready buyers, hogs sell
ing as soon as could be after leaving the
chutes.
Trade in sheep was quiet, owing to the bad
weather. Then, again, rumors were floating
about of the inability of some railways to take
stock east on account of the floods, but the
rumors wouldn't stand the test of investiga-
ton. There was little or no change, yet
statesmen felt an apprehension that the big
receipts were rather against brisk trade,
and common and medium remained unsold.
Howard, White 81 Co. review the flour
market tonight as follows: Receipts for the
past week were SO, 705 barrels, against 49,
6S5 barrels for the previous week, and
63,724 barrels for the same period last year.
Shipments were, IA, 1877 barrels for the past
week, against 101, 924 for the previous week,
and l, 693 same week last year. The ship
ments as reported for last year, are not cor
rect, as eastern roads did not give any report
at that time. The demand has been exceed
ingly limited from all sources and there ap-
peared to be no desire to buy beyond actua-
requirements. Local jobbers selected few
small lots but did not manifest the least
disposition to stock and acted very indiffer-
ence.
The shipping demand has been next to
nothing. A few Canadian orders
were received, but generally for special
brands or grades, so that buyers to fill these
orders did not come on the open market to
purchase. Nothing is doing on European
account though occasionally an order was
received, but limited so far below sellers
views that it was impossible to trade. Spec
ulation in wheat has not as yet helped the
flour trade, and millers have shut down to
some extent, and the quantity manufactured
has been smaller.
The receipts at this point have been 1900
barrels less than last week. No encouraging
feature appeared, the foreign mar
ket being glutted with flour.
which is being supplied from all over the