Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-02-09
A FIRm TONE II WALL STREET
With a Muck Better Feeling and a
Steady Advance From. the Open
ing.
rHr GENERAL TRADE SITUATION.
Somawhat &'yel seIy Affected by the
lie, 1T Freshets.
CHICAGO.
lspsoial Telegram to the Globe. |

o day had in it hardly redeemIng feature in
the minds OF the bulls. Neither had the bears
much to boast or There was apparent every
where a stubborn dIsinclination to yield either
way. The markets were in fact too heavy to be
Influenced by the manipuiations of the bulls and
too obstinate to sink beneath tre weight of the
bears, who number now probably two-thirds of
the entire local crowd. ''Wheat is low,'' re-
marked h4lf-hearted bull to-day, -'and it will
be very hard to make it go
lower; still, under present influences
there is nothing in the world to make it go up"
A concerted movement among the bears this
morning resulted in good deal of wheat being
thrown on the market. 1t was too readyily taken,
however, to produce the desired effect, although
at the close decline to 9935 for the May option
was stubbornly conceded. Most of the time the
fluctuations were hardly sufficient to pay
brokers commissioners, effectually barring out
country traders. Although wheat is generally
thought low, there seems for some reason
TO bs 40 great inclination to
load up heavily futures, even
among the most confident bulls. Local specu
Iations manifested little enthusiasm even when
comparing notes for mutual edifcation. Hobbs
and the crowd of Adames threw large blocks of
May wheat on the market, which also had de-
pressing influence. The setting in of a slow and
drizzly rain frightened the wheat market an
eighth. and May closed at 99%c bid. Dis
patches were shGwn to-day from southern Ohio,
Indiana and Illinois to the effect that warm
rains have revived the wheat fields and that
they now look green and promising
A. NJ Wright & Co. sa': "Fhe markets
are weaker; the general feeling tame; lower
ranges OF prices recorded all leading articles.
Wheat is lower and unsettled, values being sd-
Yersely Influenced by softer weather, reduced
quotations., and the absence of export demand
at New York and discouraging reports from
Europe Both private and public dispatches
from liverpool and London reported dull,
heavy markets, and low grades unsalabe The
failure of the English markets t.,
respond TO the advance here, dur
ing tae preceding days of the week,
disappointed the bells and encouraged the
bears. The feeling from the outset was weak.
The opeoing sales were 81 90 IS May, decline
Df L69 sc from last transactions on yesterdays
curb. The bears, taking advantage of the situa-
tion, hammered persistently There was con-
siderable realizing for small hol ers; and values
were forced down to $3.50, closing on char ge
at $3.50 &c. 1t was claimed, however, that
very little was sold by large holders, and
the resistance which ptices showed to
each decline, and the frequent upward
turn in prices indicated that values
were reoeiving considerable support from some
not appearing on thu surface
Mimiue, Bodman & Co. say: Corn attract
ed considerable attention to-day. Two or three
large operators, who formed little syndicate
of their own on the quiet, expecting to boom
the article, accommodating 100000 bushels of
May In the enterprise, to-day lost courage
and dumped their load, which caused a break.
Valnes opened at 59Ac, May, dragged along
steady until the break above mentioned came
TIE market, when there was break to 584c
May, and closed at $3.50. Some outside buying
orders were at decline. Reports that
Neb asl1a and Kansas shippers having the bene-
fit f the cut III rates, are shipping through to
the ssabOard direct, and our receipts, in conse-
quencs are likely to show some falling off. The
sample market fer off grades is demoraized and
the best rejected sold at 47c. Receipts of corn
598 cars, grading l0i No. 2, which shows that
inspections contain less than one-third No. 2,
where heretofore The per cent. has been about
half No.2.
Oats we're weak and dull, and closed 33@1ac
lower, the demand for futures be-
ing restricted to scalpers who were
covering shorts. Rye was dull and closed a
trife easier
Pork was weak, and those who were recently
supporting tha market by free buying not oper-
ating, there was no outside demand. Receipts
of hogs were larger estimated at %, 900, against
20.4lS yesterday. Trading throught the session
was spirited The opening sales were 5M714c
IL
$l7 so. May receded to Sl7. 40 on free realizing
by small holders, although p-icfs reacted upward
121% t1l5c per barrel. The osing bids were u C
over the inside figure. Lard was less active,
and closeo Sc below last figures at p m. yes
terdaY-
Short ribs aud sides were less active. The
bidding throughout was slow, and prices declined
l0c per 100, aud closed at the reduction. Other
meats were dulI, ,sud the impression prevails that
those who nave recently bulled all classes of hog
products have unloaded. and now desire fur
ther decline or which to buy.
Minnie, BOdman & Co. think: 81 The deal is
badly strained, but still unsafe we Judge to sell
short" Cash closing pr. .ces for May were: pork,
Sl7,z23S; wheat 9j34c; corn $500; lard S975;
ribs $9-l5.
Receipts OF cattle at the yards to-day were
1000 less than last Friday, bu5 an increase for
the week so far tonight of 1,000. The general
market was slow, values weak and the tendency
on dressed beef or shipping cattle decidedly
down, Receipts are not too heavy and prices
not so far out of the way of thu shippers, but
the demand oa eastern and export account has
suddenly fallen far below the average For the
first tme il many weeks good shipping
cattle we're carried over last night.
a good many Of the cattle arriving were bought
in the country on last weeks advance, and are
losing good deal of mony for the owner
Receipts of hogs were 1900 :,ore than last
Friday, but for the week 5000 less than the
corresponding week last year. The market
opened full, with fully 5@Iuc lower oo all sorts
One Or two of the city packing firms were out o
the market; also a leading shippin firm
which materially reduced the demand, which
was poor.
Receipts OF sheep were less than last week
and for the week 80 far considerably less. There
is steady demand for fine wooled and fat sheep