St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-23
Chicago Wheat Reaches the Low
est Point of the
Year.
Total Disappearance of the Bull
Element from the Produce
Market.
Wall Street Sharpers Have No Occupation
but Shearing Each Other.
No Lambs in the Street and Therefor Little
Wool from the Shearing.
CHICAGO.
Especial Telegram to the Globe.l

S-N
cline they have been working for all the |
week, and they feel unusually jubilant at |
their success. Prices of wheat touched the |
lowest point on this crop. The bulls were |
completely routed, and have disappeared for |
time and cannot be found. Even those who |
talked higher prices yesterday, had nothing |
to say this morning, and few OF
them turned bear so quickly that it
was impossible for any of their
brother operators to tell what they were about
The chronic bulls were unusually sore, last
night, and the downward turn this morning
did not improve their feelings ally. As an
operator who has been strong advocate OF
high prices of late expressed it: this kind OF
a market always disembowels bull. Every
thing was favorable for a bear raid-the
weather warm, favorable crop reports from
the winter wheat sections; dull, weak cables
and lower prices in New York.
Wheat was again the chief speculative article
and had few friends, many of its former
champions having joined the grand army OF
bears and selling freely. Trading was the
largest of any day this week, but mostly of
local character The bulls who commenced
unloading part of their holdings yesterday
continued to do so all through the session
The decline also brought out good lines of
long stuff held for country account where mar
gins were exhausted. The local crowd were also
free sellers, and some good lines were put
out. Among the sellers were Schwartz q
Dupee, who sold 300, 900 bushels of May to
Lester at $4,000 &c, which was one of the
largest single transactions of the day, Brega,
who dumped all his purchases of yesterday
below Csc, and Hobbs and Cudahy and Ste
vens. The buyers were Lindblom, Lester,
the 'big two," Jones and Ream, all of whom
were covering shorts-the purchases
of the last two named being in
the neighborhood of 5000, 900 bushels.
All the small operators who always follow in
the wake Of the large ones also covered freely
as the price declined and more shorts were
taken in than for months. Talks about the
export demand and money were disappoint-
ments, the out inspection not showing a
heavy increase as predicted. None of the
large orders at the elevators were completed
as the inspection department does not make
returns of out inspection except as they are
loaded, but on Monday the show
ing will be heavy. A lot of
10000 bushels No 2 spring was taken at 3S
shillings delivered in London. This sale was
made by sample which had been sent
month ago and is the only sale made in that
way within ten days. The English buyers
are now quite favorably impressed with No
2 Chicago wheat, though heretofore they had
looked upon it as being no better than No
3, and rejected; as they had seen nothing but
a compound of No. 3, and rejected which has
for months sold in that market as No. 2 Chi |
cago.
Corn while not showing as much activity
as wheat, was traded in more freely than on
former days. 1t followed wheat closely
The small longs became scared, and I'M
loaded freely as also did number of larger
ones, who had a profit in their trades and
took it, being willing to run their chances
of getting it back again at lower
prices. The shorts covered large blocks
but could not take it so fast
as offered. Bakers corn trader, Fred Nor
rill, made the largest sale that has been
noted in corn for some time, selling 500, 600
bushels May at 55%c, to Mitchell, who
bought it on brokerage order and had it put
down to three different parties who were Gov
ering shorts for Fraley of st. Louis. Ream
also purchased over 1000, 900 bushels to COW
er part of his trades, Comstock
letting him have 100000 bushels
at 561sc. Culver, Schwartz & Dupee
were also conspicuous as sellers, while
the only other buyers of any note were Coun-
selman and Lindblom.
Closing sales of May were 94c wheat, 5535c
corn, 34Ac oats, s17.971a pork, $9.471S
lard and 50 4715 ribs. decline from last
Saturday of 215c on wheat, 134c on corn,
115c on oats, soc on pork, 371lc on lard and
IKE on ribs.
Wheat opened active, the first sales being
at 9434c or nc under last sales on the curb
yesterday, with steady decline to 941lc when
large buying by shorts who were Governing, in
connection with rumors that there were large
buying orders at that price caused an up
ward reaction to 94%. But the improve
ment was soon lost and although a number
of the heaviest operators on the floor were
free buyers, prices receded to 93% and
closed on 'change at 94@9451sc May. June
ranged at 1sl@%c and July 25@Ac over
May and closed at nearly the inside prices of
the day. Gilt edged receipts of No. spring
sold at 91M@92 and regular do, about sc
under.
Corn opened weak on all speculative
futures and declined lie, values being largely
controlled by other articles and the chief de-
mand came from shorts who were covering
sales in which they had good profits, while
longs were unloading. The opening sales
were on basis of 56T@56Ac for
No. May and declined to 55a5c
on large selling by longs who were
discouraged by the fine weather and prospects
of early and vigorous operations in the
helds, and closed weak at 553S@5519c. June,
which is fast becoming the leading future,
May. The shipping demand for low grades
was active, and prices well supported. The
receipts for the week aggregated 997, 900
and shipments 761, 900 bushels.
Oats were adversely influenced by large re-
ceipts and the weakness of other articles.
The offerings were large. Prices receded &c
and closed weak at the decline. Samples on
track were in good shipping demand. Rye
was firm and steady.
The receipts of hogs for the week were
1900 against 65, 1862 the previous one. The
quality was very poor, liberal percentage
being 'shps.'' Shippers took all the good
lots, leaving the poor ones, which packers
refused to buy and they had to be taken by
city butchers and sausauge makers. Only
few packers are at work and they are running
in small way. A portion of them are put
ting up meats and the others merely working