St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-29
That's What's the Matter With
Street And Also the Wheat
Markets.
The Chicago Rumors of Large Wheat
Purchases For Export Discred-
tied by Everybody.
Annual Statistics of Pork Packing and Tab.
ulated Comparison With Last Sea-
Eson's Product.
Corn at Present Prices Favored Mor'
Than Wheat--Two Millions in Gold
Going Abroad.
CHICAGO.

CHICAGO, March 2S.-The markets on
'change although steadier are still very nery-
GUS, but fluctuations are confined to mar
row range. Closing prices show reduction
of &c on wheat, an advance of 1Ic on
corn, steady on oats, 21lc higher on pork
and sc on ribs, lard remaining the same as
last night.
Wheat was again the center of specula-
ton, but there is more conservatism shown
by operators, as prices havo reached point
where none but the most reckless care to
sell it, and many are afraid to buy
and hold as they fear another downward turn
which would wipe out their margins before
they would have time to replenish them. The
severe decline of late and the wide fuctua-
tions have brought in more outside buying
orders and trading, while not being as large
as on previous days, was more healthy and
satisfactory. Strong parties here got under
the market and scared large numbers of timid
shorts into covering their trade, and the bulk
of the business to-day was in that line.
The heavy local scalpers rather held off or
traded through new set of brokers,
to keep the crowd from knowing what they
were doing. Some of them, however, who
bought freely yesterday and early this morn
ing unloaded part of their holdings on the
bulge and bought it again on the decline
caused by their sales. The packing COM
pany was among the last mentioned class of
operators. The buying during the morning
was done by Schwartz 81 Dupee, Hancock,
Rathbone, Roche, Singer and Hobbs,
and the selling by Eldredge, Billy
Murray and Lester & Co., Bangs
being very bearish. The reports
of an increased export demand were not so
numerous and many inclined to the belief
that recent statements were exaggerated, ,and
will not be convinced until they see stocks
decrease faster than they are doing now.
They think that the railroads ought to take
the wheat out at the rate of 300 or 400 cars
day. The out inspection the past twenty four
hours aggregates 40, ,209 bushels of No. 2
spring and 8,723 busuels of winter. The
total amount of No. 2 spring taken from
store within the past two weeks is
$1,000 bushels. Reports were circulated to
the effect that one of the eastern trunk lines
has contracted to take 60O,O bushels to
New York at Is cents per 100 pounds, free
eff elevation, which is equal to 80 ordinary
freight. 1t is believed to be for Armour,
but Mr.. Armour's freight men declined to
say what he had secured his freight at.
Corn was more active than on any pre-
ceding day this week and a stronger
tone was developed, accompanied with good
buying by local bulls from the provision
- 1,o4l,
and wheat upto enliven the provision trade,
which has lacked interest of late; and they
were in hopes that by bulging grain the pro-
vision trade would come in for share, when
they could unload part of their holdings at a
profit. A large operator speaking of the corn
situation, said: The market shows in
creased strength. The receipts are light and
are liable to continue so far the next sixty
days, as deliveries at interior points will be
light, the farmers being too busy and the
roads too muddy for them
to market anything to speak of in that time.
There is none cribbed at railway stations ex-
cept in Kansas and Nebraska, and much of
that will be used for seed. Iowa and Illinois
have not enough for seed, and after past
seed they will not be liable to try it again this
year. The weather might be wet and there
is no telling what might happen
between now and planting time.
Holders in the country can make
more money by keeping their corn cribbed
and selling for July than for May or June"
The strongest operators, such as Sam. Aller-
ton, ''Old Hutch, - Kirkwood Baker, Hobbs
and number of large provision men are
bullish on corn and thinkit is good property.
The leading traders in corn to-day were
Field, Lindley & Co., R. s. Wallace, Baker,
Hobbs, Comstock and Lindblom, who repre-
sented the buyers. The last mentioned two.
however, sold freely later in the day. The
sellers were not so plenty and sales were
chiefly in small lots, Fraley and Kershaw be-
ing among the largest sellers on Change.
The pork trade was enlivened for a short
spell by the sales of McHenry, who put out
about 10000 barrels May, II, 500 barrels be-
ing taken by Cudaby & Stevers at $1795.
There was considerable guessing on the part
of the crowd in general, who the sales were
made for, but no one could find out. The
''Big Four'' are supposed to be the princi-
pals.
The banks are now advancing zoe per
bushel on wheat and 47c on corn, which
shows that the bankers have more faith in
the latter.
Wheat was active but feverish and values
irregular. Liverpool cables quoted the Eng
lsh markets dull and depressed at decline
n nc
crop reports from all quarters were flattering;
and the receipts as large as expected; interior
adyices reported free accumulations of
stocks at the chief shipping points, and the
market opened nervous at shade under the
closing sales on yesterday. The first trans
actions were on basis of S9@S91sc May.
The unsatisfactory outlook induced
good many buyers who
bought yesterday to realize. and
prices declined under free selling to SS360
S815c when the provision crowd commenced
buying freely. A good many country orders
were received and the increased demand
from that source coupled with free buying by
brokers for scalp caused an upward turn,
and prices steadily appreciated to S9Xc. But
when the anxious shorts and country orders
were filed there was no demand of conse-
quence, and as the manipulators who started
the boom, had dumped the bulk of their early
purchases at profit, they let the deal take
care of itself and under free realizing
prices receded to 8S35@7sc, closing weak.
On call the offerings were large, and 1,2OO,-
900 bushels changed hands. The feeling
was easy ahd sales were at SS15@%c May,
and closed at SS35c. The buyers were repre-