Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-18
WHEAT CONTINUES DOWNWARD
And Corn and Provisions Follow Suit
to Large Extent.
GREATER INTEREST IN WALL ST.
Northern Pacific Advances "A Good
Buying Demand for St Paul.
CHICAGO.
Especial Telegram to the Globe. I

this morning seemed as though ther,
was an organI% 1 and pEeconcerted NOV,
Of the bears to ak the market Every
one seemed anxle toseIl. and the piping
of the few buyers we're drowned in tht
thunders Of tho crowd of sellers
May wheat opened with sales Al
CSC, o. 9815, quickly sold off tc
9718, ranged for time at 97T@9816c
and then suddenly broke off under heavy
offerings from parties whose margins had
been exhausted and from longs wko, tired
of the contest, were willing TO drop
the load which they had carried down
ward 6 to cents a bushel When the
price struck $3.50 some shorts
commenced covering, but they
Strengthened up to 87%@98c. Thor
desires were soon attended to and the
market just yielded to the hammering and
to the shaking out process and till 100000
had been sold at $3.50. Then the shorts
had another innings, and the market
frmed up to 9678. It afterwards sold at
961a@9G55 in small quantities, had sea-
son of fuctuetion, ana finally closed at 1
at 97Mc. bid. The increased firm
ness was simply owing to the fact that the
bears stopped to take breath, and there
was an opportunity TO contradict
some Of the lies which had
been SO industriously circulated. On
call prices were a little lower, but there
was an absence of the paaicky feeling
which pervaded the market during the
early hours. Nearly 100000 bushels of
May Wheg5 changed hands ST 97@97Ic,
and on the orb there were transactions at
97@9718o. L8star ID reported to havs sold
nearly if not quite 100000 to-day. Lind
blom taking 100000 " three bids. An i'm
mense quantity of long stuff was dumped,
and large lines Of shorts were also
put out. Il would seem as though in the
excitement the market had been
greatly oversolj, and that there
would be reaction during
the early par5 of the day, but the bears are
now flushed with suocess, and it is highly
probable that the prices twenty -four hours
hence will be lower than they are now.
Many are predicting S5c for cash wheat
before the uDturn commeuces, and yet the
market is IL such 5everish state that any
morning might witness an opening three
or four cents higher than the close. Ker-
shaw surprised every one by buying some
wheat this morning lie explained that
he was only buying 10 cover some shorts.
LindbLom says: "Wheat looks cheap
but really the situation is the only thing to
be considered. Our receipts will be gov
erned by the capacity of the elevators to
care for them
Crittenden & Harvey: Current prices
look exceedingly low to us, and yet there is
very little on the surface to encourage
much buying. Our market is largely over
sold, we think, and in shape to advance
sharply On any favorable news"
Shepard & Peacock: Everything on the
floor was lacking in support, and the bears
wsre encouraged thereby to increase their
lines and look for lower prices"
Mccormick, Kennett & Day: We
think q rally bound to come, although be-
levers in lover prices eventually, and
would not sell wheat after 10c. decline
except for scaIping.
Minor, Richards & Co.: ''Wheat opened
weak, with sellers at about $500 for May,
declined slightly from this, where it was
held by billing outside orders, and moder-
ate covering by shorts, aftor which prices
broke off quickly on rnmors Of disturb
ance in Wall street. which caused stam
pede TO sell, and resulted in a decline for
the day of 1 1115c, reacted 90 but closed weak
about 97c on curb. The visible supply
shows decrease of 100000 bushels. This,
with light receipts, mad q tendency to in
cite buyin but this was more than coun-
terbalanced by the selling of lines on
exhausted margins. In the immense
TRANSACTIONS of to-day we failed to discover
any buying on the pert of prominent
shorts. In fact, they seemed to add to
their already large lines. Private advices
this afternoon from New York state that
10000 bushels we're bought on export
orders and $4,000 bushels char
tered, supposed to be of their
recently posted wheat. The foreign situa
ton is still very unfavorable to higher
prices. We look for little reaction to
morrow, bub see nothing 10 advise buying;
in fact would consider it sale for Ma; on
strong places,
Corn was very weak to-day, partly in
sympathy with whsat but argely on its
own account. The receipts we're AIS cars,
about 45 per cent cf which graded No. 2.
The morning papers published the report
of the departm ent of agriculture, which
showed that the corn crop was only some
74,OO0,OO0 bushels less than ia 1882, and
had Illinois down for 200.C0OO0O bushels.
The action OF the Chicago, Burlington &
Quincy railway in declining TO take any
more corn along tbs line Of their road waa
regarded as increasing the amount of track
stuff, and hence was used as a bear argu-
ment. Large lines of long corn were sold at
and the dull foreign and outside markets
added to the weakness of the general sit
uation. Towards the close there was some
heavy buying by the shorts, which frmed
prices and they closed on the curb about
the same as on call, about 57I.
Provisions opened weak under the same
influences which affected wheat and corn