St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-09


ution Of current and nearby stocks, the
farmers having been materially defeated dur
ing the past thirty days by consumption,
while the amount in transit on the ocean for
that country is reduced to $50, 900 bushels,
against 1,7S0,O0o bushels at this date last
year.
Milmine, Bodman & Co., say: ''The
trading has been very heavy. 1t seems q
number of the large operators who are short
put brokers in the ring to buy all they could
at the opening, and the scalpers in the ring
caught on to the scheme and put prices up
on them There was no doubt very large
shortage in the market, but considerable
portion of it was covered to-day, but will no
doubt be put out again should the crowd
continue to buy freely. A large amount
of long wheat has been sold to-day at good
profit, which was higher on yesterdays
weakness. The report of damage to the
growing crop in the southwest, and the fact
that a prominent operator, who has large
and influential following, has been free
buyer the past two days, has frightened some
OF the large shorts into covering, and this, we
think is the main cause for the squirt. We do
not think it has any real elements of perma-
nent strength, and is likely to be short lived.
The reports of damage to the growing
crop are increasing, and to-day it is talked
on the floor that large sections in southern
Indiana and Illinois have also suffered
greatly already, but our correspondence does
not verify these reports. On the contrary,
We have not so far received a single report of
injury to the crop by the weather.
The corn market is no doubt much more
oversold than wheat good portion of which
was put out the past two days at near bottom
prices. These parties who are short
tried to buy to-day, and did buy freely,
but are pocketing a handsome loss. We
think outside spectators will be disposed to
buy this corn freely when the upturn be-
comes well established. We think the mar
ket is in shape now to become very active
and perhaps advance materially under the
efforts of the shorts to cover. We think
corn more likely now to attract speculative
buying than wheat, public sentiment SEEM
ing more friendly to it. Off grades are
in good shipping demand and prices IN
changed
Crittenden 81 Harvey say: ''Wheat opened
strong and point or two higher than yester-
days latest curb prices, and with fairly ac-
tive trading averaged firm. At the opening
there were considerable many outside buying
orders in hand, and although local talent did
their best to force prices down, the demand
on long accounts, helped by the filling in by
some of the most timid shorts, absorbed the
liberal offerings and checked the market for a
decline, the market finally closing firm. We
rather look for an easy market Monday with
no material decline, but believe we would
keep on the long side and buy if we can get
little decline. We think wheat is gaining
friends and the short interest is very large
and will help prices up sharply if buyers will
take advantage of the market conditions.
Corn seems to have regained its lost friends
and started on the up grade again. The
market ruled active and firm all the morn
ing. Trading was largely local, but large
in volume and confident in tone.
We expect to see soft spots here and there
every market day, but believe corn will sell
at better prices, and would buy it in all easy
places. Our market is largely over sold, and
we shall be surprised if some of the dealers
do not meet with disappointment soon, as
the general public have confidence in corn
and will support the market readily on any
pronounced buying. The closing was strong
provision values were in great measure
held up by the buoyancy in grain, although
receipts of hogs were unusually light even
for Saturday. Leaders in the market are ev-
evidently playing for decline and we think
we shall get some lower prices before much
additional advances. The market closed
steady. The estimated receipts of cattle for
the day were 5000, and for the week end
ing tonight, $4,000. There was good de-
mand for light, fat cattle and prices ruled
steady, but big heavy cattle were neglected
and shade easier as there were but few
shippers and only one export buyer on the
market. Stock suitable to the dressed beef
trade sold well, but bad cattle were rather
slow and showed decline of 15@20c during
the week. Choice butchers stock was steady,
but poor and common was dull
and 1O@15c lower. Stockers and
feeders were in better supply and
20030c lower than at the opening of the
week; sales ranged at s6@7 for good to fancy
export steers; S5.25@5.75 for dressed beef
stock; S4(d15 for common to choice butchers
grades; s3@3. so for cows suitable for can
ming, and So. 50@3.75 for bulls; S4.50@5, 25
for stockers and feeders; $4(94.25 for yearl-
ings; $3.50@3.75 for calves.