St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-07
NOT ENCOURAGING.
The General Market Outlook is
not Such as to Warrant
Much Buying.
Grain Markets Unsettled and Nervous
Wheat Closing On the
Board at So
Cents.
A Little FURRY In Corn and Somewhat
Stronger Feeling--.ProvisiOns
Weak with Futures
Lower.
The Wall Street Market Quiet and Totally
Devoid of Interesting
Features.
CHICAGO.
Especial Telegram to the Globe.l

Louis III UuG SHAPE VI d IhDC |,OOO;OON
bushels of corn had been contracted for, to
be shipped to Baltimore for export. Almost
as soon as stated it was denied. Then there
was a rushing of kilograms in hot haste, and
all kinds of answers were alleged to have
been received. The Baltimore house tele-
graphed to one party, 'report correct but
slightly exaggerated" 1t was generally be-
heved on the curb that the amount was
somewhere from 500 to 1000 cars,
which had been contracted at very
low rates before the Strengthening
of freight rates. The rumor had the effect
of setting the shorts to thinking, and in the
offices and on the curb tonight there was
marked change in feeling. Mr.. A. M.
Wright expressed it by saying: "Every one
felt good, because it seemed as though there
had been little dragging along the bottom"
E. P Moore said: 'The market is working
aown to a position to buy on break"
The grain markets have been very unset
Jed and nervous all through the day. At the
opening there was a great deal of weakness
caused by heavy offerings and selling out
en- stop loss orders, the general feeling be-
ing favorable to lower prices, if not gener-
al break. AS suggested last night might be
the case there was some support given to the
provision market by heavy operators and
packers, and this steadied grain to some ex-
tent.
May wheat opened with sales simultane
ously in different parts of the room at 96c,
9615c and 96Ic. There were good many
lots of long wheat closed out, and margins
were carefully watched and called. Soon af
ter the opening there was a little squirt, and
sales were made at 9655@9615c. 1t dropped
in moment to 9675c, with several
sales at 96c. At these prices
there was a rush to purchase on
the part of the shorts and prices were advanc-
ed to 963s@9619 together. There were one
OF two good trades at 9615c and then the
market went off to 96c and closed at that
point. The scalpers it will be OWNED boom
ed the market, but tonight upon comparing
notes with several active floor men, find
that house who usually operated for Sid
Kent were probably the largest and most
persistant buyers of wheat on 'change, and
on the call. Can it be that there was any
Significance in the meeting in the packing
company's office which I referred to last
night?
On the call there was frmer feeling, al
though there was sale or two reported at
95Xc, This was not fair quotable price,
and was clearly "snide' and dishonest, for
there was not time when there were not
bids of 96 cents. The call closed with 9679c
bid. There was a good deal of Office and
curb trading, and it is said somewhere about
100000 bushels were picked up at 9636@
9615c. and there was one sale reported at
965sc.
A reliable authority estimates England's
average weekly consumption at 3,920,00O
bushels. On this basis its estimated surplus
of "a, 6OO 900 bushels on May 3, 1884, will be
nearly exhausted by the middle of June.
Hence it will be seen that it must draw large
ly on the reserves of other countries ere its
necessities are in any part relieved by sup
plies from home grown wheat from the cur
rent years crop.
The report of the visible supply of corn
showed large increase, and the receipts
were 1926 cars, of which sixty-nine were con-
tract. Large blocks of corn, against which
puts had been sold last night at H@55sc
were thrown upon the market and consider
able excitement ruled at times while
sales were made at from 5515 to sec in va
rious parts of the room. There were but
few trades made above 551Ic, and the mar
ket went down to 553sc before many could
sell. 1t was q scene of confusion at the
close which was at 55c bid. The report fro m
st. Louis, before referred to- caused the ex-
citement and the attitude of some of the
provision crowd helped to a small advance.
on the call. The tellegrams from Baltimore
steadied and strengthened the market on
curb although the amount of corn taken for
export was much less than at first reported
This strength was solely caused by the
timorous bears who were anxious to cover.
The market for hog products was nervous
and unsettled, but prices were steadied to-
ward the close of the day by prominent hold
ers. The "big four'' are not showing their
hands as plainly and it is generally believed
that they are tired of their white elephant.
Pork opened weak at s17.55, went to
SITS, and finally closed on curb at $17.72T,
and lard at $9.45.
A. NJ. Wright & Co. report the morning
market as follows: Provisions were weak,
and all articles of hog products handled for
4ubulc ueuNeT1 dfeIdSeu 1Ohcl,
there was more doing in scalping way be-
tween the combinations who are resorting to
all sorts of manipulations with view to in
duclng outsiders to come in and buy. Mess
pork opened weak and shade lower, rallied
zoe, and finally closed on change at about
1Oc over the last sales on yesterdays call.
Lard developed increased weakness, the
demand being confined exclusively to filing
shorts, and with free selling prices fell off
15c per 100 pounds, but closed 5(071%c over
the lowest prices. Short ribs receded 100
1870 per 100 pounds in sympathy with the
early decline in pork and other articles but
rallied and closed at 5@71Sc over the inside
figures. The current moderate receipts of
hogs induced many outsiders to regard meats
with confidence but they are not disposed to
buy while the trade is controlled by the reck
less ring that at present runs it.
''The -four market was more than usually
quiet and business next to nothing for the
day the depression and low prices in wheat
taking all chance for speculative buying
from -four, and the home consumptive and
shipping demand has been next to nothing
for some time. The finer winters and Min
nesota springs were quite firmly held. but
bidders of shipping and low grade stock are
willing to allow reduction when byso doing
sales can be made. Rye flour is slow at
:3@3.25 per bbl; buckwheat -four not selling
at all, with choice and poor stock held at
$500 pei barrel, but not wanted at all when
poor. Bran and all millstuffs were selling
quite fairly, and holding at firm prices or at