St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-21
With a Disposition on the Part of
Large Operators, to Work
the Market for Fur
ther Decline.
Wheat Active But at Lower Prices, with Corn
in Full Sympathy Products
and Cattle Weak.
The Stock Market Closed Buoyant After a
Bearish Opening--Coa1ers the
Chief Attraction.
CHICAGO.
rsnecial telegram to the Globe. :

day than provisions, was to-day the weakest.
Its friends abandoned it whenever a big
block was offered, and when any of the big
operators evidenced desire to part with any
property, prices sagged or dropped. There
was no buoyancy to the feeling. Although
there were some slight upward reactions they
were speedily followed by breaks which
left the market in worse condition than
before. There be big wheels and there be
little wheels and sometimes the little wheels
keep going on when the big ones stop, even
when the little ones are within the big ones.
This was the case to-day. The "big four, -
Jones, Ream, Singer and Cudahy, seemed
to be stationary, but the E'big two," Jones
and Ream, were whooping things up gener-
ally. 1t acted as though Singer and Cudahy
were favoring in their minds, if not actually
through brokers, the buying side of the
market, while Jones and Ream
were busy sellers. In addition
to heavy offerings and great disappoint-
ment among the bulls that the blizzard did
not strike this section more heavily, there
were rumors of heavy failure on the New
Yord stock exchange, which was quickly fol-
lowed by rumors of failures on the board.
This caused a very manifest expression all
along the line, when on the call there had
been no naturalization of the rumor,
not even an individual pointer.
The feeling improved little.
Wheat was active, but the course Of prices
disappointed bull operators. The Liverpool
cables quoted quiet and steady markets, and
yesterdays predictions of cold weather were
fully realized, but the reports from the ma
iority of the winter wheat sections, represent
ed the fields covered with snow The outside
buying orders, which it was supposed would
come with the fall in temperature, failed to
show up. This Indicated that country opera
tors saw little cause for buying on a supposed
damage to the fall sown plant. New York
dispatches quoted a downward tendency in
prices, and there was an unusual pressure to
sell by some of the largest bear operators on
the floor
Many of the longs had also become tired, if
not disgusted, at the boiling tendency Of
prices in an upward direction, and sold freely
Prices took down tendency at the start, and
each drop of a fraction brought out fresh lots
had been placed. There was scarcely any
demand except to cover shorts, and each
slight upward reaction, which much buying
produced, increased the offers to sell. No. 2
opened at 1OO96@1I May, and after repeated
fluctuations fell to 9S5sc, closing on 'change
at that price. On the call wheat closed at 99c,
and on the curb twas strong at 99Ic.
MilTniDa Ro6rnop e. 10 COW. EtTha 4ro1
ing was heavy throughout and the shorts
must have evened up their lines pretty gen
orally, hence the market just so much weak
er. This seems to be kind of general
upheaval, and it will most likely take a day
or two for the market TO settle down again to
steadiness. The large spectators are dis
posed to work the market for further break
and we see nothing to prevent their efforts
in that direction being successful to certain
degree. We think the situation favors
purchase under 99c and may for a time. We
have had no official figures as to the visible
supply to-day, but it is generally admitted
that it will show little if any decrease the
past week.
A. NJ. Wright & Co. say: ''The present
in the situation to justify any considerable
advance, the only apparent hope of the bulls
for the near future being weather scare, as
to the winter wheat, yet it is not always
policy to sell on severe breaks"
Shepard & Peacock say: s'The near ap-
proach of delivery day had something of a
weakening effect and reports of failures add
ed to the Weakness
Crittenden & Harvey say: ''Wheat active,
lower, and with the little support given it by
all classes there is little to encourage buying,
although prices are low and on general prin-
ciples ought to be purchase for a turn from
this point"
Mccormick, Kennett & Day, say: 'sWe
think wheat purchase for a turn on any
further decline, as a genuine crop scare which
is likely to come would cause a sharp rally
Corn was in full sympathy with wheat and
followed blindly up and down. While Jones
& Ream were offering corn freely it was
noticed that brokers who have been acting
for the ''big four'' were quietly buying
round lots. This was what really saved the
market, although it was strengthened by
small receipts and poorer inspection, viz:
Thirty-one cars of No. 2 corn out of 25S cars
received.
The close on 'change was 5S1E@5S5S May,
and on the curb it was firm at 5SIc.
Mccormick, Kennett & Day say: "Corn
has too many friends for a sudden advance,
but we look for higher prices eventually and
would buy on breaks''
Milmine, Bodman & Co. say: esProvi-
sions comparatively steady. Shortly after the
opening May pork sold down to $17.3715
then advanced to S17.7O and at close sold at
about $3.50 Trading was moderate. The
country holders are pretty well out of the
deal now, it would seem, and the clique find
buying among the local crowd very scatter
ing. 1t is quite evident now that the manip-
ulators would gladly unload if
they could find buyers at fair prices.
s'Receipts of hogs were 10000. The market
was dull, weak and lower at Sc. 35@6.70. In
our letter some days ago we warned our
friends that this was deal it would be ad-
visable to drop like Shot potato'' when the
break fairly set in. The deal is now so thor
oughly demoralized We dare not advise pur-
chasers.''
On the curb the closings for May pork were
s17675l; lard, $9.777l; ribs, S9221S.
Flour continues quiet and sales light for
all grades, with dealers holding
the better family and BAKERS
brands higher, and having little to
offer but are finding it difficult to bring out
any reasonable bid for shipping or to grade
stocks. Winters were very firm and asking
prices have been advanced for the finer Min
nesotas from hard wheat, but the trade here