St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-19
Contrary to Expectation, There
was a Decline in Everything
Except Corn.
AS Has Been the Rule of Late, Trading
was Chiefly Confined to
Local Talent.
Wheat Lower--Corn Strong and Active--0ats
in Good Demand Provisions
Generally Dull.
4 Firm Market in Wall Street. Though
Quiet, Stocks Being Neglected
and Little Doing.
CHICAGO.
rsnecial Telegram to the Globe. |

CHICAGO, March 18.-The action of the
market to day was surprise to the majority
of operators on the board, who looked for an
upward movement after the decline of yes
terday. They thought that the shorts would
cover fully in wheat, corn and provisions,
and force an advance, which failed to come,
and the course of prices was merely a proof
of the folly of predicting the night before what
the market will do next day. The result in
this instance was the more disappointing G
as wheat and provisions declined while corn
was strong, and, as an old operator remark
ed, 'the corn baby was strong enough to
walk all by itself, and did it beautifully" ("
Closing sales tonight show decline of &c
in wheat, 10c in pork, 219c on lard and sc
on short ribs, and &c advance on corn, and
aside from the weakness noted above, no
new features were developed during the day
except that home talent was more apparent
in the wheat pit than usual and trading was
about up to the average and
more general. Outside orders were light,
and operators as rule do not look for any
marked increase in the speculative business
until stocks at all western points begin to
diminish more rapidly than they have of
late. The visible supply of wheat. as posted
by the secretary of the board of trade showed
decrease of 491, 900 bushels of whe at, and
an increase of 377, 900 bushels in corn, which
was about 225, 900 bushels less than the esti-
mated increase in corn, and 5000 bushels
below that made on wheat yesterday.
Stocks in store here were IL, 76S, 900
bushels of wheat, G, 1862, 900 bushels of corn,
100000 bushels of oats, LAO, 600 bushels
of rye and 252,51 bushels of barley; and
afoat in the harbor there are 141, 900 bushels
of wheat, 976, 900 bushels of corn and 1922
900 bushels of oats. The amount of con-
tract or No. 3 spring wheat in store is II, :
$685. 900 bushels, and of corn 1922, 900
bushels; the total amount in store is 22, $780,
600 bushels against 13, 848, 900 bushels last
year. The bulk of the wheat is held by oper-
ators here. Hutchinson and Egge-
ston have 100000 bushels between
them, Poole, Kent 81 Co. about 100000,
and Brega 81 Co. 100000. The remainder
is held by David Dows 81 Co., Young &
Nichols and by number of small firms who
have from $4,000 to $4,000. 1t is all sold
first OF that month, although carrying charg
es increase after the increase of the winter
storage, April 10, no danger is apprehended
by holders as the difference between near
sndlong futures is daily widening and will
afford liberal margin for carrying
charges. A leading commission
house bought in a lot of 10000
bushels of May corn for a country customer
who has been short at a net profit of 81, 700.
Fraley, of ST. Louis, has been on the bear
side of grain and provisions for the past
three months, both here and at st. Louis,
and his profits are in the neighborhood of
$4,000.
The wheat market was unsettled, irregular
and lower. Liverpool was quiet, and New
York declined H@1Sc. The rain made the
bears think that the growing crop would be
all right, and there was an increased desire
to sell the market down, and as BUYERS
were backward about taking hold at the
opening they had an easy task. Opening
sales were at 95%@9515c for May, and
97sSc June. Prices 1uctuated for time be-
tween 954@95115c for May and then sud
denly declined to 945Sc under free selling
by Lester, Counselman and the ''big four"
who operated to-day through brokers. The
decline brought out number of small lots
held on margins which were exhausted at
95c. The decrease in the visible sup
ply and reports of purchases in
New York of ten boat loads and of 100, 600
bushels in Milwaukee, the buying of Hobbs,
Walker, Boxer, Kershaw and a number of
brokers who were supposed to be working for
Kent had a reactionary effect, and after fuct-
uating between 975sc and 95c for time the
market finally closed at 951Sc for MAY.
There was good business done in changing
from May to June at about &c difference.
On the call trading was light, the
feeling weak, with sales of
$4,000 bushels at 95%@Ac, while
on the curbprices declined and closed at Csc.
Few inquiries were made for cash wheat by
shippers, but no lots of importance changed
hands.
Corn opened 14c over Yesterdays close
the first sales being on basis of SIC for
May; it quickly weakened in sympathy with
wheat, and sold at $500, but as inspection
showed only 269 cars against 555 yesterday,
this gave the bulls confidence, which
was further strengthened by reports of
buying orders for No. 2 for shipment, which
were put in circulation by strong bears who
were helping to get the market up with the
intention of selling heavy lines at the top
and making good scalp. There was also
number of buying orders on the market for
aceountof strong local parties, who anticipate
falling off in arrivals and one broker has
purchased 500, 900 bushels for large local
operator, who has been on the bull side for
some time, with good success. From
56s5c, the market advanced under light
offerings, and buying of the s'big two, Gull
yer, Schwartz & Dupee, Boynton and the
crowd generally, to SIC, and closed at 565Sc,
with strong feeling. On call $40. 900
bushels were sold, the largest amount being
by Eldridge s. Co., at 565s957c. Closed firm
with 565sc bid.
Oats were in good demand by shippers.
and samples on track were rapidly taken.
but speculative trading in future was small
and prices showed little change.
Pork was dull throughout the session.
scarcely any interest being manifested, and
sales show little change, opening at S1S.02H
@1S.10, and closing at S18. .05@1S.0715.
Lard sympathized with pork, and was en-
tirely destitute of features of interest, buyers
and sellers showing disposition to stand off.
It closed at 217zc per 100 pounds under yes
terday.
Short ribs met little attention from any
source, the demand being unusually small
with offerings light. Prices closed 25@5c
lower, on base of $9.55@9.571z for. May.
There was more call for picked hams and