St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-11
Wheat Unsettled, and Closed Lower
Corn Vigorously Hammered
by the Bears.
Provisions Quiet, With Very Little Doing
Except on Local Account-Corn
Weak and Lower.
The Stock Market Saved From Utter Stag
nation Only by the Liveliness
of Union Pacific.
CHICAGO.
[special Telegram to the Globe.l !

bulge on prices started last week. This faith
was predicated on the belief that outsiders
who have done little of late, but who were
known to be watching the market closely,
would, on seeing Saturdays advance, come
in this morning and by free buying cause a
further rally of 1(02c on Saturdays close. In
this the bulls were disappointed, as the buy
ers came not, neither did the advance.
The consequence was that the bulls became
demoralized, and the bears, taking in the sit
uation at glance, quickly stepped in and
carried the honors of the day, the closing
prices tonight showing decline of / nc on
wheat, Esc on corn and oats, zoe on pork,
and 715c on lard and short ribs. The de-
cline in wheat and corn brought the market
almost to the starting point of the last
bulge. The reasons assigned for the break,
by the best posted operators, were that the
bulk of the shorts had covered on Saturday
and the absence of outside buying orders, the
reports of quiet and easy cables, wheat being
&c lower in Liverpool, and &c lower in New
York. The latter, however, cut no figure of
importan ce. The trading during the early
part of the day was higher, in fact, dull and
week, on the whole list until about noon, the
bulls having lost their grip, and the market
was left in the hands Of local operators, who
traded in a small way for scalp. About -
O'Clock number of brokers were sent into
the wheat and corn crowd by Ream and Nat.
Jones to hammer the market and sue
eeeded in making a break of 10
&c. The shorts covered freely at the de-
cline. The covering and report that the
visible supply of wheat shows decrease of
800, 900 bushels, and bad advices from the
winter wheat regions, strengthened the mar
kets for wheat for a time. A prominent ship
per received an export order for round lot
of spring wheat to-day, at prices that would
admit of its being filled if zoe rate of
freight could be obtained to the seaboard.
Corn was in the hands of Schwartz g. Du-
pee, Jones, Ream & Lindbloom, all of whom
sold freely, the latter to protect his puts
which he sold Saturday night, while Jones
and Ream, who had been heavy purchasers
of puts, Jones alone having over 100000
bushels, were hammering both wheat and
corn to get the market below ''put" prices.
Their efforts we're successful and all the stuff
was put at the bottom prices. The chief
buying of corn to-day was during the ses-
sion, when Cropser, Milmmi Rodman & Co.,
Murray and Nelson took considerable, but
the later buying was by the general crowd
and chiefly to cover shorts.
Wheat opened quiet and easy with open
ing sales at 97A@973sc for May, but soon
weakened under fair selling by weak holders
to 965sc, and for time fuctuated between
96X@9715c, but about noon the feeling be-
came unsettled and under heavy offerings
and hammering by the large operatives de-
clined to 95$4c, and closed on 1change at
95Xc. On the call trading was active l.
5000 bushels being sold at a range of
95M@96c and after the close sales were
made in quiet way on the call at 96c.
June wheat, which is beginning to attract
more attention from operators, ranged at
975s@09Sc and closed at 975sc.
Corn was weak and declined 7501c. There
was in fact nothing calculated to sustain
prices The inspection showed 416 cars, in
Guiding II contract. This was disappoint-
ment to the bulls who expected light receipts.
It was also stated that large lines of puts
were bought Saturday at narrow margin
from the closing prices. This was a strong
incentive to the bears to secure decline and
with this end in view they pounded prices
vigorously from the start. Opening sales of
No. 2 were at 563l for May, and after rapid
fluctuations closed at 56D561sc.
Oats were weak, and closed 1lc@5sc lower,
but there was fair buying for May from shorts
and scalpers, and good shipping demand
for track lots. Rye was quiet and 175c lower
Provisions were quiet, and the only impor-
ant feature in the market was the appear
ance of Hutchinson in the ring as seller of
May pork. He let the crowd have about
10000 barrels. Outside orders for cash or
future delivery were comparatively insignif-
cant. The trading fell considerably under
the usual average, and from the opening to
the close slow feeling was exhibited.
Sales of May pork were at S17.70@17.95
and closed at $17.72@17.75. May lard ranged
at $9.42h@9.50 and closed at S9.421S.
Short ribs were dull with sales at S9. 25@9.3O,
the inside price being the closing one. H.
Milmine, Badman & Co. say: Trading was
liberal all day but chiefly local business, out
side orders being scarce as usual. The large
operators who covered their orders the other
day are putting them out again
to-day and we do not think
they will care to follow the
decline much further on this turn, and a
slight reaction may be expected but this will
depend on the temper of the crowd. If the
large operators can get the crowd to sell
themselves badly short again it Is not un
likely that they will help them for a day or
two and then turn about and give them an
other milaing as they have so often hereto
fore. We hear very little of crop damage
talk to-day and think large portion OF
the winter wheat section is now covered
by snow, which is good thing for the crop.
We still hold to the opinion that there is
nothing in the situation warranting any ad-
vance in wheat values at this time and think
sales on bulges are still safe for quick turns
of profit. There has been considerable tslk
the last few days about a cut in eastern
freights but if there are any they have not
been made public yet.
R. Lindblom s. Co. say: s'Wheat opened
tolerably firm, but in the absence of outside
orders sagged down and closed a cent lower.
There is considerable complaint in regard to
winter wheat, but contrary to previous years
the buying orders instead of coming to this
market and influencing prices are now sent
to the bucket shops and the tape is not inlu-
eneed by these bunko transactions, as the
party behind the tape fully understands
the science of freeze out. The trade does
not fully realize the growth and the
power of this now system, which is tapping
the very life blood of the board of trade.