St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-14
THE BEARS ON TOP.
The Situation at Chicago Re
versed With a Decline on
Everything Except
Lard.
Wheat Quite Active, But Feverish,
With Values Lower and Fluct-
nations Rapid.
Corn Active But Weaker-Pork Quiet---Lard
Quiet But Held With Considerable
Confidence.
A Strong Opening in Wall Street, New
York Central in the Lead, Followed
by Weak Close.
CHICAGO.
Especial Telegram to the Globe


close the bears we're on top, the last sales
showing a decline of 59@%c on wheat, re
on corn, Nc ON oats, and 21I@5c on pork,
but an advance of sc on lard. The majority
of the shorts in wheat and corn covered their
trades last night and it is estimated that
from $4,000, 900 to 100000 have been
covered here within the past four days, and
it was this buying more than anything else
that has put prices up. But as the market
has been so well evened up there was little
in the market to help prices up
and both wheat and corn presented
tired look, with trading chiefly local. An
old operator covered the situation in the fol-
lowing: ''The shorts have all covered, and
the bad crop reports falling to bring in out
side orders, as was expected, the longs be-
came disguised, which gave the shorts cour-
age and they put out lines which broke the
market.'
Fraily, of st. Louis, has been operating
heavily in this market of late, and his profits
with one house on corn the first of the week
were over S15,0 900. He has also been short
alarge line of wheat, and part of the decline
to-day was due to heavy sales for his account.
Kershaw also put out large line, but
Jones and Ream sold comparatively little to
what they have been doing.
The corn market turned "summersault,'
Milmine, Bodman 81 Co., who purchased
1,4O0,0 900 bushels of May yesterday recovered
this morning and sold it out through brokers,
Lawrence Newman selling $50, 900 bushels
IN lots at 81 cents. The big four did a fair
amount of trading but the bulk of business
was between the small fry, and the aggregate
was nearly equal to that Of former days this
week.
Wheat was quite active but the feeling was
feverish. Values were lower and fiuctua-
lions rapid. The previous estimates of de-
creased stocks in sight were fully confirmed
by official reports. Liverpool cables quoted
prices in that market steady and
reports from the country were not on the
whole calculated to materially abate previous
fears regarding the condition of the winter
wheat plant. In addition good export de-
mand was reported at New York. But the
bears were encouraged by softer weather and
as a large number of shorts had filled late
yesterday there was little support from that
source, and outside orders at above 96c being
operators, opening at 96I@97c, quickly re-
ceded to 961Sc on severe pounding by the
bears, including the so called ''big
FOUR from the provision ring.
The decline induced free buying from the
shorts and local bulls, and prices reacted up
to 96%c, and finally closed on 'change at
963s0961Sc. On the call $50, 900 bushels of
May wheat were sold at 96H@961lc, Lester
and Walker being the chief sellers, and a
weak feeling prevailed. Later, on the curb
the last sales were 9614@9635c. There were
number of unlimited orders to-day at 964c
on the curb, which were only partly filed.
Corn was moderately active and destitute
of striking features. The receipts were only
26O cars, against 466 Monday and the ship
ments were liberal. Adyices from New York
reported that rail freights from here to the
seaboard will speedily be reduced 10c per
100 lbs, or on basis of 10 per cent. to that
city. This encouraged the shipping demand
and induced a irmer feeling in No. for fu-
ture delivery which opened at5735@ 571Ic for
May weakened with wheat to 5Sc, again raj
lied to size and closed weak at 574c.
on 'change, but on the call declined to 56%
at that price, the sales aggregating 100000
bushels. There was considerable trading in
the way of selling May and buying June.
Oats sympathized with corn, opening at
the highest prices; receded 3sc and closed at
about opening prices. Trading on futures
was chiefly in May. Samples on track were
in good shipping demand.
Pork was very quiet and trading, as usual,
confued to small circle of dealers opening
at $18.O215 for May; sold at $3.50 and
closed at $17.971S@1s.O0 on change. On
the curb it advanced to $3.50 but it closed
at $1S.0211.
Lard was very quiet and steady but held
with considerable confidence opening at
$3.50 and closed same as on yes
terday afternoon at 1886, the transactions
being almost exclusively in futures.
Meats failed to attract any attention Of con-
sequence. The price changes were not
worth nothing although the feeling was
firm. Cattle buyers for export account had
afew orders but they were not in hurry
about filing them as the receipts we're large
So 500 head, against 1872 last Thursday
and they were anxious to buy at lower
prices. Shipping and dressed beef stock
sold slowly at 1O@15c decline, but butch
er's stock remained steady. Stockers and
feeders were taken more readily but at low
prices.
Receipts of hogs to-day were IL, 600,
against II, 253 week ago. Early sales were
quite brisk, and the market was steady, but
after the bulk of the buying orders had been
filed the demand fell off, and as packers
bought nothing to speak of prices declined
1Oc and closed weak
Receipts of sheep to-day were 1000, max
ing an increase of a. 900 over the four days
last week. Shippers are still backward about
purchasing, but the local trade was sufficient
to take all that was left after shippers be-
came filled up, but the feeling was weak and
late sales were at reduction.
A. M. Wright & Co. say: SIN reviewing
the statistical situation of the wheat market,
it may be well to state that although stocks
here are large and the outward movement
trifing, there is a rapid dminution at the
seaboard, the decrease at New York last week
aggregating 1874, 600 bushels, and the falling
off this week promises to be much greater.
The shrinkage in supplies at other
seaboard points is on cores
ponding ratio, the aggregate decrease at
all Atlantic markets since the opening of the
year being trife over 100000 bushels,
leaving less than 5,00o,0 900 bushels at the
close of this week. Hence it will readily be
eeen that unless liberal shipments are made