St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-28
Wheat Firm and Slightly Above Tues
days Prices-POrk Quiet-Lard
LoWer-Corn Inactive.
A Fear That the Present Policy of the Gov
ernment will Make Gold at Premium
and Result in Financial Distress.
Stocks in Wall Street Hammered INNER
cifully by the Bears, st. Paul and
Northwestern Suffering Most.
CHICAGO.
Ispecial Telegram to the Globe. |

1OT I1O WTlUtT ueNtT saw Jlc ucdu-
quarters Of the largest provision house in
the world apparently so idle. King Philip
and his cabinet were represented by Col. Fa-
Vorite at 1, and the great bouquet which fills
huge Texas horn in front of the chief
seemed dropping. Continued Favorite:
''There are no orders coming, there is no ex
port demand, no one seems to want
to trade, every one seems to be waiting for
some one else to do something"
"Where are all the hogs with which the
woods were reported to be alive with last
fall?''
II do not know, but there seems to be no
starving for meat" said Favorite.
"Dead as door nail all round" Gelt-
maker sententiously observed when asked
about the markets. Frank Clifton said:
"Men, that's just it," Huffman of fowler
Bros. & Co., had his memory logged abouthis
report last fall of the stock of hogs through
lhe country. He replied: ''The hogs have
not come in and guess I had better put on
my linen duster and look them mp. They
Are being held to eat up soft corn. I find it
is the general belief among stock men that
such is the case, and that just about the last
of the spring there will be lots of hogs on the
market. Although we were wrong about the
number of hogs which would be packed this
winter, we haven't got a word to
take back about the demand from the
south have said they didn't need our meats,
and they have shown it very conclusively
No orders are coming in from the south.
The little local demand in st. Louis and Kan
sas City are but flea bites to the business
which should be doing now.
Pork was quiet and destitute of new fea
lures calculated to influence value. Open
ing weak, prices receded zoe, recovered the
loss, and finally closed at intermediate prices,
the business being small and confined to
local operators, and at times it looked as
though the large bulls were buying to sustain
prices.
Lard, like pork, was slow and averaged
lower, the demand being chiefly to cover
ahorts, and the only support to prices came
from the bulls, who found it necessary to buy
an occasional lot to prevent severe decline.
Short ribs responded to pork and lard de-
clined 10@15c and business was moderate,
closing about 10c per 100 pounds lower and
-ONASlHCSS CnGllOlJ III 1uIuICS. NIuCI 1uCdCS
we're dull, and the entire provision market
may be stated as a manipulated deal without
legitimate demand.
Wheat was tame; the outside buying de-
mand for speculative futures was small and
at the opening the bears, who were anxious
to cover their shorts, attempted raid and by
persistent pounding succeeded in forcing a
decline of 5s@s4c from the closing figures
on yesterdays call, but there was steady
buying to cover shorts and the offerings be-
ing only fair, quotations soon recovered the
loss, although the bears, who were short
and anxious to cover, made repeated efforts
to secure a substantial break. The market
showed a wonderful degree of elasticity, and
values instantly reacted upward after each
break. Opening sales were ON basis of
CSC, May sold at 9S4c, but declined to 975Sc
nnder the persistent hammering of the bears,
but Immediately rallied and after repeated
fluctuations closed on change at 9Sasc, being
the highest figures of the session.
The market was partly supported by large
buying to cover shorts by parties who have
been among the most persistent bears But
the leading factors were reports of decreased
stocks on the ocean destined for European
market. The weather is also cold and unfa-
vorable for the winter sown wheat and unless
there is speedy and permanent improve
ment in temperature there will be good rea-
son for grave fears as 10 the condition of the
plant. The situation of other markets is also
favorable for better prices here, as we are re-
ally below most other leading points.
Corn was only moderately active, but stead
Ter, opening at 575sc, May receded to 57TSc,
Immediately reacted under a fair buying de-
mand from shorts, who showed considerable
anxiety to even up and price followed wheat
closely, the last sales on change being at 5SL
@5S35c, while the strength was largely at
tributable to the demand for filing shorts.
The decline in the inspection of 153 cars and
the low percentage of contract
grades was a material faction in
stimulating buying. Low grades were in
better demand for shipments and new mixed
75c. higher. On the call the feeling was
weak and the volume of business transacted
was very small. On the curb this feeling
was intensified under very liberal offerings
and weak holders realized freely. The clos
in5s for May were: wheat, 97J9c; corn, 58c.;
oats, 3671c.; pork, $1S.O5@1s.O71l; lard,
$9.70; ribs, S940.
Mr.. A. M. Wright said this afternoon:
"Wheat must go higher The Europeans
must have our strong wheat to mix with their
tropical wheat. Their home deliveries are
nearly through, and although they will use
some of the Russian, they prefer the Ameri-
can wheat. Our exports have increased. and
now average over 2, 341 900 bushels per week.
There are % weeks until the new crop COM
mences, and add to the foreign demand the
consumption in this country, and this visible
supply, concerning which there is so much
talk, will soon melt away.
Mr. George Brine, of Hamil & Brine. said.
eve believe everything on the list is low and
purchase. Prices may and probably will
go a little lower before bedrock is reached,
but we think it is not far distant. We re-
ceiyed a telegram to-day from an Akron,
Ohio, miller, which says mills have advanced
the price Of wheat again 214c, making it
$1.1219 or AZ cents above the price on the
Seaboard.'''
Milmine, Brodman & Co. say: s'The spec
ulator may work prices somewhat higher
temporarily, but we don't see how they can
remain without some improvement, on ac-
count of the export movement
Robert Lindblom says: Considers are
doing nothing. They are nearly all long of
wheat and are not in shape to make any
new trades. Local bears, as rule, have
covered their shorts, and do not care to sell
as long as the market acts firm. Any signs