St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-26
A Slight Reaction in Market VAL
lies in New York and
Chicago.
But Business Uncertain Until Bottom
Prices are Reached.
And Nobody Will Say that the Bottom Has
Yet Been Reached.
Reduced Earnings of the Milwaukee and
Northwestern Roads, While
Omaha Shows
Gain.
CHICAGO.
Especial Telegram to the Globe j


'change were again active in a speculative
way, with values of all articles lower, and at
times the grain pits were scenes of the wild
est excitement. Wheat was again the ruling
article and suffered the most severe fluctu-
ations. The other articles of grain and pro-
visions, although following down and up,
showed narrower range. The
last hoor of the regular ses-
sion developed a better feeling, and a
sharp upward reaction was secured and
maintained at the close Of 'change, except
wheat, which closed at 1 p. m. at or above
the last sales on yesterdays call. There were
also rumors of a strong combination to sus-
tain prices, the bears were less disposed to
hammer prices by offering large lots of any
article and a more hopeful feeling was OBJ
served among the bulls, who
seemed to think that the
worst was passed. But in the present condi-
tion of the market it is unsafe to predict any
thing. 1t is certain, however, that prices
must ere long reach point from which no
further decline is possible and many think
the figures are already there. Closing prices
showed a decline of &c on May wheat, an
advance of Xc on corn, &c
on oats, 71lc on pork, 10c on
lard and 71Ic on ribs. Small lots of wheat
are being taken for export, but buyers as a
rule hold off for lower prices.
Speaking of the export trade, an exporter
said, "There is no doubt but what the deal
ers on the other side want this wheat, but
will not take hold freely until the price gets
down to S5c for May, as they have no use for
it at present, and do not feel inclined to pur-
chase and hold it until they are ready to use
it. The continent is bearish on wheat, and
have sold heavy lines of shorts recently.
New York operators also look for S5c wheat
before the middle of April, and have been
free sellers the past three days. One house
had orders to sell a million and half at the
opening, and others, while not being
favored with as large orders,
were we'll patronized. Lines of
long wheat were closed out to-day that cost
$1.00@1.06, one operator selling out a GUS
toner under the rule who had been holding
on since the market was at the latter price.
A dispatch from Baltimore says that the
''Big Four'' have sold 800, 900 bushels May
much higher price.
Bangs in speaking of the situation says
Everything on the floor is not
good for anything except to fill shorts with, :"
Frank Clifton, who heard the remark, ex-
claimed: ''Hold on; you don't mean lard
it is all right, but ribs are dead. The trade
will not buy them except as wants require,
but there is a fair shipping demand for
pork
The sellers of wheat were Poole, Kent d
Co., Dwight, Gillett, Lester IL Hobbs, and
Comstock. The latter two have lost their ''mas-
cotte''and are reported to be continually wron g
on the market, and have lost heavily since the
first of the generally selling heavily at
the last end Of breaks and buying at the top
on the bulges-and are no longer feared, as
their followers appear to be thinned out.
Lindblom, Stauffer, Brega, Van Kirk, War
ren, Nat Jones and Fraly also sold heavily at
times.
The buyers were Boan, Dwight andGillett,
Schwartz and Dupee, Walker Comrevy,
Shorts and Roche, who bought five hundred
thousand bushels May for Eldredge who cor
Eered large line of shorts put out Saturday
and Monday. The crowd generally were
anxious to even up and the opinion prevailed
at the close that the majority of the trades
were closed.
The visible supply as reported by the as
sistant secretary of the board of trade, was
32, ,S57, ,467 bu wheat, 16, 527 1886 bu. corn,
4 532, $50 bu. oats, 1893, ,216 bu. rye, and 1,
,6O6 bu. barley. Wheat was active and
excited with values very irregular, the
fluctuations being gunusually rapid and severe
although the range was not so wide
as on Saturday. The weak opening in New
York, and reports of dull and
declining English and continental markets,
in connection with the soft weather anu
further encouraging reports from the winter
wheat fields, caused a weak feeling at the
opening and there were few features of an
encouraging characterfrom any source The
fact that a few additional milling orders were
received from the south and central states
being regarded as of little Importance at
time when the crowd was
all going one way.
Opening sales were on the basis of 1880
$3.50 May, receded to 91Ac, and reacted on
free covering by shorts to 913lc, when, under
vigorous pounding, the big bears started
prices down and bought good many lots Of
long wheat OUT and the realizing process, in
connection with free selling by bears forced
prices 10 9O3sc, with few sales
at 9O1lc. But the decline caused
large buying by shorts who were
disposed to take their profits, and when the
forced selling was checked, the offerings
were lighter, the confidence of holders being
materially strengthened by the visible supply
which showed decrease of 727, 900 bushels
from last Tuesday. The market therefore
advanced to 9115c, fluctuated for time and
closed at 9135c on Change.
On the call 2,21O,O0O bushels of wheat
were sold, those who bought early unloading,
and prices declined to Ole, but reacted and
closed at 9115@91A, June ranged at 1%@
IL over May and closed at 221S.
Corn was active and irregular. Tie in
spection showed 395 cars, including "a con-
tract Other markets were lower and stocks
in store here showed an increased. The vis-
bic supply as compiled by the Chicago board
of trade showed and excess over
last Tuesday. But the wet
weather was regarded as unfavorable for
the receipts in the near future and price
opened stronger on basis of 5434054119c
May, for No. 2, but Immediately weake ned
with wheat, receded to $3.50, again rallied
with the latter grain and advanced 1@1Xc,
closing on 'change at 5455c. The lead
ing buyers on the board were Dows, Poole,
Kent 81 Co., Lester, Dwight & Gillett. The
chief seller was Fraley. On the call 1, 435,
900 bushels were sold and the
h;ddinp was steady at 54L545Sc