Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-15
led BE DEAD BROKE TO-DAY,
CH tEAEO.
Especial Tolegla o to the Globe. ]

the wheat plt this morning fully expecting
to raid the market at their sweet viii
Dwight & Gillette, Poole, Kent & Co., the
whole horde of Kent brokers, with theil
tailers, said: "Wheat is hell bent for $50
for May" Old Hutoh's prophecy of 85c
for May wheat was banded back and forth
Reports were circulated that several New
York houses were tottering, and that some
of the members of the Chicago board of
trade had "margined up' about as
far as they could go, 1t was
also reported that 100000 bushels of wheat
had been posted again this morning in
Brooklyn elevators as out of condition.
There were large selling orders from vari-
GUS parts of the country, notably New
York, and under free sales the market
dropped off suddenly from 98Ic to 97M
@9758c. There was a rally to $3.50 un-
der heavy purchases by local shorts and
scelpers, who wished to take their profits.
There were few sales reported at $780,
the lowest price of the season. Had it not
been for the frmness of the corn market
and the strength In pork products the bears
would have forced the market to 95c. 1t
i5 supposed that New York parties dis
posed of nearly 100000 bushels Of
wheat during the day. On the call there
were transactions amounting to nearly
100000 bushels. Of this amount o7er
100000 bushels were for May nt $3.50
96$8c, and OIL The curb tbs feeling was
little stronger, making quotation of
9815e possible. There is a. great differ
ence Of opinion tonight.
Since the close of business the GLOBE
Correspondent has interviewed
number Of leading horses in
regard to the future OF wheat.
A man wh- has watched the street formore
than twenty years, said: 81 believe the
markets are nearly div orced from one an.
other, and as soon as they run independent
you viii see wheat steadily declining until
it goes TO $50 or thereabout on the crop"
A broker for one of the large packing
houses, said "I cannot see anything in
wheat. I believe the short interest is great
ly exaggerated. Just think of it! there
must be 13 100000 bushels of long wheat
before there can be half million Short
interest"
Another broker said: 81 have been a
bear on wheat, but think it is about time
to change attitudes. To-day the bears had
everything in their favor except small re-
ceipts. On top of all the weakness and
decline in New York was Rigolo's terrible
bear article in the New York Sun, which
was printed all over the country and af-
fected country spectators to great de-
gree, and yet thsy cannot pound the mar
ket any lower than 9735c or possibly 971sc.
The latter quotation was probably made at
the suggestion of the bucket shops.
whose manipulatious are on the call
board. believe the upturn
has commenced.
Mccormick, Kepnett & Day: "Early
the market was weak. Gables were de-
pressed, New York panicky and lower,
100000 bushels being posted there. I'm
mense blocks were sold tor eastern ac-
count, and it was noticeable that parties
who we're bulls at $1.O6 we're going short
now. Advioes from the country report the
snow melted. and the wheat exposed and
the ground soft The thermometer is
twenty five below zero II Minnesota, and
if the cold wave strikes the
winter wheat, We will have
reports of damage and a boom.
Exporters took 25O,OO0 to-day at New York
and the sentiment is mora buliish.
Enough wheat has been sold short to-day
to make the winter bull for turn, even
were there nothing else to cause advance"
Crittenden & Harvey: "Wheat is now
very cheap, the market largely oversold,
and we think it good time to begin buy
ing.
Minor, Richards & Co.: ''We would not
advise selling on this break, but cannot
see anything 20 warrant buying or even
expecting much of any advance until, as
we have before said, the property finds
resting place in the hands of capitalists
or for consum ptton. Long wheat that has
been held OF the market fer some time is
now coming aad being taken by shorts
and parties who are buying near futures
aAd selling May. We cannot say anything
that offers much encouragement to take
the long side at present.
Shepard and Peacock: ''To-day's trad
ing was very active, and the market has
shown more steadiness than generally an
ticipated. In faot, at times it was firm
and had good friends, but they were of the
kind who will not stand much loss, being
quick runners. More posted wheat at
New York unsettled our market badly at
one period of the session, but by the time
of closing there was more steadiness, and
the o'clock closing was $50 in May, the
range of the day having been from $3.50
to 9715c. Some recent bears have turned
bulls, but they, as before remarked, are
not staunch stayers. One
mainstay for wheat was the stubborn firm
ness in corn, and but for this the market
would have sold lower than the record
quotes it to-day. Receipts are lighter.
Some illusions have been made to the