St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-15
Grain and Provision Spectators
Wilt, Heaying the Beans
On Top.
May Wheat Declines From the Open
ing, Reaching 81 00% on the
Curb-COrn Follows.
Sharp Drop in the Provisions After High
opening---The Market Controlled by
the Packers.
No Special Features in the Wall Street
Market--A Good Feeling and
Steady Close.
CHICAGO.
lsnecial Talegram to the Globe.

full inning to-day. Everything opened
with boom; May wheat at $1.02I@1. OPS;
corn G14c; pork $3.50; oats CSC. For the
first time in many days the sun shone out
full and clear and although the thermometer
marked zero in the early morning, the frost
scare was hot even whispered. All there was
70 the days business may be summed up in
few words. ''The spectators wilted." The
parties who have been engineering the deal
for a few days decided to take
in their profits, as was pre-
dicted in these columns 48 hours Eago,
they were likely to do at any moment. The
wheatG and corn pits have been for some
days nothing but huge scalping arenas AS
soon as the market goes down little more
the sellers of to-day will become the buyers,
and so on until they find things favorable for
Receiving unto themselves their own with
Iome commissions added. Wheat opened at
l,021% and after frequent fluctuations on
lower plane than at the opening, finally closed
on Change very weak at 1.0118. The contin-
ued dumping of large blocks, realizing on
the part of some Of the largest scalpers, the
selling out of country longs on top orders
and the report from Toledo that there had
been an overestimate in the decrease of the
visible supply, still further weakened the
market and on the curb May wheat was
weak at 100%.
Minor, Richards & Co. say: 'Wheat open
cd at about yesterdays closing price, with
free selling from all sources, under which
the market declined steadily. 1t was further
assisted by the visible supply, showing much
less of decrease than had been estimated
$50, 900 bushels; also foreign markets dull
As intimated in our circular of yesterday,
The longs were disposed to realize, and we are
of the opinion that a large quantity of long
wheat came on the market to-day, the close
Oh call being at bottom prices, $1.00% We
look for reaction from these breaks, but think
the longs are disposed to realize along
the whole line on firm places. In making
trades for the present we would advise
only going in for short lines either way.
Wheat moderately active, and lower. Cables
were firm and seaboard markets steady, but
bright cold weather and liberal receipts in
duced free selling, and good many longs
were shaken out. Many local operators are
bears on wheat and bulls on corn, and when
the latter began to break they sold wheat
freely as hedge. We advocate the buying
of wheat at about 81 fora turn. The short
side is dangerous this early in the season,
and the purchase of May wheat on any fur
ther break will prove a good investment.
Estimates now place the decrease in the Visi
Bile supply at 100000 bushels, and the
decrease on passage at 800, 900 bushels.
Corn went up to 61A but David Dows &
Co., John Lester, B. P. Hutchinson, Cudahy
and Stevens and the Adamses commenced
selling heavily, and the local crowd tailed on
until 80 cents, and very few buyers at that
price, was the quotation for May corn. Sell
ing orders were received from several points,
and scalpers who bought yesterday realized.
1t soon became manifest that yesterdays
bulge was selling one, and the unexpected
" large receipts also helped to frighten the
friends of the coarser cereal. On the call and
curb the decline continued and tonight May
corn was sold at 57Mc, oats sympathized
&c per bushel with corn andwheat.
The feeling in provisions was rather ner
vous. Light receipts of hogs, and higher
prices for the same, occasioned strong
opening, and the first sales reported were
made at considerable advance on yesterdays
closing, as well as at the highest prices of the
day. The boom, however, failed to com
mand anything like general support, and
with larger offerings of future
property than the trade expected, a sharp
break was witnessed. The decline, when
started, was also assisted by the depression
suffered in grain. The closings were lower
than on Change yesterday for pork short
ribs, and the late deliveries of lard The
trading on speculative account was fair, the
greatest activity prevailing around the open
Ing. May was the leading deal. The cash
product was quiet"
Frank Crittenden says: ''Provisions
spened up in the air again to-day, but top
prices proved very short lived, or there were
plenty willing to realize at the advance and
under moderate offerings prices gradually
sagged to the closing point. 1t is useless to
give an opinion on hog product. The entire
market is under control of the packing in
terests and the course of market will be gov
erned entirely by their movements. We do
not think they are selling much and we
know they talk higher prices, but whether
they mean it or not we cannot say. Receipts
of hogs, 10000; estimate for tomorrow, Is,
600.
The -four market was holding up well, and
dealers are confident that a better trading
will result from the fact that we have low
freights to the east and Europe, and only a
limited quantity in stock to work from, and
home buyers and outside parties were look
ing about and making better bids than here
tofore. The better winters and the fine
Minnesotas, from hard wheat, were the most
called for, although there was some looking
after good and sound export stock and for
the lower grades.
Rye and buckwheat are in quite light re-
quest. Bran and all mill stuffs were doin g
well and selling at firm prices.
The receipts Of cattle were about the same
as on last Thursday, but for the week so fa1
there is a falling off of about $1,000 TradeG
generally is rather quiet. The demand for
shipping cattle and for the dressed beef
trade was light, buyers not entering the
market until near noon. Butchers stock
remains steady with good demand. There
was also good demand for stockers and
leeders. At the close of the market on
Wednesday there were good many fat cat
tie left in the pens unsold, circumstance
seldom occurring under the light receipts of
the past few days. Had the receipts reached
5000 cattle would have dropped strong 25c.
TIL receipts of hogs to-day were abou
1000 less than for the corresponding day
last week, yet for the week so far are 5000
more than for the same time last week