St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-25
Holds the Markets Down and
SqUeezes Prices a Little
Lower.
Complete Disappearance of the Bulls
From Wall Street Opera
tiOns.
Chicago Produce Low Enough, but Likely
to go Lower yet Before
April 1st.
Moderate Export Deals and Country Order
and Trading Mostly on Local
Speculative Account.
CHICAGO.

SHlCAGO, Ht'-1uCIc was d1OIhoA
bear raid to-day, which was more severe and
the decline larger than Saturday, and the
bulls were more demoralized than at any pre-
vious time this month. The closing prices
tonight show reduction of21l@35c on wheat
Is on corn, 1c on oats, 22I on pork,
and 1870 on lard and ribs. Trading was
larger and more general than at any previous
time in weeks, outside orders to buy and
sell coming in more freely, but the bulk of
the business was done by the large specula-
tors. Wheat, as usual, furnished the key
note, and was active, excited with down
ward tendency, almost from the opening,
having lost all its friends, and was kicked
around like foot ball. The sudden decline
brought out large lines of long stuff, which
were increased as the price went
down. The shorts, both large and small
bought to cover and put out again at lower
figure. Every broker and commission man
on the floor had orders to buy and sell, and
it was impossible to follow any of the largest
operations. Armour's man appeared in
the crowd and took about 500, 900 bushels at
93@934c, and rumo rhathe had engaged
cars to ship 500, 900 bushels by rail had the
effect of staying the decline for a minute, as
many of the small fry i'm
mediately tailed on, but the
continued free selling of the crowd
in general was too much for them and it was
then rumored that the purchase was only
made for blind and that his brokers were
unloading twice as much as he bought. The
'Big Two'' also traded heavily throughout
the session, but neither their operations nor
those of many others who are closely watched
cut any figure. The outside influences were
all of a bearish nature. Dull cables, lower
New York markets and favorable reports
from the winter wheat sections. The open
ing sales were 19@5sc under
Saturdays on basis of 9319, May, which i'm
mediately fell to SO, when the demand to
cover starts sent the price back to 9315. 1t
then steadily receded to 921S and finally
closed at 923sc@921Ic. 1t was generally
thought at the close that the large bears had
carried their shares and were favorable to
reaction upward, to enable them to sell to
better advantage. There were also rumors
that there were additional export orders here
which were held in hopes of further decline
but the latter failed to materialize and
on the call offerings were large, Nat Jones,
Jackson Bros, Ream, Murray & Baker being
among the sellers, while the buyers were
Lindblom, Stauffer, Dwight & Gillett and
Walker. May declined to 92c and closed at
9215@92Lc, with sales of 2, 1000, 900 bushels.
Later, on the curb, raid was made by few
large bears and decline to 915Sc was the
result, the market closing at that price.
Corn attracted increased attention, but the
undertone was weak and sympathiZed with
wheat in its decline. The longs appeared
tired and sold freely all day, being anxious
to get out from under as soon as possible;
and it was difficult matter to find a bull, as
they have lost all their money and nerve or
turned bear, and SOC was freely talked for
the bottom prices this week There were
more outside orders received, but mostly to
cover shorts and heavy lines were taken in,
which netted the sellers handsome profits.
George Seaverns, who has been one
of the strongest bulls, un-
loaded about 100000 bushels, the last
of large line bought at high prices,
and on belief that there was little good corn
in the country and high prices were sure to
follow, but the sudden turn was too much
for him. The St. Louis crowd, led by Fra
ley, traded unusually heavy, covering large
lines of shorts early and imm ediately put
them out again as the prices kept on declin
ing. Nat Jones and Wright and Gillett were
large sellers. Lester purchased freely at
times, taking 375, 200 bushels from Jones at
5515c. Milmine, Bodman & Co. sold heav-
1o4o
was claimed that they had
100000 bushel order.
Pickering bought and sold freely but most of
his business was from st. Louis. The open
ing sales of May were at 55@551sc or 40
&c under Saturdays close. 1t soon declin-
ed to 545Sc, but reacted on free covering by
shorts to 551sc, again weakened under con-
tinued realizing by the longs to 5411Sc, became
stronger for few minutes and closed at
545Sc bid, On change, June ranged at lie
and July at 211l@25sc over May. Later on
call the trading was large but the feeling
was very weak with sales of 1,670,000
bushels at 54H@5459 May and closed
at 54ss. Fraley sold 900 bushels at 545s
and then took $50, 900 bushels from Boynton
at the same price.
Oats awakened from their semi-torpid
state and more business was transacted in
speculative way than for many weeks. The
''Big Four'' took a hand in the deal and
hammered the market early which declined
on account of the heavy receipts cos cars),
and the weakness in wheat aud corn, but
they turned after prices were down and in
creased about half a million for May,
opening sales 3334@34c, declined to 3314c,
reacted to 1890, weakened and closed at
8314c. June ranged at 3335@33%c, and
closed at 1880. The demand for samples
from shippers was less urgent, and the mar
ket was quiet, with sales at 1@115c below
Saturdays prices.
Pork was dull and almost hfeless, the
only trading being of local speculative
character. 1t opened at $17.S711, and closed
at $17.S5, May. Lard sym
pathized with pork. The de-
mand was closely confined to scalping
between few brokers. Prices opened 215c
lower at SO. .42115 May, and closed at S9.s711
@9.4O. Short ribs were weak and dull, with
offerings and demand both light, and closed
at the lowest figures of the session.
The out inspection of grain the past forty
eight hours showed good increase, and in
cluded 72, 900 bushels of wheat; "a, 41S bush
els of corn, and 49, 913 bushels of oats. The
inspection was rs cars wheat, 365 cars corn,
2O6 cars oats, cars rye and 35 cars barley
Receipts of cattle 1000 against 6,245 last
Monday. The offerings were small for the
opening of the week, especially of choice fat
stock, for which a good demand existed and
the merket was easily closed with firmer