St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-27
NO BOTTOM YET.
Predictions that Chicago No. 2
Will Go Down to Is.
An Exciting Time With Immense Sales
OH Call Yesterday
Afternoon.
A Little Firmer Feeling in Wall Street, Based
Solely on Jay Gould's
Return.
Corn, Oats and Provisions Still WeaE in
Prices. But With COnsid-
cradle Dealing.
CHICAGO,
Especial Telegram to the Globe j

CHICAGO, Marcl EO-1ue DedIS laiu oH
wheat was continued again to-day with in
creased fury, this being the fourth consecu-
tive day in which it has been impossible for
the bulls to secure and maintain a reaction.
The weakness has spread to corn, oats and
provisions. Closing sales show
decline of 3%c on May wheat, &c on corn,
71c on oats, zoe on pork, 121l on lard and
ribs.
Wheat was again the leading speculative
article, and was traded in to larger extent
than on former days, Shorts bought freely
and covered large lines put out Monday and
Tuesday, and as the market declined
put out more, becoming very bold
and doubled their sales. Every decline
brought out heavy lots of long stuff, on
which the margins were exhausted, especial
ly noted after 90c was reached, as money
holders had fixed their limit at that price, but
the downward turn was so sharp that brokers
were forced to close out, as there was no tel
ling where the price would stop, and they
were anxious to save their customers as
much as possible. Everybody wanted to sell
and but few were anxious to buy
except to cover trades previously
made. The price was no object, operators
being SO intent on getting off their holdings
and putting out new lines that the feeling at
times was panicky, and fluctuations wide and
rapid. Trading was more general, especially
on outside orders, which were in large supply,
and the task of picking out any set
of operators as being either buyers
or sellers was almost an
impossibility, as they all were buying and
selling throughout the session. New Workers
as rule are still bearish, and have sold
heavily every day this week, but the severe
decline the last half of the day caused some
to cover their shorts, Lester & Co. alone
buying in over 100000 for one
house in which there was a
profit of to cts. a bushel
Every operator talks lower prices, some put
ting the limit as low as 75c, while the most
conservative think soc will be low enough
and many stand in readiness to purchase
freely should the market reach that figure.
The deal has lost its friends but the severe
decline brought back few of them during
the last hour, yet they
were in too small a minority to attract
attention. Nevertheless there was consider
able buying in quiet way by strong parties,
who In the past have found wheat below soc
good purchase and bought with the expec-
tation of a rally before many days. The
syndicate referred to last night was doing
very little, being content to let the market
sag and then buy when everyone wanted to
sell. Among the heavy buyers on 'change
were Walker 81 Co., Lester & Co., George
Eldridge & Co., and Hobbs. Some of the
sellers were Fraley, Schwartz 81 Co., Dupee,
Ream and the crowd in general. The mar
ket was destitute of sustaining influences,
New York being dull and weak. Gables from
Liverpool Id lower on spot and Sd on car
goes to arrive; the weather warm and
all that could be desired, being warm
and higher, and advices from the winter
wheat fields more encouraging than at any
other time this season. Many fields in the
low lands that were thought dead fortnight
since we're reported as showing healthy vi
tality. The only encouraging feature for the
market was a confirmation from the New
York produce exchange of the Chicago esti-
mate Of decrease of nearly 750, 900 bushels
in the visible supply, and that failed to cut
any figure as every one seemed to think that
the supply was altogether more than was
wanted and felt disposed to sen. The con-
tinued offering of long wheat was too much
for the crowd and every sma1 rally was over
come by increased selling by shorts for a
scalp opening. Sales were on a basis
OF 90T(991 May and as there was apparently
no demand except to cover shorts, prices re-
ceded under continued rounding to S95s and
closed on 'change at s77l@Ss59 May. The
bears who covered on every break re-sold on
each slight bulge.
The call was the scene of increased excite
ment and the sales of wheat
we're the largest ever made
Rggregating 4, ,2O0, 900 bushels, the bulk of
which was for May. The caller shouted him
self hoarsc in trying to make himself heard,
while the operators tried to see who could
make the most noise. All wanted to trade at
once and in nothing less than 100, 900 bush
Ell lots. Bangs sold 100000, Singer get
ting 250,OO0 at S7$lc and Hough 500, 900
Tor Fraley at the same price.
Fleming & Boydon sold 1,5OO,O Hobbs
securing 10000 at S7%. The latter, how
ever, was after the close. The bulk of the
Rouse, of Baltimore; the other large sellers
were Schwartz & Dupee, ,Milmine, Bodman g.
Co., Fraley, who sold 1000 bushels, and
w. II. Murray, who represented the selling
element; while the other side was represented
by Counselman, R. W. Clark 81 Co., Geo.
Eldridge & Co, Nat. jones, Kershaw, Bry-
ant & Hobbs, who took 1000 bushels in
all. Prices were forced to S7%c when the
heavy covering by shorts checked the decline
for time, but on the curb at o'clock sale
of 100000 bushels was made at S715c
N. w. Gould, one of the Oldest operators
on the floor, but who for some time past has
been on the retired list, is one
of the strongest bears to be.
found, and says: 'T could have made
half million dollars selling this wheat short
know it was owing to these prices 81 cents
used to be considered a good price for wheat
and we are liable to think so again. Some
of the spectators who talk rs cents will be
the very ones to sell at "a cents.
Corn acted independently and showed con-
siderable strength as compared with the
weakness in wheat. The cause of its frmness
was the small receipts and
poor inspeetion-115 cars, only 80 of
which were contract At times, however,
the market sympathised with the decline in
wheat. Trade was large but fluctuations
confined to range of 1c. There was good
shipping demand for rejected and new
mixed, and considerable is being sent South
to Tennessee and Georgia, and prices were
well maintained. Opening rates of May were
54%, and advanced to 55Ac on