Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-17
HOPES FOR A GOOD REACTION
A Lack of Storage Reom One Of the
Principal Cause. Of Weakness.
PROVISIONS AND CATTLE FIRM.
The Share Market on the New York
Exchange Somewhat Stronger.
CHICAGO.
Especial Telegram to the Globe. !

volume Qt business transacted during the
morning hours As much less than for
several days pa Wheat opened lower
than yesterdays use, but under heavy
buying by "Gip" Jams advanced about
1c. When ne was through the market
sagged OF, being left to itself for nearly
an hour and a half Just before the close
Charley MAR sold about 100000 buN-
els, out it was all taken and the cry was
for more when the market closed at pm.
On the call the report of more failures
in New York and the break in stocks sent
grain lower, bat provisions remained quite
steady. On the curb the weakness became
more marked, and wheat was sold at $780,;
and some reported it at 9815@984c, but
it was generally believed that these fig
ures were nothing but "bucket-shop
racket"
Corn was less active up stairs to-day, al
though the business transacted was quite
large. The shorts bought when there was
a little depression, but the fluctuations
were within range of 19@Ac, and the
market closed at l o'clock
p. m. at 59o for May Nearly all
the fluctuations were caused by Schwartz
81 Ddpee, VINO delivered out a lot of cash
corn. Much of it went around and got
back to them, as did another lot which
started out later. Lindblom thinks The
market is held steady by lack of storage
room, which may prevent the shorts from
filing all their sales from the interior, and
hence the longs may be able to squeeze
few of them.
The hog market was stronger, and this
had some effect upon the speculative
market, but the fluctuations were
within very narrow limits and but
little interest was manifested until Charley
Singer had shouted himself hoarse trying
to hammer the market, but ne over-pIayed
the part, and every one was locking
around to see what brokers Singer had
employed to buy for him. On the curb
there was great weakness in provisions,
and this had a great influence over the
grain crowd, who acted as though the last
bull prop had been Withdrawn Ii wss
said that some heavy longs acted as though
there was great desire to be relieved of
weaker than for the last two days,
and the bulls we're past whistling to keep
their courage up.
The following confidential circulars we're
fair reports of the market up to the clos
ing call:
Shepard & Peacock say: "Wheat has
been f-mer to-day, and the market after
few downward dips has advanced to and
closed at 80 cents for May. In the way of
news there has been what might be termed
mixture, but simmered down it all shows
quieter feeling, with perhaps shade
more of reinsurance. The steadiness of
tho winter wheat markets occasion
some comment, and also the
steadiness in the foreign markets,
the lattnr having show but little change in
price and not much in tone. This mar
ket must be heavily oversold and the longs
must be men of means, Judging from the
amount of stuff that represents the long
side. Our stocks are large, and the move
ment continues small. Daily receipts are
still quito fair. Corn has been rather
firm than otherwise, and with no great
amount of business doing, prices have
shown 8 strengthening tendency, which
has resulted IN some pretty sharp spuTts.
A irmer wheat market has helped corn,
of course, hut aside from that the mar
ket has shown strength
indicative of better price. A fair de-
mand exists, receipts are pretty liberal,
and although storage room is none too
plenty, still we do not hear of any one re-
fusing TO store any property offered them.
firm feeling in provisions is partly
based on corn, and at the same time helps
this market. At about the closing of the
market there was considerable stir and a
good speculative demand" E"
Robert Lindblom: "Wheat opened
weak under the influence of reported fail
ures and large offerings, but some large
traders covered big lines of shorts and got
long for a turn. Being bears at heart
they will not keep it long. After ten
cent break in as many days reaction OF
a cent is moro than due, and it speaks
volumes against wheat that it does not
react faster. May wheat at 95c now looks
as high as it did at $108 short time ago
and the situation no better. The question
now is not how much the farmers will sell
but how much the elevators can hold
There is glut of grain here now, and il
must be moved at any sacrifice. Corn il
firm and somewhat higher. Lack of stor
age room may prevent the
shorts from filing all theil
sales from the interior anG
the longs may be able TO squeeze a few O.
them. This idea holds the market steady
Provisions are firm, but there are no short
to score and bid the market up.
Crittenden & Harvey: "Wheat openet
at low point to-day and under som
good buying on local and outside order
for long account, helped along by tn,
filling of quite line of short wheat, sup
posed to be for Adams, prices improves
sharply c., but subsequently reacting o.
large offerings, and then later frming III
under good demand from shorts and o,
outside buying, closing firm at nearl
the best prices of the day. The marke