St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-20
The Bears More Reckless and Bold,
and the Bulls too DemOralized
to Show Fight.
Favorable Bull Arguments in Wheat are
not Taken Advantage Of--COrn Mod
erately Active--0ats Quiet.
Trading Exceedingly Quiet in the New
York Stock Markets, but Prices
Fairly Firm.
CHICAGO.
Especial Telegram to the Globe. |

RAASS" 49, 49,
grade. The weakness, however, was chiefly
due to local influences. The bears, who for
weeks have been so successful in forcing
prices down, are daily becoming more reck-
less and bold in their operations, while the
bull element, although favored with. steady
reduction in stocks of nearly all articles and
daily increasing uncertainty as
to the current years crops
are too badly demoralized to take
advantage of the circumstances that surround
them which would, if turned to proper ac-
count, enable them to turn defeat into vic
tory. AS has been the case during the past
few days, the chief interest centered in grain,
the provision pit being deserted and the trade
lifeless. The closing quotations showed a
decline of &c on wheat, &c on corn, &c on
oats and 10c on pork, lard and short ribs.
Lester was the heaviest seller of wheat, and
Murray, Baker, Kershaw and Fleming q
Toyden sold quite freely at times, the two
latter houses selling 900 bushels
for Rouse, of Baltimore. The buy
ing was done by Seymour, Hunt & Co.,
Counselman, Dwight, Bliss and Lindblom,
the latter fighting the market all day to keep
it above the put price-94s4 994Tc, and
taking heavy load, but he was unsuccessful
in his efforts, as the wheat was put, Sanger
letting him have $50, 900 bushels in one lot,
which he bought Of Murray on the call at
945S@%c. 1t was reported on good authority
that 200, 900 bushels of No. 2 spring wheat
has been taken in Milwaukee to be delivered
in Liverpool at $1.07 on zoe freight. Ex-
porters here continue to nibbe round, but
have made no purchases worth mentioning.
The bulls in corn have great hopes of the
rains decreasing the receipts and causing
very poor inspection in the near future, and
although the market weakened IS from top
prices only few of the small longs loosened
their grip. Trading was more general but
Geo. Eldredge was the chief bnyer and cov-
cred good line of shorts. Stuart and Brown
took fair line, while among the sellers were
Webber, A. NJ. Wrigh and Baker, but their
transactions were mostly in small lots.
Ream hammered pork, and Frank Clifton
sold a few jags of lard, and the
general crowd sold ribs, and a number of
small longs were forced out. The boys on
'change delight in stuffng the professor of
the Tribune with pointers on the markets.
A few days ago Nat. Jones and Ben. Stauf-
fer wore discussing the situation when the
professor came up and asked for a point
81 have one,'' said Jones, "Stauffer here
bought 100000 for Armour to-day amt
that so Ben?' ''well'' says Stauffer ''it would
not be right to give my principal away but
the amount seems correct.' The next
4ha ND
created considerable merriment among
the brokers who had been informed of the
Job Stanffer had only bought 100000 du-
ring lhe day, and that was for himself for q
scalp. The committee on market reports for
the board of trade, which consists of j. 81.
Milne, c. A. MAR, and George Rumsey, have
been quietly at work for the past three
months with the object of cutting off the tele-
graph communications from the bucket shops
in all parts of the country as far as quotations
are concerned, but their plans have not yet
been completed, and they cannot be
induced to divulge them. Bnt they
are working hard to get all the arrange
ments in shape, as the market shops in the
country are taking the business from the
board, by Offering to doit for nothing, which
is exceedingly provoking, as it is the country
business that many of the brokers count
particularly on. Your correspondent was
informed to-day by a member who is in a
position to know whereof he speaks,
that the quotations will be under
the control of the board inside of
thirty days. The work will be under
the supervision of a competent man, the
same as the clearing house is now, who wtn
be assisted by able supporters, and the work
done in lhe best possible manner. The
Western Union has offered large sum for
the exclusive right to compile and send out
out the quotations, which has been refused,
the directors not wishing to give any compa-
ny monopoly of the business, and, as the
member expressed it, the Western Union has
not money enough to purchase the exclusive
right to the market reports.
Wheat was quoted dull and unchanged in
the English markets. New York quotations
were without encouragement. In other re-
spects, however, the factors that ordinarily
affect prices were largely in favor of steadier
If not stronger markets. The weather being
wet. and calculated to curtail receipts from
the country, and retard plowing for spring
crop, which it is now certain must go in late.
Advices from central Illinois reported the
winter wheat on fiat land as exceedingly un
promising. The outward inspection aggre-
gated $4,000 bushels, being the
largest shipment for any day
since the close of lake navigation last year,
and Liverpool cable reported the consump-
ton of wheat, or its equivalent in -four, last
week, as 1855, 900 bushels in excess of the
imports and farmers deliveries of home
grown wheat. But these factors had no eff
feet in the way of restoring confidence.
Opening sales were on a basis of 941S@95c:
May receded to 5455Sc, rallied on covering
by shorts to 95N. When such buyers were
filed up there was little demand from any
source, and the market settled of its own
weight to 94ss, with few sales at 94Ic,
and closed at 949sc on 'change.
Later on the call 1866 1000 bushels were
sold, 100000 of it for May. The shorts
again covered and under brisk competition
among buyers the market advanced to g4%c
and closed at 9455Sc bid. On the curb half
million bushels were sold by one house at
945Sc.
Corn was moderately active and prices
Comparatively steady. The speculative Of
ferings for future delivery were not very
heavy and the demand was only fair, open
ing on basis of SIC for May, rcceded to
l56S[c, recovered the loss on fair
buying by shorts, advanced to
5716c. and remained for time between
(56TS@57c, but the weakness and break of
/ &c in wheat caused decline to 561Sc, and
esOsed on Change at 5611@56%c. Later on