St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-24
BULLS AND BEARS.
Both Had Their VictOries-AD Drop
in Grain and an Upturn in
Hog Products.
Wheat Declined to Close of 98c on
Change, With No Bright Pros
poets for Rise.
Pork Active on Local Speculative Account
Cattle in Better Demand and Prices
Shade Higher.
Wall Street Market Inactive, Fears of a
Railroad War Being the De-
pressing Cause.
CHICAGO.
Especial Telegram to the Globe. |

CHICAGO, req. 23.-Graln gradually
dropped to-day while hog proeucts had quite
an up turn. Before the hour for commenc-
ing business on change there was very
prominent bull feeling. 1t was largely due
to some dispatches from different points on
the Illinois Central railroad in the southern
part of the state, which reported the ground
bare and thoroughly frozen. These dispatch
es were accom- panied with buying orders
which advanced prices &c over the opening
which was 1sc over the closes of Thursday.
This gain was soon lost however by gener-
al onslaught by the bears and the
closing of lot of trades stopped
at 9S15@o9S, and the market finally closed on
'change at 975s09S for May. On the curb
there was but little disposition to trade and
May wheat was weak at 975s. Nat Jones,
n. B. Ream, Charley Singer and Jacob Cado-
| hy are now reported short on an immense
quantity of wheat, and they act as though
they intended TO hammer the market down
to a point where they can safely cover.
wheat appears to have but few friends.
| Minor, Richards & Co. say: ''We cannot
| see anything at present that is liable to put
| prices up much, only as the shorts may
cover. 1t will, in our opinion, take large
buying and by strong parties to turn the
course of the Market
Shepard d Peacock say: sit seems now
that we must get either an actual demand
| for wheat or else must get reports Of damage
to winter wheat, before we can draw either
support or outside orders enough to amount
to anything
Crittenden s. Harvey say: ''There is
nothing i'll the situation to warrant antici-
pating much of a bulge right away outside
of the large short interest and low prices pre-
vailing."
Robt. Lindblow & Co. say: ''The old bulls
are tired and disgusted and we see no signs
of any real bull movement, or any cause for
it. In two months this May wheat will have
to be paid for, and half a cent storage after
| that.''.
Mccormick, Kennett & Day say: ''The
crowd are all short, and low prices and re-
ports of damage TO winter wheat, which are
sure to come next month, will cause a rush
to cover and a sharp upturn. If you buy
wheat at present prices it may go cent Oh
two lower, but you will have an opportunity
to sell it at about 81 100 sure.''
A. NJ. Wright 81 Co. say: ''The trading
was largely between local operators, and al
though there is very little outside deman,
for any purpose there are reasons for think.
ing that the large selling of the pas
few days has created heavy short interest
This with the present unfavorable condition
justiies the opinion that, inasmuch as price
have already receded 4s4c from the poin
from which they turned down the risk of sell
ing short must be largely increased, ,and thos
who desire to do so will do well to conside
the contingencies eof q weather scare
and the temper of the bull crowd, VIII
are ever on the watch to take advantage O.
any circumstance calculated to aid them il
squeezing the shorts by manipulating prices
for an upturn."
SIilmine, Bodman & Co. say: 'The gen
eral situation must change materially favor
ing the bull side during the next month, els
they will be sold out of existence. We thinl
pru dent holders had better be trimming thei
sails now with this end in view. Every da
now is just SO much nearer the crop, fac
that should be kept steadily in view. Th
bear feeling is increasing rapidly now and
, we are nearly converted"
; Corn was moderately active, but the dc
mand was chiefly to cover shorts. Price
l were irregular and business destitute of vim
$ Opened shade higher but receded &c, an
after repeated fluctuations in which price
followed wheat up and down, closed at abor
the same as Thursday. 1t was said that bot
buying and selling orders came from Ne
York, but the failure of the market to brea
. was chiefly due to the support given by lare
holders, as the legitimate influences were N
calculated to increase confidence in futul
values, the weeks receipts being 591, 500 busl
els over the shipments, and larger than fc
0 the same week in the four preceding years
Oats and rye were both dull and price
:. remain about as they closed on Thursda
May oats, 36asc; rye, 62Ac.
Pork was active on local speculative a
count, but values very irregular. 1t opene
firm and 20025c higher, the advance bein
engineered by combination Of large oper
tors, majority of whom are packers, the
object being to squeeze the shorts and NAL
them settle, and at the same time enab
At them to sell lines to outsiders, in both
e which they were successful, as the shoI
g seeing their position bought in at ono
D. while the tailers thinking another up ra
4 was contemplated took the bait freely. Sc
y er option for May delivery opened at S18.
- 618.50 but under large offerings decline
If to $1S25, when the bulls rallied it to S1S.5
10 1t closed at s1s.371l@1S. 40.
to Lard was without new features of legi
n mate character and business was confined
v local scalpers. 1t opened 10c higher in syl
/ pathy with pork. The market opened
= $1,000 for May, declined to s9.S719 al
=. closed at s9. 5000. 9.921z.
l. The receipts Of cattle at the stock yards
20 day were about the same as last Saturds
s. but for the week ending tonight about 80
i, less than last week. Under light receiE
S; and an improved demand there was an acti
"a market, at shade stronger prices than "
y terday. The market closing 15@25c high
~ than the first days of the week, yet only
1e shade stronger than last Saturday. Abo
le everything salable in the shipping and dress
d, beef line was disposed of at an early hol
to The stocker and feeder trade was dull, wi
r but few buyers, and rather inferior lot
e stock to select from.
10 10 Hogs came in 5000 stronger, though abe
" 5000 less than last Saturday, but for
an week about 1000 ahead of last week The
of was considerable activity for Saturday, a
MT the common light sorts that have been so {
Il, ficult to dispose of for the past two or tn
ne days were in more active demand, two
three fresh buyers making their appearar
,r- on the market For light there was little
No | no change in prices Common and ron