St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-03
CHICAGO.
Especial Telegram to the Globe. |

| up from st. Louis to number OF people that
wheat is going to 90 cents and perhaps to So
cents, and that corn will go lower than any
bear ever dreamed The speaker was Mr.. p.
Moore, formerly known as Jumbo in st.
Louis circles of speculation, but who hay
ing graduated with honors from
the Office of Milmine Bodman &
Co., now represents Crosby & Co. on the
street. 'tMoore has got the st. Louis
disease bad" said a well known broker,
''and he wont recover until he finds some
pleasant day that while the astute Fraley has
been encouraging the chronic bears
of the city of the big bridge to
sell large lines of stuff, he himself has been
prudently going long in Chicago on pretty
extensive scale. Fraley is reported a seller
here of both wheat and corn,
but he was similarly classed
during the continuance of the New York
scorn deal. When the January corn deal
was arranged and ended, it was said, how
! ever, that he had added to his bank account
several ciphers with some numerals prefxed,
while all his friends in st. Louis had beeu
PEELED TO contribute to the winners pile.
| However, it may turn out in regard to
Mr.. Fraley's property in the future, the
markets were in accord with him to-day.
The markets on 'change were dull and
grain weak and lower, while provisions were
stronger, averaging higher, but trading as
usual was confined to local operators. The
light receipts OF hogs for the week and the
falling off in number and weight during the
|
terday, is calculated to inspire confidence in
future sales, and would do so had not previ-
Gus speculation kept all packing
house products from going into
consumption and thereby largely
compensated for the loss in number and
weights compared with the preceding years.
The receipts of hogs here for February ag
gregated 500, 81, and the shipments, 49,,
572 head, against 455, 2S9 head received and
112, 500 shipped for the same month last
year. The average weight last month was
218 pounds, and 24S pounds for February,
1888.
Wheat was weak and lower. There were
querce. New York and Liverpool dispatches
quoted quiet and rather easier markets. Adj
vices from Russia stated that stocks at the
| leading points Of accumulation in that coun-
! try were twice as large as at the same date
in 1898. There was also considerable disap-
pointment that the cold weather of the past
few days had failed to bring large buying
orders. At the opening of 'change 1.-the
bulls attempted to make stand and
the first sales were at97@9Sc May, for regu-
| lar No. 9, but the absence of outside support
in the shape of buying orders for an adj
vance and the other influences referred to
alone increased the disposition to sell by
small holders and the shorts and the bulls,
finding the offering larger than the market
could absorb at any thing near the opening
figures, Withdrew, and prices gradually set
tied to 97c and closed at 97Xc,
the late weakness being largely due to pros
poets of better weather and reports that adj
ditional snow has fallen on the winter wheat
fields. The weather is likely to be an i'm
portant is not the chief factor in influencing
prices during the next thirty or sixty days,
and those who wish to sell short will do well
to consider the contingency to which they are
likely to be exposed by fall
in the temperature, and the additional
| fact that further decline of
consequence will be likely to induce de-
mand from Europe, At present however,
the bears seem to have the advantage and
may secure further decline ere a substan-
tial advance occurs.
Milmine, Bodman & Co. report: sCorn
has followed the course of wheat closely,
opening at about 572c May; declined to
| 5714c with liberal trading all through, clos
ing at 57@Tc. Tie general local senti-
ment here is not so bearish on corn
as on wheat, and the shorts are
disposed to buy on weak spots and sellers
are not disposed to stay on the short side
long, generally taking the first profit that
shows. There are some outside buying Or
ders here for the long futures, chiefly the
July option, which is selling to-day at $3.50
Coo. We think, perhaps, this July corn will
be safe purchase if we get another half cent
decline. The movement continues fairly
liberal. Receipts to-day were 1926 cars,
of which SO graded No. 2. The shipping
demand for low grades continues good
Prices are nominally unchanged, and al
though such large per cent. of receipts are
of these low grades, still the consumptive de-
mand has been sufficient to absorb them.
This demand, we think, likely to last well
into the summer, and perhaps increase for
the next sixty days.
The most weakening effect upon the mar
ketwas the attitude of Robert Lindblom. He
offered corn in large blocks. The largest
sale he made was quarter of a million of
bushels to Seckel & Co., at 5719c. Among
the prominent sellers were Nat Jones, Boyn-
ton, Beings and Hough.
Pork opened firm and under fair demand
to cover shorts, prices advanced 171S@2Oc
per barrel oyer closing sales on yesterdays
afternoon call. May delivery sold up to
S1S.1715, fell to $1S.05 and closed at SIS. 10.
| @1S.1215. The chief, if not the entire BUSH
ness, was between local operators. The de-
liveries on March contracts were only fair.
Lard was quiet and slow, the demand was
confined to shorts and scalpers, the offerings
being moderate but the feeling stronger and
prices 5@71ac per 100 pounds higher. It
closed at S9.6712@9.7O after selling strongly
at s9.7219, May.
Short ribs were firm in sympathy with
pork and lard, the offerings moderate; de-
mand to fill shorts fair, some of the bears be-
ing induced to cover by the heavy decrease
in the number and weight of hogs packed
during the regular winter season just closed
Prices advanced 1O@15c per 100 pounds !;
sales were made at S9.35@9.4O for May and
the market closed at s9.35@9. S71S. Other
meats were quiet and firmly held but de-
mand small.
The rule against trading after hours was