St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-28
"Old Hatch" and Armour Appear as
Leaders of the Bull Forces
and Bring Recruits.
Futures Sold On Call to the Amount of
2,7O0,000 Bushels, but with Little
Change in Prices.
Wall Street Operators Badly Disappointed
at Gould's Not Coming on the
Street to Operate Against
the Decline.
CHICAGO.
Especial Telegram to the Globe. |

decline went further, it would spread
to other branches of business, put brokers in
the market and took heavy blocks. The
knowledge that he was buying had the de-
sired effect and prices at once commenced
10 react upward. The bears fearing that the
'old man. might give them one of his old
time turns quickly stopped selling. It was
also discovered that Armour's brokers were
buying and had taken 1,0O0,000 bushels
cash for export. This gave the little bulls
courage while the bears, seeing
such operators as Armour and
II tchinson in command of the
bulls began to think it time to call halt and
cure their profits on shorts which were
growing smaller on every upward turn in
prices, and there was scramble to buy.
Edward j. Martyr, manager of Armour's
shipping department, says the cars are going
TO the elevators as fast as they can be loaded,
and that they bought the wheat because they
considered it cheap. Large blocks were also
taken for export by other parties, and there
never was a time before when 1,500,0 900
bushels were taken for export to Europe with
in week
The bears started another raid on wheat
this morning, but were brought up with
round turn. When the bell tapped at $3.50
there was grand rush for the wheat pit.
Everybody wanted to see and very few buy,
and the excitement through the first half
hour bordered on panic. There was no
regular opening the first sales being within
a range of 1lc at 861S@S7c for May. AT
the same moment in different parts
of the crowd there were large
sale of long stuff on which the margins had
become exhausted, as the brokers were un
certain as to what the market would do and
fearing still further decline. They sold out
their holdings at the best price and at the
moment, in order to protect themselves.
The decline the past four days has increased
the orders from outside to buy, as present
prices are regarded very cheap. Specu
lative capitalists argue that it can
not go much lower; and the chances
are that there will be a good reaction
that will afford them an opportunity to un-
load at profit. Trading to-day was accord
ingly large, but not in as heavy lots as dur
ing Tuesday and Wednesday. The great
bulk of the business, however, was on local
were covered and more longs wiped out, the
chief aim of traders was to even up and see
exactly where they stood. The decline has
been so sudden and severe that some of
them have become badly mixed and it
will require day or two to
straighten things out. The air was full of
rumors of failures, but the only one of any
magnitude that was announced was Shepard
& Peacock, which had little OF no effect on
the market.
There was more export demand and re-
ports of heavy engagements of cars for
prompt shipment east, and, after the furry
of the first half hour had subsidized operators
began to see that they were more scared than
hurt. The shorts began to cover
freely, with strong buying for an upturn,
and prices rapidly advanced 2021s,
touching SS5Sc. The sharp reaction brought
out more sellers, which resulted in decline
to 873sc, and for some the price fuctuated
between S75s@SSlc. The buying of Roche,
Singer, Holden, Stevens, Hamill g. Brine
and Lester and others sent values up again
to S8Sc, as the crowd had become tired of
selling, were afraid that they had already
sold themselves into a hole, and were anX-
lous to get out before prices advanced any
further and thus wipe out their profits on
former trades; and the market closed on
'chaDge at $500 with strong feeling.
There was considerable trading in the way
of buying May and selling June at 111a@2c
premium. July also attracted considerable
attention at 1a92c over June.
Later, on the call, trading was large, ag-
gregating 2, ,70O,0 900 bushels 1,6OO,OO bush
els being for May at SS1l@sec. Singer was
he heaviest buyer, taking about 100000
bushels, Charles Van Kirk selling
him 100000 bushels June at 9O2lc. The
Other buyers were Eldredge, Kirkwood,
Stewart and Fraley.
Upon the curb trading was active, and &c
advance was secured, but not maintained,
the last sales being at S9@S911Sc.
Corn was less active, and to q certain ex-
tent, followed wheat, opening weak at the
inside figures, and closing at about the
highest prices, the first sales being on
basis of 532l@54c May,s although the only
support was in the moderate receipts
Dnly IT'S cars being inspected,
5S of which were contract, while
the adverse influences were numerous,
including lowerE quotations from New York
and Liverpool, splendid weather, reports that
spring plowing had already commenced in
the southwest. Shippers also continue to
discard No 2 as prices here are above
any other market in the country The bulls
seemed determineds.to TO hold.. the market and
though there was little demand, except to
cover shorts, values advanced to SAX and
closed on changed at SAX bid.
The principal buyers were Boyn-
ton, Comstock, Poole, Kent & Co..
and Robert Warren, and among the sellers
were Millmine, Bodman g. Co., Geo. Parker,
Fraiey and j. w. Burns, who claim the hon
ors of being the heaviest corn trader of the
day. His sales, however, were said to be of
long corn bought at 55c.
On the call stronger feeling developed,
May selling up to 5514c, with free purchas-
ing by Kirkwood, Baldwin, Hobbs, Rumsey
Bros, Bryant. Cudahy g. Stevens,
and Seymour, Hunt & Co. There
was fair selling by Lester, Poole, Kent g. Co.
and Murray IL Nelson, but transactions were
in small lots compared with other days. On
the curD traley was a Ree seIler ana tne mar
ket weakened to 55c.
There was good demand for the lower
grades for shipment both east and south,
some orders being received for rejected and
new mixed from North Carolina.
Oats, as usual, followed other grain.
The receipts included 14O cars. The volume
of trading in futures was liberal. Prices
aduanped 3L0Lc and closed strong RIVE