St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-31
MUTUAL SCALPING.
The Markets Dead or Dying
for Lack of Outside
Investors.
And the Scalpers Have Only Each
Other to Make Bald
Headed.
Stocks Lifeless, Wheat Dull and Corn
and Cattle the Only Firm
Stuffs.
unprecedented Large Receipts of Oats at
Chicag0--CautiOus Advice from
Brokers.
CHICAGO.
SPECIAL Telegram to the Globe.l


almost entirely local in their character, the
most striking feature being the independence
which corn showed of wheat, although the
advance on the former was mostly lost at the
close. Provisions were quiet and dull
throughout the session, although the com
bination that owns the property
held all speculative articles Of
hog product steady-their obiec
being to keep prices up with a view to in
ducing outsiders to come in and buy; but
the latter have been trcked once too often
and are apparently willing that those who
own the provisions may keep them until
there is an actual demand for consumption
| Closing sales showed a decline of &c on
wheat and an advance of &c on corn and
25lc on pork, but lard, ribs and oats are the
same as last night. A comparison of prices
a week ago shows decline of 55sc on wheat,
| sc on oats, 219@5c on pork, 50715c on
lard and 2119c on ribs, and an advance of IS
on corn.
The wheat trades as a rule were more anX
ious to close up their business and get out FOL
time, as the feeling is unsettled and the
markets having passed the panicky state fOl
time, prices are so low that few dare sell il
and the majority are afraid to buy, as they
deem the outlook too uncertain. The packing
| crowd who bought heavily yesterday and the
day before, were heavy sellers to-day, al
though Singer and Ream bought heavily at
the opening and sent brokers in
to sell when the maaket was up
The crowd, however, tumbled to their game
and sold the market down on them before
Poole, Kent 4; Co., Cudahy 81 Steners. Com
stock and Armour bought considerable, but
Comstock dumped his before the close
Hobbs sold all day, and is said to have let 90
all his purchases made ON the break. A
250,0 900 bushel lot of No. 2 spring was ex-
changed for May at 4&4c difference, suppos-
ed to be for shipment, which swefls the
amount taken during the week to 1,75O, 900
bushels. The amount withdrawn from
store for shipment for the week, how
ever, is not over 100000 bushels.
but a large increase is looked for the coming
week.
Corn acts independent and shows more
strength, having plenty of friends who be-
lieve in higher prices and look for decreased
receipts and increased shipments The short
interest in May is said to be large, and, as
the market acts stubborn they have begun to
cover freely, and it was chiefly due to their
buying that the difference between May and
June was narrowed from &c to 5IQ35c at
the close to-day. Baker, Lind
blom, Comstock, the Linn Bros,
and the packing crowd were heavy buyers on
long stuff while Rcam and Trolley sold freely
at times with little effect. Nat Jones disap
peared to-day and his friends say he had gone
south for rest, having scalped enough out
Of the boys the past week to last him the re-
mainder of the season. David Bows u Co.,
and other large corn operators who have sold
May and June against their stock in country
cribs are said to have covered
their shorts on the recent break, and are put
ting them out for June and July.
The wheat market was not so buoyant, or
trading as large as on previous days, and
most of the business was between local
scalpers, outside orders being light. Gables
were dull, and receipts good, with the pros
pect of an increase next week Opening
sales were on a basis of SS55@8915. May for
No. 2 quickly declined to $50, when liberal
buying by the ''provision crowd,' and the
execution of orders from the outside
showed prices upward. The tailers
all joined in for a scalp and prices appreciat-
ed to 8914, from which they receded under
the pressure of free selling without a cores
ponding demand and closed on 'change at
SS1508S4. June ranged at 154@14c and
July at 215c over May.
Corn was more active and stronger and
showed more life than wheat. The receipts
were 178 cars, AZ contract, against total of
1874 cars yesterday. The shipping demand
was good for low grades. The move
ment for the week, however, shows
an increase of 327, 900 bushels,
OF receipts over shipments. Liverpool was
stronger and better feeling was impaired
The first sales of the day were at 564@Tc.
At the same time it advanced under free
covering by shorts to 5715c, when the boys
commenced unloading, causing a reaction
to 5635c, and the market closed firm at 5634
(056% BID. June ranged at 57(057ISc, and
closed at SIC; July at 5S19@571Ic, and
closed at 5S39c. Gilt-edged receipts of No.
sold at $4,000; new mixed, 51@511zc;
rejected, 48c.
Oats were less active and the market def
Gent in intrinsic support, the receipts for
the week being larger than any correspond
ing week on record. There was scarcely any
demand for futures except to cover shorts
and prices receded 1l@1lc, closing nc un-
der the last sales on Change yesterday. Rye
was weak and without special change.
Pork was quiet, and although the provi-
sion ring managed to sustain prices, trade
was without features of interest. Fluctua-
tons were confined to range of
at s17 9O017 90 May, being the same as the
last sales on change yesterday. Lard like
pork was dull and featureless. As leading
holder expressed it ''trade was dead.''
Prices showed range of 7115c per 100 pounds,
opening at S9.4219@9.45 and closing at
SO. 371509.40 May. Short ribs were dull and
scarcely sufficient sales were reported to es-
tablish prices; opening at s945@9.471l
May and closing at 50 .421z@9.45.
Packing since March 1, 100000, against
1873, 900 the same time last year. Estimated
receipts of hogs for next week $4,000.
Receipts of cattle to-day were 1900, and
for the week 1854. Half of the mornings
arrivals were for Armour & Swift, who had
purchased them in Kansas City. There was
good call for the limited offerings, and the
market was firm and a shade higher on
choice shipping and dressed beef stock.
Cows sold at $2@4.5O as to quality; bulls
s3.5O@4.50; light steers s5C05.5 50; shipping
and dressed beef steers $5.6O@5.SO export
steers s5.95@6.5O. Receipts of hogs
for the week were 1900 against