Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-16

can hardly be true, for ne has been sick.
and yesterday was bis first appearance on
the board after an absence of ten days.
During the day Trego, Buel Gaylord
were buying on the call. Lindblom and
Lester joined in raiding the market and
produced very weak feeling, as their
movement was accompanied with appar-
emily well-authsDt ticated report of the
failure Of George n. Pullman, which later
in the day was authoritatively denied. 1t
was believed that Ira Holmes
WAS Lndbiom's principal. On
the call 1,395,000 bushels of May wheat was
sold at 98$a@9858. The weakness, how
ever, increased On the curb and transac-
tions at 981s were reported. Murry,
Nelson & Co. are reported to have bought
100000 bushels on the curb at 9858. There
was less margining today than any pre-
vious day for week, and many believe
the worst is over, still there is plainly two
sides to the MARKET as can be seen by the
following expressions:
Robert LindbIom & Co. said sc When
we say that wheat has ruled steady We have
said al there is to say about it, and we
have no special features 10 note. Opinions
are about equally divided, and 90 are the
arguments. The bulls havs had another
scorching, and are financially weak, while
the bears have courage and money BOTH
This is important in progposticatiDg the
market, but the price is the strong bull
argument.
Mccormick, Kennett & Day: "Wheat
active and irregular; cables dull, lower
and receipts larger. New York sold heav-
lily all day, ard several local shorts cover
ed large lines. There are rumors that
Geo. M. Pullman is embarrassed, and con-
f1dence has been so shaken that wheat
seems to have few f. ie Ids even now. If
half the failures predicted take place to-
morrow, we will have a small panic. But
those who are in shape to take advantage
of the break and buy will come out ahead.
! The market is immensely oversold, and if
the shorts doa't cover before confidence is
restored, they viii get badly left.
Wheat shows better tone than for some
days. The market opened little below
yesterdays closings and advanced I1@c
sharply, and from that point weakened,
and under rather free selling by local
parties declined nearly 1c, rallied subse-
quentiy TO nearly the best prices of the day
and closed firm. The market acts sensl-
tive and we are inclined to look for some
improvement in prices. Trading in
speculative way is now on large scale,
and outside trade is improving. Prices
have been greatly depressed owing to un-
favorable news from New York and dull
foreign markets. The low prices prevailing
now should and we believe will attract
good buying.
A. Fl. Bliss, who has for months past
been the biggest kind of bear has
Topped" 1 do not think he said to day
there is anything temporary on this pres
ent advance and generally better feeling
IN the market. I may be written down
an ass but nevertheless you may put me-
on record as prophesying that the bottom
has been reached and that henceforth we
will have higher range of values in |
about everything. With the present CON
dition of acreage, damage, etc., existing
next summer we shall see wheat
between $l.15 and 81 20. |
If the damages or short crops intervene, or
the acreage proves smaller than now re-
ported, or an unexpected European de-
mand springs up, there is no telling where |
the price will stop. Under certain condi- |
tions 81. so for wheat would be cheap. I |
am just as big bull on corn as on wheat.
put the price of May corn at 500. This is
my judgment, and have got lots of the |
other fellows money to back it up with" |
and as an unusually hearty yell rose up |
from the wheat pit the big bear waddled |
away to see how much he had made on his
last so.
The stock of corn at this point shows an
increase of over a half million bushels |
during the week. The receipts to-day |
were 708 cars, and yet with occasional
weak spots of short duration the market |
was a strong one and the |
opening was the lowest point
of the day even after the market had been
raided and demoreIized by reported fail
ure. Brokers were buying for local as
well as outside parties.
Lindblon1 said "there is an absorption |
of offerings in quiet way and it is hard
to buy corn even in weak spots.''
Jack Cudahy was again good buyer
although he started in to sell cautiously at
the opening Of the aession.
Shepard and Peacock say: ''With &C.
casional weak spots of short duration this
market has been q strong one and main
tanned itself to the close which was firm
at about the best prices seen during the
session. Some good buying orders
were on the floor and the market
throughout showed tendency to move
higher. Large receipts had no effect to-
ward depressing the market. There was a
demand from various sources, and brokers
were buying for local as well as outside
parties. Corn and provisions are moving
together and both are firm"
Henry Wallace & Co., say: "Corn was
shade higher With active tendency. The
majority of our local operators are in
clined to take the long side Of corn for the
present, although receipts were larger to-
day than expected. Throughout the day