Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-02-08
A BEARISH MARKET.
Wheat Under Speculative Influences
Opened With Rush.
BUT GRADUALLY SETTLED DOWN.
Corn Opened High in Sympathy, but
Fell On Large Receipts.
FLUCTUATING PRICES In PORK.
Hogs Steady at the Prices Of the Preyi.
GUS Day.
WALL ST. UNDER BEAR INFLUENCE
Ce.. trail Pacific Leading the Decline
Increase OF Il. z. Earnings.
CnIGAGOs
Ispeciai Tel f.ram 70 the Globe.

The ''slorts'' in pauic. Tho countryuea, or
scch Of them as we're trading, buying; bat with
big traders saliing OAe commission man, who
had left word at his Office for wholesale calling
of margins from those who were ''short'' on
wheat his books, upon reading the pit and
! observi, the situation, sent message post
hast. t. his office countermanding the call.
''Ihe maraet'li break" he said, ''let the shorts
alone.''
For long while wheat refused to break. The
May option adga lced further than IL did yester-
day and touched $i.e825. A. the very top
country toilers were more anxious than ever to
get in, but they found ro trouble neither did the
shorts in covering. The price of wheat then
began to slide down. From Sl.0l3l it got
down to Sl.001a then it went back again to
$l.Gl, but before the close the situation for the
day became palmer. Nervous shorts by pay
ing big price had got their property back
Country and other outsiders got what they
wanted too and there was still pleanty for sale.
The excitement sab5ided and figures declined.
Wheat was, ali day-or at any rate during the
time of the most active trading altogether un-
der speculative influences. 1t went up because
there general alarm among the shorts, not
not because there was announced big decrease
in the visible supply. When the break came
prices went down because the shorts were filed
up and there was more for sale than outsiders
wanted, no: because the weather over the winter
wheat district was reported as moderating So
far as influences other than those just about the
trading pit are concerned, they were conflicting.
For instance, word came from New York thal
there was decrease of ], $50, 900 bushels in the
visible supply of wheat; but on the other hand
private and public cables all told of weak
market on the other side. The flood was GER
tainly very bad in the Ohio valley, but the mer-
curry at Kansas City wes creeping up. There
was little choice SO far as those things were con
cerned between the bull and bear side.
Corn was under the influence of wheat early
in the day and May option touched Coo. Then
receipts were posted aad 1t was found that they
were very large Corn became weak, not only
itself but helped the feeling about the wheat pit,
which about this time hssl become little BEAR
ish too. Dispatches from Mr. Walker at New
York showed that there had according to his
figuring been an increase of ,160 GOO in the Wis
ib supply of this grain. With 4S7 cars of corn
on the track, of which 158 graded No. 2, and
with an increase of 50 large quantity in the
amount OF corn in sight, it needed no extraor-
dlnary tactics to break prices.
About the provision pit there appeared to be
the same condition of affairs as in the grain
crowds. Big traders were sellers. Fowlers
appearedato be holding the price of lard, while
brokers we're selling. McKenny and Robson
were the largest sellers OF pork, especially of
May option. May pork sold as high as SIT 80
and as low as $3.50. 1t closed at SIT .55@
17.571S. May lard sold up to So. and down
to $3.50. 1t closed at $3.50. Jones and Ream
sold heavily of wheat, and they are set down
unloading May wheat closed at Sl.0tBG
l.0O15.
May corn 1t 5911Io.
In provisions on call the feeling was strong,
but transactions small. May pork closed at
l7.721Sgl7 IS; May lard at 50 .85@s9.S77s. J.
Ramsey and Hobbs wsre sellers of corn Gift
ford bid 1O8 on 1000, 600 bushels red winter
wheat for May, but took none of the small lots
offered him. May wheat closed at lO01s, and
May corn at 5735. On the cash pork, lard and
ribs made a small advance; wheat was stronger
for March. but weaker for May. Corn was steady
and latest quotations for May operations were:
wheat, SiG03S; corn, $685. oats, 81 ~; pork, sl7-
10; lard, SO. 50; ribs, $3.50.
CiLindholm lays: ''Wheat has been very un-
settled Opening with rush it gradually
settled down In the absence OF the expected
demand from outside. The fact seems to be
that ortsders already have ell the wheat they
care about and are waiting an upturn to sell on.
Local longs also sold wheat and there is vir-
tually no s4ort interest here" Receipts are fair
and somewhat in the excess of shipments. Snow
has fallen in Kansas and Nebraska, which
affords protection to wheat. The foreign mar
IN IL 4ho4
Adessa has ten million in store ready to ship
when navigation opens is not cheering news
for the balls. On the whole local disposition
is in favor of an upturn, but the tremendous
stock remains.
There were few s'nal export orders for -four
received, but not much was me IN way of fill
ing them as holders asked more than buyers
were willing to pay. Local requirements were
again light and easily attended to, and the mar
bet re nainei quiet at former prices.
To-day's receipts OF cattle show an increase
over the corresponding day last week ard for
the week ended tonight, an increase of about
/ 1000 The market generally was rather unset
tied and weak with lower range of prices on
all grades os fat cattle except, perhaps, the very
best. TIE general decline in medium and
common may be placed at 10 to 24c.
This decline applies to almost al sorts
of cattle bought by shippers and for the dressed
| beef trade Butchers stock re lains about
Steady and there is little or change to note in
stockers and feeders. The high prices for COM
mon and half fat cattle prevailing here for the
past two weeks has somewhat excited country
| shippers, as they have been paying too high
prices for such in the country. This stock is
| now arriving and being marketed at consider
| able loss to country shippers. This is old,
old story, and happens as often as the same e1-
plantations are repeated. Although it is aim, st
a certainty that sharp ard unexpected advances
in this market are followed by sharp and dowr-
| ward turns. country buyers fancy that if the
market advances one day it must continue to do
so till after they market the stock they have
bought On the excited state of affairs in Chicago
The receipts Of hogs were 5000 more than for
the corresponding day last week, but for the
week SO far some $4,000 less than last week
Trade is quiet; prices irregular, but on an aver
age steady. Some sorts, that is those with good