St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-20
Owing to an Increase in Amount in
Store and Heavy Selling by
Leading Packers,
May Pork Declines 80 Cents. and
Other Articles on the List Weaken
in Sympathy.
Some Slight Indications Of Friskiness
Among tn Bulls Around the Wheat
Pit.
Heavy Decline in Pacific Mail Causes husi
of Sellers, but Other Stocks Not Much
Affected.
Chicago.
rnanial to tha Glnhe

Chicago.
Special to the Globe.
CHICAGO. March 19.-This was day OF
unsettled values in leading speculative ar
hcles on 'change, there being but little SYM
pathy between them. Wheat opened higher
and under free coverings by the shorts
closed at an advance. A bad break in pro-
visions at one time threatened to swamp the
grain list, but both wheat and corn cut loose
from the depressing influence of the provision
market and thereafter stood on their own
merits. Corn was fairly active and steady,
closing little higher. Heavy selling by the
packers forced provisions down to
THE LOWEST POSSIBLE NOTCH,
and many weak holders who were unable or
unwilling to put up additional margins were
forced to sell out. Briefly stated, the markets
closed &c higher for wheat, nc higher for
corn, 30c lower for pork, sc lower for lard,
and 15c lower for short ribs.
The boys in the wheat pit made great
deal of noise but did not transact heavy
amount of business. None Of the big
operators seemed to care to buy or sell.
1t was pre-eminently waiting market.
Outside parties were evidently holding OF to
see what truth there is in rumors that winter
wheat has been badly injured. But with
light receipts and better cables the market
opened firm at 150Hc over yesterdays clos
ing, May wheat selling at 1910 and adVanc-
Ing to 7955c.
THERE TIE MARKET HUNG FIRE
for long time, and while trading was quite
liberal, it seemed impossible to get it either
above nc or below &c, both
sides striving for the mastery, but
weakness in provisions came to
the assistance of the bears and they sue
ceeded in selling the market down to 795c.
Here further reports Of damage to crops be
ing received, and later cables quoting de-
dime Of 2-16 in cousols, the market cut
loose from all its surrou ndings and advanced
10 80Hc, the highest point of the day. OF
ferings were light during the morning SEES
sion but this afternoon increased, and at the
outside figures touched were much in excess
OF requirements.
THE MARKET WAS STUBBORN,
and on its face, strong one all day, but this
was attributed to the position Of local traders,
who upon signs of firmness are anxious to
provide for previous sales. The principal
circulators of crop damage were those opera
tors who are afflicted with "bulish" tendeu-
cies and who still continue to talk 75c for
May option. The unsettled condition Of the
weather had tendency to break the market
down, but reported good export demand in
New York held the price steady. Scaping
deals prevailed and no heavy transactions
were reported. At the close, under the
heavy offerings mentioned above, May de-
clned &c from the highest point,
closing firm at soc. March
opened at 7435c, closing at 74Hc.
April closed &c higher at 75Hc, and June
advanced re, closing at SIC bid.
The continued severe cold weather has I'M
doubtedly increased the anxiety in regard to
the growing crop, and the reports from the
country are now quite unfavorable; but In
many instances the senders are no doubt long
on the market, so that the swish is father to
the thought" No matter whether there be
any real damage or not there is no denying
the fact that the market is feeling the inlu-
ence of these reports, and creating quite
GENERAL DISPOSITION TO BUY FOR A RISE.
As this market is badly oversold, these
bad crop reports are responded to
more quickly than usual, and it will be
very easy matter now, on lower consols. or
any exciting news, to cause stampede
among the shorts and scare them into cover
ing AMI advance values again, as they did
before. We are likely to have a weather
market now for a fortnight or so, and fire.
quent and unexpected changes in values;
kind Of market too, on which outside specu-
lators always experience much difficulty in
securing profits, aud there are likely to be
SOME BADLY sHoRN LAMBS
before the end of the month. Operators are
still contradictory in their daily reports,
and 1t is almost impossible to predict
with any degree of accuracy what a day may
bring forth. The river districts below st.
Louis and Central and Southern Illinois re-
port the wheat In very bad condition, the in
jury being estimated now at from 30 to 40
per cent. Farmers are said 10 have stopped
selling their wheat In the Southwest, being
induced 10 hold on by the bad crop outlook.
The volume Of receipts, however cut but n
little figure, the present stocks being so large
that no receipts Mt all would hardly affect
prices The market is not regarded as
strong as 1t appears tonight, however, and
there are very few operators who expect to
see the advance OF to-day maintained, al
though there are some who assert that pur-
chases on soft spots will net good profit, in
view Of the crop scare.
corn WAS FAIRLY STEADY
and firm. Trading was about up 10 the average
and the situation generally was without I'm
portant change The feeling at tho close was
firm, with ruling prices about the outside Of
the day. Cables quoted Liverpool in good
demand, prices Ia higher. In Londou
more inquiry; nothing Offering and prices
unchanged. Owing 10 better cables
and irmer wheat the market opened
frmer at &c over Yesterdays
closing. May corn advanced to Also, but,
with the break in provisions and weakness
IN wheat, It sold down 10 al NC, but, like
wheat, it cut loose from provisions aud adj
vauced steadily to age. closing at AZ &c.
The market ruled fairly active throughout
the entire day, and the general feeling
SEEMS To BB GROWING STRONGER.
Car lots were in good request and the
shipping demand to-day was more urgent, at
fully yesterdays prices. For the first time in
many years small lots of 1000 bushels
OF corn aud upward we're dealt in
on the regular board OF trade to-day,
aud IL viii probably be continued
IN the future. March opened at 81 &c, clos
Ing at S12.c; April at $3.50, and June a;
4lalc.
VAIs WE'RE STRONGER
under fair speculative inquiry. aud in sym-
patty with wheat and corn, though there is
no important variation In prices to note.
May opened sc higher sold up to SAKE.
aud closed a, that figure. March closed nm.
changed at 9Ttfc, and April at sTs<c. June
was no; in request and no sales were re-
ported.
THE PROVISION PIT
attracted more attention TO-DAY than auy Of
the others. The May option was largely
traded in, aud the price shrank
S7L,c on the barrel Tue pdneipal