St. Paul daily globe., 1885-03-18
The Speculative Markets Active With
Liberal Trading Throughout
the Day.
Weather Reports Tone up Wheat but
the Advance is Lost Under Lib
eral Offerings.
Corn and Provisions Lose Their Strength
and Go Down Under Bear
Raid
Rumors Of a Big Bear Movement on Stocks
A Quiet Day in Wall
Street.
Chicago.

SpCNldl W tAC O4OoC.
CHICAGO, March 17.-Events in the corn
pit on Change to-day demonstrated thai
the long-continued strength and tirmness OF
that article was liable at last to succumo to
influences which have long controlled the
price of wheat, namely of those of an ample
supply and the more immediate Of
HUGE INCREASE IN VISIBLE SUPPLY,
as shown by statement posted this morn
inc. In round figures this increase amounted
to 1,760, 900 bushels. Heretofore the bears
have had hard work to break prices ma
terially, but to-day their efforts were crowned
with success to the extent of nearly l cent
over prices at the close yesterday.
The May option was then quoted
at 42c-a price which has been maintained
within point or two for more than week.
An active trade with a strong tendency
toward the short side was not long in affect
ing-a decline to Al &c. The close was slightly
firmer at 41$5c. The trade was pretty well
sustained, no individual trade being par
ticularly noticeable.
On the contrary, wheat, with the visible
supply showing an increase of but an insig-
nificant : 900 bushels opened with symp-
toms very boom like. June was the favorite
option At the close last night the
price was size and at the opening
this morning the option was
quoted at S214 c on one side Of the pit and SIC
on the other the difference showing the relative
bullishness of the two factions, one OF which
was very ''brash'' owing to its handsome
collection Of ''reports'' of injury to crops
through the sudden freeze. These reports
really had considerable to do with the high
price at the start and brought in some orders
TO buy. When these had been filled, and a
few scored short had covered their sales
there was absolutely nothing to support the
bullsh rumors current. The entire subse-
quent
COURSE OF PRICES WAS DOWNWARD.
June closed 19Sc off from the opening,
and May, (which opened a 1899,
touched 78%c and closed at 79c.
After the operations quoted at the
opening the deal was given over to the
scalpers, who ventured now and then to
make a short sale of some considerable
dimensions. every few traders are making
large trades on either side to remain over
night" said u commission man, ''who do
not protect themselves by a privilege deal on
the curb.n Between the universally admit
ted low price for the commodity and the
possibility of accidents to advance
values sharply, few traders care to
risk heavy operations in either direc-
tioa. An old operator to o-dav
gave this as a reason for so much scalping to
d very small number Of protracted deals.
Opinions as to the future of the wheat
market are as many and varying as there are
different operators.
Mr.. Bodman said to-day, while comment
ing on the course Of the markets: "War
wheat seems plenty yet, and as fast as the
market declines holders get exhausted and
drop it, and until this has all been sold out it
cannot expect to hold material
advance. [ think the crowd are
most likely selling short freely now
and if we have two or three days more of
weak markets the shortage will most likely
become large enough to bring 6.
ANOTHER SHARP REACTION"
''Corn and provisions, which have been a
great support to the wheat market by their
continued iirmness and strength, have at
last given way and there is no telling now
what may happen, and losing this support,
! regard the general situation on wheat
really about as weak as at any time before
this season. The only solution | can see
ahead for holders is a crop scare that may
materialiZe next month, but it is too early vet
to tell anything about it. 1t looks to me as if
the market was in a condition just now to
sell lower of its OWE weight.
CORN WAS LESS ACTIVE,
and a weaker and easier feeling existed.
Some holders were realizing, having become
tired Of carrying, and prices closed &c lower
for May than twenty-four hours ago. Sales
at the opening were at 4l3lc, and during
the session the range was 41@42c, closed at
413sc.
OATS SHOW NO LIFE WHATEVER,
in either cash or speculative way. Seller
May continues the only future traded in.
This sold at top figures, Size, early in the
day, but sagged off toward the close to 305Sc,
no one wanting even the moderate offerings.
Provisions were steady and firm at OPEN
ing prices, in sympathy with the conditions
ruling in wheat at that time but the market
soon lost even this support, and became
heavy and depressed These prices being
prevailing features during the bulk of the
day. There were free sellers of all kinds of
huE products, packing interests leading as on
yesterday. There WAS more desire to SELL
Under free offerings May pork declined ~ &c,
but recovered later, closing steady
at S12.45. March fuctuated within
a range of Zoe, closing at S122O; April
closed at S12. 35 and June at $1245. Lard
was quiet and without important chan ge,
opening and closing at $6 95 for May Short
ribs for May opened at S6.3215, closing weak
and dull at SG.2715. Other futures were but
little traded in, closing at S6.1715 for April
and S6.35 for June.
AT THE STOCK YARD
the receipts of cattle were only fair, and bus
iness only moderately active, with prices
on ordinary run of shipping and other cattle
about the same as on Monday. Receipts of
and values. a strong sc lower
in some instances Zoe lower.
Packers were buying rather sparingly, the
packing company and one or two others not
being on the market.