St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-22
CROP SCARE ON 'CHANGE.
The Latest Effort Put Forth by the
Bulls to Advance the
Price of Wheat.
The Markets To-day Open and Close
Weak, and not Much Dis
position to Buy.
Wheat, Corn, Oats and Provisions, Although
Fairly Active, Close Finally Much
Lower and Dull.
Pacific Mail Takes Another Tumble Other
Stocks Open Lower, With Slight
Rally at the Close.
Chicago.

Special to the Globe.
CHICAGO, March 21.-During the present
week the bulls of the wheat deal have re-
luctantly submitted to circumstances which
compelled them to perform the last sad rites
over the remains of the war boom. But the
body of that defunct champion of high prices
was not yet cold when another, already in
its incipient stage, was pushed forward, and
though of markedly inferior proportions to
its predecessor, is making a reasonably fair
record. This is
THE CROP SCARE BOOM,
as, week ago, the war feature was of the
greatest prominence on 'change, in connec-
ton with trade in wheat futures, so now at
the present writing is the crop scare feature.
In spite of the skepticism of the major por-
ton of level-headed operators these reports
received daily from Tennessee, Kentucky,
Virginia, Missouri, Kansas and from the
southern portions of Illinois, Iowa and
Nebraska, held the market firm until to. day.
Yesterday such reports from Nebraska actu-
ally Influenced some local and considerable
country investing in May and June wheat,
and good sprinkling iof shorts thought it
wise to cover. The price of the frst-named
option advanced to S0Ic, the highest point
since the final collapse of the war boom.
The crop reports, which at present are of the
greatest general utility, however, are those
from parts of the wheat-groWing section
where the season is sufficiently advanced to
admit of the probability that approximately
correct estimates Of the amount of damage
sustained by growing crops could be made.
Owing to the dreary and barren aspect of
the Northern wheat fields, and even those as
far south as Kansas City, at this season of
the year, the damaged crop report has come
to be regarded as indigenous to the month of
March. In fact, the receipt of the first we'll
developed crop report on 'change really de-
serves prominent place
ALONGSIDE THE GRoUND-HOG.
The first swallow and other accepted heralds
of spring the bulls maintain that bona fde
conditions actually exist in the shape of hard
frosts where the fields are green, which can
not fail to materially reduce the yield of
winter wheat. Many old stagers in the wheat
trade, however, besides the bears, scott at all
manner OF crop scares on general principles,
maintaining, among other reasons for their
belief, that since the widespread introduction
inches below the surface, the injury 70 the
roots of such plants by such frosts as occur
after they have resumed life in the spring is
practically impossible. The small increase in
the visible supply shown by Tuesdays state
menthad something to do with the firmness of
the market since that date. Though speculative
trade has been fairly active, fluctuations in
prices until to-day were within a narrow
range, and few but scalpng deals were taken
on either side. On Thursday some statistics
furnished by the Cincinnati Price Current,
which have been widely published, was partly
responsible for the break of 40c barrel in the
price OF pork. The principal feature of these
figures was the showing of an increase of
OVER A MILLION
in the number of hogs packed this year, in
the seven large cities Of the United States,
over the total number packed last year. The
present Chicago stocks of products of the
packing season are largely in excess of last
year. The daily receipts of hogs are above
the average, and the demand for cash pork
was hardly ever poorer. The absence of
Legitimate trade of any moment had for
number of weeks kept spectators out of the
pit, with the exception of handful of small
fry, and prices were allowed to remain as
recent break to S12.05 for May pork was very
easily brought about by one day of active
operations on the short side. Nat Jones,
Cudahy d Linn are supposed to have gotten
the meat out of the affair. 1t is known
that the former found no difficulty in cover
ing his sales on tie same day at good
profit. A good shipping demand for corn is
counteracting the influence of a rapidly in
creasng visible supply SO successfully
THAT THE MARKET CONTINUES FIRM
with prices fully up to those of last week
People who are surprised at this, in view of
the heavy receipts and the large crop of last
year, have probably forgotten that several
years ago the receipts of 1000 cars daily in
putting the price of May corn up to 60 cents,
aud holding it in that neighborhood for |
weeks. 1t was this same Eastern demand |
that enabled him to do it.
But there was change on the floor today |
land crop scares' were declared no good |
The markets were rather weaker and closed |
lower all round. Everybody in the wheat
pit who had wheat wanted to dispose of it
but nobody seemed to care to want the stuff.
Though AZ the opening of the morning SEES
was principally due to the pits which we're
out yesterday. But the crowd was inclined |
to be bearish, and the price of May options
sank steadily. Crop reports are commencing
to conflict. One operator showed advices
from Kansas that the damage was greater to
the crop than was at first reported, but still
another one had dispatch from the same
locality saying that the warm rains had set
in and the crop would
EVENTUALLY BE ALL RIGHT.
Speaking of this matter of the outlook for
winter wheat, A. VI. Wright remarked: 81
tell the boys that they had better be little
careful about these crop scares. Reports are
coming in that the farmers are blowing up
their land on which wheat has been sowed
and putting in other crops. Now, this NAV
all be, but farmers are not blowing up and
destroying a big mountain of visible supply
which is loading down the Market
May wheat began &c under last nights
close aud kept on down until at an hour
after the opening II was selling at 79c. The
pit was dull with nobody but scalpers doing
ANYTHING There would be bull in the
shouting for quarter OF an hour. and then
a concession of H@Hc would start storm
for 4 moment, but not storm for bidding.
Each tumble was a signal 10 the hundred
little scalpers to start with all the vigor in
them. It's dull market that is affected by
the bluffs of the
LITTLE HORDE OF PIT sCALPERs,
but this same little horde pounded prices
without difficulty this forenoon. Nothing
could be better indication Of the temporary
local decentralization. Substantial bulls were
tired and detected. Those left have neither
strength nor inclination 70 make much Of
stand at the close May was selling at 79c,
the lowest figure Of the day, April was quoted
at AZ &c and June al Sic.
Owing to increased receipts aud lull in