St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-21
Carly Prices Higher Influenced by
Reports of Damaged Crops, but
Lower at the Close.
Corn Active and About Steady, Oats Higher
and Provisions Heavy and
Unchanged.
The New York Stock Market Continues Dull
and Altogether Uneventful, Clos
ing Weak.
Chicago.
Ipecial to the Globe.

nf the disnatcbes sent out advised buying.
There was so much unanimity over Wnea'
hat the very thing which might have oeen
anticipated happened. The crowd loaded ul
Tor a strong opening. May opened at SoAc
md this little advance brought out all Ihe
title loads taken on yesterday, and then
zane little weakness. May wheat went
straight from sOIc to 79%c. and then became
very dull and very steady for while at 1925
assoc. And so it came about that the bulls
we're exultant. They went about with!
YELLOW TISSUE IN THEIR HANDS
and exultantly pointed to clauses IN them
which told Of immense damages to crops
One of these kilograms said that the state OF
the winter wheat crop in Virginia, Delaware
and MARYLAND was worse than at any time
since 1866, and that the farmers were com
planning bitterly. but what of that" said
a bear; 'sthe farmers are always kicking. Ii
it rains they complain, and If it does no
rain they do the same thing. 1 became
bullish on the war news, but believe now
that with no good sized war in
Europe wheat will get down IN
der zoe at decreased acreage. Yes, y
continued Crittenden, ~ believe and | am
figuring on greatly decreased acreage, and
INV idea is that the surplus stock will SC
much more than Offset decreased acreage
that there will be no advance on it until We
get new crop, have eaten up the pres
ent supply and have begun to figure on
new visible supply. Then believe the price
will 90 above a dollar"
'"There Is not much wheat for sale here"
said Lindblom at Il O'Clock, land at this
very moment there are plenty of bidders fol
May at 79X(Q80c but they did not get the
stuff Then these same bidders raised their
figures until they were offering SOHc."
Lindblom's observation was still good.
THERE WERE VERY FEW SELLERS
and the only weak feature about the pit was
the fact that all the trading was apparently
by floor traders, The sellers kept in the
background, the bidders kept raising their
figures until somebody shouted S0Nc bid,
and then there was an uproar. This was the
stop-ordel point, evidently, for great num-
Der Of shorts. Here further reports Of crop
damage were received from Missouri and
Kansas and consols also came in q lower,
which set some of the bears to covering
one big dealer is said to have taken in 600,
600 bushels, shorts--the result being general
buying, sending the market up to S0Mc, but
a later report quoting warm rains in Kansas
and
"CRoP FULLY SECURED"
convinced the aforesaid bear that he had
made mistake and he sold out his entire
purchases, sending the market down to 1879,
closing at this lowest point. There is pre-
vailing opinion that there is large line OF
short wheat out. The fact that the short in
terest covered in a good deal of stuff to-day
also has tendency to hold the price firm.
June wheat Is commencing to attract atten-
ton and u considerable amount OF trading
is being done in 1t, but the favorite option is
still May wheat. At the close quotations
were 74X@75X for April, 1879 for May and
SlIs for June. Opinions among operators
are still widely opposed. THE bears claim
that it is too early to estimate any crop
damage" said George Shepherd, sand per
haps it is, but parties sending reports accom-
pany them with buying orders, and as they
are in localities where damage is said to have
occurred, they should be entitled TO some
ere 1ence. / smell rat in the wood-pile in
all these crop reports" There may be, and
probably is, some merit In some of these re-
ports" said George Brine, "but the season
has not advanced far enough to enable cor
rect information to be yet obtained. At least
this Is the general opinion, based on many
years of experience. When disrcgarded ii
has almost uniformly resulted disastrousy
to buyers. l do not, therefore, at present
regard the market as strong, the buying now
being of character which almost insures
free selling when we get warmer weather
Il Ill.
were It not for the actual weight of enormous
stocks we would probably have sharp turn
upward, even though 1t should prove but
temporary"
CORN FOLLOWED WHEAT,
1p hill and down, so that when wheat was al
f9S4c May corn was 4I5sc, and when May
wheat was at SOslc May corn was at 42c.
The cables quoted Liverpool in good de-
maud | Xd higher, and prices improving.
With higher cables. and strength in wheat,
corn opened &c over last nights prices, May
selling at 4l]sc, where it held rather quiet
and steady and then sold at 42c. From this
there was little reaction, selling down tc
4l&c and only recovering partially, and
closed at IL sc. The market ruled firm but
quiet, the whole range OF to-day being SIC
per bushel, closing tonight at about the
same prices as last night. The latest figures
posted were 375Sc March, ST34c April, Al sc
May aud AS &c June.
OATS CONTINUE HEAVY AND QUIET.
A little spat of activity followed n purchase
of go, 600, 900 bushels Of March at 81 &c, but
when II was later 1t sold at 81 sc and the
market broke of to 31@sc, closing at that
figure. There WAS but little demand for
either month. Provisions, which yesterday
were very active, ended dull to-day. None
of the heavy operators seemed to have any
special interest in the market and trading
IN May pork was consequently much lighter.
Whai little trading that was done was Of a
purely scAlpiug nature, the bows selling 1t up
aud down the wheat luctuated. The
crowd bad evidently settled back in the old
nut and the traders we're qusrreling again
over splits and 'eighths.n There were
$4,000 hogs large receipts for this season
aud the cold weather made packers feel more
like making aud selling product than like
buying. May pork opened at $l2,l5 spd
kept there for awhile.
The situation Ia provisions was explain ed
In this way by one ot the very best authori-
ties; march is always n dull month, the
dullest Ia the year, and this month has been
no exception. Stock accumulated fast last
month aud there Was few more hogs cut
than was anticipated, and good many more
than last year, but the condition of the cash
market has nothing to do with the conduct
OF the speculative market. Stuff is badly
held, Is the reason for the decline, aud be-
cause outsiders who do not want the product
have 1t, is reason, perhaps, why there may
be a quicker deeline."
The opening was steady. shade over YES
terday's closing prices, but prices fell rapidly
lslSe TO $l2.02i for MAY. From this point
there WIS short coverings enough 10 advance
It &c, but this was not sustained, aud the
close was duh at tame prices unchanged from
Yesterday. Closing quotations were SIC
March SIC or Arril SO iai, Nnr and