St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-03-24
Wheat for May at Last Sells at the Fig
ure Which Has Been so Much
Talked Of.
A Panicky Opening and General Rush
to Sell, Followed by Slight
Recovery.
The Still Potent Factor OF LABOR
Troubles Blamed for the Decline
in Grain and Stocks.
The New York stock Market, Raided
by the Room Traders, Closes
Very Weak.
Chicago Grnin and Provisions.


Special to the Globe.
CHICAGO, March 2S.-Nine of ten room
traders came on change fully imbued with
the notion that wheat was going lower.
They had thirty reasons why il should sell
down To zoe, and none why it should sell DC
higher Accordingly nearly everybody had
i jag of stuff To dispose OF TO the highest
bidder. Buyers were scarce as hens teeth,
and the price struck soc, loss from yester-
days closing of Use. That proved 10 be
the bottom. The outside began TO be heard
from. Orders to buy little poured in on
commission houses. and the market turned.
Considerable wheat changed hands at soc,
but more was bought at S014 @S015c on the
back track. There was steady buying by
brokers as well rs commission houses,
and the bears grew more nervous
every minute. The report gained currency
that Cudahy was buying in the wheat he
had sold yesterday, and that he was clear
lng up the last Of his long standing trades,
many OF which stood him profit on a de-
cline in price of zoe a buShel. 1t was said,
too. shat Ream was covering, and another
rumOr was alioat To the effect that Armour
was in the market with large buying orders.
PuLsBURY'S NAME
was also banded about as buyer. When
SO55c was reached on the reaction large
number Of the room traders who had sold
near the bottom, came into camp, carrying
the price up to size, where it stuck
for long time. At one time
along about II O'clock, May touched
S0#c. but Sic seemed to be the price about
which the hardest fighting was done, and
the price did not get far away from there
during the last two hours and half of the
morning session. Gables were easier as a
general thing, but the trade was disposed
10 look upon the reports from abroad as
merely q reflection of the feeling here the
day before, aud less Importance was attached
to foreign adyices to-day on that account
than usual. More significance was attached
10 the steady purchasing by several we'll
known commission houses and active
brokers than anything else. News from
the seat of the strike was eagerly looked for
and the depression in the stock market was
USED AS WEAPON
to hammer wheat but with less effect than
on previous days. The transactions in the
pit were probably larger in the aggregate
than on any single previous day for three
months. During the last hour business
was comparatively dull, and the active
traders who had been in the crush all morn
ing took a breathing spell. They agreed
that an enormous amount of short wheat
had been bought in on Eastern and local
account. and that the foreigners had been
the best buyers Of long wheat. Reports
also reach here that exporting houses were
the freeSt buyers in New York. There was a
general disposition displayed to discredit the
reports of purchasing of long wheat by
local and Northwestern capitalists, and the
belief was prevalent that the bulk of the
buying was to cover lines of shorts. Where
the millions upon millions Of bushels of
wheat come from to enable the bears to
close their trades without kiting prices was
a mystery that nobody seemed able to
solve. 1T must be country wheat" said
several.
THE REIGNING QUOTATIONS
at o'clock were S1@S1Hc for May and
S2%c for June Corn was strong and ac-
tive. Lighter receipts at primary points,
coupled with the fear that the strike might
affect the great the great corn carrying lines,
served to brace up the market and stim-
ulate buying. May advanced from $3.50 to
SOC, where it closed. Trading was lively
until noon, when it Stacked up. Oats were
quiet and firm, and an advance of 5Sc is
noted. Provisions were firm and rather
better prices We're obtained. Light receipts
of hogs and increased local and outside in
quiry stiffened the market considerably.
Pork scored an advance from yesterday of
10c, lard 219c and ribs 719c. No raiding
was attempted during the day and neither
was any effort made to boom prices. May
wheat sold down to S03sc on the afternoon
board and cloSeJ at S03s@S019c, and June
at SIC. Weakness in stocks and Wall
street sell were the cause. Corn was a
shade off. Provisions were lower, and
closed weaker than at any other time dur
ing the day.
CHANGE CHATTER.
There has been no change in the attitude
Of the bears" said Cudahy, 'but the bulls
have kept on selling out. The smaller oper-
ators have looked upon the market as a
Scalping one. ] myself have bt5Aght some
here on 'straddes' at St. Louis and have
changed over into June. Other bears have
/ presume, done the same, but the prospect
is no better for an advance than it was thirty
days ago"
"Pork is steady, said Mr.. Favorite, ''be-
cause tho trade in it is very small, aud be-
cause the receipts are very light. There viii
be comparatively few hogs here the early half
of the summer, and that will allow the stocks
TO be decreased"
McHenry and p. B. weare, both of whom
have been largely short on corn, were large
buyers. There was clearance of $4,000
bushels of wheat officially reported from New
York.
William Dunn and other foreign houses re
ported large buying by English and CONT
mental spectators.
Strike news is the all exciting topic in spec
ulative circles now.
Puts on May wheat sold at 792S0791Sc and
calls at Size.
PETER BERKEY, Pres. r. w. ANDERSON, Cashier.
CIV. GRIGGS, V. Pres. A. c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
CAPITAL, 100000.
Corner Fifth and Jackson streets