St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-03-02
Being Delivery Day, the Time Was Mainly
Devoted to Settling Up Old
Scores.
The Cereals Show Decided Weakness. With
but Few Transactions Being
Reported.
Pork Surprises It's Friends by Making
Very Sharp and Sudden
Decline.
stocks on the Gotham Exchange Con-
tinue DUH, With No Means 10
EnIiVen Them.
Chicago Grain and Provisions.

Special to the Globe.
CHICAGO, March lin the last ten days
about 900, 900 bushels of wheat have been
reported taken for export" at New York.
In that time a little over 200, 600 bushels
nave gone out of the country from all the
seaports. The reports of wheat taken
for export sent the price up about 2l4c a
bushel. The fact that of this wheat re-
ported. not one-ffth was cleared" made
the market finally very weak. If 1t should
happen this week that some New Yorker
who has the reputation Of being an eX-
porter should buy wheat to ship abroad, the
story would be pooh-poohed. 1t would be
much more likely 10 lower than to advance
prices. This taking of wheat for EXPORT
is a new wrinkle. II is one of the latter
day nicetieS of produce speculation. When
Mr. Armour was in the business of run
ming wheat deals he shipped wheat abroad
irrespective Of the condition of the foreign
markets. Now wheat bulls, instead OF gong
to the,riSk of buying and taking vessel room
for and actually shipping any grain, simply
order firms at New y oTk, Bingham, for in
stance, or Nightingale. or one of the others
there who in days gone by did ship wheat
and so get to De called eXporters-thOSe
bulls of to-day simply order one of these
firms TO buy a ceuain order OF wheat for
export" 1t is Il very simple matter, but
Instantly it is reported that wheat has
been taken for export the bulls look Wise,
and the bears are unhappy, for prices are
advanced by this sudden demand from
abroad. Until this first million of wheat
taken" moves out the market will hardly
stand any more such manipulation. By
turning all the Staid New York exporters
ir.f, lot r,r- In them
a few orders to buy
WHEAT FOR EXPORT"
Ream of Chicago was enabled TO unload
the wheat which had become burden to
him. As the season advances the prospect
for higher prices Tor wheat becomes
simmer. 1t is estimated that the visible
supply figures tonight will show decrease
OF less a good deal than last week, and not
larger perhaps. than $50, 600 bushels. In
the bull talk of six months ago it was con-
tidently predicted that by this time the
visible supply of wheat would be decreas-
ing at the rate of 3 600, 900 bushels week.
Foreign markets are not improving appre-
cably, but on the other hand. a winter
wheat harvest is all the while getting
nearer. Flying reports of crop damage
filled the air on Change. The visionary
Chamberlain of Ohio put the damage in
the Buckeye state at 40 per cent.
Prime followed close second,
with reports of great damage in
Ohio and Kentucky, but he was
quoted as having estimated the whole win
ter wheat area as showing general average
of IS against 81 at the same time last year.
Romancing cynics had it that private wire
houses were credibly informed that an army
of graSShOppers swathed in sealskin suits
war eli
on the complete destruction of the crop in
its ambitious incipiency. Reliable reports
of actual damage were received by nearly
every commission house on the floor. but
the impression took very deep root that,
while the crop had been hurt, there was
some danger in betting that card too high,
as estimates born in early March are very
Liable to be knocked in the head by later
returns. The prevailing sentiment was
against short selling to-day. The strongest
bull card was a raise in the unofficial "visi-
BILE" estimates of Saturday from $50, 900
to $50, 900 bushels. This was
DISAPPOINTMENT TO THE BEARS.
Deliveries were slight. In consequence of
the deep-seated sense of uncertainty and
nervousness, trading in wheat was slack
this morning and fluctuations within &c
limits, and the l O'clock closing was at
S416@S43Sc, the same as on Saturday.
Cables were unchanged in tenor and in
quotations. Again this afternoon there
was further decline under a determined
bear raid, the close being 1S@3sc lower
than at l o'clock, and about &c under Sat-
urday at 1880 for March, S44c for May,
S5Esc for June and S6Hc for August.
Corn and oats were nearly lifeless and the
official reporters had to stab themselves
NVif IN 10 ho
was featureless. Deliveries were small.
March corn closed at 405sc, or &c under
Saturday, and May oats were I'M
changed at S236c. The mysterious
clique in the pork pit which had been
buying pork through Broker Stone
has settled lip its purchases,
making it plain that the clique
does not waste any cash pork. That is all
that the outsiders want to know. A clique
of bulls that can't handle the cash property
has no teTroTs for short" sellers. It must,
after all, be shoeString crowd. If it was
really in for bull campaign and had plenty
Of money it would be anxious to get the
actual pork just as quickly as possible. 1t
is estimated that there are 800, 900 barrels
of regular pork in store here. The kill
ing of hops has been just about the same
as last year-perhapS very few head
larger. 1t had been about 500, 900 head
larger than two years ago. The shortage
in weight (believed to be about eight
pounds per hog is only equivalent to about
2% per cent. The packers know that the
enormous supply of beef and
ITS CHEAPNEss
have materially affected the demand for
pork and its price. Lard monopolized at
tentiOn in the provision pit early in the day,
spirited trade springing up in March and
May. The grain houses passed in consid-
cradle lard. which was incontinently un-
loaded at declining prices. After a rest of
thirty minutes or such matter, activity
supplanted duimess in pork, and MAY was
rushed down from $l0S5. at the opening.
and Sl0.S74 on Saturday, to $1,000. Ii
struck the half-dollar limit with a thud,
and rebOunded to S10.5716, where it rested.
Ribs declined nc in sympathy with pork
The deliveries to-day did not signify much,
although they were looked forward to with
great interest: A good deal of pork was
delivered out, the Chicago Packing company
alone delivering out 10, 900 barrels. About
20, 900 barrels went around, and of these
Armour 81 Co. received ana paid for about
$4,000 barrels.
II don't think Armours receiving the pork
to-day has any significance, said c. J Singer.
81 M short, and that may affect my views of
the matter, but think that he simply wants
70 earn the carrying charges"
PETER BERKEY sPres. F. W. ANDERSON, Cashier.
I. w. GRlGGs, V. Pres. A. G. ANDERSON, Asst. G.
THE ST. PAUL NATIONAL BANK.
CAPITAL. 100000.
Corner Fifth and jackson streetA