St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-10
Pork the Leader of the On
slaught, Rising a Round Dol
lar Per Barrel.
Wheat Makes a Sharp Rally, and
Holds It's Position to the Close
Of the Day.
The Cold Weather Wave From Europe
Sends Chill Through the Self-COm-
placency Of the Bears.
FriendIess Western Union Gets No Com
fort, and Union Pacific and Manitoba
Move Downward.
CHICAGO.
Especial Telegram to the Globe. |


pretty heavy at the opening, but there was
an improvement subsequently. The ten
1ency was strong and prices averaged higher
The strength and advance were largely due
to steady growing feeling that prices had
touched figure that was not warranted by
the surroundings and that a reaction was
likely to follow restraing values to healthy
basis. The opinion derived material sup
port from the improved consumptve demand
for nearly all descriptions OF
grain and provisions. A comparison Of
stocks with the average at this date during
half decade shows that so far as regards
breadstutfs the available supply of wheat is
not above the average, while provisions are
below. With these potent factors, operators
whose business judgment is attested by their
success, regard it little better than com
mercial suicide to persist in rallying short.
Their advice to those who wish to sell is to
examine the situation in all its bearings
closely before doing SO, as they see little in
the outlook to justify such transactions.
Wheat opened at 83Ac, from which point
it climbed up to SAGE, at which it closed
strong The bears were good deal startled
at this but consoled themselves with the idea
that the little boom was nothing more than
preliminary manipulation to force the war for
more short selling. The names of Armour,
Walker, Clifford, Lindblom and McHenry are
mentioned in connection with this scheme.
They are said to have bought wheat freely all
day, and the bears predict that they
will put out big line of shorts
when the scheme is ripe. The bulls are
circulating the report that freight engage
ments have been made to ship several
million bushels of wheat in the immediate
future, while the bears claim that Bingham
sold 100000 in Milwaukee this morning
which was bought for export On call
Rumsey, Schwartz, Milmine and Mccormick
were heavy buyers, while Vim. Murray and
Boyden were free sellers.
Corn was the only weak article on the grain
list 1t Itopened weak and grew weaker all
day. The lowest price touched was 4SBc
for the May option which closed at 49B
This decline in corn has resulted from gen
eral selling out of longs. The present de-
cline is perhaps more of surprise to great
number of spectators than anything else
is lower than the situation warrants, and the
cereal is bound to go higher within few
days.
The provision market experienced de-
cided change Early in the day the feeling
was steady, and up to noon the movements
were slow, with moderate changes in prices.
Then the tone of affairs became remarkably
bullish, and the advance was more rapid than
anv of the declines witnessed during the re-
cent period of depression. The advance was
steady and short, and while extreme prices
were not sustained pork closed 60065c higher
than on 'change Yesterday. Lard 1501715c,
and short ribs 2215c. Trading during the
last hour of business was and an unusual
activity prevailed. The shorts were liberal
buyers.
Wheat was active and irregular Early
New York quotations were rather easier,
while Liverpool cables quote better tone for
prompt delivery. Unfayorable weather in
duced strong demand to cover shorts, and
under an active bidding by such operators
and buying by brokers for scalp an advance
of 1c on last nights closing figures was
quickly secured. But there was very little
outside demand during the first hours of the
session, and when the timid shorts were
covered, buying was slow and free offerings
by those who were disposed to take their
profits on purchases at lower prices and fair
selling by scalpers who regarded the advance
too rapid to be healthy, caused a decline of
1c per bushel. But the inspection returns
showed only three cars, which was the small
est for many years, if not the Hghtest on
record The withdrawal of contract grades
for shipment aggregated IS, 600 bushels. The
visible supply, as compiled in New York, at
the leading points of accumulation in this
country showed decrease of 640, 900 bushels
from the previous week, and the total aYaila-
BILE supply in sight in the United States and
afoat on the ocean for Great
Britain and continental Europe
was shown to be only 47,641, 900
bushels, against 47,901, 900 April 1. The
consumption in the united kingdom last
week was reported at 1,723,00 bushels in
excess of imports and farmers deliveries
for the same time. These factors, in con-
nection with rumors from New York that
heavy buying orders were likely to come from
the other side of the Atlantic, caused free
buying by shorts, which was largely increased
by the rapid upward movement in provisions,
and prices appreciated 15sc from the lowest
sales of the morning. There was some ex
port inquiry, but no sales of consequence
could be traced up to the close of change.
Corn was moderately active, but nervous
and irregular, and averaged moderately
lower. 1t opened shade higher in SYM
pathy with wheat, aud early sales showed an
advance of 79c over the closing price of
futures yesterday. The demand, however,
was quickly satisfied, and early signs of
strength were quickly followed by pronounc-
ed weakness. The demand during most of
the session was mainly confined to covering
shorts, and under heavy realizing by some
of the heaviest houses on the floor and by
heavy selling by the bears prices receded 4c
&c and 1uctuated rapidly. The opening was
at 4O@504c for May, but under the pressure
noted above receded to 4S5sc, but rallied un-
der strong demand from shorts, who were
induced to cover by the sharp upturn in wheat
and provisions, and closed at soc.
Oats were more changeable, yet averaged
above yesterday, and closed at an advance of
L0%c per bushel, occasioned by free buying
orders and the firmer wheat market. May
opened at 31115c, went up to 311zc, broke to
Bic, and finally went up to 312lc, at which it
closed.
Bye was more active and prices stronger,