St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-26
UNSETTLED WHEAT.
The Principal Cereal Flucu-
ates Wildly, and Closes
a Trife Lower.
Bulls Turn Bears and Bears Turn
Bulls to Turn an Hon
est Penny.
Corn Manifests q Bit Of independence,
but Prices are not Fully
Sustained.
Hog Products are Sill Affected Materially
by the Operations Of
ManipulatOrs.
wall Street Opens With Lower Prices and
O Little Panic in the Coalers
Closing a Trifie Better.
CHICAGO
[special Telegram to bic Globe. |


articles for future delivery ruled higher,
though the fluctuations were rapid and
severe. Wheat was the leading commodity
as far as the volume Of trading was concern
ed, although the appreciation i'll other articles
was more in proportion. 1t was noticeable,
however, that other grain advanced or de-
clined as it went up or down. While the
outside prices were not sustained, the posi-
ton of wheat appears strong, and the indica-
tons are that it is largely concentrated in
the hands of operators who are rated alike
for their skilful management and financial
strength. There is growing belief that the
property possesses intrinsic value at current
prices.
Corn, while sympathzng with wheat, de
vcloped more individuality than on any pre-
,eding day this week. and there is an
impression that the market was overSold.
Provisions were strong, and materially
higher figures were secured for pork, lard,
and short ribs, but there was really no in
trinsic support to prices, the advance being
due to the manipulation Of the provision
clique, who took advantage Of the advance
in grain to put up speculative articles of hog
pruducts and aftera few shorts had been
filled, a weak feeling developed and most of
the advance was lost.
Wheat opened active and firm in response
to better New York and Liverpool adyices,
and early sales in the former market showed
an advance of 3@31Ic over yesterdays
close early in the day, and later was &c high
er, while spot and futures We're quoted high
M
showed an appreciation of Cd per quarter on
floating cargoes. The marked advance late
yesterday also brought out large lines Of
buying orders for small lots from the interior
for account of Paris, which was anxious to
get on the long side. May shorts in New
York and other cities had ordered their
brokers to cover, and the eagerness to buy
early caused a strong opening, the first sal
being at 94c for June, or 13@134c over yester-
days close, but the advance brought heavy
selling by large and small holders, all of
whom were anxious to take their profits on
purchases made at lower prices, and under
the pressure to realize, quotations rapidly
descended to 93c, when the offerings became
small, while the demand was good and
values steadily moved up to 94$9c, which
brought fresh lines Of long wheat out, and
settlement to the lowest price followed, but
the close on Change was 93}5699315c.
There were strong signs that many of the
large bulls were unloading, with a view to
buying back at lower prices, but in this they
were not successful, as many who were
previously bears turned bulls and bought
freely and the offerings were freely taken.
The only weakening influences were fine
weather, good crop reports, and the absence
of shipping demand ut anything near cur
rent figures, although many think that
maintenance of strong markets here will
soon bring consuming points to correspond
ing rates. On the call Ream and other
longs were heavy sellers, and it is stated that
the strength of the money market is due to
their efforts to hold that market up in order
to unload here. Wheat was unsettled, May
and June advanced 35@35c., while July
declined &c. under heavy offerings. On the
curb May wheat declined to Ole. and June
TO 92&c, from which point it rallied and
closed at 93c.
A well known operator said this evening:
i'The situation tonight is rather interesting.
ILSIS dLC wv SC liuCS VI lOlIS SIliLL III ILIC
market that apparently remain intact and
the country is also largely long. The princi-
pals of one of these lines are working both
New York and Chicago and seem to have
them under control. The balance of our
local bulls have unloaded, and generally
having sold out under the present market,
are now engaged in fighting a further adj
vance. They sold short stuff on the call to
work weakness, and are all playing it on
that basis to get in again. If the market re-
sists their efforts they will come in as large
BUYERS and again start the market upward
Corn was fairly active and firm in response
TO wheat, and additional strength was gained
by the small receipts, only &C cars being in
spected, of which Is were. contract grades.
There were also rumors os2ln increased ship
ping movement of No. 2 to fill May contracts
The shorts showed increased anxiety to cover
and there was good demand from other
sources, but trading was mainly during the
early portion of the session. Prices opened
35@15c higher at 5675c for July, sold up to
571Ic, receded on free offerings to 5615c and
closed at 5655c. May ranged from $3.50
541Ic, and closed at $3.50 bid, and June
ranged 115@1T5c above May. The shipping
demand for low grades was good and the
offerings small.
Oats were more active for future delivery,
70 which trading in the regular market was
confined. The improvement in wheat and
corn eXerted firm feeling and the chief ac-
tivity prevailed early in the session, prices
advancing 12@935c over yesterdays last sales,
but weakened after the early buying orders
were filed and the appreciation was nearly
all lost. June opened at 334c, sold at 34c
and closed at 3355@1339lc
Provisions exhibited more life, and an in
creased speculative business was reported.
The offerings were only moderately large and
The demand was active both on local and out
side account. The market was unsettled and
prices fuctuated considerably.
The receipts of hogs were quite liberal but
the market was active at a further improve
ment in prices, which eXerted some influence
on the course of the market for the product.
The better feeling in the grain market also
lent some assistance to sustaining prices.
Foreign advices indicated weaker feeling
in that quarter for all articles except lard and
the shipping demand was moderate, beinc
checked to some extent by the sharp upturn
in prices and the difference between buyers
and sellers.
In pork, trading was quite active in the
June and July futures. Prices ruled irregu-