St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-28
CEREALS BOOMING.
Everybody Falling in Line
to Bull the Market in
Breadstuf.
Wheat Moves Upwards Day by
Day, and the Farmer
Smiles Again.
Corn Darts Starward Astonishingly,
Making a Gain Of a Clear
Three Cents.
Provisions Appreciate in Value Siightly,
but Remain Under the Cloud OF
2 Manipulation.
Stocks Generally Weakest. Paul ana
Northwestern Touch the Lowest
Figures in Il Long Time.
CHICAGO
Especial Telegram to the Globe.

nearly all classes Of operators, many Vi Cne
bulls being quite as much disappointed as
the bears. Grain was again the favorite deal,
and both wheat and corn showed u large APP
probation, though neither apparently was
dependent on the others for support. The
feeling, however, was exceedingly nervous
and the fluctuations rapid and wide. Inc
market opened weak at the lowest prices oil
the day, and after recording larger advance
than has been made on any previous day OF
this week, closed at the highest figure OF the
session. Buying orders from the east Tor
account of those who wanted to inyest seemed
to pour in all day, while the demand to cover
by loca! and New York shorts was enormous,
and tie advance was largely due to these
facts. Buyers for an advance were largely
encouraged by small receipts, decreasing
stocks at nearly all leading points and
higher foreign markets for wheat, while the
only weak features of a local character were
fine weather and good crop reports. But
dealers fully appreciated the fact that wheat
harvested late in July and August will
neither fill shorts nor supply bread for May
and June. They also agree that it is a long
time between corn planting and the time for
gathering. So far as regards the near future
the situation looks strong. But due caution
should be exercised and purchases made on
weak spots.
The provision market was stronger and
prices higher, but there was a lack of life, and
the strength was due to the support received
from grain and the manipulation of the
clique, who occasionally found time to leaves
the grain pits to give pork and lard a little
attention, the latter being the ~favorite. There
was no improvement in the outlook of the
trade, the receipts of hogs being 5000 heavier
than for the previous week, and the quality
much improved.
Gables quoted wheat stronger and higher
in Liverpool and London and firmer in Paris,
but the New York market opened weak and
lie under yesterdays last sales, and this with
the fine weather caused a weak feeling on the
opening here, the first sales being at the in
side closing figures of yesterday. The rush
to realize caused a further break of
&c. June opened at 92M@93c, fell to 92Tc,
the evident intention of many strong opera
tors heretofore on the bull side being to force
a decline on which to buy, and their early
offerings were heavy, but an unlocked for
demand suddenly developed, the buying to
fill eastern orders and cover shorts being
heavy, and under a strong competitor among
bidders quickly advanced prices to Csc, when
a second rush to sell out sent them back to
9415c, from which they advanced to 96Xc,
and closed at 955s@96c. 1t is claimed that
there is still a large short interest for May
account, and that stocks here will suffer a
heavy depletion next week. Brokers in the
export trade, while claiming that their orders
are still under prices asked, appear more
hopeful, and say that their limits are much
closer to Chicago prices than a few days ago.
On the curb wheat advanced &c.
Corn was lively and strong, and while it
was considered by some that it derived a fair
share of support from wheat, Its chief sup
port was obtained from the small receipts,
the arrivals tor the week being only 504, 900,
and the known fact that the shipments next
week will be very heavy. There was a great
short interest here and in New York, and the
bears are daily becoming more uneasy as they
see the receipts falling off, and the stocks at
all the leading points shrinking under an
active export and home demand for con-
sumption. Buyers for investment are also
becoming more confident. The heaviest
trading in corn was in the July option, which
opened at 5619, yesterdays closing price.
From this point it sold up to 5S%c down to
5STc, then up to 593Sc, and closed at 5000,
making a total advance of nearly &c. Among
the heavy buyers of long corn were Lester,
Ream and Jones, whose purchases aggregate
a large amount.
''I'm making 81 900 an hour to-day" re-
marked a solid citizen, as, sitting at his desk
in the board of trade building, he glanced
from time to time to the bulletin board which
adorns the wall convenient to the ticker. AS
each quotation of corn was registered, the
old gentleman's smile broadened. His corn
is of that lateral kind so little dealt in on
'change; and as he thought of his well
stored warehouses, and the deepening agony
of the shorts, he rubbed his hands gleefully.
'tIt is mostly the New York crowd who are
short, ), he explained, and It serves 'em
right for reading all this nonsense about
India wheat and thinking the same rule ap-
plies to corn. Let me tell you just how corn
is fixed. The cribs along the railroad are all
empty, and the ground is not yet plowed for
the new crop. The shorts are
the heaviest that have been
known in years, and it is positively
known that 5000, 600 bushels are already
taken for shipment the LIST of May. Receipts
to-day were only seventy-six cars. and they
are growing lighter every day. The shorts
have been crazy to buy all day, but there are
shippers who are willing to pay a good price,
and you can mark my words, everything is
being bought up for Shipment. The mine is
being got ready, and before you know it, it
will be sprung. Somebody is going to get
caught; it will probably be the New York
fellers.''
Oats were moderately active in a specula-
tive way, and although receipts were large
prices advanced Ike. Trading was very
heavy for May and Jun deliveries and quite
liberal for July. May opened at 1890 and
closed at 344c. The demand was chiefly to
cover shorts and the strength mainly due to
the advance in wheat and corn.
In provisions a steadier feeling prevailed,
though but a moderate business was report
ed. The demand on speculative account
was fair, with moderate offerings. Prices
were somewhat irregular, opening somewhat
weaker and lower, and then ruling higher
again during the middle of the session, and
closing comparatively steady. The shipping
demand was rather light, being shocked by