St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-06
Cash Wheat Touches nc, the
Lowest Point Reached on
the Board Since
1878.
Corn Takes a Heavy Drop, Falling
Off 2@24c From the Closing
Prices of Friday.
Pork, Lard and Short Ribs in Better Re
quest, With Slight Appreciation
in Prices.
Operators All at Sea Regarding the Course
Stocks are Likely to Take In
the Futures
CHICAGO.
Especial Telegram to the Globe.I

| uldTlAcI Was dlulOSL ItputSIiOh VI 'J'
except there was lower range OF prices IN
every article handled for future delivery, and
the close was about at inside figures Inere
was no new developments calculated TO exert
special influence except the continued me
weather and further improvement IN the
crop outlook discouraged the few remaining
bulls who had heretofore presented bold
front, and induced them to realize in prefer
ence to taking further chances IN contest
where the prospect promised nothing Dut DIS
aster.
Wheat, although attracting large share OF
attention, was closely followed by corn, wnlch
was thrown over Unfortunately. Ihere
was perhaps more than the usual amount OF
hammering by the strong bears for the reason
that the market is so inherently weak that
lit fell Of its own weight. In October, 1913,
cash wheat sold at nc and IL sold at that
figure to-day for the first time since then
AS far back as March, 1870 the lowest price
paid for cash wheat was 1890. There are
bears on Change who predict that figure LOT
the present crop in store. They say
| that nothing but another James h. heene
episode can trace up hopelessly weak mar
| ket Despite the bearish tendency Oh Tue
majority, however, there are good firms here
who have still faith enough in wheat to buy
large quantities of it, Roche is mentioned
as having bought 100000 bushels to-day,
while few others are not far behind him.
Provisions were moderately active and at
times irregular and weak, but reports Oh
! large COP sumptive demand for meats caused
better feeling during the last hour OF the
session. There was less disposition to force
bear movement and fluctuations were con-
0ned to a comparatively moderate range
! Wheat was active and values were very
unsettled. A rally was looked for at the
opening this morning, and good many
stood ready to purchase, but when the lew
buying orders received had been filled there
was nothing to hold the market up but the
shorts, who covered quite extensiyele. For
eign advices were unfavorable. The receipts
were the smallest for any day this year, ana
the out inspection for the week aggregated
723, 900 bushels of No. 2 spring. This show
ing had a tendency to encourage
holders and induce some buying. Prices
onened 15c lower and declined shade,
but under this demand and the covering OF
the shorts advanced lie over the opening 1g-
ures. But the wants of buyers were quickly
satisfied, and prices again started on the
down turn, and at the weak feeling steadily
increased as each fresh lot of long grain
came on the market The bears sold more
freely as the day advanced. Exporters
claimed that they had few orders to buy, and
most of the bids received from the other side
of the Atlantic were below sellers views.
Said a prominent broker in the foreign
trade: ''The English must get
their present large STOCK Oh
poor foreign wheat reduced before they look
this way and even then they won't have
anv confidence in American wheat until its
holders here show that they believe in it by
starting prices on the up grade and sustain
ing an advance" Sales of May were at
s21lc, closing at SIC. June opened at
s45sc, sold to s51sc, off to S43sc, then up
irregularly to S53Sc, become weak and finally
slumpy, falling to S34@S336c, rallied to
SAC. then went down to S3Hc, and closed at
S3as@S34c. July ranged at S41S@S6$sc,
closing at about sac.
Corn opened with the bears long way
ahead, and they held their position right up
to the close. The cereal was active but weak,
unsettled and lower, values being depressed
by adverse foreign advices. The receipts
were also large, including III cars, OF which
| Sc were contract grades. The fine weather
of the past few days, and the reports OF bet
ter roads in the country induced the belief
that next week will bring more liberal re-
ceipts. The opening sales were shade
under the closing sales of yesterday, but the
| temporary advance of wheat enabled the
bulls to secure slight advantage, but there
was an entire absence of confidence
or buying support from any
source. Liquidation in everything seems to
be the order of the day. Hobbs, Comstock,
Cudahy, Davis and other heavy holders, were
conspicuous sellers. There was a fair de-
mand for low grades from shippers, but buy
ers were more indifferent and many COM
mission houses in the southern and south
eastern trade complained that the demand
from that quarter has materially decreased
during the past few days, and the impression
prevails that those sections have been pretty
well filled up by recent liberal shipments
Early sales of May were at 52I@52lc,
eased off to 521sc, then went up to 525sc,
fell to 52a5c, then frmed up and
sold at $3.50, then weakened, fell irregularly
to 5O%c, rallied to 81 Is, went down to 50Hc,
closing at about 50% June opened at 534
@531Sc, and, after some fluctuations, began
| to decline, and, after numerous fluctuations,
reached 5115c, at which point it closed. July
ranged at 53A@5514c, closing at 531sc c.
| Oats opened steady, and for time better
prices were obtained, but heavy break in
corn gave great depression to this line and
forced lower price than had been reached
previously, and the market was very dull for
the latter part of the session. No. 2 cash was
about orc early and 2615c later, with no sales
whatever May sold from 315s@321ac early,
fell from this to Bic, and closed at 81 &c
| bid.
Rye was still on the downward track, and
| the lowest point for some time was reached
to-day, and those who have been holding the
stock, unloading at a big loss. 1t is said the
trade is now well evened up. Barley was do
ing better, and cash was in demand at higher
prices.
Pork was held steadier, though the feeling
was unsettled, and the fluctuations occurring
in prices were frequent. The range covered
by the days changes, however, were confined
to smaller limits than on yesterday. The
closing was upon the whole strong and the
last quotations averaged Zoe higher than
yesterdays prices at o'clock. The trading
was quite active and entirely speculative.
Cash pork closed at s16.25. May was active
and irregular: opened at $16.25, declined to