St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-20
Reports From all Quarters, For
eign and Domestic, Favorable
to an Advance.
June Corn Climbs Skyward, and Then
Loses Trifie of It's Enthusiasm.
The Provision Pendulum Swings Back and
Forth 20 = 25c, but There's no Life to
the Motion.
The Pacifcs, with the Exception of North
ern, Lead Sharp Wall Street Down
ward Movement.
Especial Telegram to the Globe. !

nervous prices fuctuating widely and rapid
". The frmness of yesterday was followed
by a large advance, and the excitement at
times was equal to that witnessed on the re-
cent decline. It was, in fact, a continuous
battle from opening to close, in which the
bulls, although at times meeting with revers-
es, were really the victors. They were better
organized, and there was an increased
confidence shown by nearly all classes of
operators on the long side. The advance,
however, was largely the result of competi-
ton among the shorts, who, in their anxiety
to cover, bid up prices on themselves, much
to the disappointment of some of the bulls,
who were really anxious for a downward
turn to enable them to secure large lines Of
long grain at lower prices. Provisions were
quiet and attracted little attention.
Trading in wheat futures was very heavy,
and another sharp up turn was witnessed.
The New York and Liverpool cables were
favorable for sellers, but the prospects for
better weather caused a weak feeling at the
opening, and early sales were made at 15G0Mc
below the last sales on yesterdays call, and
there was apparently little disposition among
the large bulls to force advance, nor was such
action necessary, as the shorts were eager
to cover their contracts. Seeing that the
longs were not selling freely and that out
side orders to buy were coming
rapidly, they at once commenced, to buy
Unfortunately Opening sales were at S615
@S7c for May, and S85s(@S9c fer June.
From this point there was decline to S6%c
for May, and SS35c for June, and then a
rally under strong constant buying to 8SMc
for the former and 90Mc for the latter. The
advance brought heavy blocks of long wheat
out, considerable portion of which was held
by Milwaukee operators, and the active real
ling caused decline to S735c for May, and
from this point it reacted and closed on
'change at S74@S755c and &c higher for
June.
Among the large buyers were Walker, Muir
ray, Nelson 81 Co., and Lester, who have
lately been on the bear side. Their pur
chases aggregated a very large amount, and
to meet this demand on the part of the
shorts there were heavy lines of long stuff
thrown overheard. A report was in circula-
ton that Kershaw's sales alone must have
been pretty close to 100000 bushels.
VIM. Murray is also said to
have been severely punished, having been
caught largely short. There was very little
shipping demand except to fill orders from
millers, and it was stated that number of
large lots recently bought for export was re-
sold on the bulge, the owners preferring to
take their profits here. Carloads of cash
wheat sold close up to May. On the curb
wheat advanced &c per bushel.
Corn was very strong, and advanced with
great rapidity, a gain of not less than Sc for
the day being shown at one time on the bull
letin boards, when June corn sold at 5615c,
but this advance was only partially sustained.
The market was favorably Influenced by
higher quotations from New York and Liver
pool. The demand to cover shorts and free
buying orders from the country was above the
offerings of the near or distant futures and
strong competitive bidding by the different
classes of buyers, secured the advance. May
opened at 51Y@52e, sold up to 5419c, and
after rapid and severe fluctuations, closed on
'change at 53@5315c. June, however, was
the leading option. 1t opened at 53%, and
after advancing to the figure given above,
fell off, closing somewhat weaker, but still
active at 5435c. On the curb corn was easier,
with little trading, and prices &c lower. The
receipt for the week were much larger than
for the same time last year.
Oats opened firm in sympathy with wheat
and advanced &c, but the demand from all
classes Of buyers was moderate and the re-
ceipts large, and when other grain declined
the advance was lost.
Provisions were quiet and did not seem to
sympathize with the activity of grain. Spec
ulation was slower and smaller in volume
than on any previous day of the week, while
in cash product the trading was on an ex-
ceedingly light scale. Fluctuations in pork
were confined to 20@25c, and at the close
prices were only shade easier than at
o'clock yesterday. The demand for ship
ment was light May ranged at S16S 500
1855, closing at $16.S215@16.85; June was
1215@15c higher and closed at s16.95@
9715.
In lard the fluctuations in the days price
were limited to 5(010c and the closing quota
tions on 'change were about the same as on
yesterday. The market was devoid of interest
ing features, and what speculation there was
was confined tothe near futures. May ranged
at IS. 3O@8.40, closing at SS.371I, June
ranged Zoe and July 5(01Oc higher.
Short ribs were stronger, but trading was
moderate. Closing prices were 211ac above
yesterday.
Trade was slow in the cattle market and
prices shade lower, especially on heavy
cattle, as there was little or no demand in
that direction, but good light cattle under
went little or no change, as the dressed beef
dealers were wanting about their usual Sat
urday's supply. Butchers stock sold steady,
as did also the few loads of stockers and
feeders on the market.
The number Of sheep on sale was too
small to call out buyers, hence there was lit
orally no market. There were small lots car
ried over, the owners fancying that prices
will rule higher ON Monday.
Spectators opened the hog market with a
rush, and sent up prices on themselves 5@
Zoe, but they found they could not realize as
quick as they expected, and long before noon
they were willing to sell out at 5010c de-
cline, so the market virtually closed about the
same as yesterday, after being up and down
5@1Oc.
A. NJ Wright & Co. say: "While we see
nothing in the situation to change our opinion
regarding the future of the market, we adj
wise caution on the part of buyers, as it is
much safer to buy on soft than hard spots,
and the latter are sure to occur, no matter
how high Drices NAV ultimately go.''
; Mccormick, Kennett g. Day say: "Wheat
J is still too cheap, and we advise buying on
any material decline. We look for higher