St. Paul daily globe., 1884-04-21
TRIUMPHANT BULLS.
Wheat Shorts Amputate their
Own Noses In Their AnX-
iety to Cover.
Reports From all Quarters, For
eign and Domestic, Favorable
to an Advance.
June Corn Climbs Skyward, and Then
Loses Trifie of Its Enthusiasm.
The Provision Pendulum Swings Back and
Forth 20 to 25c, but There's no Life to
the Notion.
The Pacifics, with the Exception of North
ern, Lead a Sharp Wall Street Down
ward Movement.
June Corn Climbs Skyward, and Then
Loses Trifie of It's Enthusiasm.
CHICAGO,
Especial Telegram to the Globe.l

y S~N>A~J
by large advance, and the excitement at
times was equal to that witnessed on the re-
cent decline. 1t was, in fact, 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 weak feeling at the
opening, and early sales were made at 1I9Mc
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
indiscriminately. Opening sales were at 865s
@87c for May, and SS55@S9c for June.
From this point there was decline to 885Sc
for May, and S856c for June, and then a
rally under strong instant buying to 8S2lc
for the former and 902lc 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
izing caused a decline to S735c for May, and
from this point it reacted and closed on
'change at S72l@977sc 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-
chascs aggregated very large amount, and
to meet this demand on the part of the
shorts there were heavy lines of long stuff
thrown overheard. report was in circula-
ton that Kershaws sales alone must have
been pretty close to 100000 bushels.
Wm. 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 t!er profits here. Carloads of cash
wheat sUiG close up to May. On the curb
wheat advanced &c per bushel.
Corn was very strong, and advanced with
great rapidity, gain of not less than &c 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 favoraby 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 515S@152c, sold up to 541lc, and
after rapid and severe fluctuations, closed on
'change at 53@535sc. June, however, was
the leading option. 1t opened at 53113, 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 19c, 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
Iympathize 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-
easdingly light scale. Fluctuations in pork
were confined to 2o@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 S16. 500
1886, closing at SIG. s21s@18.s5; June was
1251@15c higher and closed at S16.95@
9711.
In lard the fluctuations in the days price
we're limited to 5000 and the closing quota
tons on 'change were about the same as on
yesterday. The market was devoid of interest
ing features, and what speculation there was
was confined to the near futures. May ranged
at sS.Se@S.4O, closing at Ss.3T16, June
ranged 10c and July 5@1oc higher.
Short ribs were stronger, but trading was
moderate. Closing prices were 21Ic above
yesterday.
Trade was slow in the cattle market and
prices a 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 SO
10c, but they found they could not realize as
quick as they expected, and long before noon
they were willing to sell out at 5@10c de-
cline, SO the market virtually closed about the
same as yesterday, after being up and down
5@10c.
A. N. Wright & Co. say: "While we see
nothing in the situation to change our opinion
regarding the future Of the market, we ad-
wise caution on the part buyers, as it is
much safer to buy on soft than hard spots,
and the latter are sure to occur, no matter
how high prices may ultimately go.''
Mccormick, Kennett q Day say. "Wheat