St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-29
IN THE GRAIN PITS.
Wheat Advances Sharply,
But Recedes to Satur-
days Closing.
Jones, Cudahy, Ream, Roche and
Linn Begin to Unload June
at SIC.
Corn IS Forced to the Wall by the
Same Influences That are Oper-
ating ON Wheat.
Hog Products Open Higher, Weaken Some
what in Sympathy With Cereals,
Closing Comparatively
Steady.
stocks Feverish, Excited and Lower, the
Leaders Being Jersey Central,
the Changers and Canada
Southern.
CHICAGO
[special Telegram to the Glo be. |


The opening was strong all around and
higher, with apparent prospects of consid-
erable advance for the day. Some active
buying in wheat and corn took place, but Was
seen to gradually diminish in the face of
determined effort on the part of strong CO.
terie of spectators to turn the SCALE
This situation of affairs was most marked
in the wheat pit. The opening price for the
June option was 961Ec jnst 1c higher than
the closing price Of Saturday. The upward
movement continued until June wheat stood
at 97c, and it was here that Jones, Cudahy,
Ream and others stepped in with heavy
sales. When the quotations began TO fall off
in value, interest in the article seemed to
gradually abate until at the close, when the
options above quoted reached 9535c. There
the market could almost be called dull. 1t
is reported that Roche and Linn took ad-
vantage of tO-days highest figure to unload
their long wheat, and it is believed that they
succeeded in getting rid Of enough to mater
ially influence the market in its downward
action, The fine weather is credited with no
little influence to-day in favor of the bears,
and the natural reaction after the recent
sharp advance had is much to do with the
break Wheat was quoted Id higher in
London for spot, and 3@6d per quarter bet
ter for floating cargoes off coast, while New
York opened firm. No freight engagements
for either lake or rail were reported. It was
rumored that rail rates to New York viii
soon be reduced to lie per 100 pounds, and
the absence of demand for freight room was
partly attributed to the disposition Of ship
pcrs to hold off in anticipation of lower
freight rate. There was no export demand,
orders being materially below current fig
ures.
Corn was unusually active and prices cor
respondingly irregular, being demoralized by
the same crowd who SO balefully affected
wheat. The opening was at &c O. &c over
the closing price on 'change Saturday of
soc % 601lc for July, but with the break in
wheat it receded to 59Hc, but on free buy
ing by shorts and Roche, Comstock and
Secke an advance to 60%c was scored,
but this bulge was followed by renewed
weakness, which brought the price down to
581Ic and the close was unsettled in the
regular session at 59H. 1t is supposed that
very large line of shorts was filed and that
many of the heavies longs had gone out in
expectation of buying back at lower prices.
Oats were active but unsettled, opening
higher on basis of 341Ic for May, but the
strength was due entirely to wheat and
corn Offerings of future were heavy, and
when few timid shorts had filed prices rap
idly declined and closed on 'change at 329sc.
June closed at $500, and July at about the
same
Rye opened 1rmer and higher in sympa-
thy with other grain sold up to Csc for June,
and closed at 6415c asked.
In the provision market only fair busi-
ness was transacted, and an unsettled feel
ing prevailed during most of the session on
'change. The market opened stronger in
sympathy with the grain markets, and higher
prices were realized on all the leading de-
scriptions. Offerings were increased some,
being influenced by larger receipts Of hogs
and the lower prices therefor, but the de-
mand slackened, weaker feeling set
IN and decidedly lower range of
prices was submitted to all around, the
market ruling rather lower to the close.
Trading was mainly in contracts for June and
July delivery. The shipping demand was
moderate and orders were mostly for small
quantities. Foreign markets were steady
and eastern markets opened so, but got
weaker towards the close in sympathy with
the markets here. A fair business was re-
ported in pork, but an unsettled feeling pre-
vailed and prices ruled irregular, Offerings
were rather free and the demand was not
particularly urgent. At the opening the
market was stronger and prices ruled 100
1870 higher, but weaker feeling set in
and prices gradually receded 30@35c, rally
ing 5@1Oc towards the close, which was
steady.
Trading was moderately active in the lard
market, but here also prices ruled very ir-
regular A strong feeling prevailed early,
with prices 5(075Ic higher, but the market
soon weakened, and reduction of 25@30c
was submitted to. This was followed by
rally of 5(010c, and prices closed compare
lively steady.
Short ribs were in only moderate demand
Prices were somewhat irregular, advancing
l0@1215c early, and then settling back 200
25c and ruling rather tame at the close. The
demand for shipment was rather light.
The cattle market was slow at the start and
SOlA4C AO" lOduS VI CdtGic heIS ICpOiIOO d
shade lower, but later there was an improved
demand, all classes, buying, with the
dressed beef dealers leading, the market
closing firmer and all sold. Stockers are not
30 plentiful as last Monday, yet there is little
or no change. The decline of 25@30c last
week is likely to lessen the receipts. There
is some demand for good heavy feeders for
summer feeding in the distilleries. There is
also good demand for heifers for the west.
The hog market opened rather quiet, with
tendency to lower prices, and before the
day closed values ruled 5@1Oc lower, but at
the decline there was an active demand from
both packers and shippers, and about all were
sold that were in first hands. Those left
over were owned by spectators. The Anglo
American Packing company resumed bust
ness to-day, making their first purchases for
the summer season so far All the other
packing firms that have commenced sum-
mer operations were also on the market.
There were barely sufficient sheep on sale
to make a market. 1t was reported that New
York and other eastern markets were better
and it was generally believed good lots would
have readily brought So per 100 pounds had
they been here to-day. Large numbers are
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