St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-09
HOPEFUL MARKETS.
Morning Advances in Values
Of Stocks, Grains and
Provisions.
Wall Street Feeling Better but
Dull, and Chicago Better
and Bright.
The Early Advances Partly Lost in
Late Dealings, but the Hopeful
Feeling Remains.
Two or Three Failures Reported, but None
Serious, and the Bottom Seems
Reached.
CHICAGO.
Special Telegram to the GLOBE |

Lne grain markets Stlll continues, Win values
very unsettled. The indications on 'change
this morning were favorable for an advance.
The opening in both grain and provisions
was strong and active, and the feeling grew
stronger up to nearly noon. This early
strength is partly accredited to the presence
OF good many Milwaukee men, who were
reported to be long on heavy lines of wheat
and determined to bull the mar
ket here sufficiently to allow the
unloading of their surplus without loss.
When May wheat reached its highest point
for the day, S315c there was considerable
selling of lohg stuff and it was thought that
figure would let the Milwaukee longs out
even. From this point the market began
weakening, the reactionary causes being un-
favorable cables and the failure Oft. Roberts,
Jenkins u Co., large Baltimore
commission house. But while the advance
recorded early in the day was not sustained
the feeling was better and there are in
creased indications that the worst has been
passed. The opinion is largely supported by
free tGkings of many leading articles for in
vestment. There is also an increasing dis
position among those who are not constitu-
tional bears to turn to the bull side, and be-
come at least conservative buyers. Corn fol-
lowed wheat closely, reaching 81 &c from an
opening of 56%c, but breaking in sympathy
with wheat, and selling at the close at 1890.
Provisions were fairly active, the
opening being strong, and for May
pork ~ &c in advance of yesterdays close.
Traders on both speculative and Legitimate
irn1 tn ha +iva
though the feeling was quite strong and the
trade well supported. The speculative trad
ing during the day was spasmodic and only
fair.
The grain commission firm of Fitch q
Phillips, doing business on the regular board
of trade transferred their trades this morn
ing. A member Of the firm said that the
suspension would only be temporary, and the
firm would resume business as soon
as their affairs were Strengthened out and set
tlement made. There was also a small fail
ure on the open board. The firm of Geo. H.
johnson & Co. suspended this morning, but
at noon said they were square on the board
and would resume.
Both boards voted to adjourn over Good
Friday, the 18th.
Wheat in foreign markets was quoted
weak, dull and neglected, but snow with
colder weather here and west gave the
market strong opening here. This
influence was reinforced by decrease of
1,170,000 bushels in the visible supply at
twenty-one leading points east of the Rocky
smountans and transmit from the west to the
seaboard. There was also increased buying
by strong local operators Tor an investment
and the advices sent out last night brought
in a good many buying orders from the out
side. The demand was active at the start
and Influenced by spirited bidding
including free covering by shorts and the
execution of buying orders, prices
quickly appreciated 1115c per bushel, opening
on basis of S2Q1S4114c for May. and advanc
ing to S314. A large business was transacted,
vet the bidding was feverish, and the fluctu-
ations between SO and S315 were rapid. But
the bears showed disposition to pound the
market, and as there was little buying sup
port after the early demand was filled prices
gradually settled on free selling by shorts,
and sold back to 50 and closed on 'change at
624@S235 for May. Trading
In June was active and
prices ruled generally about &c overy May.
July delivery ruled 1@1Ac over June. On
the call wheat was active and higher on re-
ports of cold weather in the south and fair
amount of outside orders. May closed at
S2Y, which was also the closing figure on the
curb.
Corn opened stronger in response to the ap-
probation in wheat and advanced 1g@5Sc per
bushel; but the receipts were larger, includ-
inc 2S7 cars, of which 1874 were
contract. The demand outside of moderate
covering by the shorts was rather light, there
were many heavy operators on the bear side
who were disposed to hammer prices, and
when early buyers had secured what they
wanted a weak feeling developed and prices
receded 1179@15s from the outside figures of
the morning. Opening on basis of 5000
50%c for May, advanced to 81 &c, fell off to
1890 and closing steady on 'change at49 5sc.
The volume of trading was quite liberal, but
the action of the market throughout the
day showed that the course of prices was de-
pendent on wheat and few who were
friendly to wheat were bearish on corn.
But there was less disposition to sell at the
close. June ranged from 5O19@5211 11lc with
few sales at the extremes and closed at 50Mc.
July was about &c higher, on call and curb it
was moderately active but prices were with
out important change.
In oats a steadier feeling prevailed in
the speculative market. Prices were
a shade better, improving about I@19c
over yesterday. Outside pricas were not
maintained, but there was a reaction, so the
market finally closed about the same as yes
terday. May delivery ranged at 31@31gc,
and closed at Bic. June advanced from 81 4
to 31%c, reacting to 3111l at the close. Q
Rye was active for cash. good deal being
taken for shipment, estimated at 100 900
bushels No. 2. Trading in futures was not
30 active as it has been. May closed at 55c,
after ranging 14c above that.
Only moderate speculative business was
transacted in the market for hog products,
and steadier and firmer feeling prevailed
During the greater part of the session the
offerings were not as free, and there was less
urgency in the demand. A fair business
was reported in the market for pork, but an
unsettled feeling prevailed. Prices ruled
stronger at 15@25c higher early, but closed
comparatively easy at the inside figures.
May ranged at s16.171l916.35, and closed
quiet at S16.171l@16.2O. June ranged at
S16.271I@16.75, and closed at s163 32L
@16.35. July closed at $16.4O@16.42.
Trade was moderately active in the lard mar
ket. Prices ruled steadier, and on the whole
range were slightly advanced, and closed at
inside figures, The demand on shipping
and refining account was fair and cash lots