St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-25
~ ~ A- --s - " @sh PAS1t tHI .
Is What Conservative Bulls
Have Concluded Regard
ing the July Option.
The Air Full of Rumors Depress-
ing to the Spirits OF the
Bear Household.
The Large Chicago Operators all Be-
levers in Higher Prices for
the Future.
Corn Lives Only in the Shadow of Wheat,
and Moves to and fro With it
Day by Day.
Wall Street Weak, With st. Paul, Northern
Pacific andsWest Shore Leading the
Downward Movement.
CHICAGO.
Especial Telegram TO the Globe. |

Especial Telegram to the Globe.
CHICAGO, April 24.-On change to-day
the tendency of the grain market was strong,
and prices were again higher, wheat showing
the most activity and much larger advance
than on any previous day since values started
on the upward movement, and at present
the factors that usually govern quotations,
including higher prices and rapidly increas-
ing strength in the markets to which we look
for an outlet for our surplus and marked
decrease Of stocks in sight, are decidedly
favorable to further advance. Yet, though
The outlook favors a higher range Of values,
It must be borne in mind that advances are
seldom continuous until the top is reached,
and the present is not likely to be an ex-
ception to the rule, hence great judgment
should be used and purchases, when made,
should be on soft spots.
Corn, although trife stronger at a shade
higher prices, was destitute of individuality,
and at present offers little encouragement to
the buyer.
Provisions were a trife higher, but there
was nothing apparent to encourage an ad-
vance, the receipts of hogs being IA, 500
head, with probable supply of 20, 600 for the
week. The demand for product was light
and the prospect for material increase in
their values good.
Wheat was decidedly active, and devel-
oped more features calculated to inspire con-
fdence than at any former time in months,
and if We except the bright weather and fair
crop reports, the factors were all strongly in
pf uba VI. 4Io
being really more encouraging than at any
previous time recently. New York quota
tions were 315c per bushel higher on red
winter, and receipts here including only five
cars.
The available supply, including stocks at
nineteen points east Of the Rocky Mountains
and the supposed amount in transit from
the west to the seaboard and afoat on the
ocean destined for the United Kingdom and
continental Europe, showed an increase of
1854, 600 bushels from last Thursdays state
ment. The consumption of wheat, or its
equivalent in flour, in the United Kingdom
last week was shown to have exceeded the
home deliveries by farmers and foreign i'm
ports 1889, 800 bushels.
q y
capitalists had complete control Of the New
York market and were making vigorous
movement in that direction here. At the
opening there was a strong and preconcerted
effort made to secure decline. The evident
intention of the clique who were engineering
the bear raid was to break prices to a point
that would enable them to corner big line
of shorts at profit and secure heavy blocks
in addition at a lower price. With this OBJ
jtct in view they commenced by selling free
ly, their early sales being estimated at near
ly 1000, 600 bushels at figures ranging from
9M@90@c. The demand, however, was
more than equal to the offerings the bulls
combination being fully organized under
bold and able leaders, and the bears
seeing the situation at once commenced to
cover the takings for the latter including
heavy lots for New York. The are also an
enormous absorption by longs, who bought
almost without intermission throughout the
regular session. June opened at S9M M@90c,
advanced with frequent fluctuations to 92%c
and closed on 'change at 9214@923sc. May
sold 2$4024c under June and July 1@116c
export orders being shut out by the advance,
although brokers in the foreign trade say
that English offers being steadily raised as
the stock on that side and the homegrown
supplies diminish. On the call trade was
heavy, and wheat advanced q on May and
114c on June, while on the curb June de-
clined to 93c and finally closed at 9315c
Corn sympathized with wheat, but the
market was much quieter. Prices after de-
clining early, recovered and advanced 1c
per bushel, but the movement throughout
the session was sluggish and the demand
chiefly to cover shorts. The course of quota
tions clearly indicated that the strength was
more apparent than real, and that values
were only sustained by the unusual strength
in wheat. Opening sales were on a basis of
55I(056c for July, which continues to be
the favorite future. From this they weak
ened to 555Sc, advanced in response to the
Improvement in wheat and sold at 563Ic,
closing on the regular session at 565Sc. The
shipping transactions for direct consump-
ton were light. Receipts continue small,
and railroad officials and others who claim
to be posted say the reserves in the country
are very small, and that higher prices will
prevail during the summer. On the call
corn was 1%c higher for May and June, but
the advance on July was not maintained.
Lester bought and Bryant sold freely. On
the curb corn weakened 75c.
Oats were stronger, with fair amount Of
trading, and speculative futures were helped
to higher range by the sharp upturn in
other markets and held nearly to the full adj
vance. June ranged at 325s@33c, and
closed at 32Tc bid
Trading was fair in provisions, but the
feeling was somewhat irregular and prices
ruled with considerable irregularity. The re-
ceipts OF hogs were quite liberal, and the de-
mand active at 5@10c advance, which had
some influence on the markets early in the
day. The strength developed in the grain
markets also encouraged stronger feeling;
offerings on speculative account were fair.
and the demand was not particularly urgent
and mainly from the shorts The SHINING
demand was comparatively light and orders
generally were for small lots Foreign adj
vices indicate steady feeling in that quar-
ter and prices were unchanged. Eastern
markets were steadier and prices favorable to
sellers The pork market open
ed stronger, with the chief in
terest centering in the June and July
options. The market ruled stronger early in
the day, and prices were firmer, rallying 20
(025c on the whole range, but settled back
716010c, and closed steady at s17.O21S@
17.03 for June and s17.121I@17. Is for July.
A fair business was reported in the lard
market, and a steadier feeling prevailed, ac-
eOmpanied by an advance Of 2115@5c per 100