St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-08
The Animals Have q Hard Fight,
The Bulls Gaining a
Slight Advantage.
May Wheat Declining to 795Sc, Recov-
ers to 82Ac, &c Over Saturday.
Corn, Pork and All Other Products Close at
an Advance, with Better Prospects.
Little Interest in Wall Street--Union and
Northern Pacifics Strong-Western
Union Lower.
CHICAGO.
Especial Telegram to the Globe. /

since the decline commenced has the con-
fusion in the grain pit been so great or the
fluctuations so rapid and severe. Commis
sion houses found it difficult at times to ex-
ecute orders on limits, and the crowd in the
grain pits resembled bowling mob. All
articles handled for future delivery suffered
further decline, which was partly due to the
suspension of a large dealer on the long
side and fears that others would go under.
But as no other failures occurred, the mark
cts showed a steader tendency. Confidence
was further strengthened by the snow storm
and the reports of colder weather as far south
as Kansas, and all articles closed at an ad-
vance, though the feeling was feverish. The
fact that no fnrther failures have occurred on
the heavy decline is regarded as a proof that
the property of all kinds is in the Ehands of
strong parties, and that the process of liqui
dation will be materially diminished here
after. Many of those who have here
tofore been persistent bears have also
left the trade or are inclined to the bull side.
Wheat was stronger and advanced nc from
the opening figure, which was S0Tc for May.
The lowest point reached for May wheat this
year was touched too day, 79Yc, and it closed
at S255c. The feeling in corn was weak at
first, but became active under good buying
trade. Provisions were more animated, es-
pecially lard.
Wheat was unusually active, and the vol
ume of trading large, but values underwent
rapid and wide changes. The receipts were
small and the outward inspection aggregated
$4,000 bushels Of contract grades of spring,
lower quotations form New York and Liver
pool, the latter market being quoted dull and
depressed at q decline of 3(C16d per quarter
Opening prices were about the same as the
close'on 'change on Saturday, but there was
general disposition among holders to real
ize. Especially was this the case with those
who were holding on slender or exhausted
margins. The situation was further aggra-
waited i'm mediately after the opening by
the announcement of a suspension
and prices receded to 777Sc, being the lowest
heretofore reached, but recovered to S2Mc
There was large buying for investment by
strong parties, and this did much to restore
confidence and turn prices upward The
fact that prices closed at O'Clock at 1c over
the same hour on Saturday, was also regard
ed as a favorable condition by many. Early
sales of June were at S3@S314c, sold to
S338c, then broke to S2c, went up to 8335c,
down to S219c, then began to improve, and
sold irregularly to S4Ic then fuctu-
ated within range of about 1lc, falling
near the close to 84115c, closing at about S4H
Q1S414c. July ranged at S3@S6c, closing at
about S536c. On the call wheat was active and
19@4c higher, closing at S235c for, May, while
on the curb it was unsettled and closed at
S215c.
Corn was active and irregular, and opened
weak in sympathy with other articles, but
afterwards recovered sharply, though at the
close it was about &c lower than Saturday
for May and June, with July unchanged. The
opening prices were considerably lower
than Saturday, and soon became demoral-
lied, selling irregularly 134c below Satur-
days closing, but then reacted irregularly
fully &c from the lowest point, but just at the
close dropped &c, closing unsettled. Car
lots of glt-edged No. 2 sold at
471l@4S2l, closing at about 4S15c.
June was 3l@175c over MAY 1t opened at
5019@51c, sold at SOC, went up TO 5OMc, off
to 1870, rallied to Size, off to 1870, with
some sales at 1890 then up irregularly to
51&lc, with some trading at 51Tc, and just
at the close fell to 81 114c, closing at ITO at
51A@51%c. July ranged at 519l@53Tc,
closing at 531@5335c.
Pork was very unsettled, though after an
early break of 5OQ155c, the market exhibited
more strength and steadiness, and at the
close was quoted all around the best figures
of the day. The days fluctuations in the
principal futures, May and June, covered
range of 50(Q53c. Trading was active and
entirely speculative. Cash pork sold at SIG,
and closed at S16016.O5. The first sales OF
May were at S16.1c, sold up to SIG. Is, then
lown lrregularly to S15.60, advanced to
$16.15, and ruled steady to the close, closing
at SIG. .10@16.1215. June ruled active and
unsettled ;opened at $16.4 sold off to $15.S5,
up again to $16.2715, and then ruled steady
to the close, closing at S16. 2219@16.25.
Lard was irregular, but as in pork there
was more strength to the market during the
last half of the day than early. The opening
was weak, but after prices had suffered
material decline, quite an improvement oc-
CURED in the prevailing feeling. The range
for the day was about 1712c on the principal
futures. The market closed 10c under Sat-
urday.
"A. NJ Wright 6, Co. say: cat present we
feel exceedingly cautious about rendering
advice, but will say that prices have touched
point where they would be largely intiu-
enced upward under buying by capitalists at
the slightest indications of injury to the
growing crop by adverse weather or other
causes.
Milmine, Bodman 6 Co. say: s'The mar
ketis now no doubt badly Short and could
easily be bulled few cents if taken hold of
by strong parties, and that is just the danger
always after such sharp decline, and we
think the market is now very unsafe to make
further short sales, although there is nothing
in legitimate way that warrants any mater
ial or permanent advances. The export de-
mand has notincreased materially since the
decline, and is as yet very insignificant.
While we think prices will most likely rule
lower in the end, at the same time we be-
lieve the shortage in the market is now suf-
fcient to give us lively reaction, if taken
hold of by strong parties. We look for an.
active scalping market now, and purchasers
on the breaks will probably pay We may
see Just as lively times on the bull side as
we have seen on the bear side. We think
the stuff too low now to sell short, but at the
same time think investors may buy it for
less money later on"
Mccormick, Kennett s. Day say: stWe
can't get permanent advance until the
visible supply OF wheat is materially reduced,