St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-14
The Bulls Devoid Of Organization,
Conservative Operators Boil
STEERING the Market.
Cable Messages, State Dispatches and
the Grain Inspection Favorable
to Higher Prices.
The Provision Trade Speculative and Spas
motto, Closing Quotations Being Easier.
and Lower.
Dizziness the Characteristic Feature OF
Wall Street, the Movement Being
Generally Downward.
CHICAGO.
Especial Telegram to the Globe. |


This almost total lack of activity resulted in
weak markets all around. Prices OF all ar
tcles averaged lower, the volume OF business
was smaller, wheat being about the only ar
ticle that showed any signs of life, and the
great bulk of the business was of a local char
acter in the way of evening up deals between
scaIpers. Neither the longs nor shorts felt
sufficiently sure of their position to stand
trades over Sunday, and closing sales were at
nearly the lowest prices Of the
session, and as to the future OF
the market nothing has developed
10 warrant change in the views
already expressed in these dispatches. Stocks
of grain of all descriptions are steadily be
ing depleted by consumption, and advices
to-day Justify the expectation of early re-
sumption of communication with the east by
water, which promises further reduction in
freights. This fact should greatly stimulate
the shipping demand and steadily reduce
stocks to point where holders can carry
them with confidence. At present. how
ever, the bulls are without organization or
leader, and the advance that has
been secured from the low prices that pre-
vailed during the early part of the week was
almost entirely one of the confidence con-
servative spectators feltin further values.
Shorts selling except for scalp is thing
that cannot be advised, and though the stu
alton is such as to warrant belief in a sharp
advance in the near future there is posi-
bility of a large break before the upturn, and
when the break comes It's the time to pur-
chase.
Wheat was moderately active but the feel
ing was feversh and fluctuations rapid, but
less wide, the entire range of value for the
day being lie per bushel, against 12sc Thurs
day. There were few outside influences cal
culated to affect values in either direction
and certainly none calculated to discourage
the bulls. Private cables from Liverpool
were generally favorable. Advices conveyed
in private letters from Southern Illinois and
Indiana were not such as to justify hopes of
full crop in those districts, and the outward
inspection for the week showed a reduction
of about 600, 900 bushels in our stocks of con-
tract grade since last Saturday. There was also
some export inquiry at slightly lower prices |
than were obtainable for cash grain, but the |
sharp advance of last Thursday had induced |
good many chronic bears to buy at nearly |
the top prices, and there were few supporting !
features of pronounced character to-day and |
the weether was fairly favorable. Those who
bought Thursday on the reports of a storm in
the northwest were discouraged and anxious |
to unload, and the market opened weak &c |
lower, the opening sales being made on a
basis of 84@S41lc for May. From this point
values quickly receded to S555c, |
1Uba1 tbn md 10 CHI ont ot
higher prices and free buying to fill outside |
orders and tallings for investment caused a
general upward movement to SAGE, but af-
ter the demand from such buyers was salts
fed there was an absence of support and
prices receded under free selling, and closed |
on change at S31z@S355c. June ranged
about 218c above May, closing at S5%c, |
while July ranged %@1 sc above June, clos
ing at S6Mc. On the curb wheat was sc |
better.
Corn was less active than on Thursday and !
lower, but the decline was hardly as marked |
as on wheat. The Inspector for the past !
forty-eight hours showed 40 cars, of which |
100 were contract grades. The demand for |
futures was moderate and mostly of a local |
character, considerable portion of which |
WAS W CONcI SHOUTS, anu buc 1cclluS lHFOuSu-
out the session was rather lower. Opening |
on basis of 1870 May receded under fair
offerings to 49c, reacted when wheat and |
other articles advanced, sold at 1870, and |
closed on 'change at 4955@49Hc. There is
an increasing disposition to change May to
longer futures, and both buyers and sellers |
are rapidly closing up their May deals and |
going into June and July. There was a fair
shipping demand for low grades on Track, |
and offerings were more liberal. June |
ranged at 5O15@5O3Sc, closing at about
5O75c. July ranged at 5214@53Ac, closing
at 521lc.
Oats were rather quiet for future delivery
and opened weak, declined &c in sympathy
with wheat and corn, rallied &c, but again
weakened when the shorts were filled, and
declined at the close to 312(c for May, 315Sc
for June and 312lc for July.
The market for rye was quiet and slow
and lower prices ruled.
Barley was firmly held'at Thursdays prices
The trading in provisions was chilly con-
fined to speculative circles and was rather
sposmodic, the market failing to show more
than moderate activity. The feeling how
ever, was very steady, though prices ruled
easier and lower. Based on Thursdays last
quotations prices closed at decline of 80 %
35c on pork, Is q 171Sc on lard and 1Oc on
short ribs.
Fluctuations in pork yesterday were CON-
fined to a small range, and the closing was
dull at $17.35 for cash. Dealing in the May
option was moderately active. The market
opened at $17.4O, declined to $3.50, and
after advancing irregularly to $3.50, closed
at ST. 3719@17.4O. June closed at S1750@
17.525s, and July 10c higher.
Lard was easier and closed 15@1715c
under yesterdays ruling prices at 1 o'clock.
May opened at $S.5219 and closed al SS.47115
@S.5O. June opened at $500 and closed at
$S.5719@S.60. July opened at $S75 and
closed at $S.6713@.S.7O.
The general trade in meats was slow.
There was some inquiry for cash lots, but
buyers acted as if they were more anxious to
feel the market than buy. May short ribs
ranged at So 50@9S.55, closing at SS.521S.
Receipts of cattle for the day were 1900.
About half of the number, howeaer, were
Kansas City cattle, bought there for Armour
81 Swift, leaving only few hundred fresh
on sale, for which there was good demand
at about yesterdays prices. Buyers fancicd
they paid slight advance, yet the lsalcsman