St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-19
Corn Climbing Upward Independent Of
Wheat, and Heavy Holders are
More Hopeful.
Provisions Gain About 2Oc, Solely From
Sympathy With the Advance in
Corn and Wheat.
CHICAGO,
Especial Telegram to the Globe. |

Especial Telegram to the Globe.l
CHICAGO, April 1S.-Activity and higher
prices were the salient features on 'change
to-day, the firnness in the leading articles of
grain yesterday being followed by large ad-
vance. 1t was, in fact, strong market
from the opening to the close, aRd at no pre-
vious time in many weeks has the ability to
absorb enormous offerings been so marked
as during the regular session on 'change.
The factors that control prices were largely
in favor OF an advance quotations in the
eastern seaboard and European markets be-
ing better, the receipts small, the
outward movement free, and the
weather wet. There was also more
organization among the bulls, who felt as
sured that they were in stronger position,
and they made good use of all the adyan-
tages presented, while the bears were fright
ened at the surroundings and the rapid ap-
probation in values, and bought freely to
cover short sales without higgling over pri
ces. Provisions were higher, and good
deal was done in them, although the market
simply followed the turn in wheat. One
large dealer was confident that had wheat
opened and continued weak, pork would
have dropped at least soc.
Wheat was active, and although prices
showed rapid fluctuations each depression
was followed by an upward reaction that
carried prices higher than before. The wet
weather and the higher quotations in New
York and Liverpool caused stron opening,
Che first sales being on a basis off S535@S6c,
sold up to S64@S635c, when Ream and
Jones began feeding the market with long
wheat, which the crowd quickly took up, but
the heavy offerings depressed prices to S519c.
The demand, however, was more than equal
to the supply and prices once more turned,
and under large covering by some of the
heaviest houses on the floor advanced to
S714c and closed on Change at S71s@S74c
for May.
1t was remarked by some that the country,
or that portion Of it which is short on wheat,
was getting scared and preparing to go on
the other side, while others revived the old
story that the present stores of wheat were
only barely sufficient for the home demand,
until the new crop was due. There were
reports that considerable purchases are
made for shipment, and it was
said that David Dows yesterday
sold 175,OOO bushels which will
go to Liverpool, but undoubtedly the ad-
vance was chiefly due to the large covering
by shorts, coupled with the fact that the de-
mand from local and outside buyers was at
all times more than sufficient to absorb the
offerings, many who sold out early again be-
ing buyers before the close. ''If three or
four sunshiny days don't break wheat down, y
said pretty good authority to-day, ''you
can look for a bulge after that.n
On the afternoon call wheat was active and
higher, though toward the close it weakened
q little, securing, however, &c gain over the
last quotation on 'change, while on the curb
there was free realizing, and the May option
closed at 863lc. June followed May closely,
ranging 15503c above.
Corn showed greater activity than at any
time in the past two weeks, and was more
Independent of wheat. The advance in the
eastern and Liverpool markets, in
connection with the bad wealth
er and small receipts, inspired
its friends with confidence, while the bears,
being dismayed at the greater firmness and
upward tendency of prices, bought freely to
cover their shorts, In addition there was
more demand from the outside and prices al
most steadily advanced. The opening was
firm at sic, or &c over yesterdays closing
for May. From this point it sold up to 52s5c
and closed firm at the outside price. On the
call board however, though active it was
weaker and decline of 18@Hc was scored.
Closing sales on the curb were at 5215c.
Heavy holders of corn are growing more
hopeful. They look upon the heavy rain
storms in the south as favorable to better
prices, arguing though with what degree of
probability it is hard to tell, that these storms
working northward will strike the corn belt
when the farmers are plowing for that cereal,
thus making the prospect of good crop
somewhat doubtful.
Oats were quiet and destitute Of new
features, the demand being small and re-
ceipts largely increased. No. 2 opened at
3215c. May sold at 321lc, and closed at the
opening figures.
Rye was firm aud offerings light.
Provisions were again stronger and higher
Pork attracted the principal attention, but
the trading in it was slower than for some
days past, and the aggregate reached only a
moderate volume. Still the market was
strong and the days range of prices indicat-
ed an advance, which at the close of 'change
was about 20@25c ahead of the corresponding
prices yesterday. May, June and July were
the fayorite futures. The former opened at
$l6.7O, and after selling at S16.60@16. 80,
closed at S16.S715. On the call 215c of this
was lost, and on the curb another SC. June
closed at SIT on Change and call and 215c
lower on the curb.
Lard was strong and the RANGE of prices
higher, closing on 'change 715@1Oc better
than yesterday. Trading was only moder
ately active and chiefly speculative, MAY sold
at $S.2719@S, 3719, closing at the latter figure
on 'change, but losing 2115c on the call: June
was 10c above May.
Short ribs were stronger and moderately
active for future delivery May ranged at
SS.2O@S 2719, closing at the outside figure.
while gain of 219@5c was worked on the
curb.
The cattle market was fairly active from
the opening until the hour this report closed,
and prices ruled steady equally as good as
yesterday, with good many high priced
cattle selling.
The sheep market opened with only fair
number on sale but trife lower, yet there