St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-07
CHICAGO.
Especial Telegram to the Globe. |

CHICAGO April 5.-The course OF the grail
market was almost a repitetion OF yesterday
except there was lower range OF prices II
every article handled for future delivery, anC
the close was about at inside figures. There
was no new developments calculated to eXer
a special influence except the continued fin'
weather and further improvement in The
crop outlook discouraged the few remainin:
bulls who had heretofore presented Dolt
'front.' and induced them to realize in prefer
ence to taking further chances in contes
where the prospect promised nothing but dis
aster.
Wheat, although attracting a large share o.
attention, was closely followed by corn, which
was thrown over indiscrminately. There
was perhaps more than the usual amount o.
hammering by the strong bears for the reason
that the market is so inherently weak thai
it fell of its own weight. In October 1878
cash wheat sold at re and il sold at thai
figure to-day for the first time since then
As far back as March, 1870, the lowest price
paid for cash wheat was 7315c. There are
bears on 'change who predict that figure fol
the present crop in store. They say
episode can trace up hopelessly weak mar
ket Despite the bearish tendency of the
majority, however, there are good firms here
who have still faith enough in wheat to buy
large quantities of it. Roche is mentioned
as having bought 200 bushels to-day,
while few others are not far behind him.
Provisions were moderately active and at
times irregular and weak, but reports of a
large con sumptive demand for meats caused
a better feeling during the last hour OF the
session. There was less disposition to force
a bear movement and fluctuations were con-
Oned to a comparatively moderate range.
Wheat was active and values were very
unsettled. A rally was looked for at tie
opening this morning, and good many
stood ready to purchase, but when the few
buying orders received had been filled there
was nothing to hold the market up but the
shorts, who covered quite eXtcnsivele. For
eign advices were unfavorable. The receipts
were the smallest for any day this year, and
the out inspection for the week aggregated
723 900 bushels OF No 2 spring. This show
ing had tendency to encourage
holders and induce some buying. Prices
opened &c lower and declined a shade,
but under this demand and the covering of
the shorts advanced 1c over the opening fig
ures. But the wants Of buyers were quickly
satisfied, and prices again started on the
down turn, and at the weak feeling steadily
increased as each fresh lot of long grain
came on the market. The bears sold more
freely as the day advanced. Exporters
claimed that they had few orders to buy, and
most of the bids received from the other side
of the Atlantic were below sellers views
Said a prominent broker in the foreign
trade ''The English must get
their present large stock Of
poor foreign wheat reduced before they look
this way, and even then they won't have
any confidence in American wheat until its
holders here show that they believe in it by
starting prices on the up grade and sustain
ing an advance" Sales of May were at
S215c, closing at Sc June opened at
S45Ic, sold to IS he, off to S435c, then up
irregularly to S53sc, become weak and finally
slumpy, falling to S3H@S33sc, rallied to
sac, then went down to S314c, and closed at
S33S@83Ac. July ranged at S41S@S65sc,
closing at about S4114c.
Corn opened with the bears a long way
ahead, and they held their position right up
to the close. The cereal was active but weak,
unsettled and lower, values being depressed
by adverse foreign adviccs. The receipts
were also large, including III cars, of which
Sc were contract grades. The fine weather
of the past few days, and the reports of bet
ter roads in the country induced the belief
that next week will bring more liberal re-
ceipts. The opening sales were d shade
under the closing sales of yesterday, but the
temporary advance of wheat enabled the
bulls to secure a slight advantage, but there
was an entire absence of confidence
or buying support from any
source. Liquidation in everything seems to
be the order of the day. Hobbs, Comstock,
Cudahy, Davis and other heavy holders, were
conspicuous sellers. There was a fair de-
mand for low grades from shippers, but buy
ers were more indifferent and many COM
mission houses in the southern and south
eastern trade complained that the demand
from that quarter has materially decreased
during the past few days, and the impression
prevails that those sections have been pretty
well filled up by recent liberal shipments
Early sales of May were at 524@5215c,
eased off to 521sc, then went up to 525Sc,
fell to $3.50, then irmed up and
sold at $3.50, then weakened, fell irregularly
to 5O9lc, rallied to 81 Is, went down to 501lc,
closing at about 50%. June opened at 534
05315c and, after some fluctuations, began
to Decline and, after numerous fluctuations,
reached Size, at which point it closed. July
ranged at 53A@5514c, closing at 5311S C.
Oats opened steady, and for time better
prices were obtained, but heavy break in
corn gave great depression to this line and
forced a lower price than had been reached
previously, and the market was very dull for
the latter part of the session. No. 2 cash was
about &c early and 261zc later, with no sales
whatever. May sold from 3155S(0321Sc early,
fell from this to SIC, and closed at Bike
bid
Rye was still on the downward track, and
the lowest point for some time was reached
to-day, and those who have been holding the
stock, unloading at big loss. 1t is said the
trade is now well evened up. Barley was do
ing better, and cash was in demand at higher
prices
Pork was held steadier, though the feeling
was unsettled and the fluctuations occurrinp