St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-23
Not Having Sufficient Independence to
Go Alone, Corn Follows in the
Wake of Wheat.
Pork Moves Forward Nearly 40c, and the
May Option Narrowly Escapes Bring
ing ST.
Union and Missouri Pacific, Western Union,
Omaha and st. Paul Lead a Wall
Street Upturn.
CHICAGO.
Especial Telegram to the Globe.


was between local operators, and prices were
largely controlled by home influences. A
bad break followed the strong opening, but
there was a reaction latter, and prices closed
at about the outside figures of the session.
Wheat was the leading article on the list, and
furnished the key note by which all others
went up or down
Provisions were moderately active in the
way of speculative trading in futures, but
the shipping demand for hog products, and
especially the speculative articles, was light
The buying was very largely by shorts, who
were badly frightened at the prospect of a
temporary squeeze by the manipulators. who
advance or depress prices at will, and having
secured fair line of contracts on the down
turn during the past few days they weEe dis
posed to make those who had been amusing
themselves by selling short pay for the music
by buying at an advance. But so far as
legitimate influences were conc erned there
was little or nothing new in the situation to
cause an advance.
The receipts of hogs were II, 500, the quail
ity better, the market dull and prices 5010c
lower. The prospects for continued fair re-
ceipts are good, but such is the situation of
the trade that legitimate factors are of little
value in controlling prices, the latter being
made and unmade at the will of the combi-
nation.
Wheat opened nervous, owing to the pecu-
liar condition of the market rather than to
any legitimate influences. Cables quoted
the cereal dull in Liverpool, and opening
prices in New York were lower, while crop
reports as rule were not such as to cause
alarm as to the current years yield.
Weather advices were also rather favorable to
change for the better, and Immediately af
ter the opening the bull operators who had
sold early yesterday morning, and were
again anxious to load up at lower prices,
made an effort to break the market, and
decline of 130&lc was secured. The decline,
however, caused free buying by the shorts
and scalpers, and the demand from such
operators was aided by the the execution of
fair number Of outside orders, which secured
an advance of 1c. When this demand
was filed the buying was slow and manipu-
lators who were anxious to secure large lines
at lower prices made bear raid, and were
more largely successful than during their
first onslaught. Opening sales were on a ba-
sis of $3.50 for June, and the first decline
was to SS4c, from which point prices rallied
on free buying to 6914c, but weakened when
the early demand was filed, and receded to
S719c, when the reports of increased buying
for export here and at New York caused
lurip tha Lost holt
of the session the demand was more urgent
than the selling pressure had heretofore been,
and prices rapidly advanced until the highest
figures of the day were had, the closing on
'ehange being 8915@S94c. May sold 21S(0
215c under June, and July 14@1asc over
June. The visible supply, as computed by
the board of trade, shows decrease of 1, 559,
600 bushels from last Tuesday.
On the call board wheat was strong and
active, being held up by bull manipulation.
June wheat closed at 8919c, and May at
S71Sc. On the curb the tone was even.
stronger, and wheat advanced M@1c, closing
at 8S15c for May, and 9OHc for June.
Corn was fairly active and irregular, fol-
lowing wheat closely in its fluctuations
There were, in fact, few influences of an in
dependent character that were calculated to
effect prices in either direction, the European
markets being unchanged, and the shipping
demand moderate. The receipts, including
canal arrivals, were equal to 40 cars. of
which 40 were contract grades The market
opened weak and &c lower; at 53Ac for
June, sold up to sac and then receded to
531sc, the lowest point of the day. Prices
again rallied under free covering by shorts.
and reached SIZE, closing at 5415@54Lc.
The shipping demand for low grades was
moderate, and the offerings rather small.
The visible supply shows a falling off of
100000 bushels since last Tuesday. On
call corn advanced to 53Ic for May, and 55c
for June.
Oats were quiet and destitute of strength.
The demand for present and future delivery
was only fair and business small.
In provisions the changes witnessed were
on the side of higher prices and an increased
activity in trading. The shorts found it con
venient to cover some of their outstanding
lines, and made free purchases of pork and
short ribs, while lard was also taken with
some freedom by the same class of buyers.
The pork market opened 1870 under yes
terday's closing on 'change, but the DISPOSE
ton to buy was evidently more urgent than
the general trade expected, and under a good
demand steady appreciation occurred in
prices, until an advance of 5506Oc was es
tablished. This advance was fairly well
and at the close prices were
3715@40c higher than yesterdays closing
change quotations. Trading was quite ac-
tive. May opened at S16.45, sold up steadily
to S16.971a, and closed steady at SIG. $50
16.97h. June sold at SIG. 55@17.15, and
closed at 81. 1O@17.121l. The call showed
an advance of 719c.
Lard was more active, but it failed to adj
vance as freely as pork, and at the close
showed an improvement of only SC over YES
terday. The market opened weak, and "
under yesterdays figure at 1 o'clock, then
gained in strength and closed strong at the
highest figures of the day, May bringing
SIS. 321a@S.3 5 and June Zoe higher. The call
showed an advance of 21Sc.
The urgency for short ribs was fair, but the
advance on the general trade placed the
market above the limit of orders, SO the num-
Der of actual purchases made was limited.
Prices advanced 1779@2Oc over the prices of
and 211ac more on call.
The cattle market ruled slow and dragging
from the beginning to the end, and prices
dropped strong 10 C. per 100 pounds
during the forenoon, the decline being
mostly on medium and heavy cattle. In
Guiding the fresh receipts, there were fully
:, 800 on sale, which are greater number
han are usually disposed of on Tuesday.
There was little or no change in the demand
Or in prices on butchers stock, and stock
II 111@l, liz.