St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-18
ACTIVE ALL AROUND.
Wheat Surprises Everybody
by Rising in the Face
of Fine Weather.
The Bulls and the Scalpers Force
the Fighting and Score a
Victory.
Heavy Speculation in Wheat Causes
Markets to Fluctuate in
Sympathy.
The Bears Get the Upperhand in Wall Street
and Hold 1t to the Close.
The Bears Get the Upperhand in Wall Street
and Hold 1t to the Close.
CHICAGO.
Especial Telegram to the Globe.l

all classes of operators, the weak feeling at
the opening being followed by a strong up
ward movement, and rapid fluctuations in
quotations. The advance was the more sur
prising from the fact that the weather, which,
owing to its stormy character during the past
few days, was one OF the chief factors in
supporting prices was bright this morning,
! and in every respect favorable to agricultural
work
The market opened weak at a shade lower
prices on all articles, and a disposition
among bears to hammer prices still lower.
But it soon became evident that there was
strong undercurrent, and prices turned rap
idly upward as the buying increased, the bull
| clement being largely encouraged by light
receipts. Advices from the interior also
stated that no material increase in arrivals
can be looked for in the near future, as farm
ers will be too busy planting to market the
surplus grain they have on hand.
Provisions were irregular and largely in
fuenced by wheat, as it is really the keynote
of the market. All speculative articles of
hog product opened weak and lower, adj
vanced with wheat and lost portion of the
improvement when the latter slightly reced-l
ed at the close OF change. The legitimate
situation of the market was further weaken
ed by increased receipts of hogs, the arrivals
of which aggregated 13, 900 head
Wheat opened a shade lower to-day but
firmer and without offerings. Cables from
Liverpool quoted it quiet but steady for spot
delivery, but 396d per quarter lower on
floating cargoes. This, coupled with the
bright weather, was the occasion of the weak
opening, but it was soon discovered that
heavy operators on the long side were buying
freely, and this started the shorts to cover
ing, and they were followed by others, who
sold long wheat yesterday, and were anxious
to get it back for another scalp on the up
turn. The scalpers, who always tail on to
what appears to be the winning side, also
joined the bulls, and the market received adj
ditional strength from the rumor that 200,-
900 bushels were taken for shipment to
Montreal, and the statement that Armour
had purchased 100, 900 at May prices.
Specials from New York reported hsaYj
export purchases there, and stronger mar
ket. Under these stimulating features prices
appreciated 159@1Mc from opening figures.
and large local business was transacted, al
though prices were sustained to the close
Opening at SIC, May wheat sold at S35sc, and
then advanced rapidly to S519c. June sold
at 2(0215c above May, and was the most ac-
tive future traded in. The inspection into
store was only seven cars, and the withdraw
II Of Jo,
Parties who are in position to judge say
that there is a growing feeling in favor of
American wheat abroad, and a stranger up
ward movement would bring increased ex-
port orders. The markell is still very sem
sitive one, liable to be influenced up or down
without any strong reasons, though the legiti-
mate tendency seems to be towards higher
prices. One thing can now be counted on
with certainty and that is, whereas the most
sagnuine shorts cannot expect more than
or &c profits on their sales, the longs stand &
chance of making 10 or zoe, and May feel
confident that they will not have to put up
excessive margins to protect their deals.
Corn was fairly active and strong most of
the day, although the extreme price was not
fully sustained. Seller May closed about 1c
higher than at 1 o'clock yesterday, and June
&c higher, and seller July 116c higher.
The opening prices were at somewhat lower
figures than the closing On Change yester-
day, but quickly became strong, owing to
light receipts and sympathy with the strong
tone in wheat, which brought out a liberal
short and speculative demand, under which
May advanced 15c, June 1115c and July 135c,
then weakened as wheat declined and fell
about 15c, but recovered later. MAY closed
at 5035c bid, June at 52c, and July at 535Sc
Oats were moderately active for future de-
livery. The offerings being fair and prices
responding to the advance in wheat and
corn. May opened at 311lc, advanced to
3215c and closed on change at 321Ic, June
ranging &c higher. The shipping demand
for sample lots on track was good aud offer
ings only fair
Rye was firm and &c higher. closing at
5Sc for May.
Hog products showed more strength .and
steadiness and closed at a general advance.
Pork opened at the lowest quotations of
the day and 10@15c under yesterdays close
on 'change, but as the session advanced an
improvement was witnessed. After the
mornings transactions the feeling was in
fact comparatively strong, and at the close
prices were 10@1215c higher than at l
o'clock yesterday. The trading was very
fair and considerable activity prevailed in
the early futures. May opened at s16.4O,
advanced with fluctuations of 5@1Oc to
s167O and closed at S16.65. June sold at
SIG. 50@16S715 and closed at $16.SO.
Lard opened at inside prices, ruled strong
when the trading was fairly opened and
closed with the market approximating the
best figures realized. The days changes in
prices were comparatively moderate, and
based on yesterdays quotations, at one
O'Clock the advance established amounted to
10@1215c. The speculative trading, which
was quite fair, was confined to the May,
June and July futures. Cash lard was quiet,
closing at ss.25@S.3O. May opened at
sS.121l, sold from sS.121l up to S. 80, and
closed at sS.271l@s.3O. June sold at $500
as. 40 and closed at SS.3715@9. 40.
The inquiry for meats was quite fair, but
the improvement which the market sustained
as soon as the trading commenced strength
ened holders in their view and deferred buy
ers from taking hold.
Short ribs were stronger, and at the close
were quoted 21a@5c higher than yesterdays
last prices on 'change. May sold at SS.15
@S.2215, closing at the latter figure.
There was an active demand from all
classes of buyers for cattle, and prices on all
descriptions ruled steady early, but later the
heavy receipts lowered prices. There were
few loads os choice sa.sa that mads very