St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-04
THERE'S NO BOTTOM
Or It Has Dropped Out Of the
Grain and Provision
Markets.
Wheat at the Lowest Point for
Years and Likely to
Go Lower.
Corn Affected in Sympathy, ana no
Backbone Visible in any
Hog Products.
Stocks Helped Little by Falling Prices of
Grain---Omaha Preferred
FavOrite Stock.
CHICAGO.
Especial Telegram to the Globe. |

Special Telegram to the Globe.
CHICAGO, April 3.-On 'change to-day al
the markets were badly demoralized, ant
those who thought that the climax of weak
ness and inactivity had bsen reached yester
day were doomed to disappointment, for thu
decline was even more pronounced and th'
decrease of values all around was little shor
Of utter decentralization. Light weight hold
ers were shaken out without ceremony, anC
it lis said on pretty good authority that some
of the heavy ones thought it bes
to get rid of their loads, which
have every day been becoming more
and more troublesome. The bulls at first re-
ceived with supreme scorn the news that Ar
mour and Kent had unloaded several million
bushels of long wheat, but they afterwards
took that report for fact, and grew decided
ly less ferocious in their bullish propensities
The grain markets were unusually active
from the opening to the close Of the regular
session, and at no time this year was the ex
element so intense or the fluctuations so Sc
we're and no corresponding time in years has
wheat sold so low. Corn, although sympa-
thiziug with wheat, suffered less severely
while provisions were demoralized to ever
greater extent, and the decline was so
rapid that many who held property for GUS
toners on margins were unable to sell quick
enough to protect themselves, the break in
all speculative articles of hog product being
nearly as rapid as during the McGeoch panic
of last June. At the close of 'change, how
ever, there was q steadier feeling in all ar
ticles sold for future delivery, and the last
sales showed a rally of 35c on wheat, 19c on
corn, s5c on oats. 3219c per barrel on pork,
and 20c(Q22115c per 100 lbs on lard and short
ribs.
There were no sustaining influences in the
wheat market New York quotations being
lower, the European markets being dull anC
heavy and the weather fine. The market
opened weak, d under yesterdays close Oh
call, and under a rush to sell by all classes ot
operators rapidly declined, though with fire.
quent reactions, which were Immediately
succee@,G by breaks which carried prices still
lower Large lots of wheat on which the
margins were out, and still heavier blocks
held by parties who were disgusted with the
market and determined to go out were
thrown over at each break. About the only
buying was by shorts and scalpers, and many
of the farmers who covered early, again sold
when they saw values still declining while the
latter bought and sold on each turn. Prices
dropped to size, being &c under the lowest
previous prices touched since the break com
weak on Change at S4gc. Or
call wheat was active, but unset
tied, sold as low as S44c fol
May and closed at S435c bid On the curb {
someweat stronger feeling prevailed for {
time, and May closed at S419c.
Corn was active, weak and lower or
'change, with wide and rapid fluctuations
The only sustaining factor was the small re-
ceipts, the inspection showing only 104 cars
OF which 25 were contract grades; but this
was off set by the reports from New York and
Liverpool, and the weakness of Other
articles. The weather also encouraged the
bears to look for augmented receipts. The
chief buying demand was to cover shorts,
and many who bought on the first breaks, re-
sold when the market reacted upward. The
chief selling, however, was on account Of
outside operators who were being closed out
as their margins expired or their courage
gave out. Opened at 532l@54c, and aftel
many fluctuations fell to 53c, and closed al
53A@5315c on 'change and sc better Oh
call and curb.
Oats were adversely affected by free re-
ceipts and the general weakness and closed
at 1910 on Change and 31Tc on the curb
pIra1 f11,11n 1.ln Of Loot
prices on 'change yesterday.
Pork was more active, and the pit was 9
scene of the widest confusion from opening
to closing. There were no special develop
ments calculated to disturb values, but the
provision crowd seemed tired of holding an
article on which there was no legitimate OF
outside speculative demand, and finding
outsiders would not come in and take it of
their hands at high prices, they determined
to unload on any terms. Opening sales
were on a basis of S17.20 for MAY
and 25c under yesterdays close, ani
prices fell to S16.40, and, closed on changc
at SIG. 6215@65, and on the curb at S16.62%
Lard was weak and depressed; opened 15c
below yesterdays close, sold down under
and closed at $3.50. Short ribs were weak
and declined 55c060 per 100 pounds from
yesterdays close. Opening at SS.75, anG
under strong selling and little demand, ex
cept to cover shorts, prices fell to SS.47I
closing at SS.67H for May.
May wheat opened unsettled at S5$4 40S6 ~
sold off to S559c, back to SEC, then down ir
regularly to S42lc, up to S51lc, again, dowr
TO S4$lc, with some sales at S414c, rallied t.
S5@S515c, and then down, closing at S45Sc
June wheat opened unsettled at S7(0S715c
ruled rather irregular for time, falling witt
fluctuations to SEC, and closed at S61150S64c
July closed at S655@S7.
Corn opened unsettled and irregular a
6s24c, soon fell to $500, rallied to 53c
broke to 5314c, up to 5355c, and then down
to 53c, but with more buyers at that price
than sellers, and closed at $3.50. june
ranged at 54(@547sc, closing at 5414c.
Oats opened at 32c. for May, sold at 3235
back to 32c, and closed at 321s. Rye opened
at COZ for May, 1c below yesterdays close
fell to SOC, and closed at 59Ac
Estimated receipts of cattle, $500 against
4,635 last Thursday, making an increase o.
about 1900 over the corresponding period
last week. Trade slow, and prices 10 tc
Is cents. lower on all descriptions of fat
cattle that is, on all that are suitable fol
dressed beef or shipping demand There
were no expert orders, and those on shipping
account were limited in price and number.
Butchers stock steadyand unchanged Traders
ing was light, and the outlook toward lower