St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-22
Sundays Storm, Continental Export
Demand and New York AdYices
Without Effect.
cline, with Corn Following Close at
It's Heels.
The Entire Absence of Strength IL Share:
the One Characteristic OF Wall
Street.
CHICAGO,
Especial Telegram to the Globe. |

to-day, tie course Oh prices proving a com
plete surprise to all classes Of operators The
grain markets were active, the opening be-
ing marked by sharp advance which was at
once followed by weakness and downward
tendency III prices which continued, with
slight fluctuations, almost from the opening
to the close of the regular session.
The decline was more surprising
from the fact that the New York
markets opened higher, foreign adj
vices reported strong, markets in England
and quotations better, and that there was
really little of an encouraging feature in the
character of the weather, which although
bright, was raw and not especially encourag-
ing for agriculture, but the crowd had evil
IDENTITY bought more than they wanted, and
as all had profits on their purchases at the
opening prices they we're oyer-anxious to take
them and the pressure to realize was strong
er than the disposition to buy, the demand
being mainly to cover shorts, and the last
sales were at nearly the lowest prices of the
session.
Trading in wheat was quieter than could
have been expected under the circumstances,
and the shorts did not show much disposition
to cover though they could have done so with
fair profit towards the close. Cables were
firm, and the New York opening higher, with
good export demand from the continent.
The storm Of yesterday and last night, in
connection with the low temperature, con-
tributed to inspire confidence at the opening,
and the first sales were 1B0D1Hc over the
last transaction on 'change Saturday, being at
Ole for June, but the advance brought
large sellers to the front, and although there
was at times active buying by some of the
strongest houses on the floor the demand was
not sufficient to absorb the offerings, and
prices took a down turn at the start and set
tied with slight reactions to 685Sc, and after
an advance to SOC closed on 'change at S55s
GQSS%c for June, and S635c for May. The
trading was chiefly local, outsiders seeming
to see very little in the situation. There was
some talk on 'change about heavy operations
by Nat. Jones, who is now in New York. His
brothers here were engaged most of the day
in selling wheat and corn, and it is thought
these sales must have aggregated a large
amount. Exporters as a rule claimed they
were without orders that could be filed at
present prices. On the afternoon call the
feeling in wheat was easier, and on the curb
weaker, the closing prices on both being &c
below the close on 'change.
Corn was fairly active and irregular, but
generally weak The inspection showed for
the past forty-eight hours 2O7 cars, 46 Of
which were contract grades. Cables were
stronger and prices opened stronger in New
York, where an urgent demand was reported
to cover shorts and fill export orders, and
early sales were made at an advance Of % %
1c over Saturdays close. May opened at SO
&c and sold up to sac, but weakened with
wheat, and declined under free offerings to
52c, closing at 52H@5235c ON Change.
July is rapidly becoming the favorite deal,
and ranges 9C0315 over May. The demand
to-day was largely from shorts and scalpers,
and values were materially influenced by
wheat. The shipping demand has greatly
fallen off since the recent advance, and deal
ing is largely in futures. An easier feeling
prevailed on the call when the close for May
was sc lower, and weaker feeling on the
curb; where still another &c was lost.
Oats were steadier in the early part of the
session, and better range of prices pre-
vailed. The shipping demand was moder
ate and trading in futures rather slow. In
sympathy with other cereals prices fell off
from early sales and the closing was dull at
324c for May. But little change was noted
on call or curb.
Provisions were even slower than usual,
and the day was a comparatively uninterest-
ing one both as to legitimate and speculative
trading. Pork was only moderately active,
and prices opened at outside prices, which
were 5@1719c under Saturdays closing, and
on almost uninterrupted decline continued
all day, amounting at the close to 20(025c.
In futures June commanded the chief atten-
ton. It opened at $1,000, sold down with
slight fluctuations to $16.65 and closed at
s16. 7215@16.75. May opened at $16.75,,
sold down to $3.50, and closed at S16.5715
@16.6O.
Lard was slow and lower, only moderate
activity prevailing. The first sales we're
made at the best prices of the day and the
last at about the lowest. May opened at
1886 and closed at SS.271l@8.30.
Short ribs were quiet and the weakness in
the general market made buyers cautious.
Prices ruled 7@1O lower.
a. NJ Wright says: GAS regards the near
future we really see little to warrant per
manent decline, and adhere to the previous
ly expressed opinion that wheat and corn are
On basis where judicious purchases made
On weak spots are far more likely to return
profit than a loss.''
w. II. Minor & Co. say: 'sWe consider
the decline to-day but natural after such
sharp and continuous advance. We would,
however, advise caution in selling on weak
places, as that seems to be fair buying by
good parties on these breaks We cannot
discover anything on which to buy corn a
present prices"
Milmine, Bodman & Co. say: ''The ad-
vance in wheat has been purely speculative
and altogether unwarranted by any iegiti-
mate causes that we can see. We think the
bulge has terminated for the present, but we
may expect very unsettled markets for the
next few days. The export demand will no
doubt be shut off by the advance, and think
now the crowd are disposed to fall to the
rear and travel down hill, but the deal will
most likely take on scalping phase for a
few days and be safe sale on
the bulges for quick turns. We regard
prices as too low to justify short
sales, except for quick turns of re or SO.
The backwardness of the spring blowing in
the west creates some apprehension regarding