St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-24
Provisions Manifest Remarkable Dull
ness, and Close a Few Cents
Lower than Yesterday.
Neither Life Nor Hope to be Found in Any
thing in Wall Street Except
Omaha Preferred.
Canadian Pacific, Western Union, Missou-
ri Pacific, Erie and Lake Shore
Leaders in the Weakness.
CHICAGO.
Especial Telegram to the Globe.

the feeling nervous and fluctuations in pri-
ces were very rapid Wheat was the favorite,
and to a large extent governed values for
other cereals, and although the advance was
not fully sustained, the position of the mar
ket looked strong.
OF course, the bears find some comfort in
the situation and an easy explanation of it.
A prominent broker on this side of the
market spoke confidently to-day of the
fact that wheat was much too high and was
still going higher, owing to the efforts of the
Milwaukee crowd, marshaled by ''BilP
Young. ''This crowd he said, ''are beat
ing drums all over the country to get people
to buy wheat. They're just as sure to get
left as anything in the world. 1 hope they
will buy up all the wheat in the country and
get caught at it. They'll find out then what
wheat is worth. It's all nonsense to tell
about India and Australian wheat being in
feror to ours. was at the millers conyen-
ton year ago and saw samples of wheat
from all over the world, and l never saw any
wheat in my life that could equal that raised
in Australia and New Zealand
Nevertheless the general feeling now seems
fairly turned to the bull side, and good buy
ers appear quickly on all important breaks.
Provisions, although opening stronger,
were quiet, and the aggregate volume of
trading small. The early advance was soon
lost and the close lower.
Wheat opened nervous and irregular.
Trading was active, but the nervousness con-
tinued from the opening to the close, the
influences calculated to control prices being
nearly evenly balanced. The favorite fac
tors were stronger opening at
the leading eastern seaboard markets,
higher prices in Liverpool for floating car
goes and an advance OF Id per GENITAL for
California on spot. There are also more ex-
port orders, which, though limited at prices
considerably under those which sellers were
disposed to accept, were above previous lin
its, and this latter part was regarded as show
ing an increased desire on the part of for
eign dealers to buy. The reported visible
supply as compiled in New York show ma
terial decrease in stocks, with a probability
that stocks from this time forward will show
more rapid decrease than formerly, and by
May navigate on will be open, assuring rea-
sonable rates for freight.
The June option is selling at sufficient
premium to allow capitalists to carry the
large stocks through to June; so that there
viii be no particular pressure from the cash
wheat, and should the boom get little
Roadway there is nothing to prevent wheat
selling at higher price. The spring is too
cold and backward and reports from winter
wheat sections as to growing crop less en-
couraging than month ago. There were
good many outside orders to go long and no
disposition to sell short, while the shorts
were corvering freely and their persistent
buying throughout the regular session,
coupled with liberal takings by longs, caused
rally after every break. In adj
dition it was reported that over $780,
900 bushels were bought in New York by one
export firm, and the Withdrawals for vessels
here aggregated 165, 900 bushels of No. 2.
On the other hand the arguments favorin Q
lower prices were based on better weather,
fairly satisfactory crop advices, and reports
that large amount of wheat recently taken
in New York for expectation had been resold
in that market and shipping orders can
celed.
Prices opened on 'change at 901Sc for June
or ne over the close on yesterday after
noon's call, sold up to 81 sc, back to 90c,
aad after reported fluctuations closed at the
regular session at 9014@9035c. Early
sales of May were at 872lc, from which
point it ranged with many fluctuations up to
soc, which it only touched, and closed at IS
(0S816c. On the call wheat was active and
strong, and advanced A@15c, closing at
9O56c for June, and 68Hc for May, while the
curb was unsettled, and June lost nc and
May &c.
| Corn followed wheat. There was more ac-
tivity, but there were really few new deyel-
opments calculated to favor an advance, and
although an appreciation of 19@Mc over
yesterdays closing figures was at
one time secured the fact that
prices followed wheat up and down was an
evidence that its chief strength was derived
from the latter grain. There was good deal
of investing, which, with the filing by shorts
who were unwilling to stand on their trades
in view of a prospective advance in wheat,
kept prices pretty well up, though they fell
off at the close. July, the favorite future,
opened at 561lc, advanced to 56$lc, and af-
ter repeated fluctuations between soc and
5S5Ec, closed at 5614@5695c. The offerings
of low grades were moderate, and shipping
orders were even less.
Oats were trihe more active for future
the advance was subsequently partially lost.
| There were lighter offerings for cash and a
good demand in the sample market, which
helped to gradual reduction of stocks. May
ranged at 3115@322(c, closing at 321I bid.
June ranged at $4,000 and closed at
32Yc, while July ranged at 3215@33c, and
closed at 323c.
Rye was doing better and selling at some
thing of an advance, the frmer feeling
being due to the stronger tone in other
markets.
Provisions were generally slow, the trad
| ing in both cash and futures being smaller
than on the preceding days OF the week, and
! from the opening to the close the market
! presented an unusually quiet appearance.
Still the feeling was steady, though portion
Of yesterdays sudden improvement was
| lost
| In pork the little business witnessed was
transacted mostly on local account, still the
market was steady and fluctuations were lin
tied to 40c on the June option, which was
the leading month in the trading. Prices at
the close were 20(022c lower than yesterdays
quotations at O'Clock. June opened at
SIPS, declined to s16.S5, went back to
S16.95, broke again to the lowest figure and
closed at s16.S715@169O. May opened at
SIG. go, declined almost without 1uctuation
to S16.70 and closed at S16.75.