St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-04-21
WENT DOWN, THEN UP.
Wheat, After Firm Opening, Was Ham
mered Down Half Cent
by Bears.
But Firmed Up Later, Owing to What
the Bulls Termed the Strength of
the General Situation"
And Closed About a Cent Higher
Than on Monday--Corn ana
Oats Fairly Steady.
Very Little of Interest Developed IL
the Wall Street Market and
no New Features.
Chicago Grain and Provisions.

Special to the Globe.
CHICAGO, April 20.-Foreign selling
orders in the hands of brokers, who were
rather anxious than otherwise TO let the
fact be known, We're numerous this morn
ing. The board of trade cables indicated
steadineSs on the other side and private
cables took the other view of 1t, as rule.
AS the Beerbohm reports are generally
from twenty-four hours TO twenty-tour
days behind the times, those who depended
on them for their foreign news were not
certain of the state of trade on the otner
side, and as the private cables are regarded
as colored to suit the views OF the sender
or receiver, those who drank from that
fountain were equally in the dark. Such
being the case, Chicago concluded 10 SWING
on its own orbit, so 10 speak. Inc CARDS
played by the bears TO influence the
market were foreign selling orders,
strike news and the general diSquietude
Occasioned by the labor troubles, talk tend
ing to prove that it is too late in the season
and too near another crop for prices TO ad-
vance much, and other conversation calcu-
lated to shake the Shly-reSurrected conh-
dence of the bulls. The best trump card
played by the bulls was 1.-THE general Situa-
ton. !" supported incidentally by reports that
the spring wheat was making very poor
showing in Nebraska, Iowa, Dakota and
Western Minnesota, dry weather and high
winds having proved disastrous where areas
had been seeded early; by warlike news
from Greece; by a decrease of nearly 2, OOO,-
600 bushels in the visible supply, and by
large and steady buying on every break.
Wheat opened to-day 4@55c higher than
If CLOSED YESTERDAY,
1. - - A 81
.S115c. These figures proved TO be the best
OF The early morning, decline of about &c
taking place. The bears were in the field
first with their news, and the scalping
crowd followed IN the wake of the export
ing houses, selling with some show of free
dom. The decline developed buyers, how
ever. and ere long offerings diminished and
the price turned up. May going to 1880
. and June to 81 16c. June went down hill
fast and further than May, relatively, and
May took higher position at the other end
on the back track. The market eased off
slightly about noon, but rallied and closed
at l o'clock with nearly the best prices of
the morning ruling. The undertone
of the wheat market was strong
through the morning, though there were
periods of weakness. Outside business was
not large and local trading was only of
moderate volume. Corn was fairly active
in speculative way. As on yesterday
Brown was the heaviest seller and Warren
the heaviest buyer. The feature of the
trading was the narrowing of the differ
ences between May and July &c, and the
changing over of trades into the latter
month. No change in oats. Provisions
were dull again to-day. The opening was
strong, but the market eased off almost i'm
mediately. Pork declined visibly, but in
lard and ribs quotations scarcely moved.
The afternoon market was strong, excited
and higher. Wheat advanced 5S0%c.
Many steady sellers during the morning ses-
sion turned buyers and found little wheat for
sale. They bid the market up on themselves
CHANGE CHATTER.
A yeer ago to-day the local stock of wheat
was 100000 bushels larger, and the price
nine cents higher.
good part of to-day. A Boston man wired an
order to Baldwin, Wrenn & Farnum to buy
provisions, and Mr.. Baldwin answered he
would have to wait as there was not soul in
the pit.
"Puts" on May wheat sold, this afternoon at
1873 cents; ''calls" at So cents.
Chandler Brown-There is growing feeling
among operators to buy on breaks and that
wheat below SOC towards the end of short
crop, is not exorbitantly high. The chances
of profit on short sales under that figure does
not look very promising, considering the con-
tingencies, until another harvest.
Milmine-There is an apparent hating on
the part of buyers, and the unusually heavy
exports and liberal decrease in visible failed
to stimulate. Think it looks trifie like some
decline now, the advance was too savage to
last long. Cannot see anything in the legiti-
mate situation warranting purchasers now
for material advance; looks like a scalping
market more than anything else now.
G. s. Everngham-There arc times when
our market gets turned and goes one way in
spite of all opposition, and we are inclined to
loolupon this as such time, and that whevt
ought to be bought on breaks, regardless of
momentary influences against it.
PETER BERKEY, Pres. F. W. ANDERSON, Cashier
CIV. GRIGGS V. Pres. A. c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
CAPITAL. S500.000.
Corner Fifth and Jackson streets