St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-12
THE COMMERCIAL RECORD.
Pork Was Lower at the Opening, But
Free Buying by Shorts Caused
an Advance.
The Crowd Played the Grain Market
for Reaction, and Were Dis
appointed.
The Break Was Not as Large as Was
Expected, and the Reaction Was
the Wrong Way.
Special to the Globe.

and the demand being inadequate to Its
absorption, the price worked down to $3.50.
At that price some of the shorts felt Tor
little, but the stuff was jerked back out OF
reach, and they were unable to get 1t at lac
recovery from the quotation given. Lara
was quoted Toe higher than yesterday at the
end of the first hour. May lard was $3.50,
and May ribs $40. Grain was easier; early
wheat selling down from 7Sl4077fsc for
May, and corn down TO 525Sc, shrlnkage OF
q l2c in wheat, and 3Sc in corn. At the re-
action there was good demand in both pits.
Cables were strong, and domestic news was
of bullish tenor Realizing caused the re
action in wheat and corn softened i'll sym
pathy with wheat and pork. Of course
everybody played for the reaction
in wheat. By everybody, it must
be understood that reference is made
to the scalrers and general run Of
board of trade operators. Grain merchants
do not play" They buy and sell. They
purchase for investment and sell property
for future delivery. They object to the
terms playing the market or betting or
trading in options, and other kindred ex
pressions descriptive of the speculative
phases of the market. Nevertheless, the
crowd played the market for the reac-
ton that occurred right after the opening,
but the trouble was it didn't react for
enough. Instead of breaking 1c, it only
broke Ice, and then it advanced hopefully
and buoyantly 1c and better, with the later
months relatively stronger than the near by
futures. This was construed as very strong
speculative point, as the cash markets have
led for the past few months with specula-
ton. or rather the lack of speculation drag
TI1lvr in
stance has been heavy at about lie premium
on May. To-day the difference widened out
1l2c, and December, in which quite trade
has sprung up, was relatively the strongest
option on the list. May wheat arose in
most unexpected manner to 7S5S@7884c, and
June to 1850. There is already quite an in
crease i'll the volume of country orders and
very great number of inquiries were being
received from interior correspondents, prov
ing that the spirit of speculation was not
dead, but only dormant,an that it is waking
up. Foreign orders were mixed. New York
sent in selling orders for foreign account for
considerable lines, and there was some real
izing for foreign account at the bulge, but
the most of the best advices from abroad is
that the foreign markets are in an exceed
ingly sensitive state and quickly responsive
changed sentiment here. Late cables quoted
an advance in several of the English and
continental markets. The crop news is
coming in worse and more of it, 1t was
whispered on the floor to-day that Ream and
Cudahy had turned bulls, and that they were
big buyers yesterday and to-day through
SWitzer and others. NatJones is here, and il
this be true, he probably has hand in the
deal 1t will need a little encouragement
to bring in a rip roaring country trade. The
floor was alive with strangers to-day. That
may be accepted as a straw. The market was
certainly stronger today than it has been in
weeks and the indications do not point to
an immediate relapse into the previous con-
dition OF stupidity any longer. The 1 o'clock
close was at the top.
Corn ruled strong after the first sympathetic
break and advanced to 534Sc, gain of 1c
from the bottom. The crowd got onto buy
ing by Hutchinson, and it turned in to help
the price up. Receipts for to-day were 1873
cars, and to-morrow's estimate is for 40
cars. Cash corn was 69c in New York, and
Liverpool reported the kingdom bare of sup
plies and very strong. The country is again
getting its broad back under corn to give it a
boost. The corn pit was thronged by a crowd
nearly as excited as that which overfowed
the wheat pit. Bears were as scarce on
Change to-day as hens teeth. Interest Jagged
in provisions. The pit presented quick
aspect, and about the only notable feature
was the advance of 10@l2l2c in lard, which
was in active request at the improvement.
The excitement, however was in grain. At
the late session there was genuine weaken
ing largely on realizing on morning pur-
chases. Compared with 1 p. m. prices, wheat
closed 34c lower; corn SEC lower and oats l2c
lower Pork was also weak and 12I2@15c
lower.
THE ROUTINE REPORT.
CHICAGO. AprlI 11-This was another field
day in wheat The crowd started to play the
market for reaction of lie after the &c bulge
of Tuesday. The opening was lac under the
closing price, and with realizing on the one
hand, and covering on the other, the price
for May vibrated for half an hour between
777sc and 7Sl5c. but all the while under the
closing points last night. One operator
turned buyer and another attempted to finish
covering his line, and some outside orders
helped to start the price upward. About Ii
q. m. May touched 1850 or Be higher than
the lowest point OF last week, From nth this
Then came the second rally about
noon. and the price shot up s4c in a very
short time and touched 7SS8@78&c. This
gave a top-heavy feeling, and it dropped
back to 7Sl2c. During the last fifteen
minutes of the morning session the third
bulge came and the price went to 791sc. All
important shorts were now supposed to be
covered and the local crowd were loaded
up heavily Before the close of the after
noon session wheat declined 7sc, closing at
7S14c May, the exact figure for twenty-tour
hours previous. The local receipts of corn
were little larger than expected, and open
ing prices were lower than last nights clos
and prices declined slightly from the open
ing. During the forenoon the re-
action came and corn started up
with wheat, but it was slower pace. The
range in May for the day was l cent, from
525Sc to 535sc, the closing, 53c, was the same
as last night, There was closing up of the
gap between May, June and July, and July
sold at 18c under May and July abreast
with May, while last night May was at 12c
premium over the deferred futures. There
was some unloading by the longs IN corn,
while the market was held up in part by the
unusual strength i'll wheat. Oats were traded
in briskly, and an advance of 1S@14c was
scored but the final price for the day was
31Ac for May, exactly what it was twenty
four hours previous. There was less excite
ment and decided falling off in the volume
of trading in pork. A large part of
the shorts went to cover yesterday,
hence the demand was less urgent. The
bulls were in the pit selling all the.
crowd would take and caused break in May
from S14. 2715@13.95. A bulge to $14.42l2
followed; on the upgrade it was noticed that
long stuff came out freely and the impress
sion prevailed that the bulls were holding
the market to enable them to sell more OF
their holdings. A recession to S141212 fol-
lowed the advance and last sales were at the
figure, being 15c less than at yesterdays
close. Spectators are still unable to tell
whether it is deal or squeeze. Lard was
more active, stronger and advanced 17l2c,
and closed 12Ac less than yesterday Short
ribs advanced 712c, May selling at 81. 100
7.15 and closing at S7.l2l2.
THE QUOTATIONS.. ~
The leading futures ranged as follows:
Wheat-No 9 April opened at 74c, closed
at 744c; May, Use, closing at 7S14c; June,
7ss4c, closing at 79Ac: July. 79Ac, closing
at 1880. Corn-No. 2 May opened at
524c, closing at 53c: June, 52Ac, closing
at $3.50; July, 52Ac, closing at $3.50;
August, 5214c, closing at 53c. Oats-No. 2
May opened at Bic, closing at 81 14c; June,
3076c closing at 307sc; july 3034c, clos
ing at 307sc; August, 27l2c. Mess Pork, per
bbl-May opened at Sl4.27l2, closing at