St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-16
Better Cables, Higher Domestic Market
and Damage to Winter Wheat
Caused an Advance.
Corn Advanced and Then Fell Back to
Lower Than the Closing Figures
the Day Previous.
The Weeks Transactions in Provisions
Closed on Strong Market
Other Markets.
Epecial TO the Globe.

advancing about I2c before the Chicago mar
ket caught the infection. This market
seemed for little while TO b e waiting for the
New York one to come TO it, but was finally
compelled to follow in the up-turn. Under
the urgent demand from shorts the price OIL
May wheat advanced at one time lsSc from
opening figures, but nearly one half OF this
advance was afterwards lost. The bulilsh
influences were better cables, higher domestic
markets and further reports of damage to
winter wheat. The fact that foreign mar:
Rets show disposition to follow the advance
here is the most encouraging feature OF the
situation, and indicates that the foreigners
take note OF the probable short crop OF winter
wheat in this country. There was good buy
ing both here and in New York to-day by
houses with a foreign clientage. 1t was said
yesterday that the market was held down by
Hutchinson, and not only was it relieved
from the pressure this morning, but the
trader named was free buyer early. How
ever it was his selling largely through
other than his regular brokers, which caused
the decline later in the day. Jones' McCor
mick and Kennett were perhaps the largest
buyers and their purchases were con-
tinuous through the day. Boyd, Paxton
d Boyd were large sellers at the advance,
and brokers for Cudahy and Ream were sell
Ing most of the time. Bloom was heavy
buyer. The trading was of large volume but
it was still largely professional. What the
bulls hope for and the bears dread is re-
yiyal of general speculation All are agreed
that it would mean higher prices, and that
the bears would not only be unable to stand
against the movement, but would be compelled
to help it by buying in their short wheat.
There was a chance for everybody to be
suited in the corn market this morning.
Prices advanced l Ac aud then fell back to
lower than the opening figures. Actual re-
eeipts were much less thSn the estimate
again, and small percentage only of con-
tract grade. Rumors of a squeeze were more
numerous, and there seemed to be very little
grain for sale, either at the opening price or
for some little way on the upward turn. At
about the top, however. it was noticed that
there was considerable selling by commission
houses of scattered lots of long corn in
which there was q handsome profit for coun
try customers. The demand from shorts fell
off some, and some of them were encouraged
to sell more, and the market sagged with
only slight reactions to the close. The situa-
ton in corn seems to be that there is large
short interest and only moderate stocks of
corn in store and not much coming.
II the longs can and will take
this corn and pay for it next month the
shorts may have to suffer, but if the longs at.
tempt to realize and even up they will be
likely to find the bears making a weak mar.
ket for them. In the meantime the market is
extremely nervous and liable to sharp fiuctu-
ations There was an unusually heavy spec
ulatlve trade in oats, with prices following
the course of the corn market, strong and adj
vanciny early, TO decline towards the close.
In provisions the week closed on q strong
market. In all the speculative lines the bull
side was regarded with favor to-day, and al
though the closingS wsre considerably lower
than outside prices, substantial advance
was established all around. Based ON last
nights final quotations, the actual improve
ment in pork was 10@12l2c. in lard sc, and
in short ribs 5@7l2c. Trading was active,
and more than ordinary interest existed.
Short ribs and lard more than divided with
pork the attentions of traders. May, June
and July were the favorite features though
quite fair amount of short ribs were sold
for August Cash product was little slow
The estimates as to the decrease to be shown
in the visible supply of wheat by next Mon
days statement range from 500,G0 to $780,
600 bu.
THE ROUTINE REPORT.
CHICAGO April 1.-THE wheat market,
considered strong all the week by the major
ity, experienced its greatest firmness and
activity and touched its highest point for the
week this morning. There were many minor
arguments on the bull side, but authentic
crop reports were more powerful than any
thing else in lifting prices. At this point
there was such general buying that individ-
ual deals were lost sight of until toward the
close, when it was pretty clear that several
operators were big buyers. Even after the
top had been reached for the morning, and
there had been half-cent reaction, the
operators who had realized and taken their
profits were believers in still higher prices.
The action in May was as follows: Opening
at 7SIsc. sold straight up to 1850 back to
79A@193sc, up the second time to 797sc.
back to T91sc, up to 79lac, and back shortly
before the close to T9kc, closing at that figure.
The action in corn to-day was an uncommon
one. In less than one hour after the opening
of the session futures sold about 1I2c over
closing prices last night and at the close
prices were back TO last nights figures. The
range was wide. but the volume of trading
was not as large as this would indicate. The
bulge was principally the resultof two things
sellers when the stuff was wanted. May
started at 55Ssc, sold up to 565sc and closed
at 55Ac. Oats turned somersault with
corn. May. started OF 32Ac, where it closed
last night, advanced to 1913 and fell back
with corn and closed at 321sc, lie under the
best price of the day and lSc under the close
yesterday. Provisions were moderately
active, stronger and higher, due to
the. increased trading and advance in
grain, also to the large receipts and higher
prices for hogs. The syndicate was buyer
and seller, and assisted in advancing the
price of May pork from $14 20 to ID DO. A
good many scattering lots of long stuff came
out on the advance, and recession to Sl4.3O
followed, sales being at that figure. Septem-
Der sold s at s1459 Short ribs were
firms sent brokers in to buy. and
May advanced 12lRc, selling to 7.31la.
One firm sold freely on the bulge, and a re-
cession of 7I2c followed, but last sales were
vanced 10c, but only, closed SC better than
yesterday: May sold at $7.70@7.S0, and
closed at 81. 72l3.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2, May, opened at 7sl2c, closing
at 7oAc; June, 79$sc. closing at SOC;
July, SOC, closing at Sic; December, s2Ac,
closing at S34c. Corn-No. 2, May, opened
at 55sSc, closing at 80 Ac; June, 5412c, clos
ing at 54Ac; July, 54Iac, closing at 54Ac;
May, opened at 32l2c, closing at 321sc; June,
32Ae, closing at 32c; July, 32Ac, closing
at SIC; August, 2Sl5c, closing at 2Sasc. Mess
Pork, per bbl-May opened at $l42O,
closing At SI4.oOi June, Sl42o, closing at
Lard, per 100 lbs-May opened at $40,
closing at S7.72la: June, S7.77l2, closing at
$7.7712; July, $7.S212, closing at $7.s2I2;
August $3.50, closing at 7.97la Short Ribs,
$3.50: June, S7.35, closing at
S7.37; July, $7.42l2' closing at $40;
August $3.50, closing at S7.52la
Cash quotations were rs follows: Flour-firm
with moderate demand. Wheat-No. 2spring
75&077Ac; No. 3 spring, 77@77l3c; No. q
red, o312c. Corll-No. 2, 54s4. Oats-No. 2,
29k@32c. Rye--No. 2, Gle. Barley-No. 2,
77@SOc. Flax Seed-No. l, S1.45. Timothy
Seed-Prime, S2.66ls. Mess Pork-Per Dbl
$l4.45. Lard--Per 100 lbs. S7.77Ia. Short
Ribs--Sides Qoosel. 81. so; dry sailed should
ers (boxedl. $5:75@6; short clear sides
(boxedl, $7.75@7 80. Whisky-DiStiilers
finished goods, per gal, S1l5. Receipts
Flour, 5000 bbls: wheat, $4,000 bu; corn,
$4,000 bu; oats, $4,000 bu: rye, 500 bu;
barley, $4,000 bu. Shipments-Flour, 60
Wh 00n h,,.