St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-04-07
The BOviNES SHAKY,
All Cereals Open Decidedly
Weak on Change at
Chicago.
Slight Recovery After the
Shorts Cover Their Sat-
urday Sales.
Generally Flattering Report
Of the Condition of Win
ter Wheat.
Decided Strength De veloped
All Around in Stocks at
New York.

CHICAGO. April 6.-Extreme weakness char
acterlzed the opening of the speculative trad
ing; wheat started 1c lower than 1t closed on
Saturday, corn and oats were almost equally
limp, and provisions were also pressed for
sale at the same time. Considerable recovery
took place, but not until late in the session.
after the shorts had had abundant opportuni-
ties to cover their sales of Saturday and the
early part of the day. There was a repetition
i'll the wheat pit at the start of the scene en-
acted on Saturday morning. No one asked
over S1.03 for May wheat, as against
S1.03ss at the close of the previous
session, but buyers were extremely
scarce until 1t could be bought at 81 .02l2.
The prime moving cause for the break was
the very general belief among the local eX-
perts that the late bull campaign was aoan
doned for the present, and a reaction from
the recent advance was naturally to be
looked for. The heaviest of the local oper-
ators were of one accord as regards the I'M
mediate future of the market, and sold with
freedom under the additional encouragem ent
OF lower cables and a promising outlook Tor
the fall-sown wheat on this continent. The
receipts in the Northwest were heavy in
comparison with those of last year. The
state reports concerning the condition
of winter wheat were flattering
with the exception of Wisconsin, which said
snow and ice. Spring wheat seeding was
not making any progress but the bears were
inclined to dwell more upon the weather,
which might be shortly expected than that
which at present prevailed until within
about an hour of the close, and after May
wheat had worked off to Sl.02 and July from
around SL01I2 at the opening to Sl004. The
closing cables giving another heavy advance
in prices at Berlin and Paris, made buying
more difficult until finally the scare which
pervaded the bull ranks was transferred
TO the other party and an advance Of 1I2c
was brought about in the course of the last
nour trading. The whole of the recovery
did not stick. but May wheat closed at 81 03ls
The corn market was very weak at the OPEN
ing, and trading was extremely Irregular
Sales ali the way from TO 66l2c &c took place
until wheat turned up but the recovery in
| corn did not respond TO the full advance
made by the other cereals. May sold off to
| 655sc and recovered to 65ssc, which was the
OATS apparent Saturday and the slumpy
| condition OF the market at the open
ing frightened the longs, who pro-
| ceeded to unload. A decline of I2034c
| III the sample market helped the decline in
iluences, The market was only fairly act
i've. May started at 53l2c, with few trades
| at 55$4c. Thence the price weakened to
531sc, huctuated around 53l205334c and
| closed steady at the top price of the day, the
| strength being due to a decrease in the visi-
bic. The market for hog products was easier
and prices lower. Commission houses APP
| pear to have O good deal for sale on
| account of country holders, but
| fair demand sprung up at the de-
mand, which took place in the course
| of the day. The receipt of $1,000 hogs and
! the lower prices reported from the yards
caused the market TO open off considerably.
and it had no reaction to speak of until the
receipt of the cablegram advising favorable
action by the German government concern
ing the embargo on American pork: That
created lively sensation and a quick re-
| cOvery. which left prices i'll the end about
! 17l2c lower for pork, and 72l2c lower for lard,
| but without change in the price of ribs since
Saturday. Sill.
The leading futures ranged as follows: