St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-04-01
MAY WHEAT is SLOW
War RumorS Have No Percep-
tible Influence on the
Staple.
A Lively Streak Of Selling
Causes a Break in the
Market.
st. Louis, Duluth and Chica-
go ALI Report Active
Selling.
Changers and Industr1alS
Lead the Wall Street
Stock Market.

CHICAGO, March 31.-On the curb yesterday
afternoon there was an advance in wheat
privileges of about lie, and the opening this
morning was on about that basis. May
opened at from S1.05ss to S1.0512, and July,
which closed yesterday at S1.0284, was in de-
mand at S1.04 to S1.04l2. May sold up to
S1.055s before the offerings became heavy
enough to quiet the enthusiasm of the buy
ers. The tendency from the time the above
prices were psid until near noon was down
ward, with good many minor reactions
May finally struck S104A for a moment and
July S1.03A. There were rumors of a Euro
pean war. The European and English grain
markets were very strong. The burden of the
dispatches from abroad was of depleted stocks
at Liverpool, London. Leeds and other
centers and higher prices. The public ca
bles quoted flour 1 shilling higher in London
and cargoes of California wheat Sd
over previous quotations. Liverpool was
firm but higher. and foreigners were re-
ported buying the new crop options in New
York The supplies at Liverpool were said
TO be at low ebb, and the grain trade and
millers of the community were evidently be-
ginning 10 take notice of the fact. Financial
troubles growing out of the enormous ad-
vances made by English, French aud Ger
man capitalists to the Argentine Republic,
were once more referred to i'll the dispatches
wheat belt. These latter items of news were
responsible for a streak of selling which
caused the break referred to. The closing
cablegrams to the board of trade quoted an
advance at Berlin of from 1Lc to 1l2c per
bushel in wheat futures: Paris was up 10 TO
IA centimes on wheat. and 30 to 40 confines
on -four. London wheat futures were from
/ to 114c per bushel higher, and Liverpool was
quoted 12d higher in all positions. New York,
St. Louis, Duluth and Chicago ali reported
sales of wheat and -four for export. and
these were ike reasons assigned for recov-
cry 10 S1.05Ss for May wheat. A later reac
ton on selling out of lines having profit in
them left the price of May at S1.041s@1.05 and
July al 81. 03S4 bid. Either the short interest
in corn has been eliminated in great part or
the parties who have been putting prices up
have dropped out. This is very apparent in
view of the present condition Of the specu-
lative position of the deal. With only 100000
bushels of contract corn in store and cash
corn coming forward by rail so slowly that
consumers are compelled to pay 1c per bushel
premium, as well as the storage on the eleva-
tor corn to supply their needs, the price
shorts might be compelled to pay has praeti-
cally no reasonable limit. That they are not
now being severely squeezed would indicate
that the concentrated holdings of a few days
ago have been distributed, at least temper
arily. The opening was excited and at about
1c advance on the small receipts, damp
price was variously from 6ss4c to 69iAc,
which proved to be the pinnacle of
the day. There was decline to 67Lac
and a reaction to 6sAc at which latter
the market closed being only lsc higher than
it stopped yesterday. The trade in oats was
very dull at times. The longs could do
nothing unless the shorts took fright, and
they refused to do: Values were firm early
but weaker toward the close. The provision
market. influenced by free selling OUT of re-
cent purchases which were carrying good
profit, sold off and closed at considerable de-
cline since yesterday. There was some de-
Ta1.
vance in the prices paid of about 15c on
pork, but ribs aud lard were offered with