St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-28
The Close Was Nearly a Dol
lar Higher Than the
Opening.
General Panic Among the
Unfortunate Shorts in That
Commodity.
Very Light Stock Of Pork
Delivered on Regular
Contracts.
Wheat Opened Weaker, But
Closed Higher Under Bull
ish Influences.

bulge of over dollar barrel for pork
occurred on Change here today. There
was general panic among the shorts in
that commodity. The day was wear
ing one upon brokers for commission
houses, for, with jumps of from l0c to
zoe per barrel between tradeS-nOw up
now down. the execution of orders at
specific limits was frequently imposSi-
BILE. 1t was a lovely day in the pit from
start to finish and Armour's brokers. NJ.
c. Mitchell and Wright combined in
whooping things up. Several days ago
September delivery was about SIT
per barrel. 1t has been forced
steadily up until this last raise of dol
lar brought the price up nearly to $50.
AS there are only 10000 barrels OF pork
in Chicago, and according to the rules
of the board of trade no pork can be
manufactured between now and Oct.
which the speculative purchaser could
be compelled to take delivery Oh, it will
be seen how much of a cinch the bull
end has. 1t did all the buying this
morning to force prices to the high
Watermark, and then it was the only
crowd who had any to sell. No one
dared to sell except those who bad the
product III their possession, and nobody
wanted to put their nose under the trip
hammer by selling shorts.
The talk of cliQueS is getting tiresome,
but the facts seem to show that a clique
has got hold of the September pork mar
ket, and it is clear case of come to the
captains office and settle. After the
recent March deal people with bearlsh
tendencies reasoned that year of bull
market in provisions was enough, and
that low prices were bound to follow.
The last deal extended from March to
March, and at the elimination prices
reacted about SOC higher than today's
price from September. These forget
the general scarcity of hog products,
and that the same reasons that gave
stiff prices to the product of two
months ago were equally applicable
in the present instance. Now the
short sellers are PROBABLY wondering
| how they got In on the wrong side of the
| market again, while the somewhat cele-
! brated Charlie Wright is piling their set
| Elements away in canvass sacks. Wright
gets credit for engineering the corner,
! but it is said p. d. Armour has had a
| finger in the pie, and the trio of Cuda-
| hys are supposed also to be interested.
| The market finished strong, though al
some reaction. Compared with last night,
| prices at the close showed net gain OF
SOC per Dbl for May and September pork
and 81 per Dbl for July. Lard since
yesterday is zoe per 100 lbs higher.
and ribs are up 15c.
| 1t was case of whipsaw In the wheat
market. The opening was weaker, at
| IN ri f1n Of IN Cd
vance receded &c, rallied 1c and closed
steady. July opened &c lower, de-
: clined &c, but rallied 1c and closed with
gain OF Il C. September held within a
fair range, and closed with gain 4
@3lc. There was good liquidation in
May and july during the greater part
Of the morning, and there being no
special support prices gradually de-
clined. and May sold at lower point
than at any previous time, being
within &c of zoe. There was good
selling by the largest traders
through brokers and buying openly
The selling ogerbalanced the effect of
the "bullish" Influences until the crowd
got short on the break, when the arrival
of lot of bad crop reports from Kansas,
one estimating the yield there at only
100000 Du. started the crowd to buy
ing, and prices advanced to the opening
figures. The beariSh influences were
the free selling by longs, the failures at
Sioux City and the light outside trade.
The bulliSh influences were the absence
of rain in Kansas and in France, the
cold weather and snow in the North
west, and the bad crop reports from
Kansas.
In corn there was continued selling
pressure of May on the market, good
zeal of which was apparently for coun-
try holders. At the decline there was a
better demand shippers. it was thought,
were picking up the May, and, on a few
outside buying orders coming in, the
price reacted, selling up 19@Mc. The
market ruled steady, and closed with
4@%c gain. A good deal of changing
is still going on, selling May and buying
July and September, the latter month
being in quite good request today.
The most important business in oats
was in the way of changing from the
near to the distant futures. May was
bought quite freely by the shipping
houses, and they also absorbed the round
lots of No. cash, paying May prices
for $4,000 bu. Prices had &c range,
the opening being at aboutthe same
prices as Yesterdays close, and, after
reduction of 36(@15c, rallied. and closed
at &c lower for May and unchanged for
July and September, and 15c lower for
June.
Estimates for tomorrow: wheat, 30
cars; corn, It's cars; oats, 125 cars; hogs,
$4,000 head. FreightS were SLOW at ~
for wheat and 1c for corn to Buffalo.