St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-07
on. Nav opened with almost the en-.

sion. May opened with almost the en-
tire crowd willing to sell at Gle. and
some with ideas no higher than 6355sc at
the same time. The lower figures soon
prevailed, and before the early COMPETE
ton to sell was overcome by the buying
orders which were waiting to come out
the price had dropped to $3.50. The
swell which resulted after the market
had dug down to the buying stratum
caused quick recovery to G4l4c, and
these fluctuations occurred in the first
forty minutes of the session. The de-
sire to sell was not occasioned by any
change in The situation. The main
cause of it was the profit which so
many had in the long wheat
bought within the last few days and
the attempt to turn that into money.
The weather was still Dry in Kansas,
Nebraska and Missouri, where the
plant is reported to be suffering for the
want of rain. Tue advices from those
states do not offer much encourage
ment for the farmers who have winter
wheat in the ground. A more pro-
tracted drought would mean still
mere aggravated loss. The Missouri
state crop report announced that 25 per
cent of the winter wheat in that state
had been damaged by the late freeze.
The frost damage in Southern Illinois
and Southern Indiana and in Kentucky,
Tennessee and Ohio may also be largely
reduced with the proper kind of
weather.
From California the same discourage
ing drought which prevailed up to yes
terday was reported as still doing its
whitening work. All that would prob
ably have had but little further immedi-
ote effect. and reaction of lie or &c was
confidently looked for by the bears,
when it became whispered about that
there was some urgency in the demand
for cash wheat. When it became known
that Milwaukee miller had bought
here 100000 bushels of hard spring
wheat to be ground at his mill; that the
price paid for it was within fraction Of
SC premium over the price of regular
contract wheat for May, and that it
could have been sold over again at
straight sc premium-n one case 10
miller and again to:aBuffalo miller--then
the bull musicians in the pit, who had
simply been tuning their tiddles up to
that time. started up with qniekstep,
and the bears danced for twenty mill
uteS like delirious dervishes, throwing
up their hands and shouting for wheat
at the same time, until May was up to
6514c, and July 10 665s: the latter hav-
ing sold earlier in the day at 65c. Even
at those prices they only stopped few
minutes for breath. and when they
started again they put May up to G6c.
and July to 66lc.
The bulls dealsted after May had risen
to 6614c and July 10 6634c. ana the price
was allowed to drop l19c about as rap
idly as it had risen that much. AT one
period of the advance May and July for
Il few seconds were traded in at the
same price, and for quite long time
the difference was only &c. May about
12:45 O'clock was down to 6415c and
July to Csc.
The closing prices were: May. 642e;
July, 651sc.
There was a fair business done in
corn, and The market went soaring at
one time. The shorts were badly de-
moraliZed by the jump in wheat. and
that was the chief reason for the ad
the session. When wheat came off its
perch toward the end, corn lost for a
time all its earlier advance. Later there
were independently strong points in the
corn situation, and the market wound
up firm at slight Improvement on yes.
terday'S closing prices. May started
weak. with wheat, at 3SI4c, sold off to
3S3sc, recovered 10 1880, and closed at
So @39c, compared with $3.50 yeStcr-
day.
There Sc emed to be general uprising
in the oats crowd Today. No only was
there big business transacted, but the
market was independently strong. Even
at the opening which corn and wheat
were easier, the price of oats was up
from Is to &c. This was due to the
fact that while the reports of the condi-
ton of The wheat and corn crops were
they were universal as to the
oats crop being badly damaged. May
started at 3l$4c, against yesterdays last
quotation Of 81 q c: sod up to 3314c.
The later decline in larger market
was more influential, and when the de-
ciines in these prices began oats also
fell Off. May sold back to 3l5sc and
closed at that price.
Provisions acted weary with the load
OF thcir recent advance. There was an
appearance of the more anxious Of the
shorts having come in, a nd of even some
selling on short account. There was a
few Sliurt-iIved SpurtS of activity at
times when wheat was on the rampage,
but the result of the days trading was a
small aggregate. May pork opened off
10 cents at 2.0219. and was S11.95 at
the close. Lard for May closed al 81. 10,
or 215 cents loss for the day. May ribs
closed cents lower.
Estimated receipts for tomorrow:
Wheat, SO cars; corn, 230 cars; oats, lis
cars; hogs, 10000 head.
The leading futures ranged as follows:
UpeI-r High Low, Clos