The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-05-30

The grain market has ruled weak through
out the week, with a decline In wheat, corn
and OATS, and with light movement. There
was however, "a bet feeling to-day in corn,
and prices are firmer.
The New York breadstuffmarket is reviewed
as follows by the Daily Bulletin of Wednes-
day:
The market for the leading staples of bread
stuffs has been very unsatisfactory both TO
sellers and buyers for nearly the entire week
past Values have been on tine downward In
cline with very few exceptions, while buyers
have not been in position, To any extent, to
avail themselves of the reductions in prices.
This has been the natural aud inevitable re-
suit Of the unprecedented advance on the out
break of war in Europe, and as that stimulat-
ing cause was used by Spectators 20 overdO
the situation and place values above a iegitl-
action must naturally come, and Its effects
must have produced just as unnatural a posi-
ton of the markets ON this reaction as was
DrodRced by SPECTATORS on the advance.
Both were unnatural and to that extent flle-
Ultimate, and hence the present market Is in
such unSeJ Jled and unsafe condition that
neither sellers nor buyers dare operate beyond
curren mt wants, especially the buyers. That
this condition OF things must exist until the
events in europe upon which IL was predl-
Gated have TRANSFERRED, Is, therefore, likely un-
less the holders of stocks have become weary
or make up their minds that such n state OF az
fairs will never come about and let prices
down that shall be legitimate and not Specula-
tive, or in other words to a basis of existing
what may happen should he war In Europe
become general. That this latter condition
has already been partially discounted here
many believe aud the course of the market
for some timeshows that the majority of hold
ers OF stocks also believe it. Crop prospects,
Snd mag ali e eacua
lions for the future for the present situation Is
based upon the prospects of decreased Euro
pean supply and an increased'o one in this coun-
try for the growing crop, excepting California.
Should, therefore, these present generally
good crop prospects In both winter and
bly, than expected (which is, of course, more
likely than any improvement on an unusu-
ally good prosPect this would be a counter
more Importance than those influences now
controlling prices. This, however, is purely
near general and prominent Improvement ia
prices of breadstuffs as q whole, while there
are chances of lower before higher prices, and
only light stocks well held In few hands has
prevented lower values already. These inter
eStS can maintain prices II they Will until they
force shippers and home trade to buy. But
another consideration comes in here TO make
these holders extremely cautious, If not anX-
ious. The hot weather and hot stocks of last
summer, and the hot work they made for
those who handled them have not been for
gotten, and dealers are not in a mood to carry
much stock into hot weather this year,
while shippers at present prices will certainly
on the present outlook not buy be-
yond their Immediate wants. These wants
apply chiefly TO wheat and fiourr but
this staple is not high compared with other
year., and may even be considered relatively
cheap compared with wheat. Yet, should the
growing crop prove as large as the last, III
would be daring operator who would specu-
late upon a lighter supply next year; and IL so,
he must be equally bold To speculate upon n
sufficient further increase in current demand
to further enhance present values materially.
In truth, the bull movement seems to have
been suspended, and the market is now sort
of a brokers or speculative market, manipd-
lated as export demand Is active or slow for
short turns either up or down for a small diff
ference, which Is settled from day TO day, as Is
already the case. Oats have strengthened
since The open ing of the week on a speculative
demand slso, while rye has remained dull and
about SOC TO 81 per Dbl from the Top prices, with
exceptions above and below but trade has not
been stimulated by this drop. either for export
or home trade, the West India trade for city
flour being all that was shipped of note. Wheat
has been almost nominally at about loo de-
cline on spring.
In regard to the reaction in bread
stuffs the New York Daily Bulletin of Friday
says:
The breadstuffs market was more generally
and completely demoralized yesterday than t.
has been since the late war speculation ceased
and the natural and inevitable reaction set in.
Corn has broken down, as already noted in our
regular reports, in the preceding two DAYS
from to cents per bushel per day; but this
was due to another cause than speculative re-
action, for the large arrivals by canal came in
the experience of last year with not
corn was feared, anu q rush to sell
steamer carried down all grades and de-
liveries. But yesterday there was not the
the contrary It. was so cool as to favor a re-
action had not other causes interviewed.
Liverpool has been going off faster than the
they broke, and left this market, between
Chicago and Liverpool on a higher basis
than either. the effects began to be felt
shown
reports, both in flour, wheat and corn, but the
result was not so plainly visible as yesterday,
when holders of all these staples became
more demOralized than they have yet shown,
and pressed stock for sale whenever buyer
appeared for any grade or delivery of any of
these staples; and confidence In the future OF
the market seems to be wholly deserving the
majority of dealers, If it has not already. In
with little relief afforied to holders except of
corn, as the buyers OF wheat and flour could
not be induced to take hold beyond
even at a marked decline of lOc per bushel on
wheat and of 2595Oc per barrel on flour. There
was an exception claimed to this state of
affairs on the part of some of the dealers In
good bakers Minnesota fours for which a few
sellers reported better city demand and steady
prices, or not over lO9l5c of. Yet there were
plenty who said they could not sell at less
than 25c decline for these hours and then not
freely.
The dry goods market Is moderately active
though the evidences of the approaching dull
season are increasing. The New York Daily
Bulletin OF Monday says:
There has been steady but strictly moderate
demand for the most staple cotton productions
from agents hands, and dress goods, ging-
hams, lawns and low grade fancy prints were
in fair request Shirt manufacturers and
other converters have been canvassing the
market and m sking memoranda basis for
early operations, but thus far transactions
have not been of much importance.
The jobbing trade has. been light I'm nearly
all departments though a fair distribution of
seasonable goods was made In execution of or
ders from various parts of the country. Dress
goods, prints and dress ginghams are jobbing
faiTly, but worsted sha wis continue very quiet,
and hosiery Is much less active than a short
time ago, but steady In price.
Cotton Goods-There have been no note
worthy features in the cotton goods market,