Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-07-17
WALL STREET DEMORALIZED.
A General Break in ALI The Leading
Speculative Stocks.
CHICAGO.
Especial Telegram to the Globe. I

well on change. and although only very
very moderate business was transacted,
yet the feeling was stronger and more
confident than for long time. All leading
articles except oats show sharp advance.
Wheat closed 138@158c higher than on
Saturday. No bullish features were de-
veloped, but the sentiment of the trade
seems to be changing somewhat as to the
feature of wheat and becoming not so
bearish, the outlook favoring some further
advance. To-day Lester & Kershaw were
buying largely, the former probably COW
ering shorts, the buying being
greatly induced by the better tone of for
eign markets coupled with some advance
III prices. Usually at this time of the
year the foreign trade have bought heavily
Of the new crops for export, and we learn
that this season thus far few, if any, con-
tracts have been entered into at the sea-
board, indicating they will follow the
"hand to mouth" policy until their stocks
become reduced.
Corn shows strong undertone, bnt with
limited trade. Receipts are rather
smaller than expected, but the light de-
mand for cash corn counteracted this.
kershaw was a limited buyer of August
and September. Although the close was
tlrm, owing to the bulge in wheat, the deal
was almost featureless.
Provisions have shown strength all day
with the exception of raid about II
o'clock. The light receipts of hogs-11,-
600, and the estimate for this weeks run
at $4,000, showed that better prices might
be expected at the yards, while it was also
learned that Armour had quietly absorbed
the entire stock of the packing companies
ribs last Saturday, giving rise to the fear
that the effect of yellow fever might be
counteracted by the presence of the "yel-
low wagon
Corn and wheat being on the rise, it
goes without saying that provisions closed
strong and higher, with first rate spscula-
tive demand, Wheat crop reports to-day
were generally favorable and the inspec-
ton showed SO cars against "a Saturday.
Four cars OF to-day's receipts were
new No. red, the shipping demand was
small ana mainly for grades not delivered
on contracts, European orders being alto
gether excluded by the low prices in the
English markets, which would prevent ex-
Porters from paying over 94c for No. 9,
but the New York quotations were rather
better, and stronger feeling in provisions
gave the bulls IN the wheat pit an excuse
for bidding up prices, which they did to a
sufficient extent 10 brighten shorts and in
duce them TO buy freely, fearing precon-
certed movement among the bulls to ad-
vance quotations. The feeling. however.
was very nervous, and fluctuations fire.
quent. Opening 1T SL0I78, August sold
al %L0I38, steadily advanced to 81 C215,
weakened when the shorts were covered.
receded to $-.0118, at which prices the
bulls commenced buying, good many
lots being taken by brokers who in the alb
sence Of outside orders bought for scalp
to make commissions and the sharp com
petition among buyers, including a good
many shorts who had previously stood out
prices advanced to $IO3l5 and closed at l
p. II. at S1.O315.
The flour market was quiet and the tone
OF the trade dull one generally, with home
traders picking up the finer brands Of ole
winter and spring for their trade, but witt
outside orders next to nothing, and little
is going on in export but low grade o.
of stock. Bran and all millstuffs wer,
in better supply, yet selling at stead!
prices, During the past week the marke
has been about as dull as one could posi-
bly, imagine. Sellers reduced prices .:
cents per barrel for finer grades. and j
would take that amount of for the spring:
to bring about sales. while shipping
grades could hardly be moved at all, anC
the trade is in a particularly depressed
condition. The steady drop in wheat ant
the very light NOV ement in the same ha!
brought about CORES onding condition
for -four, and not only has it been a losing
business for millers, but many have stopped
the manufacture entirely, and are choosing
to wait for more favorable prospect The
home trade have been buying very sparIng
ly, and only for immediate wants, and arr
looking for lower prices when the new
stock begins 20 move, while the shippers
and exporters have been out of the trad,
almost entirely, and have few orders TO
any grade or quality, and are buying on.1
a few lots of the lower grades. TIE trade
are getting discouraged at the outlook ana
do not anticipate any better market unit
later in the season, or until the new max
Is ready for market and at prices vel
down TO correspond with the reduction OF
wheat. Bran and all milstuffs were goin!
out quite well and holding at firm price:
with bran selling mostly at $1O@ 1850 pc
ton all other kinds at relative prices
44,l22 barrels were received during tn
week, 10000 more than for the correspond
ing week last year. The shipments wer
1868 barrels, an increase of 1850 owe
the same psriod.
Corn opened weak and sc lower. tn
demand was light, shippers not being di.
posed TO pay the prices asked. The short
were also encouraged to stand on
by the large increase i
The inspection and the fact tba