St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-17
WESTERN WET WEATHER
Preventing Farmers From Hur-
rying the New Wheat Crop
Into Market.
conservative Buyers Urging Extreme
Caution Both in Buying
and Selling.
The Feeling in the Provision Pit Unsettled
and Irregular Throughout the
Session.
Reports of Failures in New York Set
Stocks to Bobbing up and Down
at a Lively Rate.
CHICAGO.
Especial Telegram to the Globe. |

Il.
heavy dry goods house in New York and two sus-
pensions in Ohio. These failures, following SO
closely on the heels of she important bank fail
at Indianapolis yesterday, cause distrust, and
very few operators are willing to take the bull
side under existing circumstances, and all mark
cts are sadly in need of support in the shape OF
good buyers. Lacking this, they are all sagging
from their own weight. They report rain at
Kansas City to-day, also at many points in the
interior of Kansas, but in Indiana and Illinois the
weather is reported brilliant. This wet weather
in Kansas will delay the movement of the
crop several days.
Said a wheat trader to-day, referring to his
own pit: 'Everything is dead door nail,
but the man who sells takes his life in his own
hands"
''But you don't believe that anybody is ma
nipulating wheat?'
''No, but prices too low to sell, and while
there may be no advance there might be. don't
think there can be decline
''Just year ago today said Mr.. Arthur
Orr, "wheat was zoe per bushel higher than it is
this morning, and corn almost exactly at the
figure it is selling at over in the pit there now,
yet the local crowd is 'bearish' III wheat and
'bullish' on corn
'You are 'bnllish then!'
''No' was the reply.
81 was simply calling attention to an anoma-
GUS condition Of affairs. 1 don't look for an ad-
vance for thirty days Money in my opinion, is
as tight in the country it is at the money CEN
ters The farmers will be compelled to sell more
or less to meet their debts and to provide neces-
sites, A little sold by each farmer will aggre-
gate great deal of grain, enough to supply the
world with wheat. The prospects of an abun-
dant crop are so good that should scarcely ad-
wise purchases just now. 1t is probable that af-
ter the receipts are in full tide the figures may
be a trile lower, but on the other hand, this mar
ket anticipates so that prices may be to-day as
low as they will be when the grain is in full mo-
ton. Purchasing is not all all hazardous. 1t is
possible that it may be little early to buy, but
wheat is very, very low"
Considerable interest was manifested in the
provision pit and fair volume of business was
transacted The feeling somewhat unset
tied and prices hucuated considerably and av-
eraged lower the whole range except pork.
The shipping demand was fair and moderate
number of orders were provided for. Specua
tive trading was chiefly in lard and ribs for
August and September delivery. The business
in the hog market exerted some influence in
checking the downward tendency in prices of the
product Eastern markets were quiet and
prices easier and foreign markets unfavora-
BILE to holders, lard being quoted SC lower in
Liverpool.
Wheat opened shade under yesterdays clos
ing, with a marked lack of speculative trading
early and quiet market, but later the demand
was firm. Cables were firm, but the financial
newp from the east was unfayorable and had
depressing effect upon the market here New
York higher early, but eased of and ST. Louis
was weaker on teavy receipts of new wheat.
The receipts were small and shipments fair The
market opened steady, but weakened
later under free offerings influenced
by fine weather and the reported
failure in New York The visible supply also
Us reported by the New York statstcian, did not
show as large decrease as the Chicago state
ment, and this too, affected the market to some
extent Prices easod Off gradually about sc,
ruled steady while, then rallied 9ac, fuctuated,
and finally closed at SO Gsc a. Sc for August, and
ssh bid for eptember-practically no change
from yesterdays closings. On the afternoon
board, wheat was more active and higher, August
selling up to S3&c and closing at S314c, and
September closing at slhc.
Corn sold pretty freely, but was not particular
ly strong. The market opened frmer, and early
sales were made at ls6gAc advance for the near
futures, but influenced by the weakness in
wheat and affected by the same causes, the mar
ket ruled easier, ard prices declined &c, and
later under better demand from the shorts
prices were advanced a0Sc, and after some
fluctuations gnally closed at 40 sc higher than
the afternoon closing fgnres yesterday. Freight
room was engaged for 354, 900 bushels, and this
caused a stronger feeling later in the session.
The close for August was at 52%c, and for Sep
temher 52Rc. In the afternoon there was
considerable movement among the shorts to COW
er, which made the market active and prices
higher August closidg ut 53c bid and September
Bt 81 q bid
Oats dull, neglected and quiet and prices
exhibited no material change.
The inquiry for mess pork was light and offer
lngs small, trading being chiefly in settlement of
outstanding contracts. Prices exhibited little
change.
Lard was more active and there was consider
able speculative trading, but the feeling was ner-
vous aud prices ruled somewhat irregular within
narrow range Early the market was stronger
and prices improved 5@Ttac, but soon fell of
io11a4 and ruled steady to the close, which
was Ut 81 10 for August and 81 225 5s for Septem-
oer
Short ribs were moderately active and an carrier
feeling prevailed. Offerings were liberal and
the speculative demand fairly good Prices were
weak and declined l00i5c, closingat $3.50 for
August and 81 60 for September. There was no
change worthy OF note in provisions on the after
noon board
There was a larger per cent. OF good native
cattle among the arrivals to-day than for any day
his week and the demand was active, with prices
ltrong, some choice droves selling at S6.S097.
Grsss cattle when in anything like decent con
iition. sold for all they were worth. Receipts Of
Texans included about 100 cars or about 100 cars
less than yesterday. For the past day or
So they arrived in rather bad condition,
hips laceratcd many with horns aud ribs broken,
with large per cent bruised. The general run
Of commons sold at $i14.s5, mostly at the latter
price. few lots thst suited the city butchers
trade sold at 81 S+.b0d4.S0. The bulk of the Tex
ans wc1e held too high for the Gamers, and were
not good enough for the dressed beef trade, so
they we're hard to sell Old cows and other
rough native stock are s0GSoc lower than last
week, and hard to sell. There is q fair trade in
stJckers and feeders az steady prices.
The hog market generally opened rather quiet
It &c advance on light and sc decline on heavy.
Light sorts are scarce and in setine demand.
selling high as S. go for choice dne pigs OF
I5O 20 200 pounds. Heavy sorts were slow from
first TO last. shipping orders were light, and the
packers did not seem to want many yester-
lay. No hogs arrived to-day from Kansas City
.or packers.
Mccormick, Kennett & Day say: ''We prefer
the long side on breaks at these low prices, the
quality OF the new crop being exceptionally fne,
and although the quantity is certainly very large
there cannot be much risk in buying wheat at
about SSc in Chicago with rates of transportation
lower than ever known"
Mimine, Bodman Co. say: 1.-THE shipping