St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-13
STILL BU0YANT.
The Chicago Produce Markets
Continue to Show q Gain
Of Strength,
And Operators Talk EncOuragingly Of
Decreasing Stocks and In
creasing Demand,
But the Financial Situation is Only Favor
able to Regular Bank
Customers.
Ugly Rumors About Wall Street Regard
ing Gould's Situation, But Credited
to Gould Himself.
CHICAGO.
Especial Telegram to the Globe

nave lowered prices materially. Among the ad-
verse influences were the reported failure Of a
heavy dry goods house in New York and q COM
bined effort on the part of the bears to effect a
continuance of the downward course of the grain
market. In the provision pit things were quiet,
with what little interest there was centered in
lard and ribs, but the days business all around
was less than any day this week.
AS to pork, a prominent broker said to-day
''It isn't the general public or the poor laboring
man who has to stand the racket of this corner
in pork. 1t is the scalper and the small fry
generally who have to pay S22 barrel for stuff
they never see. The laboring man can get all he
wants for $16. Do you know why? Well. its
because Phil Armour and the rest Of the gang
know that he won't bring it back here to SELL.
Wheat was moderately active and prices irregu-
lar, being firm and higher early, and then break
ing off, but at the close August was NC higher
than yesterdays last sales, and September &c
higher. At the opening there was fair demaud
and prices ruled strong and somewhat higher,
but later news was received of a large mercantile
failure in New York, when prices began to
weaken and fell off 12sc from the highest
point but rallied &c again, eased off and after
some fluctuations closed firm at about the open
ing price. September opened steady at S4Hc,
advanced to S45sc, fell to S3s C and finally rallied
and closed at Ss1sc. There were no large deals
reported and with the exception of a small out
side trade the scalpers did all that was done.
Reports from different grain centers show a
much improved export demand From Milwau-
kee it is reported that 112, 900 bushels of wheat
were taken there to-day for export. Baltimore
follows with 356,00O bushels, New York with
O1O with oh q
an estimated total of over 100000 bushels
81 don't care what the other fellows told
you" said member of the board to-day, ssbul
in my opinion there is to-day better export de-
mand for wheat than we have had for three
years. During the last week 2,2OO, 900 bushels
of wheat, including that afoat, has gone over tc
Europe. I am told by good authority that by
the end of the week there will not be in New
York more than 100000 bushels of red winter
wheat for export. The stocks in London and
Liverpool are low in proportion. On July 4tt
the combined supply of wheat in London anG
Liverpool did not exceed 1000 bushels. Now
with such figures before you, and the fact thai
the new crop throughout the country is in nc
condition to be marketed, how are you going tC
manufacture bear argument?
| Corn was fairly active but prices were gener-
ally lower than yesterday afternoon. The open
| ing was apparently firm and sales were at some
advance over yesterdays closing, but the de-
mand soon fell off, the shorts having apparently
pretty well cornered during the past few days ant
| bought sparingly to-day. The reported failures
in New York and the consequent weakening il
wheat brought corn down and August fell "a q
~ from the highest point, then rallied some
again, eased off and closed quiet easy at So
for August and 512 for September
Oats were more quiet and easier, prites ruling
steady for the day with speculative
trade slow and few willing to operate
| The pork market was quiet but strong, july
and August closing at $22.5O@23. 90, or 5O
higher than yesterdays quotations. Septembe
| and October were unchanged, the former beins
| quoted at $21 so bid and the latter at $40 so
Year pork ranged at $12O0@12.25.
| Lard was less active; trading was in fact onl,
moderate, and good share of the days business
consisted Of transferring outstanding trades from
August to September. August closed at S7.17N
and September at S7.32H.
Short ribs were in fair request for cash and fu
ture delivery, and closed $3.50 August ant
$7.S71a September.
There was brisk demand for all the goot
droves of native fat cattle and they sold quick a
| equally high prices for any day this week ant
perhaps in some instances higher. For really
good corn fed cattle the market closes strong fo
| the week and fully as high as last Saturday
! Grassy stock is also shade stronger than las
week. yet this sort of stock is hard sell at any
time. There has been large increase of Texans
and they have gradually declined, dropping 1Oc
to day, making the decline on the ordinary rur
of Gamers 15@2oc for the week There is
fair business in stockers and feeders, but lean
little things are selling at low prices. Old cows
common bulls aud the lower grades of native
butchers stock went again lower, making tn,
decline for the week equal to 100000. Gamers
and butchers prefer the Texans that are now sc
plenty and comparatively cheap.
! Receipts of hogs for the day rather heavy, fol
the last in the week, and for the week show
| large increase over last week. Owing to tn,
continued differences between the packers ant
the commission men as to the manner of buyin,
and selling, business is not running along a,
smoothly as formerly and today's trade was rath
er slow, prices uneven and the general marke
unsatisfactory to all concerned.
Hammill & Brine say: ''Continued favorabl
| conditions for the winter wheat harvest now il
progress here had depressing effect on thi
| grain market, and local operators have, for tn
most part, been disposed to reduce their tradin
| to minimum. Conservative dealers recogniz
in the current value of wheat price much lowe
than has been reached at any similar season 70
the past twenty years, and with freights to tn
| seaboard considered, very much lower pric
than has ever been known in this or any othe
primary grain market in the country. The mos
important wheat crops Of the world being as we
unsecured, they feel that any tim
very sudden and radical change nigh
! occur in favor Of holders; all tn
contingencies of weather yet before us; Will
should the present promise Of crop Of excelIen
quality be fortunately realized. It is certain tha
the demand will be good, both for export an
consumption, at prices relatively higher tha
| those obtainsbe for the inferior grades of tn
present crop now in seaboard warehouses. w
can therefore reiterate our previous opinion, an
syy that, while from the absence of activity inc
dent to the summer months, or from temporar
depression arising from spasmodic financial dis
turbances, values should still further recede, W
feel that purchases made about the preser
range will pay we'll, and advise careful buying o
all weak spots.
'sCorn has wildly iuctuated during the weeI
Lower prices having ruled early in the week TO
lowed by almost entire recovery. There Is n
especially new features TO note, the demand 9
heretofore, keeping pace fully with the supply
shipments having exceeded receipts during th
past week about POO, 900 bushels. Crop report
continue favorable and the situation, az CON
pared with that Of last week may be regarded
unchanged; We feel that present prices 81
likely to be maintained for some time to com,
the extremely light supply at all principal point
rendering any permanent decline improbable b,
fore the coming crop Is finally received in 9
good condition and with as favorable yield
the present outlook would lead us to expect
..Proyisions-The advance in mess pork, whic
took place on Monday last, and which has sine
been fully maintained, exercised q similar Il