St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-10
The Weather and the New York and
Liverpool Markets ConsDire To-
gether and Depress Wheat.
Wall Street Operators Given the Wink that
Certain Stocks are Dragging on the
Bottom.
the Preferred Stock Dropping over
10 Points.
CHICAGO

y confined to the grain pit, provisions being dull
and without special feature, the range of prices
being narrow and shade lower than Thursday.
In the grain pit corn was the center of attraction,
having little Independent boom of its own,
based partly on the legitimate cause of light
ceipts and diminished stocks in the country and
paltly on the demand TO cover shorts.
Wheat was less active than on yesterday, but
the feeling throughout the session was feversh.
The fine weather, coupled with lower quotations
from New York and adverse foreign cables caused
weak opening, and although the offerings were
not urgent prices receded q C per bushel when
the statement that charters had been made to
large amount for export to Europe and that lib
eral offers were here to buy at a small decline
from current figures caused fair amount of cov-
ering by shorts. Scalpers bought a
little more freely, and prices soon
took an upturn. Opening sales
of July, which is now the favorite future, were
at 9534 c, from which point prices receeded 1sc,
under free offerings, but rallied again to 962ac,
but the outside buying support was rather small
and the feeling rather tame, and when the early
demand from shorts and scapers had been met
The bidding was slow and prices dropped again
10 $3.50, but rallied to 96@l9615c at the close.
On the call wheat was offered more freely, and
declined 7Sc on July, while on the curb reports
of apanic in the New York stock market in
creased the weakness, and prices for that after
noon declined to CSC.
Corn was fairly active for future delivery and
prices higher. Those old corn men who held on
TO their heavy stocks all winter and sold out a
few days ago at 59c bushel, confident that the
crisis had ONE, are thinking seriously of
going long again, and indeed there are few specu-
lators who do not think the article a purchase
Tbo oc1Os
was 59hlc. To-day twas 611sc, having sold as
high as 6O25c. Receipts were only 116 cars, and
shipments more than ordinarily good Bull argu-
ments are naturally very numerous under the
influence of an advancing market, and to-day
they were especially so in view of the light re-
ceipts. 1t is confidently asserted by some that
there is not between here and ST. Louis 1000
cars of corn, and that cribs all over the country
are empty. The heaviest receipts of corn usual
ly occur i'll the month of May, as at that time
farmers naturally expect the best prices. 1t
costs them nothing to store it in their cribs dur
ing the winter months, and by doing so they can
usually get for it as much more
as it would cost the shipper to store it in an ele
Vator. Receipts of ZOO cars of corn a day are
not considered very large for this month, and
when they dwindle down to less than a quarter
of that on an average, it is not strange the bulls
entertain great expectations for it. They account
for the short supply from the fact that during the
January deal in the article, when big boom
seemed inevitable, the farmers shipped in large
share of their Stocks thereby leaving the month
of May to take care of. itself.
The trading not very heavy, bat it was
heavier than in any other article Country op-
orators continue heavy buyers, and it was also
said that some heavy New York Buyers were
by the small shorts, though the heavy ones are
still fighting the deal. July opened at $3.50, ad-
vanced to 6Oc receded to 59Ec, advanced to
6025c, and closed on change at SOAc, or &c
above the latest curb transactions yesterday
Oats were firm, the market averaging about
&c higher. Speculative offerings were small
and the demand for futures good. The market
closed within a small fraction of outside prices
Provisions were traded in only on limited
scale. Speculative operators were favored with
few orders and shippers were not inclined to pur-
chase to any extent, as the product was gener-
ally held above their views. The receipts of
hogs were liberal, with prices favoring buyers
and the foreign aud domestic provision markets
were rather dull. Early in the day a weaker
feeling was manifested and prices were lower
but later more strength developed and the
decline was recovered.
In pork only moderate business was trans
acted on speculative account, with the trading
mostly in contracts for July delivery. Prices
fuctuated within small range, ruling about 1Oc
lower early in the day and ralying again later
and holding comparatively steady to the close
Speculative trading in lard was also moderate
Offerings were not large and the demand was in
proportion. Prices were 215@g5c lower early,
but rallied again later and closed steady. The
demand on shipping account was light.
Short ribs was very moderately traded in, the
market following pork and lard closely
On call and curb provisions were dull and
steady.
The market for cattle was active with strong
Fange of prices. There was a slight advance on
the best fat CATTLE distillers having the prefer
ence, among which were some lots that sold as
high as Sc 35 and calls down as low as SIS 40
There were no Texans sale to-day. Distillery
COWS and bulls sold at strong prices But few
stockers and feeders were among the arrivals,
and they sold at fully as high figures.
The hog market opened active and prices ruled
shade frmer for time, but later, when the
spectators found that several of the big packing
firms were not buying to any great extent, they
in turn held off, hence towards the close trade
was rather dull aud prices 50l10c lower than at
the opening, but only slightly lower than at the
close yesterday.
Inc sheep on sale were barely sufficient to
make market. They were picked up about
soon as they were in the pens, and almost any
price asked was paid
CROSBY @ Co. say: ''The days shipments Of
were intended to make bouyant market and
failed, and this miscarriage will still further i'm
press speculation with the weakness of its pres
ent position. There is small milling demand
at New York for spring, but we are above foreign
markets and the closing private cables say Glas-
gov &c lower, London dull Liverpool lower to
sell and Paris heavy and decidedly lower Wheat
is further handicapped with an almost entire
absence of outside speculation, many weak LONGS
and fine weather, and we can only read the ten
dency as weak and lower
Mccormick. Kennett & Day say: "The bears
insist that we are on the eve of panic. and that
what is not worth over soc for consumption or
600 bushels of wheat per day in this country and
that our supply is insufficient without allowipo
anything for export. Crop prospects are very
promising, but we think the old crop options
good property on soft spots.''
Milmine, Bodman & Co. say: ssThe strength
In the wheat deal now comes from pure specula-
ti0e muscle, and we think it may become tired
after while. We would have much more conf
dence if the advance rested on good export
movement. We anticipate it will be pretty hard
shedding to establish any further material ad-