St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-01
SOARING SHARES.
Wall Street Has a Genuine
Boom, the Whole List
Being Affected.
The Northwestern Stocks the
Leaders in the Sharp Up.
ward Movement.
The Chicago Board of Trade Markets
Suffer Slight Depression
All Around.
Reports of Lower Prices In Europe Make it
Hard Work for the Bulls to Ad-
vance Wheat.
The Failure of John Cresswell s. Co., Tea
Importers, Affects Trading
The Failure of John Cresswell s. Co., Tea
Importers, Affects Trading
but Little.
CHICAGO.
Especial Telegram to the Globe. |

covery toward the close of the morning ses-
sion because of firmer private cables and i'm
proved buying. The earlys part of the ses-
sion witnessed rather more free selling than
the market could stand, and in consequence
there was a break. The crowd generally
looked for larger receipts, with a good por-
ton of the wheat and oats inspecting.,' new, "
and tried to discount the market by unload
ing before prime weakening influences were
actually present. The activity and
strength of the stock market
apparently put it into somebody's
head to start a rumor that Gould had failed.
This is one of the stock rumors of the at
tack and it is considered equally applicable
no matter which way the market turns.
Shortly before noon Il message from the
private wire of Messrs. Schwartz e. Dupee
announced the failure of John Creswel q
Co.. heavy tea importers, of New York. The
dispatch stated that the trouble was under
stood to be only temporary, and said the
company was rated A No. 1, with capital Of
100000. The report had no apparent
effect on the markets here.
September wheat declined to S4sIc from
opening price and &c from Yesterdays close !;
August fell &c; closing at 82%c. Septem-
Der corn opened at Yesterdays close and last
sales were at 545sc, gain of asc. August
went up nc, closing at 55c. Oats closed
lower for August and steady on other futures
Provisions were fairly active and the feeling
strong lard closing 21lc higher and ribs
showing an increase of 1215c. Pork was un-
changed.
There was only moderately active busi-
ness in the wheat market and prices showed
general decline. The market opened weak
and lower, owing mainly to fine, clearing
weather here and abroad, and there was a
pretty general disposition to sell, under
which the market quickly began to decline.
Later the weakness was further increased by
reports OF lower English markets. This
caused holders to unload pretty freely and
stimulated short buying.
Said prominent operator: ''The big
traders who two weeks ago began purchasing
on a large scale have sold out. 1t is likely,
too, that the fellows who began selling short
at about that time have bought in. 1t is the
general impression that the crowd Is pretty
well evened up, and that wheat is now in a
vulnerable sort of state, easy to depress if
determined raiders wantedlower prices, and
easy to advance little if bulls with money
set about buying"
''The decline is not unnatural" p" said Lind
blom this morning. ''There has been f.
cent advance, and decline is natural. 1t
will not amount to much, however,
September wheat opened unsettled at about
s5c, ruled easy, fell to size, and improved
to S45Gc, at which figure it closed on the
regular board, but on the afternoon board
fell off to S4$4c. August closed at S21sc.
Weakness prevailed in corn at one time
during the session, but towards the close
stffened uD aud under large purchases of
August by Schwartz IL Dupee, aud Septem-
ber by C. A. Mair 81 Co., showed the highest
figure of the day at the close. September
ranged at 14@551sc, closing at the latter
a ucc.
Oats were slow but firmly held, and re-
corded shade better prices, September
closing at strong 269Sc.
The feeling in the provision pit was strong
and both lard and short ribs closed at higher
prices. September lard opened steady at
yesterdays close-Si.42lG, ruled with q
tendency slightly upward and closed at
s7.45. Trading in futures was only mode
rate. Short ribs were strong and closed 125s
higher. Pork was as usual.
The cattle market generally was slow, with
I prices rather weak, but not quotaey lower
There were fewer good native cattle on sale
than yesterday, and out of 166, 900 fresh ar
riV y a4i oil
told, the 1000 being Texans and other wes-
tern stock. Best natives would not
bring over S6.5096.75. AS, for instance,
there were two lots of as good cattle as have
been here this season, prime, ripe, finished,
blocky, stylish in color, and everything
about them first-class, averaging nearly
1000, and they only brought So Ss Second
class cattle may be quoted at S5.50(a6. 25,
and grassers NJ s4.5095 so Native
butchers stock, especially old cows and lean
bulls, are making S2t12. 90 and are slow at
these prices. The stockcr trade was almost
at stand still. Prices are so low there are
but few coming and there are but a few
wanted. As soon as the Texas fever scare
passes out of the minds of men there viii be
better market for stockers and feeders and
not until then. Texas cattle were slow, and
and prices remain at the low figures current
for the past week.
Receipts of hogs were light. quick de-
maud and shade stronger prices were the
leading features to-day Toward the close.
however, there was an easier feeling, as
some shipping orders had been counter
mauded, yet about all were sold at s575ta
1896 for assorted light and s.. a0{aS5 90 for
exported heavy
Good sheep were in fair demand from city
butchers, but poor sorts had to sell for what
ever was offered.
Mr.. P. W. Underwood, of the packing firm
of Underwood & Co, said of the provision
trade to-day: 'sThe trade in cut meats and
lard is very fair and prices steadily advanc-
ing. The reason pork is so quie, is because
it is corncred deal and no one dares to
touch it. Outside of pork, provisions are not
troubled with any form OF manipulation that
would tend TO give them fictitious value
Although the market was somewhat dull to-
iay It's general condition is quite as good as
could be expected at this season of the year ~
]. W. Rumsey & Co. say: "At this mo-
ment the feelingis rather weak, but as cur
rent prices are certainly very low, we wonld
rather buy and follow down than go short -
The Brown Chandler Co. say: s'The feel
Ing among local operators IS now bearish,