St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-06-28
EVERYBODY AFRAID.
Rumors of What May Happen
Checks Speculation.
And the Brokers Go About the Streets
Wailing for Commissions.
1t Being Pretty Safe to Let Everything Alone
Everybody is Doing 1t.
CHICAGO,
Especial Telegram to the Globe.l

1uenced largely by a further severe drop in
prices in nearly all railroad stocks, and fears
OF impending failures in New York. Rumors
regarding further financial troubles in Wall
street came thick and fast, and while none
were confirmed or even located up to the
close OF change, and majority, if not all,
were lies invented by Wall street operators
and circulated here to influence prices, they
suited the purpose well by inducing timid
holders to realize, and causing reckless bears
toincrease their lines of shorts.
Wheat was pounded persistently from the
opening to the close and although the bears
succeeded in forcing prices down 34@1c
from the opening value the stubburness with
which it receded under the attacks of the
bears, supplemented by other adverse in
tluences, offered abundant proof that there
was strong undercurrent of support and
that very little encouragement was needed to
start ain upward movement.
Corn was dull prices suffering a further
decline and there was an increased pressure
TO sell long futures, due to the splendid crop
prospects in the great corn belt.
The provision market exhibited fair de-
gree of activity, hut the feeling was greatly
unsettled, and prices ruled. somewhat irregu-
lar Offerings on speculative account were
quite free, and the demand was fairly active,
especially during the early part of the day
from shorts. Prices were advanced some
what during the early part Of the day, owing
to steadier feeling in the hog market, and
rather more inclined to purchase on behalf of
local and outside spectators. Later weak
70,
ton in the prices of grain and the unfavora-
bic eastern financial news, and prices reced-
ed again aud the market closed tame. The
inquiry for shipment was fair in a quiet way,
but buyers were slow to meet the views of
sellers. Foreign advices were unfavorabIe to
holders, and Liverpool quotations were re-
duced Id on lard and Cd on bacon. Eastern
markets were quiet, and prices exhibited lit
tie change
The unprecedented supply of pointers
was the noticeable feature on Change and
it was very edifying to observe to what pecu-
liar and amusing uses they were put. New
York has more than once had cause to re-
member that it is very cold day indeed
when Chicago gets badly left in a speculative
set-to, and she was forcibly reminded Of that
fact to-day. The uninitiated observer had
good laugh at Chicago's expense when New
York, acting upon Garden City pointers to buy,
sold everything she could lay her hands on;
but when he learned that such was Chicago's
only wish and intention in sending the point
ers, he marveled greatly at the wonderful
astteness of the western crowd.
Speculation in wheat, was moderately
active and there were some shipping orders
on hand, but prices were irregular although
confined to a comparatively narrow range
The receipts were small-45 cars, the with
drawals so, 420 bushels, and it was stated on.
good authority that inspectors had orders to
ship 500, 900 bushels, and that vessels were
loading as fast as they could secure room at
the elevators, and additional freight contracts
were made to carry out 120, 600 bushels, but
the eastern seaboard adyices were discourag-
ing Foreign cables quoted dull and weak
markets with an absence of demand from
the continent These factors, coupled with
the decentralization in stocks in Wall street
and good crop reports from most
sections more than balanced the encourage
meat given by light arrivals, and the pros
pective heavy decrease in supplies, and al
though prices opened q higher, or SS4 for
August, and advanced to SS35, they soon
receded under strong selling pressure by
the bears and timed holders. The latter,
fearing that another financial panic was
likely, sold down to S7114 and closed on the
morning board at S7$4@S75s, with July
15s@2under, and September 36(01I over any
On the afternoon board the wheat market
was active but unsettled. Earlier it was
stronger, but became weak and closed A0s6
lower or at S7115 for August
The corn market again attracted the prin-
cipal attention of operators, and speculative
trading was large. The feeling was greatly
unsettled during the session, and fluctuations
severe and prices much lower. The market
opened steadier and showed signs of i'm
provement, but later Developments alto
gether changed the course of the early
market. Fine crop prospects brought out
free offerings. The depression in stocks in
Wall street and rumors of further troubles
east, though these reports were not con-
tirmed, all led to free selling, and the
speculative offerings greatly exceeded the de-
mand. There was some large buying
understood to be however, chiefly on the
part of shorts who were covering at profit
and trading was quite active. The shipping
demand was only moderate. Receipts a
trile larger and exceeded the shipments.
The market opened rather steadier and soon
improved about 355e, but under free offerings
which appeared to increase as prices declined
prices broke off with only temporary checks
113c from the outside range, then rallied
slightly and finally closed 55(094c lower than
closing figures on the 2:3O o'clock session
yesterday or at 523lc for July, and in the after
noon the close was sage.
Oats were fairly active on shipping account
and little done in the way of covering shorts,
sales being made at an advance of 40sSc..
The close for July was 1890.
Pork was quiet. Only few transactions
were reported, offerings small and demand
light. The few transactions reported showed
a higher range of prices, 25@75c and the
market closed quiet. Demand on shipping
account light and prices of cash lots nomi-
nal. July delivery quiet, with trifing sales
at $3.50.
Lard averaged tritle stronger, but out
side prices were not sustained, and at the
close the market was only a shade higher
than at 1 o'clock yesterday. August and
September were the favorite futures with
traders Business was less active thar on
Yesterday and scarcely exceeded moderate
volume for the day. July sold at s.. 100. 20,
closing at s7.12E.
Short ribs averaged shade stronger and
closed steady at yesterdays O'Clock prices,