St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-15
NO PANIC THERE.
The Grain and Provision
Markets Show Unexpect-
ed Independence.
And Are But Little Affected by
the Breaks in Wall
Street.
Though Dealers Are, of Course, Scary
and Prices Correspond
ingly Lower.
Wheat Drops Little, Corn Stands Firm,
Oats Quiet and Pr0vi-
sions Dull.
CHICAGO.
Especial Telegram to the Globe |

Cldl Ill NEW 1Ork, larSG llSC Oh ldl-
ures being authenticity reported, and rumors
were circulated of scores of others. Prices on
all articles suffered a decline and were very If
regular, though the depreciation was far less
we're than would naturally have been expected
under the circumstances, and the elasticity shown
in grain indicated that there was
good deal of confidence among strong
operators, who fail to see why the
failure of rotten stock gamblers in New York and
few recklessly conducted banks, who have en-
couraged reckless system of speculation by
lending money on doubtful securities, should
have more than temporary effect on the value of
food staples, and especially breadstuffs, of which
the apparent supply is not greater than is likely
TO be wanted for consumption before the coming
crop can be made available Indeed it seems
as though the panic in stocks
and the numerous failures in New York
were almost looked upon bull arguments, so
large was the demand to cover short contracts.
The excitement and uproar on change was very
great but when the session closed the general
feeling among those who had taken an active
part in its exciting scenes one of satisfaction
that the markets had borne up so well under the
extraordinary strain put upon them, and that
notwithstanding that New York is in the midst
Of Il serious panic, Chicago secure from com
mercial and financial disasters.
Provisions moderately active in specu-
latiye way, but the demand from shippers
small, and, as there no inquiry of conse
quence except to cover shorts, the market
weak and prices lower.
Wheat active and irregular, as was natural
under the circumstances, and the financial dsas-
ters were not the depressing influences, for
nearly all the temporary features
which influence the market were of
bearish nature. New York markets
dull and lower, and the London and Liver
pool markets were weak and neglected. while the
weather all that could be desired by the
farmers, and crop reports were generally good.
Opening prices were 1c under yesterdays close,
or $3.50 for July and under free offerings of
long wheat, upon which the margins had been
exhausted and heavy selling on the short side by
Wall street bears, quickly receded to S5c, but
the decline caused free covering by
shorts and liberal takings be heavy operators
the long side who suill had confidence in the
situation, and the spirited bidding that followed
sent prices up to $3.50, when the bears, who
reinforced by fresh troop of Wall street
rumors, increased their selling, and prices again
fell to about the lowest figure, but closed at 66A
a q for July. Among the heavy sellers of long
wheat Kershaw, but it is believed sufficient
purchases were made on his account to cover the
sales. The unloading however, was chiefly
confined to the small longs, and
the big ones as rule took advantage of the situ-
alton TO double their sales Vim. Young & Co.,
who are believed to be backed by Alex. Mitchell,
and Norman Ream were supporters of the mar
ket the former buying largely through brokers
and the latter more openly, and their action did
great deal to restore confidence. In the after
noon the call board having been abolished, the
tba old oil
ing on the top of the seats, 1t was little
better than mob, and it impossible to
get the exact condition of the market. Trading
active and the feeling nervous. Sales were
made at SS4s 0SS5sc, aud the close was about
SS1sc.
Corn active and irregular. Only eighty
one cars were inspected into store, of which
twenty-six were contract grades. The demand
for No for future delivery was fair; shippers
were free buyers of off grades on track at full
prices; although the bears took advantage of
the decline in wheat, and the de-
moralization of Wall street to break
prices to figures at which they could cover
their shorts at profit, and their efforts were at
times temporarily successful, the advantages
gained were not large and they may be solid to
have shown remarkable power of resistance.
The market opened 2s05sc lower than the clos
ing figures on call yesterday, but quickly rallied
about 1sc, followed by several fluctuations,
finally advancing about 1c under good specula-
tive demand aud then eased off about &c and
finally closed about 1c lower than the closing
figures on change yesterday,
Speculative trading in oats was light, prices
declined 3s@hc early then subsequently, react
ed and 0nally closed trifle easier at 331zc for
July.
Only moderate business was transacted in
provision and an easier feeling prevailed during
The greater portion of the session. The reports
of the financial troubles in New York and the
weakness manifested in the grain markets infu-
enced more liberal speculative offerings and
prices ruled lower on all of the leading articles
early in the day. Towards the close a
steadier feeling prevailed and portion of the
decline was recovered.
Pork moderately active but the feeling
was somewhat unsettled and prices irregular.
Offerings were fair and the inquiry was not
particularly urgent. Early i'll the day prices re-
ceded 20@30c but rallied 10@15c later and ruled
comparatively steady to the close, which was
at$173714 @4O for July. On the curb prices
were 10c lower.
Lard was fairly active but at an irregular
range of prices. Offerings were fair and
the demand fairly good at times.
Prices ruled weak and 10000 lower, early in the
day but rallied again 71s@10c and ruled steady
closing at $40 for July ON both change and
curb.
Trading was only moderate in short ribs and
prices ruled weak and declined 5@10c, closing at
So-5234 for July, or nc below yesterday las
sales.
The cattle trade was generally rather slow.
Ihere was not the general demand for fair to
good fat cattle that there was on Monday
ana tuesday. Buyers for the dressed
beef trade and shippers seemed to want to
III lher orders out of the plentiful supply
of dlstlllery cattle on sale, passing by the corn
fed Taken altogether however. there was
little mo change in prices, and the outlook was
when the report losed, that about al would he
sold. There was an export order active on the
market, and big cattle that would suit seemed to
be in better demand than yesterday. Butchers,
stock remains steady and unchanged. Business
in stockers and feeders continues light. and
prices unchanged. Distillery cattle in good sup-
ply and selling at high prices.
There was brisk demand for bogs
both packing and shipping account ond
the best heavy sold slight advance during the
morning, but later the demand eased off and at
the finish prices were not strong as at the
opening, yet about all had been sold
The sheep market remains in about the same
uneven and unsatisfactory condition as previ
ously reported. The receipts, especially of seal
awags and poor stock, are increasing and there
was q a weak side to the market to-day shoulf
the receipts increase, prices liable to drop SC
@sT5c per 100 lbs as no factor is likely to keer
up the present high prices.
Mccormick Kenneth g. Day say: 1--WE con
slider the position of the old crop options strons