St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-16
And Low Prices are Keeping up the
Export Demand for Both
Grains.
But the Wheat Market is Held Down by the
Excellent Harvest Prospects.
In Pork and Other Hog Products There Is
no Chance for Outsiders to Operate.
CHICAGO.
Especial Telegram to the Globe. |


was about offset by the closing up Of the large
private bank OF Fletcher Sharp, in Indianapo-
lis and the report of heavy dry goods failure in
New York. Owing to receipts Of new wheat the
prospect seems to be for duh markets for some
time to come. Receipts have not not been
heavy in Chicago, but they have
been large in St. Louis and Baltimore,
and New York was reported to have fair mar
ket Shipments from the country depend almost
entirely the financial condition Of the pro-
ducers, farmers being adverse TO sending in their
wheat at present prices, but as the exchequers
of most of them rather low it Is thought they
will be forced to market their grain whether
they wish to or not Prices now SO low that
the bulls don't cut much Of figure in the mar
ket and it seems that the statement OF prom
inent operator to-day is not entirely without foun-
dation. He said: THE temper OF the wheat
crowd is getting tri1e bullish. This
bullishness has not become extravagant wild; {;
not to any degree. The advances SO far have
ksen as small they could be and be seen at all,
and have been lost almost soon as gained.
But the crowd is bullish all the same, and believe
prices will advance even after they have stub
bornly refused to. The shipments Of grain are
now undeniably heavy. They ought to be.
Wheat is cheaper now than it has ever been, and
take the property, they would be taking it now.
But the crowd is SO unaccustomed to this out
ward movement that as soon as it sees it, it be
Heves the good time is coming and clamors over
upon the bull side Of the pit
The visible supply figures showed a wonderful
decrease. The visible supply of wheat is now
only u, 1O9, 725 bushels, against IS, 170321 bush
els year ago, and the visible supply Of corn is
the smallest ever posted at this time Of the year.
The latter figure is 5,253, 1877 bushels of corn
against ! 1, ,612, Alb bushels a year ago.
In the provision market increased activity
manifested. all the different lines commanding
more attention, though the feeling was somewhat
easier, and for lard and short ribs prices were
lower Pork on the contrary was stronger and
higher.
Wheat opened stronger, owing to armer mar
kets abroad and then fell off &c, the receipts
being fair and large arrivals of winter wheat be-
ing reported ct other markets. The only furry
OF excitement in this market was occasoned by
the posting Of the visible supply, showing heavy
decrease, when there Il rush for the wheat
pit and desperate effort made to bull the market,
but many longs had been waiting for the
report, to sell out Oh and the
scalpcrs had loaded up heavily, anticipating
large reduction in report which would enable
them 90 realize a good profit, and they, too, were
free sellers in the rush. 50 that the market which
was dull previously 81 irmcd to 81 " after
the announcement and was quickly choked back
TO S47ac by heavy offerings Of long stuff which
was not all dumped either August opened a q
n above the closing figures yesterday and clos
cd at 1914 while September closed at 81 4lSc bid.
on the afternoon board prices underwent but
slight changes, August closing at u strong S3Ac
and September Ht SiHc.
Corn was only moderately active Prices aver
aged stronger than yesterday, but the improve
Iuent was not fully sustained, and at the close
August and September about . cents bet
ter than they closed yesterday afternoon. The
strength early due largely to sympathy with
the better feeling in wheat, which caused con
siderable short buying. Later there was a break
OF nearly &c When the marked decrease in
visible supply noted, the market again frmed
up sc, but weakened to a close of 81 a c fol
August and 5t7l C for September on the afternoon
board the feeling was somewhat stronger and
August closed with % bid while September
remained the same,
Oats showed considerable activity a sharp
advance was obtuiucd for cash or near delivery,
but there was Il partial break before the close
which was at 2Clu August and % L September.
The closings of the afternoon board were un-
changed
Pork received more attention than usual.
There was an advance OF 5Oc in near deliveries
and 81 100 ON seller account as compared with yes
tvrdays quotations. at 1 o'clock, making par
ties on the short side more anxious to coyer aud
the market showed more life and interest than
usual. July and August closed at S2S So Sep
tember at So p and October at Set.OO.
Lard was a little more active, fair trading be-
iug done in futures. The market opened at the
highest prices OF the day, ruled easier aud finally
closed 7'9o lower than at / O'Clock yesterday ut
S7.01H August and $50 September.
short ribs sold freely aud ruled easier, closing
l7lsc lower than at I clock yesterday or s. 80
August and s, 6eG September. On the after
noon board there was no material change in pork
and lard but short ribs fell OF SC for August
and - sc for September.
First class and prime native cattle were scarce
aud sold quick az strong prices, making Us high
figures as any time. Grass cattle when fat or
even I'm good condition sold n good steady prices.
Common native butchers stock, which includes
COWS and bulls. is hard to sell and is 20G30c
lower than last week. Texans being plenty and
cheep, common native stock becomes almost un-
saable. For the past forty eight hours, there
has been fully 5000 Texans the market.
They are in good demand but l5G2Oc lower than
the close or last week. having declined about l0c
to-day. There is a fair inquiry for stockers and
feeders but lean little things are selling at low
figures. There were Il few loads Of eastern
stock calves on the market and they made good
prices.
Trade waS rather slow in the hog market and
prices rather weak At the beginning. shipper.
and buyers OF assorted light were the only pur
chasers at the opening Of the market. Packer:
sf.
live stock exchange but when il was known
temporary peace had been hatched up between
the packers and commission men, Sll classes OF
buyers took hold freely and before noon the bulk
or the hogs had been sold. Prices underwent
little OF NO change, except, perhaps, 6ne assort
ed light which may have sold nickel higher.
The Chandler Brown Co. say tonight: "The
wheat market looks As II healthy bull move
ueut has been started, Gnder the influence Of
the demand FOR shipment snd the consequent
rspid decrease OF stocks in store, and unless the
uarket receives another black eye from financial
disturbances. we look FOR advance in prices
Milmine Bodman x Co, say: ''yalues now vii
be governed very largely by the weather, and il
Is therefore very tioklish business to handle the
market on either side, but we advise buying
wheat now on slI weak spots snd shall until the
movement increases"
J. ". Rumsey s Co. say: 1.-The new wheat
shus far received here is poor in quality, yet it i
selLing AZ from ssc 10 CSC aud al things consider