St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-03
Dealers in the Leading Cereal
Advised to Avoid Selling
Too Short.
Indications Point to all Enormous
Yield of Corn, and the Chances for
Higher Prices Are Small.
The Pork Pit Unusually Active, and the
Prices of Lard and Short Ribs Move
Upward Sharply.
A General Upward Movement in Stocks,
Northwestern and Lake Shore
Leading.
CHICAGO.
Especial Telegram to the Globe

CHICAGO, July 2.-Advices from New York
to-day confirmed the more assuring charac-
ter in the business situation noted there yes
terday. In Wall street prices of all leading
stocks were quoted higher and in some there
was regular boom. The result was decid-
edly marked on our grain market, the open
ing being characterized by steadier and
more confident feeling, followed by. q light
appreciation in prices There was, however,
an absence OF excitement, the most encour-
aging feature being disposition to recog-
nize the fact that the possibility of good
wheat crop has already been discovered
and that the present low prices not
only render the chances for large profits for
selling impossible, but greatly increases the
risk of a heavy loss to those who put out
large lines. Hence, while the outlook may
not be such as to encourage buying for an
advance there is even less to justify selling
short. The corn crop promises the largest
yield ever gathered and apparently offers
little induce ment to the buyer, yet current
prices, considered in connection with the
present moderate receipts and small stocks,
materially enhance the risk of selling short.
The provision market was stronger. Pork
was not materially changed, except for year
delivery, which was advanced 25c, but in lard
and short ribs sharp improvement occurred.
Lard closed at 15c higher than at / o'clock
yesterday, and short ribs 321a@371Sc. In
both lard and short ribs the trading was also
more active. Pork was on the whole little
slow.
| In the wheat pit Liverpool and other for
eign advices were adverse to holders the
quotations from the former being decidedly
discouraging. The general tone of the
crop reports was favorable, and there was
buying support in the shape of outside or
ders for an advance, but the improvements
in railroad stocks in New York ana health
Ter condition of finances in that center, in
connection with tendency to greater ease
in money matters here, coupled with the
knowledge that July wheat, which proved
such heavy weight on yesterdays market,
had been placed, went far to restore conf
dence among the bulls, while it rendered the
bears more anxious to cover their shorts,
and their desire in that direction was
strengthened by the freight engagements for
! 145, 600 bushels and reports that the weather
indications were threatening, which natur-
ally increased the fears for the winter wheat
now being harvested. August opened We
over yesterdays last sales. or at S514c, az
vanced under fair buying to fill contracts, TO
S57sc, and closed on the regular board At
S5%69S51sc, with July at S3115c and Septem-
Der at S61Sc. A firmer feeling prevailed in
the afternoon. The shorts covered freely,
and August went up to close Of see.
There was fairly active business in corn
and prices we're firmer, closing with seller
July about &c higher than yesterday after
noon, seller August re higher and seller
September &c higher. The frmness was
due to sympathy with the stronger feeling in
wheat and the better tone in provisions.
This started the shorts to covering and there
was some long buying, and though the
market fuctuated back and forth within IA
range of 5E(Q3lc, the closing was steady at
the advance or 53c for August On the
afternoon board the feeling was stronger and
prices 3sc higher.
Oats were more active and trading heavier
at prices somewhat improved from yester-
day, both for cash and futures.
Pork was quiet. A few more sales were
made for forward delivery than yesterday,
| vet there was no activity or marked change
in the actual condition Of affairs. Cash on
July pork was held steady at $3.50. The
deliveries after July closed the same as yes
terday for August, and about rs cents higher
for seller the year.
Lard was stronger. Extreme outside
prices obtained during the day were not sus
tanned, yet the market averaged higher, and
at the close showed an improvement of 10
cents on yesterdays quotations at l o'clock.
! The trading was somewhat spasmodic though
more united, and fair business was trans
acted August and September were the
favorite futures, closing at s7.4711l and 1921
respectively.
Short ribs were quite active for cash and
toward delivery at advanced prices. Based
on yesterdays quotations at 1 o'clock ribs
closed at an actual improvement of 1910
| 3715c. August closed at S7.S213 and Septem-
Der at s7.S715.
There was little or no change to note as
! compared with the previous days of the week
| in the cattle market. There was fair de-
mand for all good sorts by shippers and
dressed beef operators and prices ruled steady
all around on fair to good fat cat cattle Re
ceipts of Texans were moderate and prices
steady, with a steady demand. There is
more inquiry for stockers and feeders and
more business doing, but prices yet remain
low Common sorts of native butchers
stock continue to sell at very low figures and
country shippers should buy old cows and
other rough stuff at very low prices in order
to get out even.
In the hog market trade opened quiet and
steady aud prices were about the same as
yesterday. The market closed steady and
about all sold.
There was a sharp demand for all The sheep
on sale snd prices may be quoted 2O025c
per 100 pounds higher than this time last
week.
W. H. Minor & Co. say: 'sWe think the
market is tending still higher for while at
least We consider the line of shorts too
large for the price and stocks. We consider
corn safe to purchase for few cents profit.
There Is large short interest here, which we
think viii have to be filed at higher prices.
Our views are to buy both wheat and corn. ,
Mccormick, Bennett 81 Day say: 'sMost
of the small operators are evening up their
trades, but Schwartz & Dupee are thought
to be the principal longs. We think a fur
Their advance probable and would advise eau
/ tor, In following the short side at these Inv
prices, although the bears are talking soc,
and eventually that figure may be reached. -
3TIlmine, Bcdman s Co. say: There is
no doubt considerable shortage in the mar
tet nov and e the rreather siae,r1ld tr,rn nm