St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-14
GRe-published from Sundays Edition
STILL BUOYANT.
The Chicago Produce Markets
Continue to Show a Gain
Of Strength,
And Operators Talk Encouragingly Of
Decreasing Stocks and In
creasing Demand,
But the Financial Situation is Only Favor
able to Regular Bank
Customers.
Ugly Rumors About Wall Street Regard
ing Gould's Situation, But Credited
to Gould Himself
CHICAGO.
Especial relegram to the Globe.I


verse influences were the reported failure of a
heavy dry goods house in New York and a com
bined effort Oh the part of the bears to effect a
continuance of the downward course of the grain
market. In the provision pit things were quiet,
with what little interest there was centered in
lard and ribs, but the days business all around
was less than any day this week.
As to pork, q prominent broker said to-day:
sit isn't the general public or the poor laboring
who has to stand the racket of this corner
IN pork 1t is the scalper and the small fry
generally who have to pay S22 q barrel for stuff
they never see. The laboring man can get all he
wants for SIG. Do you know why? Well, its
because Phil Armour and the rest of the gang
know that he won't bring it back here to ssil.'
Wheat was moderately active and prices irregu-
lar, being firm and higher early, and then break
ing off, but at the close August was NC higher
than yesterdays last sales, and September nc
higher. At the opening there was g fair demsuh
and prices ruled strong and somewhat higher,
but later news was received OF large mercantile
failure in New York, when prices began to
weaken and fell off 19Sc from the highest
point but rallied ~ again, eased of and after
some fluctuations closed firm at about the open
ing price. September opened steady at S4Hc,
advanced to 84Mc, fell to S35s and finally rallied
and closed at ss1sc. There no large deals
reported and with the exception of small out
side trade the scalpers did I'LL that was done.
Reports from different grain centers show q
much improved export demand. From MhNnu
kee it is reported that H., 900 bushels of wheat
were taken there to-day for export. Baltimore
follows with $4,000 bushels, Now York with
100000 and Chicago With about $1,000, making
al estimated total OF. over 100000 bushels.
Il don't care what the other fellows told
you" said a member Of the board to-day, 'but
in my opinion there is to-day better exp port de-
mand for wheat than we have had for three
years. During the last week 1920, 900 bushels
OF wheat, including that afoat, has gone over to
Europe. l am told by good authority that by
the end Of the week there will not be in Now
York more than 100000 bushels Of red winter
wheat for export. The stocks in London and
Liverpool are low in proportion. On July 4th
the combined supply Of wheat in London and
Liverpool did not eIcood 700, 900 bushels. Now,
with such figures before you, and the fact that
the new crop throughout the country is in no
condition to be marketed, how are you going to
manufacture bear argumsntf"
Corn was fairly active but prices were geneT-
ally lower than yesterday afternoon. The open
ing was apparently firm and salos were at some
advance over yesterdays closing, but the do
mand soon fell off, the shorts having apparently
pretty well cornered during the pastfew days and
bought sparingly to-day. The reported failures
In New York and the consequent weakening in
wheat brought corn down and August fell rs @
"a from the highest point, then rallied some
again, eased off and closed quiet easy at So
for August and 517S for September.
Oats were more quiet and easier prites ruling
for rrifh 1atft,
trade slow and few willing to operate.
This pork market quiet but strong July
and August closing at s22 .5OG0s 90, or soc
higher IhaT yesterdays quotations. September
and OCTOBER were unchanged, the former being
quoted at S2l so bid and the latter at s10.5
Year pork ranged at st2 .OO012.25
Lard was less active; trading was in fact only
moderate, and q good share OF the days business
consisted of transferring outstanding trades from
August to September. August closed at S7.17n
and September at S7.32h
Short ribs were in fair request for cash and fu-
ture delivery, and closed at $3.50 August and
s7.87ik September.
There was q brisk demand for all the good
droves Of native fat cattle and they sold quick at
equally high prices as for any day this week and
perhaps in some instances higher. For really
good corn fed cattle the market closes strong for
the week and fully high as last Saturday.
Grassy stock is also shade stronger than last
week, yet this sort of stock is hard to sell at any
time 1Aere has been a large increase Of Texans
and they have gradually declined, dropping 10c
to day, making the decline on the ordinary run
Of Gamers 15G20c for the week There is q
fair business in stockers aud feeders but lean,
little things selling at low prices. Old cows,
common bulls aud the lower grades of native
butchers stock went again lower, making the
decline for the week equal to 2o0s0c. Gamers
and butchers prefer the Texans that are now SO
plenty and comparatively cheap.
Receipts of hogs for the day rather heavy, for
the last In the week, and for the week show
large increase over last week. Owing to the
continued differences between the packers and
the commission men to the manner of buying
and selling, business is not running along AZ
smoothly as formerly and to-day's trade was ra.h-
er slow, prices uneven and the general market
unsatisfactory to all concerned.
Hammlll i Brine say Continued favorable
conditions for the winter whoat harvest now In
progress here had depressing effect on this
grain market, aud local operators have, for the
most part, been disposed to reduce theii trading
10 Il minimum. Conservative dealers recognize
10 the current value OF wheat price much lower
tie past twenty years, and with freights to the
seaboard considered, very much lower price
than has ever been known In this or any other
primary grain market in the country. The most
important wheat crops OF the world being rs yet
unsecured, they feel that Rny time
very sudden and radical change might
occur in favor OF hoIder.; all the
contingencies of weather yet before us; while
should the present promise OF crop Of excellent
quality be fortunately realized. It is esrtain that
the demand will be good. both for export and
consumption, at prices relatively higher thsn
those obtauable for the inferior grades OF the
present crop now in seaboard warehouses We
can therefore reiterate our previous opinion, and
svy that while from the absence Of activity incl
dent 70 the summer months, or from temporary
depression arising from spasmodic financial dis
turbances values should still further receds we
feel that purchases msde about the present
range will pay well, and advise careful buying on
al weak spots.
"Oorn has wildly huetuased during the week
Lower prices having ruled early in the week fol
lowed by almost entire recovery. There is no
especially new features 70 note, the demand As
heretofore, keeping pace fauy with the supply;
shipments having exceeded receipts during the
past week about S00, 900 bushels. Crop reports
continue favorable and the sitastiou, as com
pared with that Of last week may be regarded as
unchanged We feel that present prices are
likely TO be maintained for some time to come,
the extremely light supply at all principal points
rendering sny permanent decline improbable be-
fore the coming crop is finally received in as
good condition and with as favorable yield as
the present outlook would lesd Us to expect
''Proyisions-The advance in mess pork, which
took place Monday last, aud which hss since
been fully maintained. exercised siailsr IL
fueaes on the whole list, and there sharp
improvement in cut meats and lard This lSst.
however has been wholly lost. and although the