St. Paul daily globe., 1884-09-03
DULL MARKETS.
But a General Downward Ten
dency all Around.
Too Much Grain in Sight for Bnll
Purposes
And the Decentralization of New York Central
the Scare in Wall Street.
CHICAGO.
special Telegram to the Globe. |

dullness. The grain markets were weaker
and prices for future delivery ranged lower.
European and eastern advices failed to
offer any encouragement to those who looked
for an advance, and there was an absence
of sufficient outside buying to maintain
yesterdays prices. Wheat was the leading
favorite, but the backwardness of outside
buyers deprived the market Of energy and
weak feeling soon developed resulting in
decline which was checked by covering by
the shorts The absence of any shipping
demand for spring grades and the already
accumulation here and at other leading
spring wheat points, and the almost positive
certainty that they are likely to undergo a
still more rapid augmentation in the near
future, is discouraging to friends of higher
prices. On the other hand the low figures
prevailing and the growing ease in the
money market are facts that should not be
regarded by those who are tempted to sell
short
Corn, like wheat, was weaker and the
opening prices were the best. But as regards
the near future the situation is diffrent from
that of the former grain, stocks being small
and the prospect of a continuance of even
current receipts is by no means fattering,
while the shipping demand is good There
is, however, an absence of large speculative
buying to hold for an advance, and at pres
ent the outlook promises little more than
scalping trade in which those who buy or sell
are not promised large profits. But the sit
uation encourages a belief that purchases on
breaks forthis and the next month are far
more likely to pay profit than loss.
Speaking of the corn crop, L. Everin CHAM
said to-day: "The corn crop is just now in
very critical condition. Twenty days of hot,
forcing weather, without frost, is needed to
mature the bulk Of the crop, yet the weather
is changeable, with cool nights, and frost
may occur at any time. l do not look for
any corn fit to ship before November"
Oats show little change and the demand
for shipment about keeps up with the re-
ceipts.
Provisions were dull, and despite the small
receipts of hogs prices for meats, lard and
year pork were a shade lower. Closing prices
for the October options were: Wheat, Sic;
corn, 5O4c; oats, 2635c; pork, $3.50; lard,
E7.521l; ribs, S10.O5.
Wheat opened firm in expectation that the
strong buying for an advance developed yes
terday would be continued to-day, but the
bright weather, fairly good receipts and pros
poets of good arrivals in the near future, To-
gether with a reported increase in visible
supply of go, 600 bushels, when a decrease
of over a million had been predicted, had
depressing effect on holders, although tele-
grams from New York stated that the visible
supply statement, as prepared by Walker,
would show from 400, 900 to 500 600 decrease.
However, there was a rush to sell when the
Chicago figures were posted, and in the next
fifteen minutes October, which had opened
at Size, had declined to SO&c,
with free sales by Comstock, Milmine
d Bodman, Cudahy " Singer, Schwartz d
Dupee sold about half million bushels on
account of New York parties, and Lester also
executed some heavy orders from sellers at
the same point, while the sales of Milmine
81 Bodman were for the account of Toledo
and Kansas City parties mainly. At the de-
cline there was better class of buying, and
with reports of &c advance in New York,
and TO- coo bushels of No. . red taken for
export in st. Louis, buyers showed more
confidence, and prices rallied to size clos
ing 4 shade off, closing at Sic for October.
September closed at 1890, decline of &c
from yesterday, and November at S2%c, a
decline Of &c.
In the afternoon wheat was steady.
Milminc Il Bodman say: ''The exports OF
wheat and flour last week show up over three
and one-half millions, which we regard as
the best bull argument we have yet seen,
but we do not look for permanent advance
in the prices of wheat until later in the
season. 1t looks more like continuing to sell
at low prices all fall and winter"
Corn opened quiet and easier at a shade
of from Yesterdays prices, and during the
morning only advanced sc, though liberia
buying was INDUCED in by Caenther, Driver
Rumsey, Baker, Bliss and Wright. Receipt:
were heavy and the visible supply showed
an increase of nearly 452, 900 bushels. NJ
new shipping engagements were made
by lake. The weather was bright
and warm and European advices quote
the markets on that side dull. During the
later hours of the morning there was q drol
OF &c from the top figures, with nearly al
the occupants of the pit heavy sellers.
Among the leaders were Baker, Templeton
Baldwin, Counselman, McFarlane, Nat
Jones, Schwartz, Sherman, Kammerer and
host of others. At the bottom there wal
some buying by shorts and prices recovered
about g c and closed at 5255c September
5O4c October and 4535 November. Mr.
Bodman says that September corn will bea
watching, as the indications are that there i:
some manipulation about it.
Oats ruled rather dull and heavy with
slight fluctuations. The demand for boil
cash and futures is growing lighter, as ar
also the receipts, while the stocks in stor
are gradually accumulating. Septembe
closed at 255Sc and October at 263sc, tn
same as on yesterday.
Only moderate business was transacted
in the provision pit and an easier feeling
prevailed spectators were not inclined t
do much trading and the interest centeret
mainly in lard. Shippers were favored witt
few orders and made light purchases, ant
prices ruled lower on the principal articles
The stocks reported show a material reduc
hon and are now about equal to those re
ported one year ago. The receipts of tn
product were fair and the shipments of al
kinds large Foreign and eastern advice
exhibited little change. Trading in lard con
hnues light and the only change worthy o
note was drop of 75c in October pork whicl
closed at S1S.25.
There we're about 200 ears of Texas AM
territorial stock among the fresh receipts o
cattle. out of which were about $50 cars o
a,-tro