St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-06-13
That's What's the Matter With the
Leading Stock and Produce
Exchanges.
A Little of Legitimate Trading in Stocks,
Grain, Provisions and Live
Stocks.
But Speculative Trading is Limited to
Smallest and DulIest of Scalp
ing Deals.
CHICAGO
Especial Telesslm to the Globe


much confidence in their position, and oper-
ators on both sides were disposed to limit
losses at the narrowest figures possible;
hence those who sold short covered on slight
advances and the longs sold before their
losses got outside the fractions
July wheat will sell at so cents and corn
at so cents,' remarked disgruntled bull to-
day, ,as he returned 10 his office after an hours
arduous practice in attempting to hold up
the market. ''What!" was the exclamation
of a self-satisfed and easy going bear, lis it
possible that you have at last bolted your
creed? Well you've made money by it, for
just as sure as you're born it's the bears
that'n come out ahead in this race
At any rate the tendency was towards a
lower range and closing sales on speculative
futures were at about the lowest prices of
the session. There were in fact few features
calculated to stimulate confidence in better
prices in the near future, though the com
paratiyely low figures ruling increased the
danger in selling short. AS regards the
future there is nothing in the outlook to JUS
tify buying except on severe breaks for a
scalp, as the present fair stocks and the fail
IRE to make a reduction in the visible supply
last week is disheartening to those who have
heretofore been bulling prices on the theory
that the laws of supply and demand would ere
long cause strong and healthy advance in
values. There was a very large amount of
noise in the provision pit, and the initiated
observer would have attached some import
ance to it, but it was only noise.
IEPhil J - o-,o,.1,;o H..
criber of the situation-''Phil Armour
turns barrel of pork with a string to it into
the air, and asks the crowds to bet Heads or
tails; he then pulls the string according to
the way the bets co. and scoops in the stakes''
All speculative articles of hog product ex-
cept pork were adversely affected by the in
creased receipts of hogs, the arrivals being
estimated at 10000 against 20, 322 yesterday,
and prices for lards and meats were in buy
ers favor.
Said A. NJ. Wright to-day: "The trade is
controlled by manipulators, and I should
only advise purchases Of lard or meats on
severe breaks, while dealing in pork under
present conditions of the market is not only
dangerous but disreputable' u
Wheat opened active but unsettled. The
volume of business during the session was
only moderate and values ranged lower
Lighter receipts were about the only favor
ing features, somewhat enforced by mod
crate shipping demand at nearly current fig
ures, but other influences were generally ad-
verse to the maintenance of prices, crop re-
ports being good English markets weak
and dull with prices tending downward and
outside speculative orders small. July
opened at SS5sc, about Ae below Yesterdays
close, and advanced to SS55c, but under fair
unloading by the longs and
selling by brokers on the
short side declined to SS15c at which there
was fair buying against puts, and the offer
ings being smaller prices again started
slightly upward. Rumors of an.improved
export demand helped prices prices upward
by inducing timid shorts to cover freely, and
July reached SSMc, but there was no buying
at the advance, and the selling by longs
being free prices again started on the down
grade, touched SSc, and closed on the regu-
lar board at 8S15c. In the afternoon free
offerings increased the weakness, and the
closing for July was S75sc. The long oper-
ators show increasing weakness.
The corn market was weak, though both
receipts and shipments were smaller than on
yesterday. No. 2 for prompt delivery was
offered freely, but met with no demand,
shippers stating that vessel room was not OBJ
tainable. Outside orders were light, and
business was chiefly of a scalping character
and on local account. July opened at 5514c
declined to 55c, but rallied on covering by
shorts to 55$l@555sc, from which point il
again declined under in creased selling by
longs and closed weak at 554Q15535c in the
morning session and So sc in the afternoon
under free offerings.
Oats presented no feature worthy of men.
ton. Offerings of cash and futures were
fair but the demand from shippers and spec
ulators was light, trading dull and prices
lower
There was more activity in the provision
pit, but the feeling was unsettled and prices
irregular. The offerings of some descrip
tions were larger owing to the increased re
ceipts of hogs and lower prices therefor, ant
reduction of prices was submitted to
Towards the close the market exhibited Ii
tie more strength and ruled with considera
wv SeS@SAhCoS W Glle ClOSe luG vi
shipping account was moderate snd offer
chiefly for small quantities.
Offerings of pork was not large nor was th
demand active, but prices ruled frmer ant
were advanced 20@3Oc on the whole range
with the appreciation moderately well sup
ported. July sold at 5000 90, and CLOSED
quiet at $3.50 on the regular board and s.
lower in the afternoon, when very little wa
doing.
Lard exhibited little more activity then
usual, but the feeling was weaker during th,
greater portion of the session and prices de
clined 5@10c, and closed comparativel,
steady at medium figures.
Short ribs attracted considerable attention
and a fair business was attracted. The Of
ferings were rather free and the demant
moderately active, prices ruled weak and de
clined 10@15c, but rallied again and close,
steady at medium prices.
There was a fair demand for all sorts O
cattle, and prices ruled steady. On the bes
fat cattle prices are 25@30c lower than las
Wednesday.
Under unexpected and very heavy re
ceipts hogs declined 1o@15c. At the de
cline there was a good demand, yet ther
were more than could be sold, SO the marke
closed rather weak, with a large number lef
opar in fret apd SECOND hands a II the ad