St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-03
THE MARKET PUZZLE
Wall Street Oyerfowing with
Wild Rumors to De
press Stocks.
A Belief That the Bears Have
Used Up All Their Ammu-
milton.
Union Pacific, Central Pacific and.
Western Union Leaders in the
Downward Movement.
The Weakness in Wheat in Chicago in a
Large Measure Due to the Condition
of Shares.
Corn and Provisions, Finding no Encour-
agement in any Quarter, Follow
Wheat and Stocks.
Corn and Provisions, Finding no Encour-
agement in any Quarter, Follow
Wheat and Stocks.
CHICAGO


less active and prices disappointment to
sellers, all speculative articles suffering ma
terial decline and closing at about the lowest
prices of the session. The trading was also
more of a scalping character than for any
previous day this week, and with the eXcep-
ton of the so-called Wall street crowd there
was less than the usual disposition to either
puy or SELL The weakness was largely due
% good crop reports, to lower New York and
foreign markets and to heavy break in
stocks in New York. Rumors Of failures in
New York stock circles were also current, the
two last named failures being the most po-
tent in depressing wheat, operators apparent
ly forgetting that the failure of a few stock
gamblers will not increase the supply Of
bread products nor materially decrease the
the consumption in the near futures. Pro-
visions were less active and lost thss ssfrmness
that was the ruling feature Of yesterdays
market. There was scarcely any demand
for consumption, and speculative inquiry
was light.
Less activity WITS exhibited in wheat, and a
weak feeling prevailed. Receipts were small
and shipments aggregated 1890 bushels.
ity that 200, 600 bushels are being loaded in
vessels, but New York quotations were low,
and cables quoted dull, heavier and lower
markets. This, combined with the fine
weather and the other causes mentioned
above, caused a weak opening, sales being
&c under yesterdays inside closing figures,
Or $3.50 for June. On the covering of
shorts an advance to 949944c was gained,
but the rally brought free selling by the brok-
ers representing Wall street, and the outside
buying orders being very light the demand
was not equal to the offerings, and prices
ceded with frequent fluctuations and closed
on 'change at 9235@9215c for June, the
weakness being materially aggravated at the
close by the reported failure in New York of
Sidney Dillon, president of the Union Pacific.
On the call wheat was weak and sold off re
on June and nc on July, but stronger
feeling prevailed on the curb, the rumored
failure being contradicted, and the loss was
more than recovered, the last sales Of June
being at 9215c.
Corn was weak dull during most of the
session. The shipping demand for low
grades was good and about all offered was
taken, but speculative inquiry for spot and
futures was slow and prices lower. The
chief buying was by shorts who were cover
Ing sales in which they had a profit, and
prices declined 1@115c. July opened at SIC,
sold to 573sc, weakened with wheat and sold
to 5635c and closed at that on 'change. On
call it got up to 5615c and on the curb
the feeling was stronger and 563lc was
reached.
Oats were in small speculative demand,
sharing the general weakness. June opened
at 322Sc, and declined to 3214c and closed at
that.
Provisions attracted but little attention and
the aggregate of trading was light. Specula-
tors were not inclined to do much business,
being favored with few orders either on local
or outside account, and the enquiry from
shippers was small. Foreign advices fndi
Gated little change, and both receipts and
shipments were light.
The demand for pork was limited, and the
offerings equally meager. Opening prices
were about the same as yesterdays close, but
later receded 15@20c, and the market closed
tame.
Lard was rather more active, and fair
speculative business was reported Early in
the day the feeling was firmer, and prices
advanced 215015c per 100 pounds, but later a
weaker feeling pervaded in sympathy with
the other markets, and prices fell 10@015c
and closed tame. Short ribs were only in
moderate demand, and offerings were not
large. Prices ruled steadier, and 215c higher.
On the call provisions were steadier, and on
the curb stronger, advancing sc all around.
There was fair demand for cattle at about
the decline of Wednesday or Thursday, OF
say 10@15c lower than on Monday and Tues
day, but judging from the falling off in the
receipts to-day and the strength of the de-
mand, it is possible that part of the loss will
be regained. There were a good many
common and inferior distillery fed cattle on
the market, and they made good prices: con-
sidering the quality.
Trade in the hog market was brisk and
prices strong. some of the mercurial sales
men quoting an advance Of 5@10c, but the
average sales fail to show that advance. The
market was active, and statesmen found it
easier to get about what asked than on yes
terday.
Receipts of sheep were light, but fresh ar
rivals were quickly taken at shade higher
prices.
Crosby & Co. says: 'The market has dis
appointed us in dragging to the decline OF
to-day, but the weather has been forcing and
the cables heavy, and the market being above
shipping basis it had to be supported by
speculative influences. The trade is bullist,
but apparently waited for break to get in,
and now that we have the break, seemingly
expects the market to steady itself. The
call buying was of such a character that we
think it will work steadiness and that the
resulting buying will start the market up.n
[ Milmine, Bodman & Co., say: ssNo doubt
The sentiment of the crowd is quite bearisb
and were it not for the complications in New
York we think values would be sold off
sharply but under the existing circumstances
large operators are not risking large lines on
the short side of the deal. We never advise
short sales on a manipulated market when
The manipulation is so plainly in the bull in
terest as now, but on the contrary think the
safer plan is to buy it on the breaks. There
is really nothing in the general situation
warranting an advance at this time, and thai
which we have had lately is the result ot
speculation almost entirely, and is therefore
very uncertain, and we do not believe there
are shorts enough left on the market now on
which to build another boom, but the manip-