St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-06-24

BEARISH ALL
Wheat and Corn a Shade Lower
and the Prospects
Darker.
Pork Quite Steady But No Outsider
Can Take Hold of Its
Futures.
Stocks Depressed, Dealers Seary and
Bankers Cautious About Stock
Loans.
But Day 6 Co. Say Now's the Time to
Invest for Twenty Per Cent.
Profits.
CHICAGO.
Especial Telegram to the Globe.

'change were again disturbed by further
severe break in stocks and vague rumors Of
impending failures in stock and mercantile
circles in New York. Prices on all specua-
tive articles, except pork, were lower snd
irregular and an increased feeling of dis
tSust prevailed. The general disposition be-
iag to move with increased conservatism un.
ii something more definite is known in re-
gard tothe future, as it is useless to do bus-
ness while the surroundings are so uncertain
and unsatisfactory. 1t is true that
the present depression is due apparently
to imaginary rather than real causes but the
effect on values in the same. Great conser-
vatism should be used in buying, and wheat
is too low to sell, as the crop is not yet an
assured success, and the weather by no means
favorable to healthy maturity. Crop reports
are conflicting as might be expected. The
Hessian dy was ,.utting a great figure on
'change, not because there was more news
concerning this pestiferous little insect
than is usual at this sea-
son of the year; but because
there was total absence of all other kind OF
news. 1t was the Hessian fly or nothing
with the fellows who wanted to gossip, and
naturally then they gossiped about it. There
were some reports of its presence in Kansas.
s'This is the season, - said ''receiver," ''for
crop scares and the most familiar of these is
the Hessian fly. 1 don't know why it has
become so popular with wheat bulls. Rust is
just as damaging to grain but you hear moth
ing of rust in these modern days. presume
%ba foot i h.
which is hardest to authoritatively contradict.
Hessian flies can get about from place to
place. Rust is easily found, and its absence
can promptly be declared
4 spear Of rusty wheat was conspicuously
hung upon the blackboard by some other
bull, who likely enough was busy in the pit,
either talking up this or that other scare, the
Hessian fly.
II don't expect,'' said Capt. Phillips, of
Cairo, to see very large crop this
year. From Kentucky I get the
information that the crop there viii not real
ize above seYenty-ive per cent. because of
damage"
The action of c. J. Kershaw & Co., in
closing their trade, had some effect in max
ing the dav dull one. Some were of the
opinion that the house had collapsed, assign
ing as a reason that some of their large Gus
toners had withdrawn their patronage.
Plankinton, of Milwaukee, was supposed to
be one of these. Others had heard that Ker-
shaw had lately lost heavily on Chicago,
Milwaukee 81 st. Paul stocks, but these
and many other reports of similar
nature were all contradicting by a member
Of the firm who said particularly that none Of
their best customers had withdrawn their
trade. They had simply done as houses on
'change do every day-closed up their busi-
ness-and would continue as usual to-mor-
row with old differences all settled. People
thought nothing of small house doing this,
but when a large one took that method of
Strengthening up they were sure to start up
all kinds of theories about the financial status
OF the firm.
a good speculative business was transacted
in provisions, but the feeling was very IN
settled add prices ruled uery irregular. The
offerings were quite free, especially of lard
and short ribs, while the demand was not
particularly active. Prices declined material
ly on all leading speculative articles, except
pork, which is still cornered. Foreign ad-
vices showed a weaker feeling abroad, and
the eastern markets were dull.
The opening prices for July wheat was
S515c and the market enjoyed a short
period of strength during which some short
sales were covered, sending the price up tc
$3.50. From that point its course was
downward and the close was weak and re-
active at S5c. In the afternoon a stronger
feeling prevailed on reports of damage to
crops in California and that the visible sup
ply reports tomorrow will show a decrease OF
1,5O0, 900 bushels, and wheat closed &c
higher.
In corn the feeling was moderately weak,
but there was little disposition to force sales
of futures and the fluctuations were less
marked than in wheat. July opened al
556c, or &c under Saturdays close
sold down to 55Ac, rallied to 555Sc ana
then fell off to a close of 55c on the regular
board, which in the afternoon board it recov
cred sc in sympathy with wheat.
Oats quiet and shade lower
Pork was less active and shade lower
but the only business was in setting contract.
for futures.
Lard was active, weak, lower and irregu
lar, and values were depressed for the same
causes that Influenced other articles Th,
decline amounted to 30c, July closing a
$737
Short ribs active for future delivery
prices low and very irregular. Trading wa
mainly confined to the August option, which
declined to close of $3.50. but recovered II
S7.72A on the afternoon board.
There seemed good demand for Texa
cattle, but there was little or no bidding OF
native butchers stock, as both butchers ant
Gamers suited themselves out of the suppl,
of Texans. There was nothing doing il
stockers and feeders, as there were but few
on sale and but few buyers outside of thl
speculators.
Hogs opened steady and shade highe
but settled back later to about Saturday:
close. Practically, however, prices are un
changed. The break of the receipts wer,
poor and com mon mediums, for which ther,
was little or shipping demand, and loca
butchers were holding off.
IS I have no opinions to quote. Tn,
produce commission houses and produc,
brokers have nothing to say which they
havn't repeated day after day, for weeks
past.
HICAGO FINANCIAL,
r7zI.r 10 I1aC C111,1