St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-27
Confidence Much Shaken i'm
All Kinds Of Stuff.
Prices Too Low to Sell Short and
Not Low Enough for Bull
Purposes.
Moderate Dealing and Little Better
Feeling at Close.
Hope That Rascality Has Been Exposed and
the Water Taken Cut of Stocks.
CHICAGO.
Especial Telegram to the Globe. |


characterized the opening of the grain mark
ct to day, but the state of affairs did not con-
tinue long, for with the recovery of prices in
New York, came on increased strength here.
Owing to this cause and the better feeling in
financial circles, the early decline was more
than recovered, and the disposition of the
bears to put out large lines of shorts checked.
Wheat as usual was the most
active speculative cereal, although
other grains showed fair activity, and
ali articles closed at the highest
figure of the day. The unloading of the
large amount Of long wheat held by the Mil
waukee syndicate is regarded by many con-
servative operators as beneficial to the legiti-
mate trade, as it relieves it of a disturbin G
element, and there is q growing impression
that unless additional financial complications
occur a healthy upward reaction will follow
at an early day. Such has been the case with
all previous deals of q similar character, and
this one is not likely to prove an exception.
Hence those who buy on breaks stand good
show for profits. and short sales should not
be made except on sharp upturn for scalp.
Provisions were weak and dull, and fiuetu-
ations were confined to a narrow range. The
speculative demand from buyers for an adj
vance was very light, and the shorts, if there
were any, were indifferent about buying.
The situation of the market was further
weakened by the heavy receipts Of hogs-1S,-
500, and decline of 10@15c. in prices.
Wheat was in fair speculative demand, but
showed considerable nervousness, and values
were irregular. Cables quoted the foreign
markets dull and heavy, with
decline in Liverpool of
Sd per quarter ON floating cargoes and New
York opened dull while the receipts were
somewhat larger amounting to 80 cars
against % Saturday. These influences and
the confirmation of the report that the Mil
waukee syndicate had closed their deal
caused weak, heavy feeling at the opening
and the early anxiety to sell by timid holders
and class of bears who thought that a
further decline was certain caused break of
f@14c from Saturdays close. July opened
at SS3lc and quickly receded to SS14c at
which price there was fair buying to
cover shorts and moderate takings by
scapers, but the light offerings caused an
upturn, buyers being encouraged by the re-
port that there was better feeling in the New
York stock market. About noon it was ru-
mored that few strong operators, who were
well known for their boldness and skill in
manipulating prices, had brokers in the mar
ket buying, and export orders were said to
be on hand at slight decline from current
prices. The latter statement induced the
shorts to cover freely, and they were fol-
lowed by the scalpers who are ever on the
alert to follow heavy operators, and prices
advanced to S9I and closed at
6915@S925c. August, which has been at a
discount, advanced to premium of 1505sc
over July.
On the afternoon board trading was fair,
and the market was stronger on reports of
buying by strong parties here and a better
feeling in stocks.
The corn market was more active. The
opening was weak but later, under the in
tluence of better wheat market, and an i'm
provement in New York quotations, became
stronger. Foreign advices were unfavorabie
and receipts large, but the withdrawal from
store aggregated $4,000 bushels.
and additional freight room was
IaheH LOT 1Iu,OOU DuSneIS- July opened at
Saturdays close, 561l, sold down to 55I, at
which there was a good demand from shorts
and scalpers, but the offerings being mode
rate, prices advanced to 56% and closed on
'change at 56&l @565s. Corn was firm under
fair trading on the afternoon board and
prices advanced to a close of 81.
There were free offerings of oats, and the
market was moderately active. The opening
was weak at 3135 for July and prices fell x
but recovered in sympathy with other grains
and closed on Change at 315s, and on the
afternoon board at 31I.
Very little was doing in provision and an
easy feeling prevailed during the CRATER por-
tion of the session, lower prices being ac-
cepted for all leading articles. Offering
only moderate and the demand both local
and speculative was light, while export
orders were somewhat below current rates.
Foreign and eastern advices quoted no ma
terial change.
Pork was in small demand and offerings
light. Prices on the whole range declined
I0015c and closed comparatively steady at
medium figures. The quotation on July be-
ing S1S.5o@1S.5215.
Lard was in somewhat better demand and
offerings were fair. Demand on shipping
account small and prices declined 5(07%c
all around. July closing at S.30@S. 3s115.
Trade on the cattle market opened and
ruled slow, with decline Of 5(110c on about
all grades of fat cattle There was no
special demand for export and the chances
are that big cattle will sell yet lower than
noted. The dressed beef buyers did not
want as many as usual, as Swift and
Armour had forty-six loads direct from Kan
sas City. There were 25 or 80 loads of
"stillers" and 36 loads of Texans on sales
At the close the market was weak at the de-
cline stated above with good many unsold.
There was fair demand for the best fat
COWS and other choice butchers stock but the
common sorts sold lower
The hog market opened rather steady. the
first sales showing little or no change. but
later, owing to the holding back of packing
orders sellers gave way and prices dropped
5(010c at which decline there was a good de-
mand from shippers and spectators, the
latter hoping packers would take hold more
freely later in the day.
There was fair demand for sheen and all
the fresh receipts sold at steady prices and
in some instances sales were reported a
shade better prices than on Monday.
Mccormick, Kennett & Day say: 'sThe
export and milling demand for wheat is fair,
visible supply /, 500, ,OoOless than last year and
prices 12c lower. Any accident to the grow
ing crop or improvement in the finan eial
outlook will cause a material advance in
wheat 1t looks safe to buy on breaks for a
tnrn and as II is q scalninr market q sale