St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-06-27
The Great Spectators Stood Smlf
ingly By, and Bought
Everything Offered.
Wheat Manifests a Tendency to SuS-
tain Present Prices in Spite
of the Bear Movement.
Excellent Crop Prospects Make Corn Sick
Provisions Weak, Lower and De-
moralized by Manipulation.
Wall Street in a Feverish and Nervous
State All Around, With Pressure
of Stocks from All Quarters.
CHICAGO.
Especial Telegram to the Globe.

Sd1CAGO. JUNE <O--DGiNbGu lue SCdlpcIS, INC
taiers and the small fry generally considerable
business was done on change to-day. The first
named gentry demonstrated that the name Civ
en- their class was appropriately chosen and the
next named fraternity adhered with fidelity to
their proper position in the rear of the specula-
tive comet whose head is the coterie of all pow
erful manipulators into whose capacious
nav the entire stakes of the deal are
sure to come sooner or later. In a word, the
small fry in all directions sent,in their contribu-
sons to the puny bear movement, and sold every
thing they could lay their hands on. The offer
ings were quickly taken by heavy traders, and
quick enough to prevent much of decline.
There was general weakness in all articles at
the opening, owing to the cause mentioned
above, and the nnfavorable influence Of the stock
market.
Wheat showed greater resistance to the pound
ing of the bears than any other article the list
and though the closing sales showed decline of
about Z from the last transactions yesterday
there was an apparently strong undercurrent,
and while the disturbed condition of business in
the east, should it continue, may cause further
depression in prices there are many substantial
reasons for thinking that purchasers
made at current or lower prices
and sustained by good margins
will ere long bring good profit to buyers. As
stocks are now materially below the supply at
the corresponding time last the British markets
have only moderate supply, arrivals in that
country being far below the same time the pre-
Tious year, and are likely to continue below the
consumption unless materially increased by free
purchases in the United States.
Corn was weak and prices suffered further Sc
we're decline and if we except the present moder-
stock it is entirely without supporting influence,
while the fear to its keeping qualities and the
splendid crop prospects have tendency to in
crease the previous bearish feeling. st present
there is little on which to base purchases for an
advance.
Provisions were weak, lower and demoralized
by the manipulations of the syndicate who for
months have controlled the markets.
Wheat was active in the way of speculative
trading The factors calculated to influence
prices faEarably were, small receipts, fair with
drawas, reported reduction of stock at the
chief points of accumulation in this country and
in transit on the ocean to Europe, of !, ,729, 90 }
bushels as compared With last Thursday state
ment, good steady absorbing demand from
strong firms, who regard the grain cheap at pres
ent prices, and an almost positive certainty that
it is the rate at which stocks have decreased
since the 1st of the month they will be reduced
to q law power before any considerable replen-
ishment be expected from the
new crop. The latter conclusion materially
strengthened by the engagement of freight room
on vessels for 25S,00O bushels to-day but these
svoring features were largely offered by dull
and heavy European markets: severe decline
in prices of railroad stocks in Wall street. i'm
proved weather for the maturing crop and for
the general weakness in other leading articles.
aot,x-o
opened at SSs9SS1Ec, declined to s7ssc, and
after frequent fluctuations closed at 81 q C on the
free board, where July closed at 85 &c. On the
afternoon board wheat was steadier and closed
&c higher.
The bears in corn got the upper hand this
morning. The crowd has been loaded up with
corn for thirty days, and this morning every
holder appeared tc give out the same moment
The result was a very sick looking market and q
very weak market. July corn dropped under
sac. The David Dows s. Co., purchasers were at
was predicted q delusion and snare. The big
shipping concern kept on taking July and all the
while selling August or September until the
crowd was convinced that there would be little
squeeze in that month and toiled on. David
Dows Il Co. have not been known to engineer
squeeze here of late years except in oats, anG
then have been successful. So the disappointed
toers have only themselves to kick for thei
confding assurance that there was to be OF
exception in the firms methods thi
summer. 1t is said that Jones bought to-da,
through his house all the way from 100000 t
100000 bushels of corn, the gossip with in
famed Imagination taking the latter figure an
the ''ice cold lemonade drinkers talking tn
smaller figures. All declare the purchases ar
to cover shorts upon which profits have bee
n
sellers July opened Il lower than yesterday
last sales, at 542lc declined on free selling t
5315c and closed at 531z @535sc on the regular
board. In the afternoon was a shade bet
ter. July closed &c higher
Oats were dull and depressed. On the regula
market there were free speculative offering.
with no demand except occasionally from short
to cover at a profit As compared with yestel
days inside prices on change for closing price:
there was q i@1c decline, and the market II
maned dull at this reduction.
The market for pork attracted a little after
ton, and trading was somewhat limited. Price
were weaker, and 25@30c lower on near deliver
les, but ruled tirmer again. The deferred deli7
cries were about 81 lower and closed weak Th
demand on shipping account was fair in a quie
way. Prices were nominal July sold at $751;
@19.a5, and closed steady at S19.25.
The demand for lard was quite active and tn
offerings were liberal at times. Trading ws
moderately active, and prices ruled somewht
irregular, decling 20@25c per 100 lbs on tn
whole range and closing rather firm. The dt
mand on shipping and refining account was fail
July ranged at 81 .05@S7. 20 and closed steady
S7.12K. Trading in short ribs exhibited consit
cradle activity, but weaker feeling prevailed
Offerings were moderately large and the deman
fairly active. Prices declined 30@35c per 10
lbs. on the whole range and closed steady. Shil
ping inquiry was fairly active, July sold early
the day at $7.40, but closed nominallv lower s
S7.25@S7.30. Provisions were dull and unchange
on the afternoon board.
Cattle closed quiet, prices ruling just abor
steady as compared with yesterday, with fa
demand from all classes of buyers. Quite
number of fat cattle that were carried over Ia!
night sold for q shade better prices than coul
have been had at the close yesterday Yet fl
cattle are 1O@15c lower than last Friday tt
shrink is largely on grassy, unfinished stool
There were plenty of Texans on the market
least seventy cars. There is some inquiry fl
sto ckers and feeders, and they are selling
trife better this week.
The hog market was in curious conditio
this morning. There seemed to be no regular
even price for anything, the sales showing d
cline of 10@20c on the very best with shrin
that drew blood, yet with these advantages buy
ers held back, picking out the plums here al
there, not even making bid on anything tn