St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-06-12
DOWN In THE DUMPS
That Disturbs the Wall
Street Market of
Yesterday.
And VIII Serve Generally for the
Chicago Produce
Markets.
Lower Prices Predicted and Outsiders
Advised to Keep Out.
Wheat Pit Particularly Bearish W'th No
Bulls in Other Grain Pits.
CHICAGO
Especial Telegram to the Globe. ]

|
of trading that relieved the market from
utter stagnation was done by the ,loca
crowd. Grain developed increased weak
ness and further decline was accepted on
all the leading articles handled for
future delivery. There were in
fact no new features calculated
to inspire confidence in an advance, while
bear arguments were not lacking and were
turned to good account by those interested
in decline. There was some disinclination
to large trading that has characterized the
market for week. Both buyers and sellers
| showed an increased disposition to limit
losses and when profit was offered it was at
| once secured Wheat was about the only
article that attracted any degree of attention
! and it showed about the same percentage of
depreciation as during the two preceding
days, the outlook for an i'm
provement is by no means improved.
Crop reports give promise of the largest crop
ever gathered and in view of the fact that the
new crop will soon be active competitor
with the old stock in the leading markets,
there is little to encourage buying except on
sharp breaks and then only for quick turns.
Other grains are equally weak as the receipts
are liberal and the prospect for further in
crease in arrivals good, while the speculative
demand, which is usually the most promi-
nent factor in stimulating prices, is
lacking. Provisions were rather
unsettled and dull, trading being
very moderate. Pork was the steadiest arti-
Gle on the list, and was marked by but few
fluctuations. Those who let it alone will be
following the wisest course. Short ribs and
lard offer some inducements to sell on sharp
advanced, but the market is manipulated
one and hence unsafe.
The wheat market exhibited no specially
noteworthy features, and was only moderate
ly active. Export orders at current rates
were light, outside speculative business
small, and trading mainly of a local
scalping character. The only comfort the
bulls got was in the improved tone of Liver
pool cables and this was more than offset by
favorable crop reports, fair receipts and
moderate shipments. Murray Nelson is re-
ported to have sold considerable quantities
of wheat and the heavy longs are said to be
getting pretty tired of holding on. The
market opened at S9Mc for July, the closing
price on the regular session yesterday, and
under fair selling by longs and small
scalpers on the bear side, with but very little
buying except to cover shorts prices
receded to soc, rallied to 8935c and
then recedee under increased selling to
S92lc. From this point they rallied some
what and closed on the regular session at SO
,I,oot
weaker, the only sustaining feature being
buying against puts, and the market closed
at 9ST@S9c for July.
| Corn was inclined to weakness, the specu-
lative demand being very moderate and in
f1uences generally favorable to lower prices,
the receipts being liberal and the Withdraw
ais moderate. Gables were weak and lower
and the condition of eastern markets was
not encouraging. There was no great
pressure to realize, but prices gradually
settled, and at one time a decline of 1c from
from yesterdays 1 O'Clock prices was recorded
July opened at 553c, receded to 5535c, and,
after a rally of &c closed on the regular
board at 555Sc, and on the afternoon board
at 5515c.
being fair and the speculative demand mod
crate.
| Provisions were somewhat unsettled and
only moderate business was reported. The
liberal receipts of hogs attracted some atten-
ton and caused weaker market for short ribs
and lard, though the reduction in prices
was not serious. Speculative trading
| 1;obf in otc T,,I,,
and August delivery. Receipts of the pro-
duct were not large, and shipments of pork
and meats were liberal but rather light on
| lard.
Offerings of pork were moderate, and
| there was no particular urgency in the de-
mand. Prices ruled tritie higher early, es-
pecially for the larger deliveries, but eased
off again towards the close. July opened at
s19.7O, went up sc and closed on the regular
board at the opening figure, On the after
noon board the market was very quiet and
prices unchanged.
| Lard was traded in but moderately and
prices ruled 215@5c lower and closed steady
at the reduction. Offerings were not large
and the demand was light.
| Short ribs attracted good deal of interest
aud considerable business was transacted.
The offerings were rather free and the de-
mand moderate. Prices ruled weak and de-
ciined 15@2Oc per 100 lbs, closing steady
the decline or IS. $685. 55 for July.
| The cattle market opened and ruled slow
! from first to last with a weak feeling all
round, and the buyers of the best cattle
holding back. Most of the best cattle sold a
! shade lower and taking as sample lot of
choice stillers that made only S6.S5 to-day as
against $40 last Wednesday. There is de-
cline of 25c on the best fat cattle, and on all
other sorts the market is 25(03Oc lower than
a week ago. The supply of Texas cattle was
limited. Stockers, feeders and butchers,
stock remain dull. Mixers are in large sup
ply this week 30 far and are now quoted
S3@5 per head lower than last week
The hog market opened irregular. In the
Northwestern section spectators became ex-
cited and paid an advance of 5@1Oc, while
other buyers in the other divisions were buy
ing 5@1Oc lower than yesterday. Then
| good lot of heavy, averaging 374, sold in the
Burlington division at $500, or SC higher
than the highest yesterday, and fully as high
as they would have sold for yesterday. They
were the best lot on the market and the best
that have been here since the winter months.
Taken altogether the general market was a
strong one, 10c lower on light and mixed
and Sc lower on heavy, although some lots
sold eqally as high as yesterday. The market
closed rather weak and unsettled, with
large number carried over, both in first and
second hands.
| Common sorts Of sheep are selling ex-