St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-13
No Outside Orders and No Export De-
mand, But Other Conditions
Quite Favorable.
CHICAGO
Especial Telegram to the Globe

doubleday the result OF the unsettled condl-
ton of stocks and financial affairs in New
York, and this break is in great measure
directly attributable to the rumored failure of
the Standard Oil Oilcompany-af failure in which
noone seemed to take muchstock, but which in
the present nervous condition of the market
was potent factor in breaking values. Prices
of all speculative articles traded in for future
delivery are greatly disturbed and general
distrust prevails everywhere in speculative
circles. The volume of business in the reg
ular session Of the board of trade was large
but nearly all articles suffered severe de-
probation and fluctuations were severe and
rapid. There were, however, no failures or
business complications and no excitement
whatever existed in legitimate branches of
tsade-the situation there being healthy and
so far as the grain markets are concerned
they are steadily working into stronger
and more healthy situation.
AS regards wheat there is steady reduc-
ion of stocks and the long promised increase
of receipts fails to appear. Advices from
Australia also state that the most that can be
exported from that countrywill not mucn ex-
ceed 1890, 600 bushels, and it is estimated
that Great Britain alone will have 20 import
at least $4,000, 600 bushels more than the
amount now afloat for that country, i'll order
to supply its wants until another crop is
gathered there. At present, however, legiti-
mate factors are of little avail and the crowd
has become crazy over the demoralized stu
alton among Wall street stock gamblers and
the storm must spend its force before opera
tors viii regain their senses.
Provisions were more active, but prices
were lower and the only support YVES due to
;he fact that those who hold a large majority
If the stock here dare not allow a severe de-
cline,
Wheat as usual attracted most attention
and the course of prices were such as to
gladden. the hearts of the bears, while the
bulls were enveloped in a black cloud of
gloom, though they still expressed confidence
in the ultimate strength of the market. The
market was active and values more than
usually unsettled. The receipts were small,
but the other influences calculated to tenn
porarly influence prices were unfavorable-
the weather being fine, crop reports gener-
ally unsatisfactory, eastern seaboard and
foreign markets dull and weak, and
every Imaginable rumor that could be
invented regarding the New York stock mar
ket and the general situation of financial
affairs being put in circulation by those to
whose interest it was to bear wheat and ena-
bic them to cover shorts. The suspicion that
a certain bull clique which has been credited
with holding large blocks had sold out last
f1rthar inn oraoca1 tho die+ru uoorr
sales are reported to have been made by
Young, Kershaw, Mair and other well known
holders Of wheat; and the situation was also
materially aggravated by free selling for
the account Of longs whose margins had run
out-nearly all holdings of that character
being thrown over as soon as the selling
limits were reached. Large selling orders We're
also reported from New York bears, and it
was at times impossible to follow the market.
There was, however, a large amount of buy
ing by heavy operators on the bull side. but
they were unable to do more than cause tenn
porary upward reactions. The opening was
at 9214@9215c for July, from which point it
settled to 92c, when free buying by the shorts
rallied prices to 9315c, than with frequent
fluctuations the market sold down to 9O15c,
and closed on 'change at go O15@901(c. On the
call wheat was nervous and advanced 5Sc for
July, but ~ OF this was lost, and the close
was 26c above that on change. On the curb
the feeling was weak, and prices for the June
option settled another sc, closing at 90lc.
Corn exhibited considerable activity, and
although prices were at times irregular, the
movement indicated strong undertone, and
values were but slightly Influenced by wheat
At one time prices touched fraction under
Saturdays last sales, but they at once reacted
and closed higher-the chief sustaining fea-
lures being a knowledge that stocks here
have largely declined since last TUESDAYS re-
port. The receipts fail to show an increase,
the inspection in to-day being only 139 cars,
of which twenty were contract grades. july
opened at 57slc, sold at 57I@5S9lc and
closed on 'change at 5S@5S7sc. On the call
the feeling was steadier, but on the curb
prices declined nc.
Oats were comparatively steady compared
with the other markets. There was decline
of A@35c early, which was followed by go
79c advance, but the market finally became
easy and closed fraction below last sales
yesterday.
PROVISIONS showed more life and an in
creased speculative business was done. The
offerings were quite liberal early in the day,
which caused marked reduction in prices,
but during the latter part of the session the
demand was more active, especially from
the shorts, and portion of the reduction
was recovered, though not supported to the
close. The liberal receipts and the lower
prices of hogs andthe depression in the grain
markets exerted some influence on nrovi-
sions, and foreign adyices were less favora-
able to holders.
Pork was moderately active, but the feel
ing was greatly unsettled, and prices ruled
with considerable irregularity. OFFERINGS
were fair early in the day, aud prices declined
20025c on the whole range, but soon rallied
again 15@2Oe, weakening again later 150
zoe, and closing at $40 for july on
'change, and S17371a on the curb.
Only moderate business was transacted
in lard, but prices fuctuated considerably
within a moderate range. They were little
stronger early and 21g@5c higher, but soon
receded 5@10c Later portion of the de-
cline was recovered, but the market closed
steady at $S. 4219 for July. On the call a
gain of 219c was scored, which curb trading
sustained.
Short ribs were somewhat easier and there