St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-17
Conservative Buyers Urging Extreme
Caution Both in Buying
and Selling.
The Feeling in the Provision Pit Unsettled
and Irregular Throughout the
Session.
Reports of Failures in New York Set
Stocks to Bobbing up and Down
at a Lively Rate.
CHICAGO.
Especial Telegram to the Globe. |


heavy dry goods house in New York and two sus-
pensions in Ohio. These failures following so
closely on the heels Of the important bank fail
ure ut indianapolis yesterday, cause distrust and
very few operators are willing to take the bull
side under existing circumstances, and all mark
cts are sadly in need of support in the shape of
good buyers. Lacking this, they are all sagging
from their own weight. They report rain at
Kansas City to-day, also at many points in the
interior of Kansas, but in Indiana and Illinois the
weather is reported brilliant. This wet weather
in Kansas will delay the movement of the new
crop several days.
Said a wheat trader to-day, referring to his
own pit: Everything is as dead as a door nail,
but the man who sells takes his life in his own
hands,
'But you don't believe that anybody is ma
nipulating wheat?"
mo, but prices are too low to sell, and while
there may be no advance there might be. 1 don't
think there can be Decline
"Just year ago today said. Mr.. Arthur
Orr, ''wheat was zoe per bushel higher than it is
this morning, and corn almost exactly at the
figure it is selling at over in the pit there row,
yet the local crowd is 'bearish' in wheat and
'bullish on corn"
"You are 'bulish' thenl"
''No,' was the reply.
'Lwas simply calling attention to an anoma-
Gus condition of affairs. don't look for an ad-
vance for thirty days. Money, in my opinion, is
as tight in the country it is at the money cen
tiers. The farmers will be compelled to sell more
or less to meet their debts and to provide neces-
sites, little sold by each farmer will aggre-
gate great deal of grain, enough to supply the
world with wheat, The prospects of an abun-
dant crop good that / should scarcely ad-
wise purchases just now. 1t is probable that af-
ter the receipts are in full tide the figures may
be trihe lower, but on the other hand, this mar
ket anticipates so that prices may be to-day as
low as they will be when the grain is in full mo-
ton. Purchasing is not all all hazardous. 1t is
possible that 1t may be little early to buy, but
wheat is very. very low
Considerable interest was manifested in the
provision pit and fair volume of business was
transacted The feeling was somewhat unset
tied and prices 1ucuated considerably and av-
eraged lower the whole range except pork.
The shipping demand was fair and moderate
number of orders were provided for. Specula-
tive trading was chiefly in lard and ribs for
August and September delivery. The business
IN the hog market exerted some influence In
checking the downward tendency in prSces of the
product Eastern markets were quiet and
prices easier and foreign markets were unfavora-
BILE to holders, lard being quoted &c lower in
Liverpool.
Wheat opened shade under yesterdays clos
ing with marked lack OF speculative trading
early and quiet market, but later the demand
was firm. Cables were firm, but the financial
news from the east was unfavorable and had a
depressing effect upon the market here. New
York higher early, but eased off and st Louis
was weaker on heavy receipts Of new wheat.
The receipts were small and shipments fair. The
market opened steady, but weakened
later under free offerings influence
by fine weather and the reported
failure in New York. The visible supply also,
as reported by the New York statistican, did not
show as large decrease as the Chicago state
ment and this too, affected the market to some
extent. Prices eased OFF gradually about q C,
ruled steady while, then rallied sc, huctuated,
and finally closed at 50 &c a. SIC for August, and
s3B C bid for eptember-practcally no change
from yesterdays closings. On the afternoon
board, wheat was more active and higher, August
selling up to s326c and closing at sSAc, and
September closing at SAC.
Corn sold pretty freely, but was not particular
ly strong. The market opened frmer, and early
sales were made at 1614c advance for the near
futures, but, influenced by the weakness in
wheat and affected by the same causes, the mar
ket ruled easier, ard prices declined sc, and
later, under better demand from the shorts
prices were advanced A@Sc, and after some
fluctuations Unally closed at IA 26c higher than
the afternoon closing hgnres yesterday. Freight
room was engaged for 354, 900 bushels, and this
caused a stronger feeling later in the session
Tho close for August was at 59Hc, and for Sep
TENDER 52lsc. In the afternoon there was &
considerable movement among the shorts to Gov
er, which made the market active and prices
higher, August closdg at 5Sc bid and September
81 5eSc bid,
Oats were dull, neglected and quiet and prices
exhibited no material change.
The inquiry for mess pork was light and offer.
ings small, trading being chiefly in settlement OF
outstanding contracts. Prices exhibited little
change
Lard was more active and there was consider
able speculative trading but the feeling was ner-
yous and prices ruled somewhat irregular within
anarrow range. Early the market was stronger
and prices improved 56971ic but soon fell of
:09otatlo and ruled steady to the close, which
was at 81 10 for August and 81 e2n for Septem-
Der.
Short ribs were moderately active and an carrier
feeling prevailed. Offerings were liberal and
the speculative demand fairly good. Prices were
weak and declined 10915e, closingat $3.50 for
August and $3.50 for September There was no
change worthy of note in provisions on the after
noon board.
There was larger per cent. OF good native
cattle among the arrivals to-day than for any day
his week and the demand was active, with prices
Jtrong, some choice droves selling at s6.s0@7,
l..
3tion, sold for all they were worth. Receipts of
Texans included about 100 cars, or about 100 cars
less than yesterday For the past day or
30 they arrived in rather bad condition,
hips laeersted, many with horns and ribs broken,
with large per cent. bruised, The general run
OF commons sold nj S4G4.25, mostly at the latter
price. A few lots thst suited the city butchers
trade sold at Sl.5O04.S0. The bulk Of the Tex
ans were held too high for the Gamers, and were
not good enough for the dressed beef trade. SO
they were hard to sell. Old cows and other
rough native stock are sO0soc lower than last
week, and hard to sell. There is fair trade in
stookers aud feeders at steady prices.
The hog market generally opened rather quiet
Il sc advance on light and sc decline on heSvy.
light sorts are scarce and in aetine demand,
selling as high as s. 60 for choice fine pigs Of
1850 to 200 pounds. Heavy sorts were slow from
first to last Shipping orders were light, and the
packers did not seem to want as many as yester-
Law. No hogs arrived to-day from Kansas City
Tor packers.
Mccormick, Kennett 6 Day say; 1--WE prefer
the long side on breaks at these low prices, the
quality OF the new crop being exceptionally fine,
and although the quantity is certainly very large,
there cannot be much risk in buying wheat at
shout sac in Chicago with rates Of transportation
lower than ever known
Milnine, Bodnan s Co. say: "Ths shipping