St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-08
Frightening Prospects for Wheat,
July Closing on Call
at SO 7-8c.
Reports of Cold, Wet Weather in the
Country Help to Move Corn
Upward.
All Meats Appear to Be Affected With Specu-
lative TrichinoSis, and are Let Alone.
The Stock Market Tame as Compared With
the Previous Day--Reading Ham
mered Somewhat,
CHICAGO
Especial Telegram to the Globe. |

CHICAGO, May THE effect on this mar
ket of the failure of the Marine bank in New
York, was fully discounted yesterday, and
those who went short in the belief of a con-
tinuous depression in prices on that account
were badly beat, for the panic caused by the
scare did not even last through the opening
hour. The nervous activity noted in the
grain markets yesterday was continued to-
day, the opening being marked by strong
option in prices, which was partially due to a
partial recovery from the scare. The ad-
vance, however, was not entirely sustained
and prices at the close were nearly the low
est of the session, though considerably
above yesterdays last quotation.
Wheat showed by far the largest activity
and most rapid fluctuations in prices, which
was disturbed by disquieting reports from the
east regarding further financial complica-
tionS, though up to the close OF 'change
nothing definite was learned and the belief
gained credence that the reports were with
out foundation. On the call the grain mar
kets were considerably stronger. Provisions
continued in their previous unsettled con-
ditiOn, the consumptive demand being small
and outside spectators persistantly refusing
to buy.
Nervousness was the most prominent char
acterstic Of the wheat market, but a large
volume of business was transacted. Gables
reported dull and easy English markets, but
this was offset by the small receipts of wheat
only 27 cars-and shipments of 1000
bushels. New York opened strong, and there
were rumOrs that winter wheat prospects
were less favorable than formerly represent
ed. Many who sold on yesterdays break
had no doubt arrived at the conclusion that
the failures among stock speculatons in New
York were not likely to have more than
temporary effect on wheat so long as the out
look justities conclusions that the current
supplies will all be wanted for consumption
before new crop could be matured These
conclusions caused decidedly better feeling
toward the opening on change, and the first
sales were at 95(019c over yesterdays closing
prices, or on a basis of 94150l941lc for June,
advancing under a good demand to cover
shorts and buying by bulls, who sold on yes
terday,s score and were anxious to get their
wheat back. and sold up to 9335c, but the ad-
vance caused free selling by longs who
were disposed to take profits on purchases
made late yesterday and early to-day. Some
excitement was occasioned by the announce
ment by brokers that they were selling June
wheat Tor Young II Co., who are understood
to have been carrying large loads for Mil
waukee parties. 1t is said by some, how
ever, that these brokers bought as much July
as they sold June, being engaged in the
simple man@uvre of changing their deals
T,JI ic
bushels of long wheat, but there was
a good deal of buying by strong
parties, among them being Kershaw and
Nilmine, Bodman & Co., the latter it is said
buying for Rouse, of Baltimore. The offer
ings above noted and heavy selling by those
who have recently led the bears started prices
on the down grade and they rapidly receded
to Sac, from which they again reacted to
95$5c, when the offerings largely exceeded
the demand, and prices receded rapidly and
closed at 9415@9435 for June, and $500
9534c for July. The premium of the latter
being materially increased, outside orders
were limited and trading chiefly of local
character, which is adduced as a reason for
the failure to sustain prices. On the call July
wheat advanced &c on buying by large oper-
Rtors, while on the curb July held its own,
closing at 9619c and June advanced to 9516c.
There was fair trading in corn, which was
active and irregular. The receipts were
small aud shipments PSI, 900 bushels. Crop
reports from some sections of the country re-
ported cold, wet weather, and planting oper-
ations considerably behind hand These
factors, in connection with the advance in
l,oI -
10 cover shorts, with considerable buying by
that class of small operators who make it a
point to watch the turn of the tide and take
the side that seems most likely to win. July
opened at 57R@573Sc, and advanced under
the influences noted above to SOC, when the
absence of outside buying support and the
down turn in wheat induced free realizing
from longs who were taking profits on early
purchases, and prices fell back to 5S1 &c but
rallied when wheat recovered. and again de-
clined and closed at 5S14c. Very few sales
were made at 59c and the bulk was under
5S%c. On the call and curb corn was higher.
closing at 5S3lc for July. June was consid-
erably stronger, closing &c higher than on
'change.
Oats were rather more active than usual
and somewhat stronger, on an improved de-
mand Tor cash, the improved tone being in
sympathy with the other grain markets
Provisions were quiet, the interest shown
In the trade being even less than that mani
tested yesterday and business throughout the
day was slow and dragging. Prices, how
ever, were strong, and at the close OF 'change
all articles were higher than at 1 O'Clock YES
terday.
Pork was strong, but there was no life in
the trading and the business transacted was
only moderate in volume. Operators were
unusually conservative, yet the markets ay-
eraged higher and closed 50715c higher than
the quotations current at O'Clock Yesterday.
July was again the principal feature with
traders.
Lard sympathized with pork and was con-
sequently firmer and quite strong No ac
9 tual advance, however, was established.
though prices averaged little higher in the
+ little speculative trading that was indulged
& in. July was the favorite option.
4 Short ribs were strong and at the close
averaged sc higher. Trading was very mod
# crate.
The cattle market was again active and
e prices generally quoted stronger than yester-
J day on all sorts of shipping and dressed beef
\ grades. The market may generally be quot
ed 1O@11c higher than on last Friday, butch
ers' stock selling quick, some distillery cows
and bulls making high prices. The first
( grass fed Texans were on the market and
sold for S4.75. The first last year sold for