St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-09
LONGS AND SHORTS.
Wheat Has a Dull Day, and
Closes Below Open
ing Prices.
Corn Cuts Loose From the Great
Leader, and Scores an
Advance.
Provisions Manifest no Life Whatever,
Quotations Showing Gain OF
But sc for the Day.
Everybody at Sea in Wall Street. and the
Feeling one of Uncertainty and
Depression.
The Bears Take the CoaIers in Hand, and
Force Them Down on Rumors OF
Financial Insecurity.
CHICAGO
Tsnecial Telegram TO the Glohe Il


we're moderately active, but less excited, grain
being the only article that attracted any special
attention. the influence that controlled values be-
ing merely of local character The attention of
traders however, was more evenly divided be-
tween wheat and corn, which were apparently
independent of each other, the former being
quoted dull in Liverpool while the latter was firm
and spot deliveries ga higher per GENITAL, yet
there were few factors calculated to
materially influence values in either
direction and the feeling was tamer
colseryative operators showing an increased
disposition to 20 slow until there is a more set
tied condition of financial affairs in the east.
There are, however, increasing evidences that
the wheat deal Is under the control of strong
parties, who own the bulk of the stock here and
other leading points. The statistical position is
also being steadily strengthened by diminishing
stocks, the decrease of the available supply at
leading points in the country, the amount in
transit from the west TO the seaboard and atoat
on the ocean destined for England and the con-
tinent showing i very heavy decrease from the
previous week. The receipts at all points are
small and prices of the chief milling centers east
aud west are relatively much higher than here.
Provisions were destitute of life, and although
the clqne who run the deal sustained prices for
HI SpeCuldLNe articles. IQGFe were no supporting
features of a legitimate character, the shipping
demand for nearly every article of packing house
product being light and the receipts of hogs
larger.
Wheat was less active, but the feeling was
feverish and values fiuctuated rapidly, though
the rough of prices was narrower and the changes
largely due 10 the character of the business
which was mainly confined to local scalpers, New
York being the only point that showed dispo-
sition to take d hand in the deal. Liverpool
advices quoted dull aud lower for English mar
kets, but New York quotations opened stronger
for both wheat and stocks, and the receipts here
were very small, amounting to but eleven cars.
Prices opened firm at 9424 G94%c for June,
advanced under fair demand to cover shorts
and buying by scalpers and sold at &c, when q
reported book failure in New York induced free
selling by longs and shorts, and prices reCeded
to 941sc c, advancing again to CSC, but bidding was
scarce at the advance and values fell to the low
est figure and closed on change at 944ac@945sc.
The down turn in quotations for grain and stocks
in New York was an additional element OF weak
ness during the closing hours, but there was no
great anxiety shown by majority of large hold
to realize On the call wheat was dull and
easier closing at 941ac for June aud on the curb
steady.
Corn was fairly active and higher, values be-
ing materially strengthened by swollen receipts,
the inspection showing only ninety-seven cars,
of which seven were contract. Advices from
Kansas and some other sections of the corn belt
reported the weather wet and cold and planting
materially retarded Some dispatches were also
accompanied by buying orders. There was
fair amount of buying by some of the large bull
firms in the wheat pit The takings by the lat
,Ir.. +b,, all -I.
and at times bidding was brisk. July opened
&c higher at 562le, advanced to 592f c, receded
when the early demand was satisfied and sold at
Soc, but again advanced to nearly the highest
prices and closed on change at SOY Corn was
in fair request and steady in the call, though a
shade lower, and stronger on the curb closing
at 59%c for July.
Oats were steady, with slight improvement
over yesterday prices. But few were willing
to sell and there were sufficient buying orders to
hold steady price.
Provisions were quiet. The movement in
cash lard and meats showed little improvement,
but in the line of speculation there was no
change for the better, and the trade for forward
delivery fell considerably under an average vol
ume. Prices, however, were strong
Trading III pork was slow, dragging and light
IN volume. Operators appeared to be reluctant
10 take hold with any freedom, though the
market was strong and the days changes in
prices showed unusually limited fluctuations.
The closings were 2A@5c higher than yester-
days quotations at / o'clock.
Lard attracted little more attention than
pork, though the trading in it was also light and
considerably under an average volume. In the
way of speculation July was the favorite future
Cash lard sold with freedom for export
,1o GO
market was both steady and strong, and at the
close was 21I@5c higher than at o'clock YES
terday
The inquiry for meats was not particularly ur-
GENT, yet there was more disposition upon the
part of buyers to take hold, and the sales made
public were larger than on any of the former
days of the week. Holders were also quite
steady in their views, and former prices were OBJ
tanned for the property sold.
Short ribs were only moderately active for for
ward delivery, and prices at the close were the
same as yesterdays last quotations on change.
On the call and curb provisions were dull and
Efeess.
The demand for cattle was again strong and
prices ruled firm with an upward tendency, in
fact, not few statesmen quoted prices string
and 10c higher than yesterday. All sorts seemed
to be wanted and about everything desirable was
Iold at an early hour There is improved in
qulry fo stockars and feeders, and the accu-
mutations referred to yesterday have been well
worked off. The dressed beef dealers continue
to take all the nice light handy steers that are
usually wanted for feeders. Large numbers of
very poor, in fact, half starved, Texans were on
the market.
The hog market was active and prices on all
sorts ruled steady at the recent advance
All the offerings of sheep were quickly dis
posed of and prices ruled strong at the recent
advance. Prices are very irregular and mislead-
ing, and are dangerous to operate on by country
shippers. as the least increase would send them
down 25@5Oc per 1OOb.
Milmine, Bodeman & Co. say: "We consider
the wheat market strong, and think corn is in 81
very strong position, having very large line of
shorts and very light receipts, which we think
are not likely to improve much until after the
planting season."
Mccormack, Kennett & Day say: srUnIess re-
eeipts increase materially, of which there seems
very little prospect, July will doubtless sell
Rbove 81, as our visible supply will be wanted be-
fore harvest. However, the bears are numerous
and aggressive, being led by Jones and Cudahy.
and if receipts or further financial compli
cations ensue, the bulls will find it very diff
fcult to sustain prices Weather and crop re-
ports are very good. Stocks of corn are light and
decreasing, and we consider the outlook very
favorable to higher prices. We advise buying
sorn on every break