St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-06-25
The General Business Situation
Such as to Create Grave
Apprehension.
Wheat Nervous and Unsettled. Its
Movements Being Suggestive
of Jumping Jack.
Holders of Long Futures in Corn Letting
Them Go.-The Pork Market
Tame and Dull.
CHICAGO.
Especial Telegram to the Globe.I

lcPSSla4 4S4tSrAlu 10 tue SlOOe.
CHICAGO, june a4.-The grain and provision
market seem 10 occupy but secondary place in
the attention of spectators now, and they de-
vote themselves chiefly TO watching the course
of affairs on Wall street, crcwding the offices OF
those brokers who have direct telegraphic COM
munication with the financial center of the coun-
try and watching breathlessly each new bulle-
TN. The grain markets continue to feel the in
fuenee of the unsettled condition of the stock
market and the failures in New
York, and as result the
feeling is nervous and values irregular, but fuc-
tuations are confined to comparatively narrow
range. The bears, although freely predicting
lower prices, make haste TO cover their shorts on
the slightest turn against them, and equally
anxious 10 accept small profits when the market
goes their way \ like course is adopted by the
bulls, and it is safe to say that seldom has such
indecision existed among all classes of operators
as At present. Nor can any degree of stability be
looked for while the financial and general business
situation in New York continues in its present
disturbed condition There are, however, rea-
sons 10 hope for an eally change in that direc-
ton, and the resistance which our wheat market
has shown to all the adverse influences that have
prevailed since the beginning of May, and the
pronptness with which prices have rallied on the
slightest indication of an improvement in the
business situation, is strong proof that the prop
erty is regarded with confidence by large class
of operators, who require but little encouragement
to induce them to buy for an advance. This
feeling is largely justified by steadily decreasing
stocks and the certainty that further reduction
must follow before the advent of new wheat in
any considerable quantities But, notwithstand-
ing these favoring legitimate factors the danger
OF further financial complications must not be
losl sight of. Great conservation should be used
In buying and deals when made should be amply
protected by margins that will permit holding for
reaction in case prices decline. In provisions
there was considerable speculative business,
lard and ribs attracting most attention
The feeling was feverish and prices fuctuated
considerably. Local operators were more
inclined to purchase early, and the orders from
outside parties to buy We're more liberal, which
had the effect of advancing prices on all the
leading articles. Later an easier feeling pre-
vailed, and prices gradually receded again and
closed comparatively steady at inside figures
The demand on shipping account was moderate,
but tradiug'was not very large owing to the diff
ference of the views of buyers and sellers.
In the wheat market cables were not encour-
aging, foreign markets being quoted dull and
heavy while New York quotations were not much
D6LIer Oh. DuL IQe weather was not, untaYOra0le
to the maturing of winter wheat and stocks in
store here showed reduction of 667, 900 bush
els from last Tuesdays report, while the visible
supply had declined 1,159,O0O bushels. These
factors caused an uneasy feeling among the
bears, who manifested disposition TO cover
July opened at S5 shade over yesterday last
transactions, and advanced to S914c, but there
very little support in the way of outside buy
ing orders, and when the early demand was filed
bidding very slow, and the realizing by
scalpers, who were anxious TO secure profits on
early purchases and increased selling short by
bears, who thought the advance little too
rapid, turned prices down to S51lc, from which,
on renewed covering, it rallied to S6lc, and
closed on the regular board at S61sc. In the
afternoon the shorts became nervous and covered
freely, which forced wheat up at the close to
s6zl C for July and SS1sc for August.
The speculative demand for corn was very
small and the feeling through the session tame
with prices confined to narrow range. July
opened at 551sc, advanced on moderate
buying TO 551ac, declined and closed at SIS &c on
the regular board, and 5514c on the afternoon
board. There was tendency to sell long
futures.
Oats were quiet and unchanged
There was very little doing in pork. The
market ruled steady and prices were a shade
lower.
A fair business was reported in the lard
market but the feeling was unsettled and prices
irregular. The trading was chiefly in contracts
for August and September delivery. Prices
opened frmer and trife higher. and there was
further advance of 5@1Oc per 100 pounds, but
it was not fully supported to the close, which
was at $40 for July. The market for short
ribs exhibited considerable activity, but prices
fuctuated considerably. At the opening the
feeling was stronger and prices were advanced
20@25c per pounds, but settled back 15G2Oc
and closed comparatively steady at 81 so for July
The cattle trade opened active and prices ruled
steady with an upward tendency, especially on
light and medium, which sold relatively higher
than big cattle The supply of Texans was light
and prices a shade frmer
Hogs were fairly active and fully 5@1Oc higher
than the close last night.
Mccormick, Kennett 6 Day say: ssWheat NAV
sell at SOC next fall if the crop turns out we'll
but the long side on soft spots is safest at pres
ent''
Milmine Bodman & Co. say: s.While the
present panicky condition of affairs continues on
Wall street We need not be surprised if values
continue to sink gradually, and were it not for
this bad state of affairs east we should feel now
like advocating the bull side Of wheat Stocks
are passing out of sight and there are six weeks
more of consumption and export out of the Wis
ible supply. and at the end of that time stocks
will have been reduced to the ordinary limit We
begin TO feel our horns coming''
CHICAGO FINANCIAL