Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-29


among the smaller class, the result being
drop of &c per bushel within very short time.
and, though there was some little reaction
from inside figures of the day, the market
closed in q feverish and uncertain mood Our
| receipts continue rather light our stock Is not
| large, and the outlook for the time being il
certainly favorable to the ring. At one time
during the session 1t was rumored that one or
| two prominent Longs We're selling out but
| this was not verified by subsequent events
Seller July was very quiet, about all that
done being in in settlement at 1.0514@l.07.
closing at S1.051S. Seller August opened at
| 961a@9715c, sales being made at these e1-
tremes at almost the same moment. fell
off to &c. then advanced to 9614c, dropped to
955sc, sold up again to 9619c gradually de-
ciined to 931sc, went up to 943Ic, fell off to
s215c and closed at 9255sc. Seller September
ranged at s9@93i4c and alosed at S9c. Seller
/ the year ranged at S915(G90c, but closed at
| about &c under September, or at SIC.
| Chicago Times, Saturday Morning
String Wheat-This market was both ner-
vous and unsettled on yesterday. The opening
sales, under the stimulating influence of Thurs
| days excitement, and the probable interruption
| OF harvest work throughout the country by the
| severe storm of Thursday night. were made at
advanced prices and for a time the whole out
look pointed to an upward movement of greater
| magnitude than on any of the former days of
| the week. During the first hour so of bust
ness everything connected with the trade, a.
we'll as every surrounding. favored the bull
side, and the prices obtained were about 1I4o
higher than the last quotations of Thursday af-
ternoon. subsequently, however, sharp reac-
ton was suffered The ''look-outs' having dis
covered a desire among the bulls credited with
running the squeeze to SELL word prompt
ly passed that the leaders of the combination
were unloading. and that the squeeze had cul-
minated. Whether the discovery well
!, | founded or not. the circulation of the report,
at any rate, had the desired effect; the shorts,
who up to this time anxious purchasers
| stopped buying, and, as the number of sellers
seemed to increase as buyers grew indifferent
prices weakened and receded rapidly under the
changed condition and aspect Of affairs. The
; decline, In fact. was larger than some of the
b 'ars expected, and at the close the market for
August delivery-the favorite option-was 41sc
under the outside quotation of the dav. and
l4c lower than Thursdays closing price on
Change. The depreciation the September
option was also about the same that suffered
on August. For cash and July delivery, how
ever. prices were shade higher at the adiour-
ment than on Thursday, cash No. being quot
ed at Sl.041a @1054. Business during the
day was active, and, as the deal purely
speculative, the option pit" the scene OF
more than ordinary excitement The market
closed in feverish state, but the Milwaukee
corner exhibited the same features the local
i squeeze, and the indications rather promised Q
speedy closing up of the deals here and in Mil
waukee, operators generally looked for health
Ter trade. On yesterday the sales of cash grain
in our market embraced the following: In
stores cars No. at sl.04115, Z cars at 81 05,
5000 bush. at S1.0514; cars No. at 9ic;
car rejected at Csc. Options-No. 2 sold at
: S1.05@l.08 for seller July; 9215(09716c for
: seller August; s9@9s18c for seller September.
i and S919@9lc for seller the year. July closed
\ at sl05; August at 925s@93slc, and September
: at S914c.
y The Kind OF Reports They are Getting.
. Milwaukee Special DULY 26) Chicago Times
. The greatest interest is felt here in all news
concerning the condition of the crops, especially
in relation to wheat and barley. For the pur-
pose of obtaining all information accessible at
), this point the Times reporter made numerous
II interviews to-day. Chicago, Milwaukee st.
:, Paul officials said: Gan our reports from
= southern Minnesota and northern Iowa indicate
:. that the wheat crop is almost a total failure.
:. and that all of it will prove to be of very
= inferior quality. In places where a week ago
: fair crops were anticipated the grain viii
:, hardly pay for harvesting. In central Iowa the
- | prospects are better. There is no barley of any
. consequence, and what little there is is dis
5 colored and not fit for Our reports indicate
~ that there will not be than one-half a.
- much wheat for export this year from the
country tributary to the Chicago Milwaukee
st. Paul lines there was last year.
William Young d Co.'s reports are to the
effect that the damage to the wheat crop is not
2 SO serious many believe. They estimate
10 that the wheat crop. although it will be of an
l
l. increased acreage fully many bushels as last
{, year. MIR. William Young considers that the
IT general reports from the northwest as to wheat
d are greatly exaggerated, and that the yield will
1T turn out to be fair especially in northern Min
1T nesota He considers the barley crop total
lie failure both as to yield and quality.
is l.. Everingham & Co. received one hundred
Of dispatches this morning and over thirty SAM
lie pies, direct from northwestern wheat fields. All
RS but two eff the dispatches were very unfayora-
n They consider the situation very grave and es-
is Inmate that the yield, notwithstanding in
creased acreage, will be far less than last year
lie and the quality will be very inferior
to Wisconsin Central railroad officials lust re-
ne turned from their lines report wheat in central
Wisconsin as considerably damaged, but not
s. ruined. They estimate the export crop lighter
re than last year and inferior in quality.
p e. p. Bacon d Co.'S reports are all to the eff
IN feet of great damage to wheat They estimate
or that more than one-half of the crop will
grade below No. 2, and believe the yield will be
far less than it was last year. There will be no
he barley.
m Wall & Bigelow have a man now travelling in
It. Iowa and Minnesota making personal examina-
e. lions of the wheat fields. Dispatches received
ID from him this morning state that the reports
al about the failure of the wheat crops greatly
h, exaggerated. After extended personal eyami-
ne nations of fields in Iowa and Minnesota he es-
III Inmates that the yield will be from II to 15
or bushels per acre. and that, while there will be
D very little No. I, there will be fair proper.
be ton Of No 2. He states that the farmers ex-
e. pected an unusually large crop. and now that
&c 1t Is reduced to an average crop complaint,
p have become exaggerated into reports of abso.
as lutte ruin. He reports that the barley crop is
OF absolutely ruined, both to quantity and
Id quality.
c. John Lawlor, of Prairie du Chen, was inter.
Is viewed. He said: 1.-The crop west of the
in Mississippi is ruined There will not be more
vi than half as much marketed there was last
year, and it will be graded mostly No. s and
IS rejected. There will be less wheat than there
is was IN 1876, and of mucn poorer quality
Alexander Mitchell estimates ten to fourteen
10 bushels to the acre of spring wheat north OF
m the central line of Minnesota and eight to nine
bushels per acre south of said line.
as w. p McIarcn d Go. have received, to-day
y, many dispatches. The entire crop of Minnesots
it is estimated at 22000,0O0 bushels, of very in
ferior quality. They estimate that there will
be no export crop from the line of the Southern
Minnesota railroad, and estimate the entire
crop of the northwest at 60 per cent. OF las,
az years yield. They expect wheat to grad,
ng mostly No. and rejected Barley is ruined
III very large number of dealers, railroad mer
his and travelling men were interviewed bv th.
10 Tines reporter, and the various conflicting
nv opinions and theories were averaged to produce
NO the following summary: Wheat in Missouri
;es far yield, and a fair percentage to grade No
,h- 2; wheat in the two northern tiers of counties
ar in Iowa and Minnesota south of the centra
leo | line of the State, and east of the Minnesot
m | river very badly damaged, and will not yielf
no over Six to eight bushels to the acre. wheat i,
he northern and western Minnesota good averag
at yield and OF fair quality; all south of the tW
Nv northern tiers of counties in Iowa fair Well
he and excellent quality; crop of Dakota and Ne
le- braska fully up to the average in quantity am
le- quallty. General reports as to the ruin o
inr.,r ~ anvo dob