Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-23
SPECIAL MARKsr BULLETINS
Received by the "Globe" During Yesterday
Especial Telegram TO the Globe.I

Especial Telegram to the Globe.l
CHICAGO, July 22-e:S0 A. M.-Beerbohm, Liver
pool steady. Cargoes not much demand. California
shilling higher, spring six pence lower. Private
cables indicate steady tone and say the weather is
hot There are more encouraging crop reports from
the Northwest but the feeling here is that sharp
decline is improbable until heavier receipts.
CHICAGO, July 22-120o M.-There is > general
fear to sell August wheat lest the clique may manpu
late it. The weather is reported fine and there arc
improyised crop reports from all quarters The local
speculative trade generally long of market and the
clique is evidently buling stocks In New York and
disposed to sell wheat here. New York is inactive.
Our receipts are disappointing and anticipate no
material decline until they increase.
The Weekly Circular of j. H. Drake 8 Co.
CHICAGO, July 20.-wheat has ruled stronger dur
ing the week under clique manipulation and discour
aging reports from Minnesota and northern Iowa.
The intense heat following rain, and moist atmos-
phere, Is said to have bghted wheat and caused 1t to
rust badly. Reports all concur that serious damage
has been done, but the reliable information est
mates it not to exceed twenty-five per csat. and
sures us that with further disaster the crop will
exceed that Of last year in quantity, and some say
quality has been deterioated, and whereas they ex-
peced about sixty millions, largely of No. /, in the
State Of Minnesota the talk is now about forty mill
lions largely Of No. q The character of the weather
for the next fortnight viii doubtless change this es
mate, for with favorable weather. it will doubt be
found that the injury has been greatly exaggerated
to crops. The clique here and In Milwaukee have
been greatly assisted by the weather accident for
has not only tended to fghten shorts into covering,
but has made farmers reluctant sellers Of the crop
now harvested. few weeks ago the report WAS
well-nigh universal that farmers disposed to
hresh and sell out at once, believing that early sales
| wonld be the best. Now we hear that with better
tone to the markets they reluctant sellers At the
advance. We know of new spring wheat contracted
In Iowa to be delivered by the farmers at $50 at the
station. with freight lSc per bushe costing less than
75c laid down in Chicago In August, aud during this
week we know of contracts in quantity costing 79c
here, but latest advices indicate that farmers are
more reluctant sellers. It appears now that the MI
waukee corner will be carried through and wagers
are Offering that cash will command S1.lo in that
market before August l. The July deal here is COM
petey tied up, but shorts very Indifferent and
although the price is maintained at 9597c, trading
In 1t il light and all puzzled to know the extent OF
the short interest aud where It Is located. Heavy
| lines Of long August wheat have been bought by
| strong parties and fears entertained that the
August shorts may suffer the same fate as those Of
! July. Much depends upon the character Of the
weather and the disposition of the farmers. If 1t be
| true that the crops Of Iowa and Minnesota SO
much lodged by heavy rain, and the
poor quality will test the faith of holders severely for
low priced as wheat may be, consumers of the world
are not hungry for poor quality and to our minds
OF the property. To illustrate tho wealth Of Kansas
in this years crops, we quote from letter received
to-day from Washington, in that State "Threshing
has commenced here Winter wheat is yielding
thirty to forty bushels. Rye twenty to twenty live
Spring wheat twenty to thirty. and barley thirty
to sixty bushels to the If get another
rain or two We will have fields OF corr
here 100 bushels to the ere" The clique controls
here and we pretend to opinion of the immediate
future of values, for the weather, and the action OF
1 the clique and the disposition of the farmers
certain things upon which to reckon, but with abcu
three hundred millions OF quantity secured, at
We think to be, with peace in Europe, and good pros
poets for crops over the ocean, feel, that while
advance is probable for the immediate future tina
We reason to change previously expressed
opinion regarding the more distant future. Casf
wheat 97c, with intermediate charges 9lac, would cos
S1.061 alongside ship With sail freights 6s, and 20
commission on the current value, would cost AS Sd
Cork for orders. Beerbohm's quotation, fair spring
for prompt shipment 40s, about &c per bushel t.
the disfavor Of shipments.
CORN-After ruling stronger, has had relapse OF
the increasing volume of receipts The weather
which has threatened injury to wheat has improved
corn 90 greatly, that the reports of marvellous i'm
provement in the outlook for corn, are well-nigl
universal The movement of has been retarded
by farmers being busy in their harvest fields, ant
much of our receipts have from the cribs
which the premium for cash has called forth
While the feeling seems general that corn cannot
much lower, and strong parties are holding enormou
lines of future options, we fear that supplies wi
fairly overcome holders In the neighborhood Of Acc
and If the foreign demand should falter will g
1ouor