St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-29
And the Prospects of the Week are
Not Wholly Hopeful.
Large Sales of Stocks Attributed to insiders"
of the Late Bull Crowd.
CHICAGO.

ing was strong at the close Of the regular
board and steady in the afternoon. Among
the strengthening features of the day were
strong cables and bad weather in England.
reports that the French wheat crop would
not be nearly as large as expected, good
day in Wall street and strong winter wheat
markets. These causes combined produced
confidence that could not be shaken by
the fact that the receipts of wheat at the
leading points were the largest
OF the year. In regard to the
influence of these heavy receipts, however,
tits generally acknowledged that they were
80 confidently expected that the effect they
would have was discounted before the in
crease began to show. The exports from
seven Atlantic ports last week were 2, 150,
900 bushels Of wheat and 800, 900 bushels Of
corn. This is an increase for wheat of more
than l 600, 600 bushels over the previous
week, and the freight engagements indicate
a continued heavy movement. Wheat
opened at a shade above yesterdays last
sales and the close was Il full cent above.
Corn opened at Saturdays last figures and
closed I+W$5c higher, and oats gained
4m e. Pork went up again to 324.00 for
August, but stayed at $500 for September
while the year option could be had for the
moderate sum Of S1l.9O. Lard was re
higher, while ribs went up to a close of
~ 2j2@35c above Saturdays last figure.
Wheat showed a good deal of activity, and
the market was strong. Prices ruled higher
from the start, closing at nearly the best
figures Of the day. A scheme was concocted
by the st. Louis bears to inaugurate break,
with the assistance Of some Chicago operators
but they failed miserably. Said prominent
operator who has a leaning toward the bull
side: ''Ghe st. Louis dealers had worked on
the bear dealers here and created the belief
that to-day the food would come. Their re-
ccipts were to show up toward half million
bushels but when they showed up only 16O,
600 bushels it stimulated buying instead Of
the expected break. In fact the tardy move
meEt Of the new crop and its inferior quality
especially Of the Kansas crop) is the
principal cause OF the present strong feeling.
The market has been a good deal short right
Gluu%, but IL is now being eveued up rapidly,
and the demand therefore is likely to fall off
some. It will need still stronger cables, or
hcti ,ulsiI. buying to carry the advance
furtherat this time think it is about high
enough now for the bulls to begin realizing.
don't think tais is the boom that is going
to stay, but ere long we may expect the final
big boom 10 come and stay with us. If We
Ect another strong day | think it safe ven
lure to take the short side for n turn.n The
market opened strong aJ Soc for September
Saturday closing price, and sold up to
80 q, down asc, then back again. From
this point the price went down to So l5c, but
tool, "a sharp upturn of 1sc, which brought
it to S6 e. The advance caused
good many purchases on account of cX-
haustcd margins on the short side and this
helped the huoyancy of the market, which
luctuatcd slightly and closed Mt S6c on the
morning board. On the afternoon board
trading was quiet and the feeling easier,
September falling of &C.. August closed at
Sla-e ON the regular board and S4}5c on the
afternoon board.
Corn was moderately active and steady,
moving mp and down in sympathy with wheat
being largely governed by it The talk is
that the August option is cornered. It is said
that Baker has more corn bought than will be
raised in the next two crops, and "Hutch'' is
also put down as big holder in September
and October Early in the day the market
was quiet and steady but about noon became
quite active and strong The
shorts bought freely, the tirmness developed
in cash corn Of late, together with the libcral
shipments causing 4 somewhat uneasy feel
ing among this interest September opened
at 5t7sc, with a sale or two ut SOC, sold down
To 5]ls &c, rallied TO 552lc, partly under the
influence of wheat, and closed on the regular
board at 55%c bid, aud on the afternoon
board at 55Lc.
Oats were firm, with offerings generally
rather limited. August ranged &c higher
and September &C., but the latter reacted,
and at the close was 21c, the same as Satur-
days close.
Provisions were moderately active and a
stronger feeling prevailed accompanied by a
considerable advance in prices In lard and
ribs Light receipts Of hogs aud stronger
market rxcrted favorable influence on pro
visions and brought ont a better speculative
inquiry which was also assisted by stronger
cables, am advance of 81 being noted in long
clear sides at Liverpool. Prices in lard ruled
stronger end were gradually advanced 100
15c, closing ut $50 August and 81 32tS
September. The trading in ribs was quite
active and the shorts were free purchases.
Prices went up 3OG41c all round and the adj
vance was moderately well sustained, the
closing being $S.O5 August aud SS.I2 Sep
tlmber.
Receipts Of cattle at the stock yards to-day
were comparatively Hght-nearly 3, 200 less
than ou last Monday. The best natives were
I'm good demand and 4 strong l0c higher
The Texas trade was quiet, yet prices ruled
Is high as ON Saturday. Receipts of hogs
Wet, light, being some 5000 less than for
last Monday. There was brisk demand
with an advance Of 5RlOc all around.
Mccormick, Keuuett X Day say: "Coud-
doucc is being rapidly restored, money is
plenty and as soon as speculation becomes
more active we expect to see wheat sell 10c
higher on its merits. The quality Of the new
crop is very fine and the quantity much less
than generally estimated. We strongly ad-
wise buying October on soft spots.'
The Chandler Brown Co. say: "We note s
good increase in the amount of business to-
day over the las, dsys Of last week The
feeling among local operators is bullish on
the expectation that the receipts of new
wheat are no, going to be large, after the
improvement in the demand for export
We believe that with good business doing,
purchasers on breaks will make money"