St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-21
They are Trying Hard to Crush the Life
Out of the Small holders Of
All Products.
The Markets Open With a Slight Natural
Reaction From the Closing
of Wednesday.
Wheat Closes Firmer and Provisions
Lower. With Corn and Oats
Uncertain.
Traders in Stocks at New York FeeI-
ing Very BuIlish and Secur1-
ties Higher.
Chicago.
Special to the Globe.

Special to the Globe.
CHICAGO, Aug. 2O.-Wheat doesn't act
as If either the holders Oft were TO make
any money or the sellers to lose any money
Nv. - d,,,i,,c, tl,o ra>+ ,veely or so. 1.-The
price, said a very good judge of the Still
alton. will. think, hang about the pres
ent figure until it is clear whether EUROPE
will take any of the American stock. IL
shipments on a large scale don't Deglh
within the next week there is certain 10 DE
a break of DC and perhaps OF lOc. lhele
never before" said Hiram Wheeler, the
biggest elevator man in the country. was
so much wheat OH hand and so little De
mand for if. 1t looks now as if the visible
supply would reach 60,000,OOO bushels
This is the time of year
when stocks ought to be decreasing,
and when shipments ought to be heaviest;
There has been about 200. 600 bushels moved
out in the last week, and this amounts 10
nothing out of the stock of ID, 600, 900 ouSLlelS
Then the new wheat is coming III earlier
than it has since 1872. when John IS. Lyon
ran his corner. and when cOunuymen sat
ND all night and threshed their grain by
calcium lights. After this new crop gets
fairly started. which will be next week, the
Chicago elevators if there areno shipments,
will be filed up in week, and then there
will be a wheat blockade" ''Iaklng the
prices at Liverpool to-day" said MI VIII
lam Dunn. the exporter, land the prices at
Chicago, there is
GOOD PROFIT IN SHIPPING
"Day before yesterday L shipped $4,000
bushels more at a full cent higher price be-
cause of higher freights. OF course 1t takes
thirty days to lay down the grain In Liver
pool, and buyers abroad hesitate to take the
risk of buying ON a falling market. WIN
some strength over here for week there
will be an active movement" There was
more business done on country account to-
day than there has been at any time for a
long period. The commission houses were
kept busy all morning and the transactions,
especially in wheat, were heavy i'll volume.
That it was ''short market" was clearly
evident from the ease with which
il was turned up whenever
stiff demand for property was
felt The opening was a minute fraction
lower for August wheat and an equally
minute fraction higher for October and No
vember. The bulls took the reinS and did
the driving. September advanced from
size to 81 &c, October from S33s to SAC,
and November from S53lc to S615c. There
was considerable bull news in the drift. a
report of an estimated deficiency in the
Dakota crop. the decrease in wheat on pass
age to the United Kingdom, and suspicion
that export houses were picking up stuff,
together with generous support from
country operators, who are always anxious
to catch on near the bottom, all tended to
strengthen the market and give the bears,
VINO had long lines out, no little uneasiness.
Some of the chronic bears who have been
on TOP ALL THROUGH
were moved to close their trades, and it
was current floor talk that two or three of
the very largest local bears had been buy
ing heavily for two days and were at it
again to-day. If they were in the field this
morning, however, it was in very quiet,
mobtrusive way. After the initial advance,
there followed break of 15@2Sc, and the
bear converSationalistS had great deal to
say about poor wheat, increasing stocks,
impending heavy receipts from the North
west and tOttering credits. The depression
was of short duration, and once more
prices began the ascent. The were so
long getting back to the outside range
previously reached, brokers notified their
customers that the market was strong at the
advance. October wheat rested nearly the
whole of the latter half of the morning in
the vicinity of S40S414c, except for a short
break about noon on the report that two
bins in the Rock Island elevator had been
found ont of condition. The furry was Of
short duration and the market quickly re-
covered, closing at an advance compared
with yesterdays latest quotations of 15@Mc
and within a fraction of the best figure of
the morning. On the late board the market
dropped off &c under heavy selling, closing
S735c for September, S35Sc for October and
SEC for November.
CORN OPENED STEADY,
advanced little early, in sympathy with
wheat, and then went back TO first figures
again. Receipts continue fair. but Liver
pool had an upward tendency, and the furry
in August oats led to renewed fears of a
squeeze in October corn. Accordingly, the
market was narrowly watched. But few
care to buy at these prices, with such an
enormous new crop staring them in the
face. There was more talk about another
cool wave, but all such reports fail to i'll
fluence as much as they did. The amount
of corn now on passage to the United King
dom is $4,000 quarters more than
last week. and to the continent u. 600
quarters less. On the afternoon board the
market declined &c, closing steady at 1850
for August and September, 42}5c for Octo-
her, 3956c for November.
While wheat traders found an oppor-
tunity in the steadinesS of their specially
to indulge in theories and gossiping, some
little diversion was given the crowd in
general by the conduct OF oats. The score
or more of brokers and operators who take
up their stand midway between the wheat
and corn crowds and moderately call them
selves the ''oat pit thought in July. when
McGeOch dumped his oats on the market,
that the old man had given up
the deal for good. Now, however,
1t turns out that w. r. Harvey
M'GEOCT's BRoTHER-IN-LAw.
and in whose firm he is a special partner.
has hold of the 30, 00O bushels of cash No. .
oats in this market. Harvey has besides. il
Is said, 300. 900 bushels of August which in
discreet shorts have sold. There will now
be an interesting race for the played-out
pork breakers and the diSheartened wheat
scalpers to watch. 1t will be between the
robust and bewhiskered McGeoch and the
cOuntrymen. VIII McGeoch be able to
crowd IN his shorts, or will the countrymen
be able to get in their cash stuff to market
in time to dump on the Milwankeean? 1t
will probably be good thing all around
The tinid fellows, vino trade i'm
oats because they believe there is
very little risk in it. will be given a
lesson. AIcGeoch will probably get August
oats up to SOC. The cOuntrymen will likely
get a good figure for whatever oats
they get to market in the next fifteen DAYS.
The close to-day was about unchanged
from yesterday. at 262lc Tor August. 245Ec
for September and October.
Provisions took another tumble to-day but
the descent was neither so long nor 50
steep as on yesterday. The way was rocky.
however, and large amount of long porl;
was thrown overheard. but no large lots
came on the market so far as known.