St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-18
THE DAY ON CHANGE.
Consols and Crop Reports Constitute a
Combination, and Prices are Strong
and Steady.
Everything Very Dull on Change, the Day
Being Devoted More to Gossip
than Business.
All Departments of Bank Business
Very Quiet, with Former
Rates Ruling.
The New York Stock Market Firm,
with no Indications of Imme-
diate Reaction.
Chicago.
Special to the Globe.

Chicago.
Special to the Globe.
CHICAGO, July 17.-Consols are again
cutting figure and the quotations are
eagerly looked for. A decline of Is c this
morning was sufficient to make strong
start and this was supplemented by firm
ness in foreign quotations. Additional
strength was impaired by reports of dam
ages caused by the storms in the Northwest
and reported lighter yields than were antici-
pated where threShing is in progress. 1t
soon became evident that cOnsol quotations
were being manipulated, no two lines
seeming to furnish the same figures. The
consequence was a decided weakening Tor
q time, but continued wire and
mail reports on crops caused it to
regain a portion of the loss and remain
comparatively steady. The heaviest sellers
were Schwarz & Dupee, while Lester & Co.
were free buyers. Corn held to within a
trife of yesterdays rates, and compare
lively nothing was done in provisions.
With the exception noted the day
BELONGED TO THE SCALPERS.
and while moderately active in the Septem-
Der wheat option, was featureless and unin-
tereSting. Wheat was in fair demand at
the opening to-day, and first trading was a
shade better figure than those ruling at the
close yesterday. Under steady buying to
cover short sales. and also in a moderate way
tOreplace sales of long wheat made yesterday
prices advanced about &c, but offerings at
the improvement were in excess of require
mentS, and under liberal realizing sales the
market receded nearly 1c, from which point
there was partial recovery, and at o'clOck
prices were about the same as those at the
opening of the market. Foreign news was
no decline was noted, while private cables
advised heavy market with slightly lower
quotations. New York was dull, with but
two boat loads taken for export. The adj
vance here, noted above, was attributed
mainly to receipt of advices from Nebraska
that wheat had
SUFFERED SERIOUSLY
from blight, but no general damage Is prob
able, as numerous answers to inquiries were
received from several sections of that state,
ell of which represented the outlook as
favorable, with no damage of importance
anywhere. Our market however, is now,
and will be for the next two or three weeks
very sensitive to reports of this character as
to the critical outcome of spring wheat. If
this period goes by without serious trouble
it is likely that a lower range Of prices will
follow, as anything like fair movement Of
the crop. which current prices will almost
render certain, must exercise a depressing
effect in the face of enormous stocks which
already test the warehouse capacity of this
city. On the afternoon board there was
some excitement, Occasioned by reported
advance i'll Odessa, owing to drouth. The
market advanced about &c, but eaSed some
near the close. This news of advance in
Odessa was not confirmed, and as it was mid
iorlof r-a1
here, its reliability is matter of some
question. We note an advance of &c for
the day. The close was strong at 90c
August, 924c September, 9435c October.
CORN DAILY GROWS WEAKER
and has a reason to do so, as it is much too
high, relatively, for the present price of
wheat or pork. Our receipts continue to
grow larger, and at this rate the stock in
store must soon show an increase. Liver
pool was quiet and steady, but New York
early was 35013c lower on corn, and when
the temporary decline in wheat set i'll, corn
sold off with it. August opened &c lower,
and sold below Acc. while September was
Z@$5c weaker. Were it not for the enor-
nous shipping demand, which has so stead
fly absorbed receipts, the price of this
cereal would not be where it now is. The
new crop outlook continues to be encOurag-
461sc bid August, ace bid September. The
undertone is tame and offerings are liberal
for deferred futures, but short sellers are
anxious buyers when excitement occurs in
wheat and the range of values has been
maintained chiefly from this cause.
OATS WERE QUIET
and weaker, particularly for sample lots.
Under influence of the near approach of
arrivals of the new crop the speculative
grade declined B@1c and July sold at
31$5 @31 &c. closing at 81 &c. August sold
at 26s5 @261lc and closed with 2635c bid.
September sold at 253s@2515c closing at
25Ic.
The provision pit was almost deserted the
entire session, and the market is lifeleSs.
Large receipts of hogs at the stock
yards and lower prices, together with the
lower foreign wheat cables. seemed to be
the primary causes of the dullness. Au-
gust pork opened at S1O.271l, which was
one point under yesterdays closing. The
September future opened 713c lower,
but later developed more strength
and was the strongest future during the
session. Little trading was done, and the
operators ranged themselves in a circle
around the pit and waited in vain for some
thing to turn up. August pork closed at
5000, the same as yesterday. This after
noon, however. there was some increase in
demand to cover short sales. and we note
Improvement, as compared with yesterdays
close, of nc on mess pork and &c on ribs,
while lard remained unchanged. Closing
prices for August and September were:
Pork, 3755@1O.45. Lard, $6.671l@
6.75. Short ribs. S5.671 = Q05.75.