St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-04
A BULL MOVEMENT.
The Storm Area Not SO Large as Was
Hoped For, But the Bulls
Utilize it ALI.
Foreign War Rumors and Difficulty In
Getting Accurate News Have Bull
ish Influence.
A Break in the Provision List
Through Excessive Stocks
in Store.
Stocks Firm without Particular
Change, and Buying Demand
Fair to Middling.
Chicago.
Snecial TO the Globe.

Chicago.
Special to the Globe.
CHICAGO, Aug. 3.-Fully imbued with
the idea that the day would be an exciting
one and full of interest, the opposing clans,
tablets in hand, faced each other in the
different pits and We're promptly on time.
The terrific storm of yesterday furnished
the staple bull argument and there was
also a faint rumor Of further trouble ia
Afghanistan, but as it was q
legal holiday in London, ana
consequently no consol quotations, this
report could not be made available to any
extent Private dispatches regarding the
damage were received from every point of
the compass, and it was soon evident that
the area of the storm was not so large as
had been anticipated; but enough was
shown TO prove that large quantity OF
wheat had been injured in shock and stack,
while many uncut fields were matted down
and partially washed out. The opening
was strong, and the early advance was
quite steadily maintained. but there was
remarkable lack OF outside orders for
Monday, and as result the market eaSed
Off. Later and more extended advlces
seemed to show that the injury was not so
widespread and disastrous as the eriier re-
ports made it, and,though much wheat Is
undoubtedly damaged and the
LOSS WILL FALL HEAVILY
in few localities. it is not sufficient TO
have any marked effect. Later, trading
was confined entirely to scalpers, none Of
the large operators appearing to take a
hand. The fav0rite futures recorded a
slight advance during the early part of the
session. but toward the close the feeling
became little easy. kilograms came in
from New York, estimating the increase in
the visible at rs, 600 bushels. Added to this,
the government crop estimate was under
stood to be $50, 900, 900, an increase of
1000, 900 bushels over its previous estimate.
These courses eXerted an easing but not
particularly weakening influence. The
selling in the pit was very general directly
after the opening, although there was no
heavy unloading. The fact that calls sold
very close to the market on Saturday
tempted to invest, and the transactions
to-day were simply sales against these priv
ileges. The general selling, together with
the weakness in the provision pit, helped
the other causes in breaking the local
market off slightly, although all the outside
markets held up well and maintained the
prices of the opening. The close was a
August. S95Sc for September, % &c for Oc-
tober, 9419c for November. The future OF
the market depends on whether the known
shortage III our winter wheat crop and the
ESTIMATED INJURY
to spring wheat, with the unfavorable out
look in European exporting centers, will
advance values to a higher plane in the face
of thu large visible supply and light export
nd 4n,.c "a
side of the market is the safest, and believe
that the injury to the spring wheat crop will
bring a better demand from the other side
OF the Atlantic as soon as English
buyers are convinced of the
fact. They say now, in answer
to our reports of the enormous decrease il
the yield of wheat in this country this year,
You have given Us the same thing every
spring for ten years, and in only two years
has it proved true" They will find be-
fore long" say the big bulls, ''that this will
be the third time it proved true, and q
large slice of our visible supply will &C
very quickly"
CORN SLOW, BUT FIRM.
Corn opened 15@4 higher, and then
stuck fast, with light receipts and light
dealing. Under ordinary circumstances, a
weakness i'll hog products would have af-
fected corn more or less, in sympathy, but
with so little coming and SO much going
out. corn is practically independent of the
rest Of the market, and joys on with a gait
OF its own, which is slow but firm. The
market promises to continue in this
way until the new crop is secure
and the balance of the old one
shows Itself in the hands of sellers. The
range of tiuctuation to-day was about &c
each way from the opening. The close was
quiet at 45Sc for August, 45Lc for Sep
TENDER, 45c for October, 3S15c for the year
3919c for May. Corn was relatively a stead
Ter deal than wheat, but as usual presented
no features beyond a moderate speculative
inquiry and sufficient tluctuation in price:
to make the market interesting from a
scalping standpoint. The effect of the rair
upon the corn crop was expected to be
beneficial, as complaints Of drouth in Cen
trail and Southern Illinois and similar sec
lions in Indiana had been made during the
past week. Notwithstanding the prospects
being SO favorable for a large yield, they
had
NO APPARENT EFFECT
on prices. More corn, more hogs" was
the argument used at once in the pro-
vision crowd, and in their position
VIC DedtS were strengthened by The great
increase of stock on hand Further, there
is the regular supply of hogs coming in
daily and no export demand. The packing
being constantly added to the amount viii
soon make a stock 100 per cent. larger thar
last year. But the market ruled weak and
lower, though quite active at the decline.
The unusually large stocks of pork anC
short ribs in store in Chicago are shown by
the monthly statement of the board
of trade inspector, which put damper on the
opening market, and the bear crowd Jumped
onto them both and hammered then
vigorously at the opening. All the out
outward indications were in favor of tn,
bears, as the receipts of live hogs were un
usually heavy, and the news of cholera il
Europe more than unusually alarming
The decline in pork was 25c, the marke
closing heavy. The late close was yer,
weak, at 1913 for August, So so for Sep
TENDER, $9.S719 for October. Ribs CLOSED
10c off for August and September, a
S6.4219 @6.471l. and short ribs were lower
$5.47 for August and $3.50 for September