St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-23
The Day on Change Was One of Fair Ac-
tivity, Though Prices Suffered
Decline.
The Exciting Causes Which Led to Ad-
vance Last Week Have Entirely
Disappeared.
Wheat Heavy, Owing to Fears That
the Weather VIII Put it Out
of Condition.
lay Gould Hammering Away ut His
own Stocks in order to
Even Up.
Chicago.


Special to the Globe.
CHICAGO, July 22.-The temper of the
traders was very pacific to-day at the start
md a weak feeling prevailed. n few bids,
Is feelers. were made at &c over yester-
DAYS finish but the tendency was all the
Dther way and slight weakening was the
Immediate result. Dizziness in foreign
markets and a general indifference to the
product already afiOat had a depressing III
huence. while reports of smut and bhght
were not so numerous or well authenticated
As had been anticipated by the bulls. LII
the first half hour September wheat dropped
from 913 to 81 sc, and then recovered 10
bike, with October falling from 94$4 to
9315c. About this time reports became
current with regard to the condition
of wheat not only in New York and Toledo,
but at home. and the bears were quick TO
take advantage and jump on. They
''tramped" September down 1c from the
opening. but at that point their efforts were
STAYED and there was slight recovery.
All in all the market was very active and
somewhat exciting, and the bulls were mad.
They attributed the reports of damaged
grain not so much to the efforts of their
opponents in the pit but roared loud and
long against the outside support offered by
a leading morning paper such an edl-
toral is more Infamous than the republica-
ton of the Pail Mall Gazette nastineSs, for
which, / see, it is
TO BE INDICTED"
beloved one who had been caught out.
sit insolently presuneS to dictate the proper
course to pursue in business involving tens
IF millions, and concerning which it knows
absolutely nothing. What would the editor
say if / was to come into his Office and in
dictate what line of policy his paper ought
20 follow? If this board has any self-re-
spect it will exclude the representatives of
The sheet from the privileges of the floor. s"
1t was reported that petition to that effect
had been circulated and Signed quite nu-
merousiy. but no one could be found who
had attached his "John Hancock" Il
don't exactly see how anyone can be bull
Just now," said Ben Stauffer, land, indeed,
when you come TO figure it up, SuppoSing
you had bought wheat i'll November and
carried it to the highestpOint it has reached
during the present, even if the advance was
10 or 12c, you would have nothing left.
The expenses would have eaten it all up. L
don't care about being persistent bull I'M
der such discOuraging circumstances, and
with my present eyesight l can see that the
outlook is much better now than it was
then" Nothing seemed to affect the local
crowd to-day as much as the fear Of hot
wheat in the elevators, and as everybody
realized that nothing would create panic
as quickly or break prices down as low as
the posting of bin or two of
HOT WHEAT,
there was naturally little else talked about.
Elevator men, however, all deny the exist
ence of any good reason for this kind of
talk. affirming that up to the present time
wheat stored in Chicago elevators is in first
class condition. 1t is no secret that should
any large quantity of wheat begin to heat,
1t would wipe out several fortunes, because
elevators are so crowded for room that they
could not put it through the usual cooling
process by tanning and transfer of bins. An
additional source of weakness was the cor
rected New York figures on the visible sup
ply, which make out an increase
of nearly 100000 bu for the
week. The absence of reports of
damage to crops and no war news also
eased the market. n. b. Ream, Nat Jones,
and Cudahy unloaded large lots of wheat at
opening figures, and as usual a large
number followed their example and sent the
market still lower. Toward the close of
the session wheat firmed up some, from the
fact that number of early sellers turned
around and bought freely. September adj
vancng to 911S. But bearish influences
again crowded prices down, and at the close
of the late board figures were fully 1c under
yesterdays close, at 81 q July, SS% August,
903l September, 90 October.
A CONSERVATIVE OPERATOR
in speaking of the course of the days fig
ureS said: about the only thing that
has kept the market up for several days was
the expectation of some disaster to the
spring crop from the hot weather, but that
fear has now turned from the growing
grain to the huge masses of old wheat
stored in the elevators, and subject to the
same heating influences. AT New York. st.
Louis and Chicago there is a good deal of
secret or outspoken apprehension that the
large piles Of old wheat may get slightly
out Of condition during the summer months.
and it is this underground fear that has de-
veloped such crop Of bears on the situation.
Crop reports from the fields are
growing better continually, and there
is little doubt in the minds of
traders that the yield of the present wear
will be larger than has been estimated.
This, and the absence of any foreign de-
mand, makes the tendency downward and
The corn market again remained like a
rock amid the surrounding agitation, vary
ing only AD35c from the opening figures.
Receipts were only fair, and the shipping
demand continues large enough to absorb
all the offerings, and hence the continued
1irmneSS. Liverpool was weaker and I'D
per GENITAL lower, but the imports of corn
into the United Kingdom last week were
$4,000 quarters less than the week previous.
There can be no great
DECLINE IN CORN
here while the demand continues so good
and the receipts continue so moderate. al
though the ultimate tendency of prices
must be downward, if the magnificent new
crop ripens without disaster. At present
the market is nearly or quite stationary.
but to-day August showed little more
strength than either September or july.
The close was steady at sc under yester-
days figures at 455sc July, 4515c August,
45Ac September, 44$Ic October.
Oats were quiet, and for the long futures
prices were weaker and lower, but July
was steadier and firiner. The latter sold
at 3019@30Mc and closed at 3O5Sc. Au-
gust sold at 2615c and down to 255Sc, clos
lug at 251Sc. Septe!Iber closed at 255sc. a
decline of sc.
The provision pit was deserted the larger
part OF the morning session. and the opera
tors sat around the edge of the pit chatting
cOntentedly, and TO all indications not car
ing straw how the market went. Their
philosophy seemed to have healthy effect
on the market, for August pork closed at
S10.25, or one point above the opening,
which is something it could not have done
had the bears turned themselves loose in
the pit Another element of strength in
the market was an increased demand for
I've hogs by shippers and spectators at the
stock yards There was no change noted
on the late board, neither was there any
hucinaSc rnDOrtad Closing fiU11rac for A N =