St. Paul daily globe., 1885-07-29
A Downward Pressure in the Wheat
Market, but Recovery Takes Place
on Crop Reports.
A Day of Considerable Activity, Although
Trading was Light and Prices
Uncertain.
The Close Firm and at a Slight Ad-
vance Over the Prices of
Monday.
Stocks Tending Upward Again, but
Outsiders Evidently Afraid TO
Risk Their Shekels.
Snecial to the Globe.


the put price, then rallied and went up
above the call price and dropped back
slightly afterward. A trifling decrease
of IL. 100 bu of wheat was too frail
p basis to build high prices upon, and there
WAS a steady decline in the first half hour.
A weakness abroad was sufficient to offset
the vague rumors of rust drOuth and chlncn
bugs in Iowa, Dakota and Nebraska, and
the pressure was all one way. September
wheat opened at 9014 c and dropped to SStsc.
with October &c off, selling at O9%c
About II O'Clock lot of shorts
with Jack Cudahy as a leader, concluded
"a cover. and as a result prices went up
fTactionally The early loss was triile
more than recovered, and after that prices
REMAINED STEADY,
but without feature. The rise was
aided by very late crop reports,
averring that great injury had already
been done by the excessive heat, and as
there was no immediate prospect of let
ND. more damage might safely be antici-
pated. The chinch bugs also seemed to
have increased more rapidly than the locust
or lice in Egypt's palmiest days, while all
Minnesota and large portions of Nebraska
We're turning a brown hue on account of
the rust in the wheat fields.
With this average the September option
was elevated 15c. and October went from
913Sc to 15sc. The feeling was that the
market had gone down far enough for the
time, and that present prices were favorable
to a little buying for q return on the bull
side. Liverpool was depressed, and l
penny per cent. lower, while cargOeS were
heavy and neglected. The weather in Eng
land is cooler. New York opened about
&c lower and st. Louis &c, but both mar
,1oe
statement
SURPRISED EVERY ONE.
as usual, and the matter was made more
perpieXing by the fact that the New York
statement figured out an increase Of over
$4,000 bushels against a decrease of 11.000
bushels here. A great many, however, are
learning to place less and less reliance on
these reports, as the arbitrary methods en-
plOyed in making them out yitiate
their trustwOrthiness as reflex
Of the actual situation. 1t seems hard
to know what to do with wheat, with for
eign markets 50 heavy and depressed, and
home conditions so doubtful ana unsettled,
and many traders are puzzled exceedingly.
By the majority. however, the present is
thought to be a bear and the future bull.
On the afternoon board, upon a report of
coming cold wave, prices tiImed up, closing
strong at SIC for July, S7@sc for
August, S9Tc for September, and
92c for October, an advance of
5000 over yesterday. If the reported
injury to spring wheat be confirmed, higher
prices may be looked for during the next
week.
CONDITION OF CORN.
Corn was tirmer and higher to-day. owing
to a small decrease in the visible supply and
to light receip;s for a Tuesday. Liver
pool, however, was dull and I'd per
GENITAL lower, but that fact made
no difference here. August and Septem-
Der opened steadily and advanced }s@15c
with wheat The feeling is stron gone in
corn, and will be until the new harvest is
assured. 1t is believed by many that the
supply of old corn left in the country is
smaller than has been anticipated. The
closing was at a slight advance over yester-
day. at 4G1Sc for July, 452lc for August
4515c for September, 44Ic for October.
Il see a good many men buying oats to-
day whom 1 didn't know kept horses" re-
marked an onIOoker in the oats crowd this
afternoon. The size of the crowd. which
completely filed up the space between the
corn and wheat pits, attracted very general
attention, and each new aTival-particu-
larly if he made bid for July Oats-was
GREETED WITH LAUGHTER
and all sorts of bandyipg remarks. Any
arrival connected directly or remotely with
any previous squeeze in anything was the
recipient OF special attention, and was the
target at which any number of very per-
sonal remarks were aimed. TO-day's
that there are still some shorts
out. and that the deal is by no means as
near settled up as was supposed. There
were eighteen cars of new oats in to-day
one car of which inspected No. white. and
the remainder below that grade. The close
was strong at Bic for July, on the morn
ing session, against 323Ic yesterday,
and at the opening to-day. The future
closed &c higher, at 26c for August, 25c
for September and 251 &c for October. The
stock of oats here is well reduced. Cash
oats to-day sold as high as 35c. But. after
all, it
CANNOT BE FIGURED
that the manipulatOrs will be much ahead
The effort TO effect a corner iii this cereal
was originated by no less parsonage than
Everingham and Harvey. He began
to deal il April. 1t didn't 60 his way.
however, though he was nothing out, and
in June the burden was taken BY Kam-
nerer, Morse and Ward IL Co. for a Peoria
clique, said 10 be headed by the recently
appointed postmaster, john Warner. John
has been mayor two or three
terms, and is of thrifty and
speculative turn, and is probably
able to take hand. The visible supply is
in the hands of the manipulatorS, but the
storage of = cents, already incurred, viii eat
adeep hole into their profits. For awhile it
was thought when the fact leaked out
that Peoria capital was behind
nf oil
fame had been reSurrected; but it was soon
learned that his last deal through David
Dows & Co. had planted the last nail in his
speculative coffin.
PROVISIONS.
The same sun that was reported running
wheat strengthened pork, ''for the hogs are
dying not only il the ears by thousands. 8"
said a Swelterer in the provision pit, but
it is so hot they are melting by
the wayside, and | don't look for
arrivals of amy amount for several weeks.
Indeed. were it not for the stock on hand.
there might actually be danger of pork
famine" He was firm in the faith. and
proceeded to buy thousand September Mt
an advance of 1T12c over the opening. The
decrease in the receipts of hogs was another
element of strength, and the market closed
strong at an advance. Pork closed at
S10.1713 for July and August, S10.271% for
September, S10.35 for October Lard
closed at SG.5215 for July and August.
SG.62T for September, S6.70 for October.
Short ribs, S5.6715 for July and August.
$5.7711 for September, $3.50 for October.
The Quotations.
CHICAGO. July 21.-Flour dull and rn-
changed. Wheat opened easy, declined sc.
due TO dull ana weak cables, rallied on bad