St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-26
War News and Crop Reports Are no
Longer the Leading Terror to the
Bear Trader.
The Last Day of the Week One of Pro-
nounced and Remarkable
Dizziness.
the Stock Boom Loses Some of Its
Support and a General De-
cline Follows.
Chicago
Special to the Globe.

but the end finds the bears master OF the
situation, with nearly all prices better 1or
the poor man." as they say on the moor
when values are on the down turn. Al
though this applies in the maln there are
exceptions. among which may be No. 2
spring or ''cash' wheat This is &c
higher than week ago, although material
decline has taken place in nearly all future
deliveries. August and September have
fallen off 17502c 1t cannot be said that
the actual situation in wide sense is very
much changed. SO few questions have arisen
for consideration that rather more than
usual recourse has been had to the manu-
featured cable dispatches and crop reports
of all possible shades. In quality they run
the entire scale of grades. Legitimate
trade has fallen off 10 such an enormous eX-
tent that it has become the proper thing to
use these crop reports as a lever with which
TO move the market. The effect is much
the same as if the calendar had been made
out for the country correspondent with the
days indicated on which he is to telegraph
good. bad or Indifferent reports. 1t is
probably not worked in this manner,
though the unanimity with which they all
come in
GOOD ONE DAY
and bad the next, from the same SOURCE,
would indicate an understanding OF some
kind. The middle of the week the bulls
sprung an alleged cable reporting an adj
vance at Odessa equal to about &c, which
naturally brought out a responsive bulge
here. The spurious character of the 'cable"
was discovered the following day, and the
belief became current that it orig
mated in New York. To all
these bulges there were, naturally,
reactions, by which the bears profited, do
ing whatever was possible to put the mar
ket still lower. On Friday crop reports
were very plenty, but it was noteworthy
fact that the unfavOrable ones all came
through the YOungS. AS per these dis
patches there was rust and worm IN Minnie
sofa, hail in Dakota, blight somewhere else
and short crop everywhere. On the other
hand. reports to the Mccormick Reaper
company were of a very favorable char
acter. The close of the market was made
noteworthy by heavy sales, presumably for
account of Ream. So much was offered
that the market broke off &c on the after
noon session. The usual speculation is in
dulged in as to next weeks visible supply
statement. An increase Of 500, 900 bushels
would not be surprising. A
sMALL-sIZED SQUEEZE
has made its appearance in oats for July
delivery. So far the market has advanced
Be- 1t did this on Thursday. Kammerer
is credited with being at the head of the
deal. 1t is said the ''shOrtS" will want
about 200, 600 bushels. Bankers have little
more to congratulate themselves upon
than several weeks ago. They are
carrying a large loanable supply
fund. upon which general business interests
are drawing very lightly, there being little
doing in the way of new investments and
no excuse in a business. way for borrowing
money even at 1901 per cent. on call, at
which rate plenty of money can be Dor
rOwed on gilt-edge securities. There was
so little business done on 'change at times
to-day that it was difficult to tell from
appearances whether or not the board
was in session. The comparative
stiffness was most noticeable about
noon. The market continued one of the
steadiest of the month, September wheat
selling at the opening at 903c, not less
than fifty times up to u O'clock, while the
spread was from &c to &c. When it was
found that Leopold Bloom was selling
heavily break was anticipated, but the
dump had no perceptible effect, it soon be-
ing ascertained that he had been on the
wrong side and was only endeavOring to get
from under, being satisfied that he knew
who
HAD ENOUGH.
It is said that this usually lucky specula-
tor was carrying about a million bushels
purchased at nearly the top figures by
Schwartz & Dupee, and that yesterday he
became satisfied his judgment was correct
and he bought still more. Blooms notion
was that the decline in stocks was caused by
the receipt of short crop news, but he this
morning ascertained that it was only the
shaking out of the tailers that
caused the ripple. Sail was accordingly
taken in. and this daring operator will take
another tack. After this, however, a spirit
of activity entered wheat, and by frighten-
ing shorts out of any idea of going home
without getting even on the market. sold
values up to about the highest point of the
session, where they stood at l o'clock.
Lower foreign cables, together with the
absence OF any talk of damage to crops,
kept the market from advancing during the
early part Of the session, and
as the hot-wheat rumors have
crawled back into their holes, there were
no disturbing elements in the market.
Therefore things settled into their normal
condition and showed dull wheat market.
September wheat was 9039c at the opening,
and sold down to soc by 1890, when the
covering of the short interest sent the price
August closed at SS4c and October at
92$4c, the decline for the day being 4@3Sc.
The
HEAVY FOREIGN MARKET,
added to our large stock of old wheat, with
a new crop about to move, outweighs all
the influences Of prospective shortage and
reports of crop damage. Hence the out
look is not extremely favorable for an inn
mediate RISE unless we have some new
stimulants to revive the ebbing strength of
the patient. New York declined &c or more
In the early part of the session to-
day. while st. Louis was even weaker and
lower. We are now some 4 or cents a
bushel too high to do any business in the
way of export, and if our wheat was shipped
out it would only be change of location
for storage Hence the alternative pre-
scented is to lower prices or hold the stuff
On the other hand, it cannot be denied that
the present hot, damp, Sultry weather BODIES
no good to the wheat which is still unse-
cured.
In the corn pit the prices were firmer
than in any other part of the house, with
the exception of the cornered oats crowd.
The transactions were moderate and at no
time was there what might be called an act
i've trade, but the feeling was one of
strength, and September corn closed at
453sc, or within sc of its highest point fors
the day. August closed sc lower at 45sc.
and October &c lower at 4455c.
THE AMOUNT OF OATS
Withdrawn from store for the last twenty
four hours is the largest so far this season.
What relation this fact has to the present
corner in oats the parties interested could
probably explain. The market was quiet all
through the session and weak feeling ex-