St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-12
More Business Shown by the Weekly Clear
ings, But the General Situation
Quiet.
Only Moderate Business Transacted On
'Change--Speculative List Firm
But Lower.
a Br1ef Review of the Events of the
Past Week in Trade On
'Change
Lively Day in Wall Street, With the
Bull Side Leading at the
Close.
Chicago.
Special to the Globe.

the loanable fund supply is still as large as
ever, with few business interests seeking to
lessen 1t by etfectmg loans on either call or
time. For either class OF bank favor, now
ever, rates remain unchanged, but are not
very stiffly held. General business,
as indicated by the bank clearlngS, |
has barely held up to last weeks
figures. though the falling off is too small to
have very much significance. In prices the
past six business days have brought about
decline of a in cash wheat and &c III Doth
August and September delivery, after after
nate ups and downs within range OF about
Sc. During this time there has been SO
little OF an entirely legitimate nature III
sight to affect values that even these slight
changes have been largely the result OF
manipulation. Some large local houses dis
tinguisaed themselves early in the week by
selling the CROP" but
THE FACT LEAKED OUT
that it was all ''long wheat" held princi-
pally by local moneyed men, who, the story
goes, lost heavily by viewing wheat as
cheap at 92c, or Whereabouts, and loading
up to the extent of 5000, 600 or 100000
bushels. They were finally forced to the
conclusion, as these reviews have all along
predicted, that wheat must fall well into
the SOS for August delivery before
the price is in keeping with the
supply and all other surrounding conditions.
The argument appearing to be the most
logical is that with visible supply Of over
30 600. 600 bushels, and the country now
harvesting a crop of unknown proportions,
wheat cannot be legitimately manipulated
to show more than a scalping profit, if pur-
chased at present prices
The decrease shown early in the week
r-oc n, ro11n6 tiur1rnC S00 000 huCbplc Int a
large share of it was made by not counting
the amount in transit, while a portion is
also accounted for through the overproduc-
ton of flour at Northwestern mills. 1t is
believed the next supply statement will
show a slight increase. Those who con-
slider themselves
sHREWD GUESSERS
were all prepared for an increase last week,
but the altered method Of computing the
visible befuddled them. 1t will be seen
from the above that during the week the
local market has absorbed several million
bushels of long wheat and tended quite
steadily downward. 1t is, therefore, be-
lieved that the most weighty traders are
about even on the market. Straight bull
houses still have their customers long con-
siderable stuff. 1t is believed the
present working plan is to bull
floating cock and bull stories to keep the
ball rolling until late purchases show a
profit when the balance of long wheat will
be Wnloaded.
Corn has been relatively much frmer
than wheat, though the week as whole or
bv single DAYS has failed TO bring out any
particular features in the deal. Trading in
it has been on moderate scale and of a
very conservative character. Tonight finds
cash corn sc lower, August * lower and
September &c off from last Friday. Trad
ing in May delivery was begun yesterday,
that option ranging from 4353 to 44c.
The provision trade has shown very few
features, the market being weak and heavy
during the early part of the week and clos
ing up strong and steady, at gain of 10c
in cash pork and being unchanged for both
August and September. The hog supply
is reported large, with packers keeping
down the price.
THE WHEAT MARKET
was somewhat of a surprise to-day. Be
fore the hour of trading the feeling
was very bearish and heavy, and
many thought q large lot of
long stuff would be thrown at
the opening but the market, after the first
onset of weakness steadied and grew
tirmer instead of weaker August and
September opened about &c lower than
they closed yesterday, but as this took the
market at once below the put price it led to
good buying, and after it was discovered
that no selling panic was likely to ensue.
the feeling changed into one of strength
and prices advanced $5@Hc. Liver
pool was said to be inactive and
cargoes slow and dull, but this
seemed to make no difference with buyers,
who were watching New York and St.
Louis more than Liverpool. The former
market was only &c lower and steady, while
the latter declined but Is at the start. 1t
was thus demonstrated to-day that with a
concentration of bear influences wheat goes
down very reluctantly and slowly. There
are always bulls enough on hand to take
the offerings about as fast as they appear,
but not enough to make
PRICES GO HIGHER
and this keeps the market in slow and
dragging state most of the time. There was
very little that was new in the way of crOp
reports. but the weather was fine, both here
and in England. and the outlook encourag-
ing for better yield than has been antici-
pated. The same old French cholera scare
was made to do bear duty again to-day.
performing the bulk of its work dur
ing the early hours of the morning
arations for the regular Saturday afternoon
outing, and will probably be seen no more
until Monday. August wheat opened al
S75Sc, fell off TO S7$4c, and made an irreg
ular advance to SS15c. closing at SS35c
against SS1Ic yesterday. September CLOSED
nc lower at 9O1Ic. and October &c off, a
923sc.
1t is quite certain that Sid Kent's hold
ings of wheat, which have been large o.
late. were to-day and yesterday let go of
The only great holding of this grain now il
believed to be divided between the officer
of George C. Walker d Co. and William
Young & Co. These two houses have
CARRIED THEIR LOADS
so long that it is not likely they will drol
il now. AS to Walkers principals there i
the widest difference of opinion. The yarl
that n. K Fairbank and Marshall Fiel'
had pool in it isn't swallowed by thos
who know the dry goods men. AT on
time during the morning nearly eyerybod
was in the corn pit, crowdng it to over
flowing and making it show something tn
appearance it did during the memorabl
September deal The cause of to-day
gathering was simply a bluff on tn
part of the bulls to boom tn
market. but it declined to boom. The hes
that could be done was TO bulge seller tn
year up from 4O15c to 40Xc, and May, i
which option there is springing up larg
trade, from 415Ic TO 42c. The close wa
sc under yesterday, at 4715c July, 46T
August, 46%c September, 461sc October
4114c May. Our receipts are fair, an
rather increasing than otherwise. Crop re
ports on corn continue favorable, but tn
market is in a rut, where it promises to sta
until the farmers