St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-22
TRADE LESS ACTIVE.
Uneventful Ending of singularly Dull
Week on the Chicago Board
of Trade.
Wheat Bobs Up and Down Under the Com
bined Influence of Conflicting
Reports.
Markets Show Slight Decline From
Highest Prices of the Week,
Closing Dull.
The Corner in Manitoba Advances the
Prices of All Stocks-- Wall
Street Gossip.
Chicago.

Chicago
Special to the Globe.
CHICAGO. June 2O-Wheat appears to
be gaining friends. A good many OF the
old heads are reaching the conclusion that
the crop of winter wheat is short enough
to make considerable hole in the worlds
supply. They argue that the next govern
ment report will show a smaller estimate OF
the production than did the last. The Mil
lers' associations estimate was about 20
600. 900 bushels below the governments,
and a subsequent report from Ohio makes
the nations crop still smaller. When asked
why prices keep down, these older heads
saw the heavy stocks in sight depress the
market, and capitalists are unwilling 10 IN
vest till they see their way clear. III Is
calculated said dealer, THAT the winter
wheat crop of Missouri, Ohio and Indiana
will not exceed requirements. Ii the
farmers in those states hold
part of their crop the buyers
who usually enter the market when the nrst
new winter wheat arrives Will De turning
their attention to the old stock. Ihls Will
bring the trade to Chicago, which, II seems
to me, is going to have the cream OF the
business this year. l think SO, because ~
per cent. of the old stock is stored IN our
bnlk of the spring wheat raised comes mere,
and buyers will have to seek it
IN THIS MARKET.
MINNEAPOLIS milIers have not all shut
down. and, what is more, they are not sell
ing the wheat they held in their own city
and in Duluth. Some of the boys on
'change have been surprised at the rather
free receipts of wheat here recently. They
say that there are indications that the far
mers have lots of old wheat.
Now nearly all of it came from Minnesota
and Wisconsin. and l learn from truStWor-
thy advices that there is very little more to
come. / am not bull on the market, but
| believe in wheat l believe our North
western wheat will sell readily at better
prices than are now ruling. Though they
may not range above 81 a bushel, with
good demand for grain in Chicago this fall
business of all kinds will be better. Despite
this hopeful view of the future wheat has
advanced but little in the past week, and
this rise was lost at the close. F1rmer
cables have puzzled some people, as they
came in the face of big imports at European
posts, and there has been little inquiry at
the seaboard for export. The crop adylceS
FROM THE NORTHWEST
are generally favorable, and dealers look
for full average crop Of spring wheat.
The local market has been subjected to the
usual ups and downs, averaging A@Mc
daily. The trading is chiefly local and of
Scalping order. Several strong operators
are believed to have been under the market
all the week. Friday they appeared to be
realizing, and the whole list of futures fell
off, the bears Selling the opportunity to put
new line of short trade. August wheat
and al
91%c. The difference is the expense of car
rying wheat at this point, and in Buffalo is
attracting the attention of dealers, and some
wheat has been shipped from Milwaukee
to Buffalo and put in store there. The cost
of carving the 4, 900, 900 bushels in elevator
here is estimated at SO, 600 week, includ-
ing storage rates, insurance and interest
In Buffalo about half the elevators are
empty and grain will be stored for about
sc month, against &c here. A shipper
says: ''Wheat can be taken to Buffalo by
sail vessel for about 1c a bushel, which with
the
OTHER EXPENSES
would bring the first months cost of carry
ing to about &c. After that it would be
3s@15c. Still, people wont touch the
grain, simply because they are so uncertain
about its future" Corn continues in first
class demand for shipment. AS this
branch of trade is in few hands spectators
seem inclined to dabble sparingly in futures.
A large line of shorts has recently been
covered. The boys took fright at smaller
receipts, yelling ''There's going to be
squeeze" and settled up their trades Since
they stepped out corn has shown a strong
inclination to follow in the footsteps of
wheat, and closes nc lower than week
ago and DC below the highest prices of the
week.
Foreign cables showed much better
European market, and under this influence
wheat opened M@35c higher to-day than
yesterdays closing, but gradually declined
about &c, rallying before the close. Re
ports were received saying that heavy rains
were doing much damage to the crop
throughout
TIE NORTHWEST
and that the new crop of winter wheat was
being harvested in Kansas, and was much
better than was expected. These advices
left the longs and the shorts about even on
crop reports. They were badly mixed,
however. over the foreign news. The Eng
fish markets. though again quoted firmer by
the public dispatches, were quoted steady
or easier by private advice. Owing to this
contradiction many operators were afraid to
do anything, and they stood around and
watched the crowd, some of them venturing
now and then to make scalp. A telegram
saying that the first consignment of Mis-
souri, wheat had arrived in St. Louis and
helped to weaken that market was received
On Change. AS soon as the boys heard
it they used it with other bearish talk to
depress prices here. Toward the last there
was a reaction, and wheat closed about the
same as yesterday. July wheat sold down
from 904c, the opening. to S915c and
closed at S9Ic. August closed at 92c and
September at 94c.
THERE IS A VERY
general opinion abroad that the Jones
clique unloaded a great deal Of wheat yes
terday and night before last. 81 don't be-
lieve that they will buy it back, either
said another, until the prices recedes
some" The market has not rallied easily
this week, although strenuous efforts have
been put forth to advance it. 1t is
little disappointing to the small traders
that Nat Jones, backed as he is
supposed to be by Woerishoffer and Charley
Osborne of New York, should not have ac-
complished more. But the fight on his
hands is a big one. 1t begins to look as if
Fraley had turned bear at ST. Louis. At
Milwaukee McGeoch and Ed Sanderson are
selling the wheat that the young bull party
can take care of. For this reason Jones, if
he wants to advance prices, must do>it here,
and, of course, in this he is opposed by
Ream and John Cudahy, two doughty OPP
pOnentS. There was good shipping demand
for cash corn to-day and the larger receipts
were all taken. The trade in futures was
rather small, the closing being about I'M
changed, at 47c for June, 461Zc July,
461sc August and September. Oats were
dull nearly all day. A part Of the time
the corner where the oats crowd trade was
deserted. The oat brokers huddled together
inst at the close and took a hand in wind