St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-08
Over Yesterdays Prices, Unloading Profit
less, Long" Wheat Still Being
the Proper Oaper.
The Visible Supply, Crop Reports and
Other Outside Influences the Bull
Arguments
Cereals, as Well as Provisions.
Close Higher and Considerably
Ftrmer.
Steady Feeling in Stocks, but No Out
side Support--The Finan-
cial World.
Chicago
Special To the Globe

Special to the Globe.
CHICAGO, July IA combination of cir
cumStanceS made the market this morning,
accounts being received of heavy rains inter
fering with and injuring the harvest IN
Kansas, a long line of shorts out yesterday,
reports of firmnesS abroad, and the natural
and almost inevitable rebound after heavy
decline on previous day impaired strength
i'll the wheat pit while light receipts OF
hogs and sympathy with grain had SINH
lar effect on provisions. The NAV OF the
market was stretched wide open again for
the purpose of taking in several million
bushels of wheat, which was purchased the
best part of two months ago and has been
carried until the present time, when the
deal, continuing to show profit on the
wrong side, it was thrown overheard as
rubbish well rid of. The gossips say Lester
let go of over 1000, 600 to-day and That
now he is about out of the deal, though he
may. have little jag of few hun
dred thousand. In a general way the big
houses were disposed to sell, and III fact
did let go of large quantities, adopting
about the same tactics as yesterday. when
near deliveries were sold and deferred
futures moderately purchased as an offset.
In fact the wheat market proved
A GREAT DISAPPOINTMENT
to the bulls to-day, while the ''other fell
lows" were fairly rubbing their hands with
glee. Under the influence of a SOS, 307
bu. decrease in the visible supply last week,
prices here opened &c higher than yester-
days close for August and September, and
not few thought the tide had now turned
in favor of the bulls. This feeling was
increased by the fact that the st. Louis
market which was so weak yesterday,
opened higher and advanced &c, while New
York was steady and a fraction better.
But the bears appeared on deck in full
force at the outset, where they were soon
joined by lot of disguised longs who had
got tired of holding stuff on a weak market,
and they proceeded to unload ali the wheat
that the crowd would take. This broke
prices at once, and after the market started
downward it never stopped until
S7Hc for August had been struck.
Everybody seemed to be selling at one time
and only the shorts were buying. The two
facts which make the market so heavy are
continued foreign Indifference and the AZ
rivals of new wheat. The present quantity
is so great that no notice is taken of any
prospective shortage, either here or in Eu-
rope. Liverpool told
THE OLD STORY
of steadiness and quiet, and cargoes were the
same. This prolonged absence of any de-
mand for our large stock of old wheat
presses down prices like lead. One large
operator says the world raised enough
wheat last year to last it eighteen months
without any new crop. and it
begins to look as though he
may be right in this opinion. Prime,
however, continues his reports of damage,
and does not change them a particle. In
Tennessee he says old wheat is now selling
for 81 bushel, with a harvest of new
wheat which does not average more than
four bushels to the acre. while In Kentucky
there is not enough for seed. The morning
close was &c higher than yesterday, but
there was still firmer feeling on the after
noon board, 35@15c being added to the
morning close, occasioned by heavy cover
ings by shorts and rumors of heavy ship
mentS from New York. Closing prices
were the highest of the day, at S53Sc July,
SS19c August, 90@Sc September, 925sc Oc-
tober.
Under any circumstances the corn market
would have gone all to pieces, in sympathy
with the wheat market, but there were no
deliveries in July cCen. and operators are
afraid to run the prices down. There is a
feeling among the knowing ones that the
family corner" as they call it, is going to
get the better of them. They refer to
NOrtOn-W burlington, who. some people
say, are running corner for Henry Clewes
of New York. AT any rate, they are
BUYING UP CORN
and locking itup. Operators are afraid to
sell it short, although the visible supply
shows a large increase. Crop reports show
the growing crop to be doing eXcellently.
and in fact ali outside indications point to
lower market. The fluctuations for the en-
tire morning session were only &c. The corn
market to-day, for the first time in weeks,
showed some weakness. There was an in
crease of about 30, 900 bushels in the visible
supply last week. Receipts to-day num-
bered about 100 cars. Liverpool was dull
on corn and Id per GENITAL lower and when
wheat broke August corn declined &c and
September PC. but when wheat reacted
both futures went back to their old places.
46&@47c. Prime reports the amount of
corn in cribs at 2, LA points to be only
1000, 600 bushels, against 4, 500, 900 bushels
last year at the same time, and if this le-
port proves to be reli able there is very little
danger of much decline in corn until the
welfare OF the new crop is assured. which
VIII not be until the middle of September
at least. On the late board there was added
strength in sympathy with wheat and the
feeling was quite firm at 475sc july. Axe
August, lie September and 46 &c October.
OATS WERE DULL
and without material alteration of value.
Trading was light and offerings for all de-
lveries were liberal and the tone was quiet.
There was no important feature noticeable
during the afternoon session, and last prices
are about the same as yesterdays close.
The close was steady at 313Ic for July.
n T1pt ncf = 10 E
In the provision pit the bulls and bears
were about evenly matched for the
greater part of the day, but at the
close of the session the bulls appeared
to have little the best of it. August pork
closed at S9.9719, or 71lc above the opening
and 1926 above yesterdays closing The
lowest point August reached during
the morning session was SO. IS.
Singer was about the heaviest buver
early in the day, while Walker sold ont
most as freely later. The market opened a
shade higher than yesterday, but there was
nc serious departure from the prices then
ruling. Mess pork advanced 10c, ribs 715c
and lard 215c, with only moderate business
doing and rather tame feeling all around
at o'clock, when there were sellers at the
advance noted Receipts of hogs were very
lights, 900, presumably-owing to holiday
Interference with the country movement.
This afternoon the feeling was fairly firm.
in sympathy with wheat, but closing prices
show no Quotable change from the ruling
at o'clock. Demand was almost entirely
speculative. but offerings of all product.
especially ribs, were lighter than usual.
The product for August and September
closed: Pork, $9.95@10. 0259; lard, So. 550
6.s5; short ribs, S5.27H@5.
The Quotations.