St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-28
WITH BULLS AND BEARS
Harvest Reports Highly Favorable and
Weak Market the Natural
Result.
Values of Breadstuffs and Hog Pro-
ducts Still Growing Better for the
Poor Man.
t'Longs,'' EeScalpers,o and "Shorts"
Differently Affected by the De-
Ginning Market.
A Lively Day on the Stock Exchange
Gould Still Source of Anxiety
to Traders.
Chicago
Special to the Globe.


CHICAGO, July Eft was a very small
house this morning that was not in receipt
of word of telegraphic crop reports from
all parts of the country. and. as rule, they
were quite uniform in the estimates. A
compilation from points in Ohio, Indiana
and Illinois shows that the yield is larger
than was anticipated, while the berry
is plump and heavy. Il. F. Cakes,
vice president of the Northern
Pacific, wired that the crops along his line
We're looking well. without material eXcep-
ton. the only one being i'll Minnesota.
where some rust is reported. Similar ad-
vices were also received from points on the
Manitoba, and it was further stated that, as
a whole farmers would sell at current
prices, some from the belief that they were
not likely to go higher. and many from ne
cesSity. As the inevitable result weak
opening followed. the September option de-
clning 3sc. to soc, and for October from
9355c 10 923sc. \ few orders arrived early,
but not in sufficient number 10 have any
appreciate effect. while
FAVORABLE CROP REPORTS
continued to come in thicker and faster
from all points of the compass. No par
ticular effort was made 10 break the mar
ket but it Sagged steadily and the business
consisted of selling and buying back again
by room traders on any fractional advance
or decline. Throughout the day was eX-
ceedmgly dull, and. as one scalper re-
marked it was almost an impOssibility TO
worry the price OF a glass of beer out of
the pit. The wheat market was very
heavy All last week there was a pro-
tracted battle between the two parties
around the figure 80 for September, and
nn h,,11 ohio 70 ha .l-at
above that figure: but to-day the SOC barrier
was broken through, if not broken down.
The report of the damage 10 the spring
wheat crop in the Northwest, which helped
to sustain the market last week, were
thoroughly cOntradicted to-day. Prof.
Richardson of the agricultural department
at Washington sent out word that there
would be the usual large average crop in
Dakota, and
THIS WAS CONFIRMED
by many other reports from Manitoba and
along the Northern Pacific route. King IL
Co. of Toledo reported that 300 replies
from points in Ohio. Indiana and Illinois
said that the yield of wheat would be better
than expected. Liverpool was reported
easier, and cargoes were dull and neglected,
with the weather in England hot and fore
ing. Receipts were heavy at st. Louis.
and the market was weak, which was
also true of New York. Our market
opened 55@Mc lower, and the same was
true at the other points mentioned. Early
buying against ''puts" caused a little up
turn. and then the whole mass went down
together, with September below 90c. The
future became more uncertain than ever.
The 10 o'clock close was &c under Satur-
day at SS14c for August and 9O1lc for Sep
fp1Ohnr tho af'tnrnaOn hoard iha hao
had the upper hand, and declined steadily
point by point until the close, when the fig
ureS
SHOWED A DECLINE
of 1@1Hc under the latest prices Of Satur-
day. We quote: $3.50 for July, SIC for
August, S91fc for September, 913sc for Oc-
tober, S1.01$I for May. Some fine looking
samples of Dakota spring wheat We're eX-
hiI<ted on the board. They came from the
vicinity of Fargo. Corn was rocl-bound
and immovable as usual, with but little
trading on account of steadiness
and firmness. Prices varied hardly
enough to pay commissions. Liverpool
was said to be easier. but not quotably
lower. That fact. however, had no effect
on prices here, with the limited supply of
corn on hand, and only moderate receipts
coming i'll, lower prices for few months
are very improbable. no matter what may
be done with wheat. August to-day re-
manned at or near 4515c, and September
was about &c below. Car lots to-day
were fair-39S cars-but for to-
morrow are estimated at 40
cars for two days. So that receipts show
signs Of falling off. and with the first turn
i'll wheat it is predicted corn will be in good
shape to 90 higher. Oats were more active
and No. for July was held up and
closed 16@4c higher than on Saturday,
bIS the
LARGE FUTURES FELL OFF
H@Ac. July sold at 321 @33c and closed
at 32$4c. August sold at 25%@2Gc
and closed at the inside. September
closed at 25c and October at
25Tc. But little was said of the
July squeeze to-day, and timid holders are
hopeful that there will be break in the OBJ
ton. A spasmodic effort was made to gal
vanize the pork crowd iuto some semblance
of life, and for a time it babe fair to be sue
cesSful. The September stuff advanced 1Oc.
but the burden was too heavy to be borne
by the bulls in the present debilitated con-
dltion, and an ease-off was the result The
advance was caused by lively buying by
the shorts, but they were unable
TO keep prices up owing to the break in
wheat and pork closed about the same as
on Saturday, while lard and ribs show
decline of 272c. There is 4 possibility of
lighter receipts of hogs this week and if
this should prove true, q slight advance i'm
prices predicted. Otherwise the longs will
have occasion to regret their recent acuui-
Sition. The closing for August and Sep
TENDER stuff was as follows: Pork. $40. 1917
@10.20; lard, $6.50@6.60; short ribs, So 90