St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-22
A Very Quiet Day in the Grain Markets,
With Prices Finally Closing
Little Lower.
An Unexpected Decrease in the Visible
Wheat Supply Stiffens Prices at
the Opening,
But Later News Acts as a Wet
Blanket, Thereby Cause
Refiux.
A Slight Reaction in Stocks, With
Lines Steady--Gossip in
Wall Street.
Chicago.
Snnninl to the GlOhn-

Special TO the GLOBE.
CHICAGO, July 21.-The large decrease
in the visible supply of wheat as posted by
the secretary this morning was sufficient to
give tone and a strong start. 1t was hardly
expected by the best posted that the de-
crease would reach $50, 600 bushels, but
when it was aScertained that it amounted
to 3S5, 562 bushels for the week. the down
ward tendency was promptly checked.
Sympathy caused corn to follow
wheat. although there was an increase in
that supply of $50, 500 bushels. September
wheat began at 925Sc an advance of sc
from Yesterdays finish, and the buyers
were in large majority. Provisions were
trifie higher, though the receipts at the
stock yards continue to be unusually large,
and it is continual source of wonder to
the pork men where in ShOel all the hogs
come FROM what is your opinion of tie
crops in the Northwest, judging from what
you have recently seen and your latest adj
vices" was asked of Mr. Norm b. Ream
this morning. ''Well, ! went over nearly
the same section of country last year and
at about the same date, ;" he replied. Il
will say in comparison that the condition
in the
SOUTHERN HALF OF MINNESOTA
is different. if anything, from last year in
not being quite SO heavy. In Dakota 1t is
fully as good, with % per cent. larger acre
age. In Iowa the crop is fully equal to
last year in condition and acreage. As to
the probable course of the market,
regard the prospect as favorable for fair
prices The winter wheat crop being snort
farmers will be slow to sell it, and, owing
to heavy crops of hay, oats, barley and
spring wheat, they will be so pressed with
other work that it will necessitate late
movement in spring wheat. Conditions
abroad have somewhat improved the
bull situation in the past ten
days. Russia's reduced yield and
the more unfavOrable prospect of the
crop in the United Kingdom must neceSsi-
tate demand for American wheat"
''Then you may be classed among the
bulls?" Hardly that, l take it. do not
think there will be any marked advance or
any serious break, but that prices will re-
main reasonably steady at about what they
are. Later, for the reasons have given,
LOOK FOR AN ADVANCE.
''Just now am taking more lively in
tereSt in stocks, and have been trying to
ascertain whether Northwestern and ST.
Paul were going to have anything to carry.
They Will both have plenty" The market
remained very steady, though slightly in
CllllCtl ~ INttN lllCNSs Oub up lloObApll
ally on reports of smut and some miScellane-
Gus damage by storms. The heaviest
sellers were Lester and Clifford, but the day
throughout belonged to the Scalpers. The
same condition affected corn, and transac-
tons were light, with narrow variations. The
provision pit was like a deserted village, and
there is some talk of having it moved out.
''Oh, yes, those hogs" said George Brine,
''the great corn crop last year made them
and if it doesn't stop growing pretty soon
there will be more than ever next season.
With the immense stock of pork on hand,
which is being constantly added to, and
France and England with a surplus, there
is little prospect OF getting higher prices OF
seeing any activity. 1t isn't like the case
of the boy and the ground hog. We amt
out of meat. There is
TOO INTERNAL MUCH
of it, and prices are borne down precisely
as by the great wheat surplus. The course
of wheat from one day to another is quite
uncertain and unsteady. The market is so
sensitive and nervous that each and every
story and report which comes in during
trading hours is sure to put prices up or
down, hence the markets travelled over the
same ground a good many times in the
course of day or week. Yesterday. with
all the outside influences beariSh, the market
opened firm and advanced high enough to ell
able the longs to sell out, when prices broke
quickly down to q true and natural level.
To-day with all the outside facts and influ-
ences bullish, the market opens firm and
higher and then breaks quickly under the
effect of hot wheat report from New
q York, which has very little to do with Chi
cago spring No. 2. The unexpected de-
crease of the visible, the bad reports from
Russian crops, the strength of foreign ca
bleS and expectations OF more or less dam-
age 10 wheat now growing in Minnesota
and Dakota from the excessive heat, all
conSpired to a stronger feeling until
THE TIDE TURNED
under more favorable news from abroad
and from New York; but even then the
market partly recovered from the break and
remained firm till near the close. Liver
pool was said to be firmly held, and car
goes were a turn dearer and higher. But
New York opened ]6@X off, and St. Louis
caught the fever and also declined 1S@%,
with the effect here already noted. Later,
private cables noted an easier feeling in the
European markets, and consols were also
higher. The close was about 81 off, at
SSISc for July, SS]sc for August, 915Sc
for September, and 94c for October.
Corn showed an amount OF innate strength
to-day that was really surprising, under
the circumstances. September opened
about sc lower and then sold up A@3sc
right in the face of the decline in wheat
and also OF large receipts (about 900 cars
altOgether), and the additional fact of an
increase in the visible supply. Liverpool
was said to be easier on corn, though not
Quotably lower, and New York was off
4@5sc in sympathy with wheat: but here
corn not only held its own but actually adj
Vanced practically in the midst of a natur-
ally expected movement i'll other directions.
Cine
CAUSE OF THIS STRENGTH
may be owing to the fact that the
increase in the visible is quite small.
considering that the volume of daily
receipts has been so much greater of late.
thus showing that the demand for corn
keeps pace with the supply, even when that
supply is considerably enlarged. The close
was fairly steady at 1915 for July. 4556c
for August, As sc for September 443[c for
October and 41c for May Oats were
quiet, irregular and weak, and the closing
figures show a shrinkage of 1c for july
and sc for August and May delivery.
july sold at SIC, down to 291Ic, I'D ia
3O14c and closed at 303Sc. August closed
at 2G@26Ic, September closed at 25sIe.
The provision pit was almost deserted the
greater part of the morning session and
though pork opened from one to two points
above the closing prices yesterday it failed
to keep up and the figures at the close OF
the session were below yesterdays closing.
August pork opened at S10.3255 and sold
steadily downward to SlO25, where it re.
was 215c lower for pork at $40. 2215fa
10 301[ for AuUuSt and SaDtainho, mil