St. Paul daily globe., 1885-06-28
Such Appears to be the Present Course Of
the Grain and Provision
Markets.
A Review of the Week Shows Decline In
Prices With Bear Arguments
Predominant.
A Somewhat Weaker Feeling All
Around, Although Prices
Remain Steady.
A Rumor That Wall Street is Sup
ported by Capital From the
Wild West.
Chicago.

wheat Local operators did nearly all Oh
It. They did not do great deal, and took
rood care to stand even on the market at
Ihe close of each day, content if their scalp
ing operations had earned living expenses.
: Outside orders continue as scarce as hens 3
teeth. and if it were not for the local scalp
ers the speculative department woulo pe aG
4 standstill August wheat is aDOut sc a
hushel lower than a week ago, the IuIl
ange being 9316c off to S94c. closing at
s91c. The daily fluctuations were 19@1c
,busheI, the lowest prices being on Friday,
but the market did not stay long at that
igUre Though the bears appear 10 nave
little the best of it, yet the DullS Ieel con-
ident that wheat will do better Ihey
eagerly watch the cropreports and calculate
On a shortage in the total crop that Will tel
. by and by The last estimate received
makes the spring wheat crop 12O, OO0, OOO
bushels. With these figures
ASABASIS
bull operators calculate the next govern
ment report will give the total production
; of wheat this year at $50, 600, 900 bushels.
They saw the spring wheat is suffering in
Minnesota and so badly in Dakota that
orders have been given to stop the building
of elevators at some of the towns. The
bears laugh at these reports. They argue
that the spring crop is looking well and that
there will be full average Of $50, 900, 600
bushels. They exhibit dispatches from
Kansas, where harvesting Is In progress,
showing 25 per cent. larger yield than the
farmers had expected, and similar reports
from Ohio are shown. The bears also point
to the big stock of old wheat in sight on the
opening of a new crop year and say it costs
about 50, 900 day to carry the stock that is
stored in Chicago elevators alone. They
predict that a good many holders will de-
liver this wheat on the first OF the month
and it will come on the market and smash
it all to bits The indications are, however,
that the wheat to be delivered will go into
the hands of people who are willing TO carry
it. and very little will be offered on the
market.
THE WHEAT MARKET TO-DAY
was very quiet and dull, with little DISPOSE
ton to trade on either side. Saturday is
called the short day under all circumstances
on account of having no afternoon session,
but to-day the additional circumstances OF
oppressive heat and the proximity OF the
races" conSpired to make it doubly con-
spicuous. Most of the transactions were in
the nature of turning over outside deals
from July to September, in order to pro-
vide against deliveries the coming week.
Outside orders and business were very
light and there was little inducement to
buy or sell. Liverpool was reported
steady and cargoes the same at unchanged
quotations. August opened sc lower and
for the first half of the session the range of
fluctuations was only &c. The bears
. seemed little shy of selling August under
9Oc and the wheat offered below that point
at first was quickly picked up. Reports
were had from Southern Illinois, bad and
good from Indiana, according to location,
UNQUALIFIEDLY BAD
from Kansas and very encouraging from
Texas. The general feeling, however, is
that we shall have better crop
: of winter wheat, taking the country
through, than has been predicted. 1t is
still too early to know much about the out
put of the spring crop, as the trying time
for it will be during the next month. In
the latter part of the session the market fell
to the put price-S93 3gc-and then rallied
trife. The close was very quiet, at SIC for
June, S75Sc July, S9$lc August, and 91Ic
September.
Some of the quidnuncs assert that the
visible supply next week will show de-
crease of 500, 900 bushels in the stock in
sight The talk in the wheat crowd now is
that on July there will be a general shift
ing off of their loads by the carriers. The
talk of ''hOt' wheat, which has been so
much indulged in that some of the sensitive
fellows with money have, it is
plain, become little uneasy, with Is, O0O,-
600 bushels of grain here and the houses
too full to give much room for moving the
grain over frequently, it is feared that some
of the stuff will go wrong. A grain carrier
is a super-conservative individual, who
takes no risks. This talk and the thought
that perhaps the carriers will really unload
is the great
BEAR INFLUENCE NOWADAYS.
Corn, while not so active as wheat, has
shown fair amount of life, with good
deal of independent strength. Liberal re-
ceipts continue, but shippers stand ready to
take the offerings. Operators are disinclined
to sell futures freely, as they think the re-
ceipts are likely to fall off shortly and
then they would be left to the mercy of the
few parties who control the cash trade.
Farmers deliveries are expected to be less
hereafter, till after harvest at least, and it
is said the country elevators are nearly
emptied of corn. The market opened about
Yesterdays closing prices and remained as
nearly stationary as it could be and move at
all. Receipts were good and under their in
fuence August opened 77sc lower, but the
range of price from that point could be COW
cred by &c. Liverpool was firm on corn.
Reports from the country were very en-.
.ouraging. This hot weather is helping the
-ate-pIanted fields amazingly. In Texas the
outlook is the
FINEST EVER KNOWN.
but in Kansas half the fields are said to be
already destroyed by the web worm. In
some places in that state old corn is already
Ill. 10
bushel. Very little old corn is
left and none whatever in cribs.
June advanced a to 475Sc. July was
steady at 46%@46Isc, and August declined
Il to 46Ic, which was the end of the chap
Ter. The prospects of the growing crops
are good, and with seaSonable weather
through the remaining summer months, a
large crop will be harvested. Of 1900 re-
ports, in answer to questions about the
stand, 749 say good, 1,052 fair and 3S6
poor, the general average condition
being Sc, against SO last year. On the
+ other hand inquiries relating to the amount
Of stock in farmers hands, as compared
with 1884, 1895 reports are in the negative,
while but 739 present bear argument
Oats have shown less strength than corn,
and although business has been fairly active
and up to- the recent average volume the
tone mas Deen ldIle anu prices tended down.
ward. Closing figures to-day were the in
side for the week, at 323sc June, 3215c
July, 2759c August, 261ac September
Provisions have been noticeably inactive
during the past seven days, business, from
a speculative point of view, having been
dull and featureless. Prices have under
gone but slight alteration, the close to-day
being without quotable change from those
ruling week ago. There was but little
done in futures, except in the way of
changing. Offerings were unusually small.
Pork closed 21zc lower, at $1O.2215 for
July SfO.35 for August and S1O.45 for