St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-19
Chicago.
special to the Globe.

during tll6 week, anu Wnlle not lldkliS INC .
market one of amy great strength, have
tended to establish a slight advance over
prices current a week ago. except in corn,
which so far has WjthStood all attempts at
bull movement In a general way it may
be said that the market has shown only one
day Of even moderate activity. and that was
on Wednesday, when a pretty fly" crowd
in New York dictated the tone of cable on
advances. and for their own unhOly pur-
poses made them very warlike. The scheme
was primarily to affect the New |
York stock board, but it was proba- |
bly, felt to a greater extent in Chicago |
grain than on the first named exchange. |
With apparent prospects of a war between |
England and Russia, the fun liable. as
per cable, 10 begin at any moment, about |
everybody who had previously had the |
hardhoOd to sell ''tine," short made all pos !
sibe haste TO buy it back. To this was
added large purchases on speculative ac-
count; making the market advance 200
2Mc. more than it has moved in a single
day for a month. The next day, however,
the reaction came when the bogus and UNI
reliable character of the news was discov-
cred. Beyond this incident, which was a
clear case Of bull manipulation. there has
been practically no feature to the market.
AS compared with last weeks price
CASH WHEAT
is 115c higher, August 15Sc higher and
September also 135c advanced, but to this
there cannot be SAID to be any particular
significance. 1t cOuldfnot well be otherwise,
under the circumstances. Few cOnserya-
tive traders are as yet disposed to view the
general situation very much improved. We
have at present, say u, 0O0, 900 bu OF wheat
in home elevators. Before December there
-
this proportion Of excess over the present
stock. a large proportion of this will
come from Northwestern farmers who
thresh directly from the shock and are too
poor to afford storage facilities of
their own. What more natural. there
fore, than that they say to the Chicago
buyer: Il have got this wheat and no
place to store it. Take it and give Inc the
market price for it." and no Chicago buyer
heard of up to the present writing is going
to give SIC for something he can get fOr75c.
1t is believed, therefore, the effect of har-
vesting operations in the parts Of the coun-
try feeding Chicago will be to depresS
prices still little further, but after harvest
the country will have settled down, there
will be less rumors afloat to disturb prices,
and values themselves will advance by rea-
son of capital then taking hold of the har-
vested article be it wheat or corn. Specu-
lation at the present time is not dragging,
because of
NO MONEY
in the country. On the contrary, there was
never more of il. but because capital is
afraid to touch stuff so greatly affected by
any absurd rumOr an INSCRIPTIONS set of
scalpers may choose to set a1Oat, it can
readily be seen that the harvesting and
housing of the crop viii remove about all
the elements Of uncertainty on which the
market is now made dependent for its fluc-
tuatiOns The provision deal has been
particularly flat and featureleSS, though
made to record sympathetic advance of
20@25c in pork and &c in lard, as COM
pared with last Saturday. The bulls, fig
uratively speaking. spat on their hands
to-day and secured such a firm
hold on the market that nothing
could shake them off. They devoted the
bulk of their attention to wheat. which they
caused to advance within a fraction Of 1c.
The threadbare ruSe of depressing the open
Ing market, by denying yesterdays bullish
reports. was resOrted TO with fair success.
They worked prices off re and loaded up.
Later efforts We're confined to sending the
market up to sell on. which strength was
supplemented by the ''shorts" covering.
August opened &c lower, at safe the
where it closed September opened at
9f3lc, dropped off < and then advanced
rregularly to 9311 c and closed at 93c, 55c
over yesterday.
EARLY IN THE DAY
the report of a seven cent bulge in Odessa
wheat, which caused such 4 flutter on the
board at the afternoon session yesterday.
was denied. Later a report came i'm that
the Russians had decided to take Herat
This was supplemented by a report from
Paris. which had been received from the
French foreign Office, saying that large bod
les of Russians We're maSSed al the entrance
OF Iuliikar pass and the capture of llerat
by the Russians was certain. On this re-
port September wheat jumped an even cent,
and when the report came in that the Eng
fish cabinet were convened and We're re-
cejying reports from the Afghan frontier
prices advanced rapidly upwards. Rumors
are atioat on change that representatives of
foreign houses were on the board buying
heavily through brokers for Liverpool ac-
count. The market was stirred up and
shorts set to covering by private cable
direct from Odessa, received by the McCor-
mick Reaper company, reading: Hot
weather doing great damage to crops
Harvesting Will be over in Southern Russia
this week" The close of the week and
some recollectionS of disastrous experiences
in the past were the only causes prevent
ing an advance of two or three points. As
it was, the market was exceedingly strong
and the transactions large, more wheat be-
ing carried over than on any Saturday since
the original
WAR EXCITEMENT
of three months ago As / o'clock ap-
preached, with the well-known liberality
that always chalacterizes the wealthy. Les
ter, Bliss, Ream, Jones and Baker I'M
loaded quite generously and divided
September and October options up
among the little fellows so that almost
each individual of the wheat crowd will
carry a parcel over the holy day. The close
was 9055c August 93c September, $3.50
October.
Corn failed to respond to any extent to
the rise in wheat, as our daily receipts are
much larger than formerly and the
promise Of the new crop is simply gor-
geous. August and September are dis
posed to stay in the vicinity OF as,
while the fluctuations below that figure dc
not vary more than A@35c. Hence the
market, like that for provisions, continues
nominal and dull from day TO day, while
wheat abSorbs all the time the attention of
traders. Liverpool was said to be easier on
corn, but New York early was 16@14C
better. The market for corn from this
time on must swing like pendulum be-
tween the bulk of receipts on the one side
and the price of wheat on the other. The
close was fairly firm at 471sc August,
45Ic September and 4535c October
Oats were again quiet, but firmer in
sympathy with wheat, and closed K@4c
higher than twenty-four hours ago. july
of l. 10 nd