St. Paul daily globe., 1885-06-21
Wheat Bobs Up and Down Under the Com
bined Influence of Conflicting
Reports.
Markets Show a Slight Decline From
Highest Prices of the Week,
Closing Dull.
The Corner in Manitoba Advances the
Prices of All Stocks-- Wall
Street Gossip.
Chicago.
Special to the Globe.

to make considerable hole in the worlds
supply. They argue that the next govern
1nent report will show a smaller estimate Oh
The production than did the last. Inc Mll-
lers' associations estimate was about ~
600. 900 bushels below the governments
and subsequent report from ono makes
the nations crop still smaller. When asked
why prices keep down, these older heads
say the heavy stocks in sight depress the
market. and capitalists are unwilling to III
vest till they see their way clear. 1T is
calculated, said dealer, ''that the winter
wheat crop of Missouri. Ohio and Indiana
will not exceed requirements. If the
farmers in those states hold
part of their crop the buyers
who usually enter the market when the first
new winter wheat arrives will be turning
their attention to the old stock. This will
bring the trade to Chicago, which, it seems
to me. is going to have the cream OF the
business this year. | think so, because 40
Der cent of the old stock is stored in our
elevators. and it will all be wanted. The
bnlk of the spring wheat raised comes here,
and buyers will have to seek it
IN THIS MARKET.
Minneapolis millers have not all shut
down. and what is more they are not SELL
ingthe wheat they held in their own city
and in Duluth. Some Of the boys on
change have been surprised at the rather
free receipts of wheat here recently. They
say that there are indications that the far
mers have lots OF old wheat.
Now nearly all of it came from Minnesota
and Wisconsin, and [ learn from trustwor-
thy advices that there is very little more to
come. | am not bull on the market, but
] believe in wheat. I believe our North
western wheat will sell readily at better
prices than are now ruling. Though they
NAV not range above 81 a buShel, with a
good demand for grain in Chicago this fall
business of all kinds will be better. Despite
this hOpeful view of the future wheat has
advanced but little in the past week, and
this rise was lost at the close. Firmer
cables have puzzled some people, as they
came in the face of big imports at European
posts. and there has been little inquiry at
the seaboard for export The crop adVlceS
FROM THE NORTHWEST
are generally favorable, and dealers look
for full average crop Of spring wheat.
The local market has been subjected to the
usual ups and downs, averaging A@Mc
daily. The trading is chiefly local and of
scaIping order Several strong operators
are believed to have been under the market
all the week. Friday they appeared to be
realizing, and the whole list Of futures fell
off, the bears seizing the opportunity to put
a new line of short trade. August wheat
sold from coke up to 9315c,and closed at
913lc The difference is the expense of car
ryiEg wheat at this point, and i'll Buffalo is
attracting the attention of dealers, and some
wheat has been shipped from Milwaukee
to Buffalo and put III store there. The cost
of carrying the 4. 900. 600 bushels in elevator
here is estimated at $4,000 week, lnclud-
ing storage rates, insurance and interest.
In Buffalo about half the elevators are
empty and grain will be stored for about
&c month"; against 1 112c here. A shipper
says: 'sWheat can be taken to Buffalo by
sail vessel for about 1c bushel, which with
the
OTHER EXPENSES
would bring the first months cost of carry
ing to about 13lc. After that it would be
35@15c. Still, people wont touch the
grain, simply because they are so uncertain
about its futureo Corn continues in first
class demand for shipment. AS this
branch of trade is in few hands spectators
seem inclined to dabble sparingly in futures.
A large line of shorts has recently been
covered. The boys took fright at smaller
receipts, yelling There's going to be
squeeze" and settled up their trades. Since
they stepped out corn has shown a strong
inclination to follow in the footsteps of
wheat. and closes &c lower than week
ago and 11ac below the highest prices of the
week.
Foreign cables showed a much better
European market, and under this influence
wheat opened I@3sc higher to-day than
Yesterdays closing but gradually declined
about 15c, rallying before the close. Re
ports were received saying that heavy rains
were doing much damage to the crop
throughout
THE NORTHWEST
and that the new crop of winter wheat was
being harvested in Kansas, and was much
better than was expected. These adviceS
left the longs and the shorts about even Oh
crop reports. They were badly mixed,
however. over the foreign news. The Eng
lsh markets, though again quoted firmer by
the public dispatches, were quoted steady
OF easier by private advice. Owing to this
contradiction many operators were afraid to
do anything, and they. stood around and
watched the crowd, some of them venturing
now and then to make scalp. A telegram
saving that the first consignment of Mis-
souri, wheat had arrived in st. Louis and
helped to weaken that market was received
on change. AS soon as the boys heard
it they used it with other bearish talk to
depress prices here. Toward the last there
was a reaction, and wheat closed about the
same as Yesterday. July wheat sold down
from 90Ic, the opening. to S91gc and
closed at S9Tc. August closed at 92c and
September at 94c.
THERE IS A VERY
general opinion abroad that the Jones
clique unloaded great deal of wheat yes
terday and night before last. 81 don't be-
lieve that they will buy it back, either"
some" The market has not rallied easily
this week, although strenuous efforts have
been put forth to advance it. It is
little disappointing to the small traders
that Nat Jones, backed as he is
supposed to be by Woerishoffer and Charley
Osborne of New York, should not have ac-
complished more But the fight on his
hands is big one. 1t begins to look as if
Fraley had turned bear at ST. Louis. AT
Milwaukee McGeoch and Ed SanderSon are
selling the wheat that the young bull party
can take care of. For this reason Jones, if
he wants to advance prices, must do it here,
and, OF course. in this he is opposed by
Ream and John Cudahy, two doughty op-
pOnents. There was good shipping demand
for cash corn to-day and the larger receipts
were ali taken. The trade in futures was
rather small, the closing being about un-
changed, at 47c for June, 4615c July.
46Tc August and September. Oats were
dull nearly all day. A part of the time
the corner where the oats crowd trade was
deserted. The oat brokers huddled together
just at the close, and took hand in wind
ing up the market The close was about
&c under yesterday, at 321a, June and
July; 2Sc, August; 27e, September.
Provisions were weaker at the opening,
but later showed more strength. Consid-
erably more business was done at the pro-