St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-15
Give a Little Calm Reflection to the
Events of the Week on
Change.
Contrary to Expectation, Wheat Opened
Higher, Disappointing the Short
Sellers.
But a Rush to Sell Sent Closing Prices
Near the Lowest Figures OF
the Day.
Action of Postmaster General Villas
Knocks the Pins from Under
Pacific Mail.
Chicago.

pairing present prices throughout With thOse
current on last Friday, the last SIX day 5
struggle cannot be written down as much Oh
victory for either element. Fluctuations,
however, have been wide enough from cay
to day to offer an attractive field for the MS
play of skill in Scalping, and to TINS CLASS
belongs all the credit of sustaining the Selll-
blance of activity on the floor OF the eA.
change. The increased wheat supply ol
over four hundred thousand bushels for the
week carried values downward with greater
regularity and to to further distance
than like report usually does, for during
the early days of the week there was little
else on which to ''work" the market.
Later the government crop report attracted
wide attention, and prior to its publication
attracted good deal of speculation as to
the showing it would make. The estimate
of $50. 900, 600 bushels as a crop was for
time lever in the
HANDS OF THE BULLS,
principally because it cuts off nearly %, 0O0,-
900 bushels from the crop of 1884. The
tendency of traders, however, is to take a
very superficial view of this showing, while
about everybody acknowledges the crop to
be short one, and buys everything offered
in blind belief that there will not be wheat
enough to make bread Of Few pay the
necessary attention to 45, 600, 000 bu.we now
have as visible supply, and seem to en-
tirely ignore the fact that more wheat Will
in all likelihood be carried over than the
shortage amounts to. The practical view
should be that there is no shortage. AS
traders begin to realize this there will be
less bulling of an article already so high IN
price that it can only be handled for Specu-
Iatiye purposes. 1t was doubtless the divine
intention that wheat should be ground into
flour with which to make bread. Under
the present conditions it cannot be put to
this use. the price of -four leaving no mar
gin of profit for the miller. The recent
closing of the Norton mills in this city,
after seventeen years of
UNINTERRUPTED GRINDING.
is a commentary on the condition of the
flour market Estimates by authorities in
the flour trade are that the present flour
supply in the United States is 5000, 600
barrels Before millerS will add to this
enormous supply a certain percentage of it
must be put out Of the way. This can
only be done by home consumption, there
being an entire absence of shipping or eX-
port demand for any grade, and the process
of depletion is, therefore, very slow. Since
Saturday last, clique of considerable
prominence has made itself felt in wheat,
DIV supreme eXertiOnS to bull the July OPP
ton above 92c, or at point where it can
profitably unload some 3,000,O00 bushels.
Current gossip is that this amount is held
by Frank Work of New York, and that his
Chicago ''confederateS' are George Ell
bridge, n. B. Ream. O., III. Roche and Billy
Linn. The action of this quartet in re-
peatedly bearing the market to buy little
4<Dr 1fN11r fOV no
whole and then bulling it for the purpose
Of selling at the top lends coloring of
truth to the story that the New Y orker has
alittle more Chicago wheat than he can
comfortably stagger under. The effect of
THIS UNLOADING
land its being dumped is only question of
time). of the steady increase in the visible
supply and of the continued absence of any
export demand, can only be to send all
values to still lower point. Looking over
the commercial situation in its entirety.
therefore. a careful observer is constrained
to call grain values decidedly too high and
to predict lower prices, if left to their
natural course. AS compared with prices
current week ago. wheat is now 1c lower,
corn &c higher and pork substantially I'M
changed.
Speculation in wheat to-day was rather
active and the market was weak and lower.
Saturday being a short day at best, most of
the trading usually is more in the way of
''evening up than in new and bold opera
tions This rule. however, does not hold
good in times of strong opinion and feeling.
From some underlined cause the market
opened this morning firlner and higher, but
the advance was not sustained. The linger-
ing effect of the MillerS' association report
was still felt and consols early were off a
point or two, and these things in the minds
Of those whose wish was father to the
thought, created an expectation of
ANOTHER BOOM.
But on the other hand other reports from
Minneapolis said the present receipts of
wheat would be likely to continue for three
months and that there was 25, 900, 600 BUSH
els of old wheat yet in that section of the
country. Another report from Nebraska
said that farmers were all busy and that
prospects for good crops never were better.
Who and what to believe at first puzzled
the best of traders. July and August
opened 4@8c higher, sold up &c more
and then went off with a run to SS5sc for
July and 90Ic for August, but rallied
little later in the session. Liverpool, for
wonder, was firm, " and cargoes quiet and
steady, with 6 pence per quar-
ter advance in California wheat
on passage. Private cables, however, at
later hour, said the weather in England
was hot and forcing, and that foreign or
ders for spring wheat at New York had
been reduced 3 pence per quarter. New
York and St. Louis opened steadily or 1c
better and subsequently followed onr lead.
Primes bulletins OH the crop are as lugubri-
Gus as ever, but
NO ONE BELIEVES
more than half what he says. Private and
unofficial reports are growing more favor
able each day, and with continued good
weather it is calculated that the wheat har-
vest will yet turn out much as the Illinois
strawberries have-all killed early and the
biggest crop of years at the end The close
was weak at 1s@Ac under yesterday, quo
table at SS3lc July, 9OMc August, 92slc
September.
Corn continues to hang at its old figures.
although this morning on the posting of
larger receipts than had been ANTICIPATED
an effort was made to sell it down. But
large houses stepped in and took all that
was offered, when the selling stopped in
stanter and little rise succeeded Liver
pool said corn was ''quiet, but steady" and
this pretty accurately describes its condi-
IloH everywhere. lHefe Is some 1alnt
whispering around of ''deal' in corn at
no distant dav, but this matter will proba-
bly, be determined entirely by the volume
of
CURRENT RECEIPTS.
Whymore corn does not come into mar
ket puzzles everyone, as the present price
is high for it in proportion to wheat or
pork. July and August opened &c lower,
sold up &c early and then off sc, in sym
pathy with the down turn in wheat. The
market was quiet at the close, at 4715c
June. 1870 July. 451sc August
Oats sank A@1c, the near futures
being the weakest. Large receipts, pros