St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-13
+BusinessShOwn by the Weekly Clear
ings, But the General Situation
Quiet.
Only a Moderate Business Transacted On
'ohange-.Speculative List Firm
But Lower.
A Brief Review of the Events of the
Past Week in Trade On
sChange
Lively Day in Wall Street, With the
Bull Side Leading at the
Close.
Chicago.
Special to the Globe.

Grated In very lew words. w ltn DdnhS
the loanable fund supply is still as large as
ever, with few business interests seeking TO
lessen it by effecting loans on either call or
time. For either class of bank favor, how
ever, rates remain unchanged, but are not
very Stiffly held. General business,
as indicated by the bank clearings,
has barely held up to last weeks
figures, though the falling off is too small TO
have very much significance. In prices the
past six business days have brought about
decline of &c in cash wheat and &c i'll both
August and September delivery, after alter
nate ups and downs within a range OF about
Sc. During this time there has been so
little of an entirely legitimate nature III
sight to affect values that even these slight
changes have been largely the result OF
manipulation. Some large local houses dis
tinguished themselves early in the week by
''selling the CROP" but
THE FACT LEAKED OUT
that it was all ''long wheat" held princi-
pally by local moneyed men, who, the story
goes, lost heavily by viewing wheat as
cheap at 92c, or Whereabouts and loading
UP to the extent of 5000, 600 or 1000, 600
bushels They were finally forced TO the
conclusion, as these reviews have all along
predicted, that wheat must fall well into
the price is in keeping with the
supply and all other surrounding conditions.
The argument appearing to be the most
logical is that with a visible supply Of over
40, 600, 600 bushels, and the country now
harvesting crop of unknown proportions,
wheat cannot be legitimately manipulated
to show more than scalping profit, if pur-
chased at present prices.
The decrease shown early in the week
was in round figures 500, 900 bushels, but a
large share of it was made by not counting
the amount in transit, while a portion is
also accounted for through the overprOduc-
ton of -four at Northwestern mills. 1t is
believed the next supply statement will
show a slight increase. Those who con-
slider themselves
SHREwD GUESSERS
were all prepared for an increase last week,
but the altered method of computing the
visible befuddled them. 1t will be seen
local market has absorbed several million
bushels of long wheat and tended quite
steadily downward. 1t is, therefore, be-
lieved that the most weighty traders are
about even on the market Straight bull
houses still have their customers long con-
siderable stuff. 1t is believed the
present working plan is to bull
the market all it will stand,
floating cock and bull stories to keep the
ball rolling until late purchases show a
profit, when the balance of long wheat will
be unloaded.
Com has been relatively much firmer
than wheat, though the week as a whole or
by single days has failed to bring out any
particular features in the deal. Trading in
it has been on a moderate scale and of a
fixya bar oofar Hn-niUhf finds
cash corn 3sc lower, August re lower and
September nc off from last Friday. Trad
ing in May delivery was begun yesterday,
that option ranging from 4379 to 44c.
The provision trade has shown very few
features, the market being weak and heavy
during the early part of the week and clos
ing up strong and steady, at gain of 10c
in cash pork and being unchanged for both
August and September. The hog supply
is reported large, with packers keeping
down the price.
THE WHEAT MARKET
was somewhat of a surprise to-day. Be
fore the hour of trading the feeling
was very bearish and heavy, and
many thought large lot of
long stuff would be thrown at
the opening, but the market. after the first
onset of weakness, steadied and grew
firmer instead of weaker. August and
September opened about &c lower than
they closed yesterday, but as this took the
market at once below the put price it led to
good buying, and after it was discovered
that no selling panic was likely to ensue.
the feeling changed into one of strength
and prices advanced 56@%c. Liver
pool was said to be inactive and
cargoes slow and dull, but this
seemed to make no difference with buyers,
who were watching New York and st.
Louis more than Liverpool. The former
market was only &c lower and steady, while
the latter declined but &c at the start. II
was thus demonstrated to-day that with a
concentration of bear influences wheat goes
down very reluctantly and slowly. There
are always bulls enough Oh hand to take
the offerings about as fast as they appear,
but not enough to make
PRICES GO HIGHER
and this keeps the market in slow and
dragging state most of the time. There was
very little that was new in the way of crop
reports, but the weather was fine, both here
and in England, and the outlook encourag-
ing for better yield than has been antici-
pated. The same old French cholera scare
was made to do bear duty again to-day,
performing the bulk of its work dur
ing the early hours of the morning
session. Along toward noon it made prep
arations for the regular Saturday afternoon
outing, and will probably be seen no more
until Monday. August wheat opened at
S75Sc, fell off to S734c, and made an irreg-
ular advance to SS15c. closing at SS3Sc.
against SS15c yesterday. September closed
nc lower at 9019c. and October &c off, al
92%c.
1t is quite certain that Sid Kent's hold
ings Of wheat which have been large OF
late, were to-day and yesterday let go Of
The only great holding of this grain now is
believed TO be divided between the officers
of George c. Walker & Co. and William
Young u Co. These two houses have
CARRIED THEIR LOADS
so long that it is not likely they will dror
it now. AS to Walkers principals there i.
the widest difference of opinion The yarr
that n. &. Fairbank and Marshall Field
had pool in it isn't swallowed by those
who know the dry goods men. At one
time during the morning nearly everybody
was in the corn pit, crowding it to over
flowing and making it show something thC
appearance it did during the memorable
September deal. The cause of to-day.
gathering was simply a bluff on The
part of the bulls to boom tn,
market but it declined to boom. The hes
that could be done was to bulge seller tn,
year up from 4019c to 401Sc, and Nav. il
which option there is springing up a iarg,
trade, from 4112c to 42c. The close wa
&c under yesterday, at 475sc July, 46X
August, 465Sc September, 461Sc October
41Hc May. Our receipts are fair, ant
rather increasing than otherwise. Crop re
ports on corn continue favorable, but tn,
market is in rut, where it promises to sta,
until the farmers
POUR THEIR OLD CORN
into the market more freely than they hav