St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-24
REPORTS AT VARI AN CE
Conflicting Visible Supply Statements that
Bothered the Spectators on
Change.
The Cereals Holding Their Own Firmly,
With Corn Still Fair
Favorite.
Oats, Though Quiet, Show slight
ACKNOWLEDGEMENTS Gain
Few Points.
Brokers Watching Each Other, Won
dering Where Lightning VIII
Strike Next.
Chicago.
SDenial to the Chine

Special to the Globe.
CHICAGO, June 23.-''The New York
visible supply statement" said an old ope-
rator on 'change, ''shows a decrease OF
400 bushels in the stock of wheat IN
sight at the close of business Saturday
night. The Chicago statement compiled
for the same time shows an increase OF
about 500, 900 bushels. A dispatch from
Kansas says the winter wheat crop is turn
ing out badly Another one from the same
points says the yield is better than the
farmers had anticipated. Now, what are
such reports good for? They may do for
this crowd of scalperS, but they are OF little
value to anybody else. Judging from the
performances in the wheat pit to-day" said
the veteran, Squirning in his chair, they
have been of precious little use to any OF
the boys. After the first hour wheat was
simply wriggled back and forth = to Is OF
a cent. The crowd, after all other news
had proved useless, talked about war be-
tween England and Russia and froStS In
Michigan and Wisconsin. These stories
didn't appear to be the kind Of medicine
the market needed, for they had no appar-
ent effect either one way or the other. Ii l
was going to
EMPRESS AN OPINION,
1 should say the proper way to prepare a
visible supply statement would be to give
the stocks in store at different points and
the quantities shipped and in transit during
the week, leaving the public to make its
!, own estimates of the total quantity and the
o. increase or decrease. Under such a system
two reports should agree, while now they
are compiled differently and never do agree.
think my plan would be the best One."
The wheat market to-day surprised a
good many. 1t was thought yesterday that
if the visible this morning showed an in
crease, prices would surely decline accord
ingly. When the increase was announced
the market opened 4@ssc lower, and then
Immediately advanced &c, and showed
considerable firmneSS throughout the seS-
siOn-all offerings by the bears being
quickly taken by the other side. After the
first hour everything was almost absolutely
lifeleSS, an occasional scalping deal between
room traders alone serving to keep up a
show. For reasons best known to them
selves the heavy operators held off and let
matters drift, and in the face of the notion
that break of 2 or cents was imminent,
prices ruled remarkably firm. After II
o'clock the boys became hilarious, through
sheer idleness and the
OCCASIONAL TRANSACTIONS
were varied with choice selections of Sun
day school songs, rendered Oh all the notes
from high to low z. The more popular
were Go Tell Miss Nancy, John Browns
Body. while by way of variety several
dudish hats, thought to be little too tall,
were ruthlessly battered. Receipts were
not very heavy and the new York statement
made larger decrease in the visible supply
than the Chicago increase; but Liverpool
was ''Quieter'' and cargoes were also quiet,
with pence per quarter decline in Cali
fOrnia wheat en- route. Harvest reports
from Southern Illinois, Missouri and Wash
ingtOn territory were all more favorable.
although Primes utteranceS exhibited no
change for the better. Whether spectators
have any faith in better prices for wheat or
not, the outside people have an abiding
belief in the future of this grain, and are
losing no opportunity to get some of it on
every decline. A report was circulated on
change that the present stock of breadstuffS
in Liverpool is twice as large as it was
March 81, but it
MADE NO DIFFERENCE
with the market here The bull feeling is
strong enough to take all that is offered,
and as long as this continues no large de-
cline is possible. The difference in opin-
ion, however, among the best traders re-
garding the market is very radical, and
nearly as many believe in lower prices as in
higher. Hence the market travels over
about the same ground from day to day.
On the late board there was shade better
feeling, and the market improved &c, clos
ing &c higher than yesterday, at soc June,
S9Slc July, 91$lc August, 932lc September.
The course of the corn market was even
a greater surprise. Although receipts were
about 700 cars for two days, yet most deal
ers were calculating upon more than this
amount, and the result was sharp buying
movement which sent July up to 4719c,
with August Il C under. The talk about
''deal' in this grain was more pronounced
to-day than ever, although some ridiculed
the idea. But whether true or false the
markets seem to be held by
PERSONS OR CIRCUMSTANCES,
Or by both combined, SO that advances are
much easier than declines. Liverpool was
firm on corn, but not quotably higher,
while New York followed the lead of our
market. Of course prices eased off some
after the wants of buyers had been met.
but the undercurrent of strength was very
marked. A great many are looking for
music in corn" before another crop is Sc
cured, although current reports from the
fields are favorable as a rule. The OPEN
ing was &c lower, on a basis of 1870 for
July, but closing prices were the highest of
the day, showing an improvement of 40
&c ON the day. Shorts were badly scared
and bought freely. Latest quotations were
4Sc June, 47%c July, 471ac August, 47s6c
September.
Oats had little more strength and sold
up and closed better than on yesterday, but
the volume of business transacted in No. 2,
for future delivery, was only fair and
almost exclusively in the way of filling
shorts. July sold at and between $3.50
325sc and closed at sage. Sample lots on
track were frmer in sympathy with the
speculative grade, but the bidding was not
spirited.
Provisions were dull, but values were a
shade higher for all products. During the
morning session business was almost wholly
neglected, traders having dispersed and left
the pit" empty most Of the time. On the
afternoon board there was but little done
and quotations. were unchanged. Closing
figures show an advance of SC on mess
pork, 21Sc on ribs, and lard unchanged, as
compared with those of yesterday after
noon. Pork closed at S10.271S for June
and July, .3711s for August and $40. 4715
for September. Lard closed at S6.65@
6.7215 for July and August and short ribs
at S3.50@5.45 for July and August.
T1,o Ruof.<zo,,s