St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-21
WHEATTAKES A BRACE
COVERING or SHORTS AND BRISK
INVESTMENT DEMAND.
Wheat Move Up Peg. While Corn
and Oats Are Of-Stocks Bet
ter in Both New York and Lon
don-Cheap Stocks in Good De-
mand.

CHICAGO, July 20.-Wheat was con-
yalescent today. The upturn was due
to comparatively steady cables, con-
firmation Of good export transactions,
higher quotations for stocks, less SELL
ing pressure, unfavorable crop reports,
covering of shorts and brisk invest
ment demand. Corn and oats sold down
sharply on great crop prospects. Com
pared with yesterdays close. wheat is
up &c. while corn is off sc and oats 1c.
PROVISIONS were i'll good demand from
shorts. Lard shows gain for Septem-
Der of 2719c and for October of 2215c.
Ribs for September improved 1715c and
pork 15c.
Wheat developed decidedly better
tone at the outset. There was no fresh
calamity news, and, on the contrary,
the situation was thought to have ma
terlally improved. Stocks were better
IN both New York and London, which
was taken as conclusive evidence of
more confidence in financial circles.
The cash purchases yesterday aggre-
gated over 100000 blu at various points
which reported. Wet weather in Eng
land, where. the harvest is going on,
was also an element of strength.
The selling was light and indicated
apparently that the weak holders had
pretty generally unloaded and that
liquidation was about over. The Gin
cinnati Price Current reported that
spring wheat had suffered some
deterioration during the last week,
and this helped to create firmness.
Cudahys brokers' were good buy
ers almost from the start. Then. too,
st. Louis journal figured out the
worlds wheat crop to be 1OO,OO0,OO0
bushels short of last year. There was
some demand for cash wheat again to-
day. and Minneapolis reported 100000
bushels soid-some parties say mostly
to mlllerS, others say for shipment. The
market at the opening was about 56(0$4c
higher than yesterday, declined 150$lc,
then rallied and advanced 7S(0Ic. ruled
little Irregular, and the closing was
steady at 55936c from the top.
The corn market was moderately firm
put inactive until after the estimates
for tomorrow's receipts had been given
out at $50 cars, when it weakened. The
reports from the country were for the
most part Of the most favorable kind
concerning the progress of the crop.
Receipts were 565 cars, Of which 249
were contract.
The market became heavier as the
session advanced and final uotations
were the lowest of the day. The lower
prices brought no increase of business.
The pit at no time of the day presented
AN animated appearance and scalping
among the local spectators constituted
tlfteen-sixteenths of the days transact
tions.
Oats were weaker in sympathy with
corn, although the Price Current said
that crop prospects had been impaired
by rust in the West. Almost every
body seemed inclined to sell, and buy
ing orders were scarce.
The provision market was active and
strong in the article of lard, and dull
but firm for the other articles on the
list The receipts of hogs were
a disappointment to the bears,
numbering only $4,000. COM
pared with $4,000 estimated. Yes
terday's short sellers, who argued
that because the market on that day
appeared to need bolstering, that il was
therefore in weak condition, were sur
priSed to find how little they could buy
today without bidding the price up on
themselves. Closing figures were 100
zoe under best prices.
A good demand for Vessel-room ex-
listed. The offerings were light and
rates firm at 1$4c for wheat, and AZ
for corn TO Buffalo.
Estimated receipts for tomorrow:
Wheat, "a cars; corn, $50 cars: oats,
2O5 cars; hogs, 1900.