St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-24
WHEAT QUITE FIRM.
EXPORTS FOR THE WEEK LARGEST
or THE YEAR.
FIVE MILLIONS SENT ABROAD.
The Bottom Knocked Out of the
Stock Market-Depression Due
to London Heaviness and Bear
.Activity-Steady Shrinkage All
Alongt the Line.
From the SUNDAY GLoBE.1

CHICAGO, July 22.-The wheat and
corn markets today struggled against
breaking banks, and emerged smiling
with gain of &c sticking to wheat,
and 1c to corn. Very bad reports of the
out-turn of the oat thrashings gave that
market lively hoist also. The weak
sister among the speculative markets
was provisions, which declined, although
hog receipts were light.
The heavy exports Of wheat, amount
ing for the week to the enormous total
of 5,O77. 600 blu was the chief element of
strength.
The market at the opening was about
I@5sc higher and advanced sc more,
then became weak, and, with slight
fluctuations, declined about &c, rallied
again. and the closing was firm at the
top prices of the day. The market
opened up strong OH the big clearances
for the week, but weakened off on the
bank failures reported at Milwau-
kee. The closing was strong on
an increased export business here,
some $4,000 bu being taken. Oper-
atOrs were not disposed to sell wheat
freely at the current prices, and there
seemed to be fair buying at around &c
cents for September. Shorts seemed to
be covering. 1t was estimated that the
visible supply would show decrease
of about 100000 bushels. Advices
from many points in the winter wheat
districts say that the farmers are stack
ing their wheat and that the movement
will be light. The receipts for the
week at the eight primary points were
100000 bushels smaller than the cor
responding week year ago.
Corn was moderately active with a
stronger feeling prevalent. Market
opened at yesterdays closing figures
and soon sold up sc on good buying by
some of the larger receiving concerns,
some of whom were short, several large
lines changing hands. 1t is claimed
that drOuth is commencing to work some
injury i'll the central portion of this state
and i'll Northern Indiana and Ohio, but
outside of these localities little COM
plant is heard. The weather caused
shorts to feel uneasy and anxious and
many covered in consequence. Market,
after the early upturn, went back &c
with the decline in wheat, but rallied
again, selling up &@1c and closed with
X@156c gain. The Withdrawals from
store were again large at 563. no blu and
a good cash demand Is said to prevail
There was better feeling in oats, the
offerings being lighter and the demand
larger. Opening prices were at nearly
the lowest prices except for May, and
the close was steady at the top, with a
net gain for the day of 5s@1c, the Sep
TENDER being the strongest. There was
better demand from shorts, owing to
continued reports of rust in Iowa, and
the late strength i'll corn also helped the
market.
Provisions opened little higher on
smaller receipts of hogs than expected,
but the bank news from Milwaukee
caused weak feeling. There was but
little trading. At the close, compared
with last night. pork was nominally I'M
changed, lard 15c lower, and ribs 719c
lower.
Freights were dull and easier at 196
9119c for corn to Buffalo.
Estimated receipts for Monday:
Wheat, 140 cars; corn, 515 cars; oats,
$50 cars; hogs, $1,000.
The leading futures ranged as follows: