St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-08-06
WHEAT WENT Up.
SEVERAL ELEMENTS CONSPIRE
TO GIVE THE PRICE A LIT
TIE STRENGTH.
VISIBLE STILL DROPPING.
WET WEATHER IN FRANCE AND
LIGHT RECEIPTS OF WIN
TER WHEAT.
BULLS START THE BALL EARLY.
in Foreign Markets AS
sist Them to a Considerable
Extent.

CHICAGO, Aug. 5.-Wheat today was
hrm, while other grains and provisions
were weak. Compared with Satur-
days closing prices wheat is &c higher,
corn &c and oats sc lower; pork lost
221ac, lard and ribs 121kc each. Wet
weather in France, small winter wheat
receipts and a still decreasing visible
were the influences in wheat. The
weakness in the other markets had it's
source exclusively in the favorable re-
ports of the growing corn. The OPEN
ing of wheat revealed the existence of
a considerable quantity of bullish eX-
plosives in the pit. Frank Dunn, NJ G.
Mitchell and few others touched
them off and sent the price upward
with bang. The rise was not
very high, but it sufficed to alarm a
few shorts, which kept the advance go
ing Tor about an hour. 1t took about
that time for the September delivery to
rise from 6S1sc and 6814c, at the start,
to $3.50. The chief reason for the bet
ter feeling was the receipt of cable
grams from the European continent
quoting a better feeling, said to be on
account Of wet weather in France,
where the wheat harvest is now in
progress. The foreigners had buying
orders in this market at the start for
both December and September. The
bull feeling was kept in check by the
news regarding spring wheat in the
Northwest. The Market Record, of
Minneapolis, estimates the crop of the
three big spring wheat states at 14O,-
100000 bushels, and some estimates of
Northwestern elevator men exceeded
that by from 20,O00,OOO to go, C0O,O 600 BUSH
els. The news, apart from the great
promise for spring wheat, was bullish.
The price had gradually worked down
again through the selling out of long
stuff until there were sellers of Septem-
Der at Csc. Just at that point the re-
suit of the visible statement was made
known. 1t showed decrease of 712 900
bushels, and that leaves the total at
3S,517,C00 bushels, against &C, 103, OCO bush
els a year ago and SO, 430, 0G0 bushels the
corresponding date of 1893. Following
that the bull contingent took fresh
courage and raised the price to 6S34c
before II o'clock. Chicago receipts were
So cars, AZ of which We're new red Win
ter; only were No. 2. On the CORE
spending day of last year the receipts
were 1,025 cars, Of which S39 were con-
tract. The total receipts at primary
Western markets were 1921 900 bushels
against ], 154,000 bushels last year. From
the four principal ports $4,000 bushels of
wheat and $4,000 packages of flour COM
prised the shipments for twenty-four
hours. To make amends for that in
some measure the quantity on ocean
passage was 100000 bushels less for
the week.
The European continental markets
came higher at the close, more es-
peclally the Paris quotations, which
gave an advance equivalent to SIC per
bu. That was the sustaining infiu-
ence which kept the price firm at be-
tween 6S12c and 6S24c in the afternoon.
1890 bu of wheat had been worked
from here for export, but although
some negotia tons We're in progress for
such quantity they had not resulted
| Baltimore. reported twelve boatloads
taken there for export. The price here
again dropped to 6Sssc, rose once more
to G9c and closed at 6S3s@6S24c.
Corn was weak under the very favor
| able crop prospects, and for the greater
part of the session the traders did not
appear to care which delivery they sold
short. September, although an old
crop delivery, being highest, appeared
to be the most attractive for the sellers.
The beariSh feeling lasted until within
an hour of the close, about which time
the strength of wheat caused some of
matter, especially as regarded sales for
next months delivery. September re-
covered sc of its decline, but at the
| close was still 5s@%4c below Saturday s
| final quotations. May at the close had
| lost nearly 1c per blu, the closing today
being 3324 QS3sc, compared with 1880
| 35%c on Saturday.
Oats declined again and displayed a
very weak feeling throughout. The
| eas.nesS and lower prices were con-
tinuation of Saturdays heavy market,
with some assistance from corn. A
| decrease of 1,132.000 bu in the visible
supply was shown, and the market
recovered slightly. September opened
| at from Else to- 2114c, sold at 213sc,
dropped off to 2034c, which breaks the
record for the lowest point of the sea
son, and closed at 207ac.
| Provisions fell in value in sympathy
with the decline in the price of corn
and absence of activity in the demand
| for hog products. The continuous de-
cline in these articles brings out sacri-
fetal offerings of long stuff on every
lower quotation. The receipts of hogs
were only $4,000 and only 5000 are eX-
! pected tomorrow. Owing to that very
small hog movement prices opened uI
strong and shade over Saturday s
| closing rates, but in the end September
pork had lost 221ac and lard and ribs
each PIC.
Estimates for Tuesday: Wheat, lib
| corn, SIS; oats, 313; hogs, 5000.
The leading futures ranged as Iots
| lows: