The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-07-23
MARKET SUMMARY.
FINANCIAL

MINNEAPOLIS, July 22.-This was John
A Logan's day in Chicago. The Chlcago
board of trade refused to do business in order
to do him honor. AS a consequence the local
market has ruled dull and featureless save
that of weakness. Early Liverpool cables
were encouraging on their face, showing sd
to 11sd advance, but New York exporters
were candid enough to say that though cables
were higher, bids from the other side were
so limited as to values that it was impracti-
cable to try to do business on the basis sub
mitted. As a consequence New York was
weak and lower and in the absence OF any
other mentor our local market submitted to
the sentiment prevailing in New YORK.
From dispatches received from Chicago short
" after the opening it was learned that a
few traders had met on the curb and fixed
the price for September wheat at 1S1sc,
against NC, yesterdays close, and that there
was more than the usual amount OF indifTer-
ence shown as to the course of the market.
This was explained, however, by reporting
that yesterdays trading was largely of the
evening up Sort and that both short and
long were resting easy awaiting developments.
Taken altogether there was very fair busi-
ness done on the local exchange today, and
while prices were somewhat irregular the
general trend of values was TO lower level.
About Ills a. m. New York advised of
sharp advance being recorded there because
of decided bullish news from the Northwest.
Our market responded at once by quick
rally of p cent for September. Second cables
were discouragng showing a decline of 1l2d
from the top price Of the morning.
The news of the day was limited in guam
tity because Of Chicago being closed. Lon
don cables quoted cargoeS at I'd per quarter
higher but the advance had checked the de-
mand. French markets were reported higher,
but not active at the advance. We have also
a cable purporting to come from Berlin say
ing that wheat is easy at lower prices be-
cause of large offerings from Northern Rus
STA, and that the weather in South Russia
is better and prospects a shade better for
the crops. Gables from London said that the
Italian crop promises to be fully 10 per cent
less than last year.
The Italian crop message requires to be
received with mental reserve in the accept
ance. 1t is the first time tor the season that
the crop of Italy has been mentioned q
factor; we fancy that this cable came through
while Chicago was asleep or dofing its hat TO
John A. Logan. The last European mail ad-
vices reported the crop of Italy as in fair
conu2tion.
Clearances from the seaboard aggregated
q little over 800, 600 bu today.
July wheat opened at soc, against SuAc
yesterday, sold down to 791sc, and by noon
held at iY4sc
September wheat opened at 7OBc, against
71Ac yesterday, sold shortly after at 70Ac,
advanced to lie, lost 12c, frmed up to 7Oa4c,
dropped to 697s470c, sold at 70c lost Ac
advanced to 7O12c, lost 4Sc, and by noon
held at 70l2c.
The demand for No. 1 northern cash was
fair at sc over the July option, but No.
and lower grades were slow to move. Sales
were made per statement below.
Receipts here were 251 cars; shipments,
cars.
The market during the noon hour was not
quite so strong as at mid-session. Trading
was very light. There nothing new eX-
cept cables, which quoted London wheat steady
and quiet, Paris to 10 centimes higher and
Antwerp steady at the advance of the morn
ing. July wheat closed at 1880, September
at Zee.