Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-07-03
NUMBER 40
THE JUNE DEAL.
CLostnO Up the Books II, Chicago.
ICh;cauo Tr;hnne JnN

L ! Fl
The interest in produce circles yesterday
( chiefly conferred on the closing Of the wheat
deal for June. There was an active trading
elsewhere, chiefly in provisions, corn and
oats, but the wheat deal was watched with
deep interest by not few who had nothing
else to do there, and, of course it was mar
rowly scanned by the many who had out
standing trades for June, beside those who
were operating in July and August contracts.
To outside appearance the market was steady
and rather slow. The steadiness sur
prised not few. It was widely expected
that the price would be advanced to $1,000
LILO for spot No. 2 wheat, but it was held
steadily all day at $1.07, which was the
standing quotation of Saturday. Doubtless
the longs had all they cared to stand at that
figure. The current receipts were large,
about 266 car loads of No. 2 spring beng
received, all of which the longs had to buy,
in addition to some wheat already In store,
and now and then round blocks sold by par
ties who intended to ssplay smart" on the deal.
1t seemed as if the purchases made by
the longs far exceeded their sales, the shorts
being rather slow in settling, though there
were good many of them. It was difficult
estimate of the extent of the uncovered
deal. Some thought there was little out,
while others believed that considerably over
million bushels remained uncovered out of
the nearly seven millions of June shorts in
existence not more than ten days ago.
After the close of the regular market at
o'clock there was more desire to settle, and
good many did so in quiet way, over 2O0,-
600 bushels being thus cleaned up. The de-
llveries of the afternoon were large, and the
leading firm was too busy up to late hour
in scanning receipts and country checks to
be able to count up the number of those
who had ssdefaulted." The quantity will
not much exceed 100000 bushels, which
is probably not more than two per cent. of
the entire deal for this month, and less than
that small percentage of the whole operation.
Most of the wheat was bought an an average
of 9Oa95c. The buying commenced at 9'c,
and followed the market down to $500,
then upwards to SLIGO, where it stopped.
The combination has probably sold ten
times as much as they have bought at over
$1.O0; and claims to have good consum-
ing demand at remnnerative prices.
The firm conducting the deal, presumably
in the interest of the New York capitalists
who have been under wheat in the West for
several months past, deny that there has
been any such thing as q corner" They
say that the wheat was bought upon its mer-
it's, in the belief that it could bs sold for
consumption at good prices, and that events
are justifying the wisdom of the course. They
refer to the decreased acrea ge and bad wealth
er in western Europe as indicating that all the
wheat we have to spare will be wanted on
the other side of tho Atlantic. They bought
the wheat and expected to pay for it when
delivered. There has been squeeze never
theless.
The question now recura: Will the market
be also pinched during July?
They have had similar squeeze in Balti-
more. Wheat for June delivery advanced
13c per bushel in that market last Thursday,
and still there was not enough to fill the con-
tracts made to deliver wheat for shipment
to Europe.