Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-06-13
WHEAT CLOSES TOLERABLY WEAK.
The Bulls Still Confident Of Higher
Prices, However.
PROVISIONS DROP PEG or TWO.
The Stock Market in New York Show.
ing Considerable Strength.
CHICAGO.
Especial Telegram 10 the Globe. I


and prices fell. Later, however, the shorts
began to fill outstanding contracts, when
a frmness set in and the decline was more
than Tegained. In the afternoon there
was another reaction, but the market
closed with higher figures quoted for
wheat, corn and oats than yesterday. Not
withstanding heavy shipments, especially
of corn, the stocks of grain at this point
are increasing. Chicago elevators, as per
official returns, contain 5,997,294 bushels
wheat; 3,307,037 corn; 622,81 oats; 1866
rye, and 1851 barley, making a grand
toGal of 11,O22,3 35 bushels, against 1885,
1873 week ago, and 1928, 7O6 at this period
last year. As compared with last week
the above statement shows an increase of
157,427 bushels of weat, 377,7O9 corn,
1882 oats, and a decrease of 16.62S bush
els rye and 1858 bushels barley. Mil
waukee warehouses are stored with 1.S4l,-
165 bushels wheat, 62.939 corn. 55.945
bushels oats, 1890 bushels rye, and
1S9, 444 bushels barley. The amount of
grain in sight in the United States and
Canada is placed at wheat 2O,2S4, 815 bush
els, corn -, $40 bushels, oats $685.
rye 1,741, PA, barley 52O,347. The receipts
here to-day, although not so great as yes
terday, were large-74 cars wheat, 74S
corn and 189 oats being inspected in,
while 1855 bushels wheat, $4,000 corn
and 1881 oats were shipped out, and
vessels chartered to move 100000 bushels
corn and $4,000 oats.
The McGeoch-Fowler inquiry continues
to develop interesting testimony. Numer-
Gus employees of the Fowlers continue to
swear to the adulteration of their lard with
cotton seed oil aud tallow, and analytical
chemists find these substances in that
which they examined. While neither is
at al injurious to the health or particu-
larry to the lard, yet the average consumer
prefers to know what he is using and
wants none of these substances. How sue
cessfully the Anglo-American company can
combat this evidence remains to be seen.
On the regular board wheat, although
not dealt in very freely, was stronger than
if has been for some time. Thsre was
only moderate activity in the market,
and prices were rather irregular and the
huctuatiOn of the session was about11Ic.and
at close July was &c higher than at l O'Clock
yesterday, August &c higher, September
sc higher, October sc higher. The mar
ket opened 35c higher than it closed yes
terday, but there were free sellers, followed
by decline of % @3Ic, when prices react
ed and the decline recovered, again eased
OFF, then changed slightly near the close,
and sold up 112c from the lowest point.
eased of some, but closed firm. On the
call board later another rush of sellers
caused decline of 3$@58c, July closing
the day at $L11B@1 .12c and September at
S1.l4B 1.15c. A million bushels were
sold on call. Notwithstanding the con-
tinued depression in the market the
bulls still kept up good cheer
seemingly. Perhaps the most sarguine
on that side is Lindblun, who issued
circular to his customers to-day in which
he says: ''The nine spots in the trade who
get their views and ideas made to order.
are now busy circulating reports that
this and that party must be forced to sell
out. So far as we are concerned, we re-
gard them harmless. We are used to be-
ing in the minority, and to do pioneer
work. and are not ashamed to read our
own letters when they get old. We have
never seen the wheat situation so strong
as at present, and if wheat does not sell
at $1.25 here we shall think it time for
Us to quit the trade. We will be only
bears at 81. 50 and be ridiculed for it.
Even spring wheat reports are getting
gloomy, and rust IS doing damage in
Kansas"
Corn was stronger to-day owing to
rainy weather here and through the west
and southwest. The freight engagements
yesterday also exerted a strengthening
influence. Shorts seemed more disposed
to cover. Some operators are not bulls
now, hesitate to sell short, while the pres
ent big demand continues and the crops
remain in more or less danger. On the
board there was a fair degree of activity
in the market, and though prices fuctu-
ated, the. general tendency was upwards,
and at the close June was &c higher than
at the close yesterday, July &c, August
q September IS and year &c higher.
The market opened strong and 15@5Sc
above the closing figures yesterday. ruled
steady for time. but under free SELL
ing there was a speedy drop
of fully 12c, but later the market recovered
and sold above the opening figures, weak
ened some, then again improved, and
closed rather firm. The shipping demand
continues brisk. On call there was a
slight break. the offerings being then very
free, and 100000 bushels sold at LA kc
lower than at 1 o'clock prices.
Oats are rather dull. During the ses-
sion of the board the shipping demand
was good, and the sample market was firm.
with white oats to go to elevator a trife
better. Speculative trading we're fairly
active, and prices for near futures were ir
regular. No. > cash in fair demand.
mainly on speculative account. The
near futures were fairly active
and unsettled. Early in the
session June and July deliveries ranged
Ia &c higher. This improvement was
lost, and the market ruled quiet and easv