St. Paul daily globe., 1885-06-13

WITH BULLS AND BEARS
Too Much 0verselling on Thursday
Helps the Bulls on Change
Trife.
More Crop Talk and the Acceptance Of
Gladstone's Resignation Help
Stiffen Prices,
the Entire Speculative List Closes
Firm and Steady, at a Slight
Advance.
Phil Arrnour's New Connection With
st. Paul Keeping the Gossips
Going.
Chicago.

day, with the expectation of much lower
prices to-day, but when the market opened
only a lower, and Immediately SOLD up
1Sc these sellers began to lower ana take III
their profits. Another fact that influenced
prices was a report that the Mlllers aSSocla-
ton of Minneapolis had estimated the next
crop at only $50. 900, 900 bushels, against
500, 900. 600, as put forth by the Washing
ton bureau. This led many to think that
possibly the latter authority had made a
mistake. and all the bad reports heretofore
given were at least as well founded as the
estimate of government officials. 1t seems
certain that there must be mistake some
where about the reported condition of the
growing wheat, as the case now stands vir-
tuallv thus: The Washington bureau VS.. all
other sources of information. Prime and
all the state authorities have been lying, or
the WashingsOn bureau is miSinformed.
Both cannot be right, and the people can
choose which
HORN OF THE DILEMMA
best suits their preconceived opinions. The
cable, however, said that wheat abroad was
more firmly held. Last night on the curb
everybody was selling ''Calls" were set
down as worthless kind Of property and
''putS" were in great demand. AS a result
who decided that that they would rather
take their chances in opposing the crowd
than in going along with it. AS a result
the figures in the wheat pit began to act
erratiYe. There was a small but very harp
advance The little shorts began to fear
that they had put out little too recklessly.
When they wanted to buy in hurry sellers
were not very numerous. Provisions and
corn acted as wheat did. The signs of the
early morning were all borne out as the
market continued. There was scarcely any
notable trading. The price kept Oe going up
until S95sc, the ''calr' price for July, had
been passed and wheat was going at S9$4 %
S95Sc for July delivery. Around soc for
July and 91c for August quite battle took
place between the two forces, but the
BULLS CAME OUT AHEAD.
I,iyerpOOl reports only a moderate de-
mand," while cargOes were ''quiet and neg
lected,'' but quotations were unchanged.
No one, however, expects anything encour-
aging from foreign markets while their
present glut Of receipts continues. The
weather in England was warmer. New
York opened &c lower for July and 3Sc for
August, while st. Louis was greatly de-
moraliZed at the start, opening &c off fol
July and &c lower for August. But that
market for long time has been the highest
one in the country, and decline was greatly
needed to bring it on a level with others.
The news of the acceptance of Gladstone
resignation, and of the suInmoning OF Sails
bury to the queens presence, came about
this time. Whether a change of admins
tration in England meant further interna-
tiOnal complications was an open question,
but the slight decline in cOnSulS rather fav-
orod tho nboOaoc of mora difficulty A { faI
as can be ascertained the ''big bulls" are
still holding on their wheat, and firmly be-
lieve in better prices for it later in the
season. Smith of Field, Lindley & Co.
and Kammerer appeared to be interested in
bulling the price, and bid for 10, 000-bushel
lots at the top of the market. They didn't
get the wheat. The only feature Of the
morning was the fact that there was very
LITTLE WHEAT FOR SALE.
When the market closed at 1 o'clock the
traders who bought ''calls" last night had a
profit in them of just &c. At 1 o'clock the
close was S9lc for July wheat, 46%c fol
July corn, SO. As for July pork and S6.6 3
for July lard. This afternoon the tone was
rather easier and although no material de-
cline is noted, there was no more disposition
to sell. The last sales show an advance OF
about 3lc on the day, the was $500 July,
9115c August, 931ac September.
The situation in corn continues dull and
strong and will do so until the farmers shell
out more literally. Trading is very light
comparatively because no one cares to sell
much under existing circumstances. Neither
is there any great profit in buying. Every
body is waiting for more corn to come in,
and when it gets here or looms up in sight,
trading will commence again. Liverpool
said that corn was ''firinly held" there, and
the same is true everywhere. Our receipts
were fair, but not heavy, while the
DEMAND Is STEADILY GOOD.
July and August opened &c lower. but
advanced about 5sc with wheat, the range
running from 46@465sc. The close was
steady at about ~ advance at 471ac June,
4636c July, 4614c August, 4638 C September.
Speculative demand was rather more active
when wheat strengthened. but the volume
of business was not above the recent aver
age and was chiefly confined to local traders.
Oats showed slightly improved tone, but
business was light and values have under
gone no material change. On the afternoon
session there was dull feeling and prices
were shade lower, but there were no new
features noticeable. The market closed
about &c better than On yesterday. June
closed at 3354c, July ranged at 33A A@33 sc,
closing at the highest figure, August closed
at 2815c, September 271lc.
From the action of the ''shorts'' in provis-
ions it was quite evident they believed pork
was going higher. George Baldwin, who
has been quite largely on this side of the
market, took 10, 900 barrels of July pork
from Cudahy at S10.35. This is the largest
trade the provision pit has witnessed for a
long time past. Provisions were generally
stronger and higher, mess pork having been
spaEingly offered, while
SHORT SELLERS
seemed anxious to provide for outstanding
contracts. Lard was also in good demand
and advanced during the morning session.
Ribs were stronger under good speculative
inquiry. Pork sold up to 2715c over yes
terday, but less than half the advance was
retained owing to a disposition to sell or
the afternoon board. July pork opened al
5000, advanced to S10.5215, closing quiet
at S1O.3715 or 1870 higher than yesterday.
July lard shows gain of 10c, closing al
S6.65, and short ribs for the same month
closed at 121zc over yesterday atS5. 4213
At the stock yards the receipts of cattle
were liberal demand active and the turn
rather in favor of sellers. Among the fresh
receipts were about 1900 Texan grasses,
which sold substantially lower than hereto
fore. The receipts Of hogs were liberal,
the demand strong and prices to 1Oc
higher. The receipts at Kansas City were
O,0OO, and 16, 900 ON the market. At the
four centers the receipts aggregate around
about 46, 600, of which Chicago gets 26. 900
to %, 600.
The Quotations.
CHICAGO. June 12.-Flour dull and un-
changed. Wheat market opened a shade
lower, afterwards improved 13Sc, eased off
14c and closed 11sc higher than yesterday
Sales ranged: June, S7ss@8715c, closed at
s7s6c; July, SS19@897sc, closed at S959@89$zc;
August 9OhM911Sc. closed at 9l5InGI3Ic: