St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-11
SOMEWHAT DEPRESSED.
The Wheat Market Opens Strong and
Advances, While Everything
Else Declines.
But Later the Bears Get in Their Work,
and the Markets Close Lower
and Weak.
The Crowd Unable to Decide Whether
the Wheat Clique Is selling
or Not. .''.----
Deacon Whites. Views on the wall
Streat Situation Financial
Matters.
Chicago.
Snecial to the Globe.

Chicago.
Special to the Globe.
CHICAGO, June 10.-The provision men
set the pace for wheat traders at the OPEN
ing, and Wagner, George Baldwin, Holden
and others who do the heavy standing round
about the pork pit, began selling at the
opening These are the men who dld most
of the buying for the present large holdefs.
At the start the crowd leaped 10 Tie coil-
clusiOn that the holders wanted 10 uillodu.
This theory sent July from 917sc 10 9o28c.
Then it occurred to some OF them tnaI per-
haps there was only a ruse TO get Out d new
and timorouS short interest. Instantly the
figures advanced re- Then came a. season
of guessing and struggling, and as, the hg-
ureS moved up or moved down the crowd
moved from one position on this question
to the other. Wheat to-day was uncertain
and irregular, though moderately firm UNI
der continued reports of crop damages and
much lower estimates of the total yield. At
the Opening of the session the feeling was
decidedly weak, as it was yesterday morn
ING. and prices declined %@Ac in few
minutes. Then the market rallied to the
opening figures, but again went down. The
principal difficulty, at present, IS the TACT
that nearly everybody is ''long," and there
is no one to
BUY THE STUFF
which these parties hold. This, of course,
makes the market stilted and 'tOppy' and
somewhat precarious as regards any further
advance. Were it not for the present I'M
certainty attending the change of admins
tration in England coupled with the worst
facts and figures which we have had thus
far this year from all the principal crop
authorities. the market would surely de-
cline, simply because all parties having a
profit in their holdings would wish to sell
out at once and there would be no shorts to
buv the offerings. AS it is, the bad news
and estimates and the strong grip of the
bulls may prevent any serious break. Still
the situation is somewhat critical for the
managers. Liverpool was steadily held"
and cargoeS were ''quiet and Inactive, with
red winter and spring 6 pence per quarter
lower. Our receipts continue fair and the
export demand is small. New York opened
steady and st. Louis Ht@55c higher, but
both markets declined subsequently. The
agricultural bureau report up to June l, as
estimated to-day, makes the total yield Of
wheat 800, 000 600 bushels, against $780,
600. 600 bushels one month ago, and 513,-
600, 900 bushels last year. The
WINTER WHEAT YIELD
is now placed at 207, 000, 900 bushels and
the spring yield at 1913, 100000 bushels.
This estimate is very low and it held the
market firmly after it was given out. a
telegram from Tennessee said the lOcusts in
the central portion of that state were de-
vouring everything green, while New
Orleans dispatch announced the presence
of yellow fever there. This caused the bad
break in provisions at the opening, which
assisted materially in lowering the price OF
wheat. There was a Steadier feeling on
she afternoon board and prices advanced
slightly, closing 4@56c above the lowest
prices Of the day, at S976c June, 902sc
July, 922Sc August, 945sc September. The
most noticeable feature OF the day was the
steady, persistent buying by some strong
unknown parties. There was evidently
unlimited orders to buy around 9014c, as
the bears made several efforts to break that
price, but all efforts were useless, as no
sooner did it reach there, than it would
jump
RIGHT UP AGAIN.
Corn remained quite steady through the
numerous ups and downs in the other mar
kets, the range of fluctuations hardly COW
.ering more than Nc. Liverpool was
steady on corn, but cargoeS of American
mixed were Sd per quarter lower. There is
very little active speculation in corn, as the
price is proportionally high already as COM
pared with wheat. while the chances of a
decisive move in either direction under ex-
isting circumstances are not good. Farm
work in Illinois and Iowa was reported to
be at standStill from the late heavy rains,
while at some points corn was being re-
e., Tho i,.d Nol,r ocIro
t'sland' of corn, however, was said to be
IMPROVING. but the same could not be said
of Indiana or Illinois. A big break is pre-
dicted in the corn market sometime, but
when it will come is another question.
Norton was fair buyer of June and July
corn, while Schwartz & Dupee sold August
and bought July in about equal quantities.
This cereal. for July delivery, opened at
46@c, fell irregularly to 1890 and closed at
461ac, 3sc off from yesterday. The tone
was dull and business comparatively light.
Latest quotations were: 4736c June, 1870
July and August, 463c September.
OATS RULED SLIGHTLY LOWER,
although there was no serious change in
quotations. Trading was almost wholly
speculative and this market, in sympathy
with corn, showed less than customary ami
nation. This afternoon the tone was easy,
but prices are without quotable change
Late figures are unchanged from Yesterday,
at SAC June, 1890 July, 2S55c August,
29Ac September.
Provisions show serious decline on the
whole list Of product. Mess pork sold 45c
below figures realized yesterday, and
closed at nearly the inside point of the day.
Eibs show a decline of about zoe per 100
lbs from the highest point of yesterday
aid closed at the inside. Lard declined 15c
and closed quiet. Receipts of hogs were
$4,000 to-day, with estimates of So, 900 to
10000 tomorrow. The tone is weak and
IN marked contrast with that of yesterday
Pork closed at $10.25 June, 5000 July,
5000 August, $1,000 September. Lard
closed at $3.50 June, $685. July, S6.62 y
August, S6.70 September. Short ribs closed
at $3.50 June, S5.3217 July, $40 August,
$3.50 September.