St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-26
SCALPERS BULL WHEAT
They Take a Tilt Against Some Of the
Big Operators on Change and Get
Badly Left.
The Glorious Sunshine and Growing Crops
Make the Bears Very Joyful
and Hopeful.
The Markets Decline Slightly But
Rally, Closing Firm and
Unchanged.
Advance in the Stock List Followed
by Rumors of Bear
Movement.

Special TO the Globe.

Special TO the Globe.
CHICAGO, June 25.-The sealpers III
wheat bucked few of the big operators to-
day. The result of the contest was that
the market closed at substantially the same
figures as yesterday. Early this morning
wheat declined sc. Those who had sold
short yesterday, and had handsome profit,
to-day filed in at the bottom. Then good
many of them set out TO bull the market on
the strength of larger exports at New York
and bad crop reports, intending, probably,
to put out another large line OF short sales
when they thought the market had reached
the highest limit. sell wheat. senten-
tiouSly observed the veteran Dave Long, as
he chewed the cud OF contentment and am
bled toward the pit. 1t may be observed,
though that he is a chronic bear The
start did not JUS ~ his advice, but in the
movements there was showing of weak
ness, and he Spat AROUND cheerfully. The
cereal opened for July at SS5sc, an advance
OF Sc over yesterdays close, but by 10
o'clock lost the gain. together with an addl-
tional &c, and was regarded then
ASA SALE
at even SSc. While the scalperS were eX-
ercising their talents on the bull side, n. B.
Ream and few other big operators ap-
peared in the pit and offered stuff freely. .
Mr. Ream, it is said, fed the crowd many
thousands of bushels in lots of 5000 to
10, 600 bushels or more, at prices ranging
close TO 9015c for August. One Well-knOwn
operator said he did not believe the bulls
could boost wheat very much in the next
few days. He said some OF the parties who
had been carrying the wheat now stored in
the elevators acted as if they intended to
deliver it on the 1St of the month. He
argued that they did not want to take the
risk of carrying the property into the hot
months, especially as there was so much
doubt about there being any money to be
made beyond carrying charges. Charley
CounSelman, of COunSelman Il Day, was
asked his opinion of the condition, and said
it was simply traders market, nothing
more Il myself" he continued, sam
among the possibilities and would not be
surprised to see an advance of &c before the
close of the week. OF course
THE NEW CROP
is rapidly coming on, but the indications
are that there is going to be large vacuum
in the worlds supply that must be filled,
and then this surplus will move. 1t is no
wonder that Chicago holders are not as fly
and flip as they were, as storage, interest
and insurance have been steadily eating
some of them up, until their faces are thin
and longer than the moral law. But let it
be fully demonstrated. as l believe it will
be. that this surplus must be moved accord
ing to the law of supply and demand, then,
with the acknowledged shortage in this
country, 81 wheat will be visible to the
naked eye" The close was quiet and
steady at prices about unchanged from yes
terday, at SS17c July, 9O3sc August, 923sc
September. New York opened &c lower
and was inclined to be firm, but st. Louis
was badly demoraliZed and prices broke
more than they did here. Prime puts the
average condition Of spring wheat now at
90 per cent, against 96 last year. All Wis
consin crops are said to be fourteen days
late. Kansas and Kentucky reports on
wheat are very gloomy, while too much
rain. it is said. has fallen along the line of
the Northern Pacific road. On the other
hand reports from various harvest fields in
other states are so favorable that the next
government estimate must be increased
10@15 per cent, it is thought Corn re-
manned
COMPARATIVELY INACTIVE
throughout the session. There was very
little dealing in it and the range OF prices
was very limited. Liverpool was strong on
corn, while the amount now on passage to
the United Kingdom is so, ZOO quarters less
than week ago. Receipts were about
medium and do not increase, as so many
prophesied they would do after the hurry Of
planting was over. New York was about
as steady and dull on corn as We were. In
Kansas the web worm was said to be de-
stroying many fields. while in Nebraska
only about one-third as much old corn is
now being delivered as was the case last
year at the same time. June opened at
4635c and did not stray &c away from that
point during the session. The close was
quiet at axe June, 4715c July, Ale Au-
gust, 47c September. There was some de-
mand from shippers and shorts bought con-
siderable stuff to make up 500 bu lots for
delivery on June contracts. 1t is said there
is quite line of June shorts out yet.
Oats were shade easier and only mod
crate trade is noted There is no important
change to note, either in price or situation
of the market. The close this afternoon
shows decline of &c, compared with that
OF yesterday, at 32$sc June and 3214c July.
IN THE PROVISION PIT
there was little more doing in the way of
transferring trades from one month to an
other. All futures closed trifle under the
opening quotations. There was rumor
dllOdl ludI lIlC Cdlt P1OhIoIOllo NOQlO OO
begun tomorrow morning, but a we'll
known operator, who was approached on
the subject, said there was no truth in it, as
what little business would be transacted in
provisions between now and fall would not
be worth the trouble. The market opened
steady at about the closing prices of yester-
day, but during the first hour under free
offerings all the product sold slightly lower.
Later there was some improvement in de-
mand, almost wholly to cover short sales,
and the closing figures of the morning ses-
sion showed full recovery of the slight de-
cline noted earlier. The close was at an
advance of 219c on all products. as COM
pared with the close of yesterday, and the
tone was steady and firm. Pork closed at
10.25@10. 50, July and August; lard, $500
@6.7215, July and August; short ribs,
S5.377l@5.421I, July and August.
The Quotations.
CHICAGO. June 25.-Flour-There was a