St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-01
WITH BULLSAND BEARS
Only Moderate Business Transacted on
Change, With Values Little
Lower.
An Unexpected Increase in the Visible Sup
ply Contributes to the Early
Weakness.
Later a Firmer Feeling Prevail, and
the Early Loss is Nearly
Regafned.
Deacon White Gathers a Heavy Crop
of wool from Lackawanna
Lambs
Chicago.
epeeial TO the Globe.


CHICAGO, June 30.-TheTe was combi-
nation of causes to-day to produce q bear
market on wheat First the Chicago visi-
bic supply statement, contrary to general
expectation, showed an increase of about
$50, coo bushels. while the New York state
ment increased those figures 10 over Co.,
900 bushels. This was ''stunner" TO start
with. The next fact, operating in the
same direction, was rise in consOis and a
decline in wheat in foreign markets. The
third fact was continued weakness in st.
Louis, and the fourth was the last day Of
the month. All these influences, working
together, opened the market for July &c
lower and for August &c lower.
4 further decline of %@4 fol-
lowed, and then the market rallied
%@15c, fell away again under continued
offerings and a desire to realize, and near
the close Of the session became firm.
Swapping from July to August impaired
strength, and the market continued active
throughout An effort TO make break
caused the report to be circulated that Ar
mour would deliver tomorrow a large
amount of wheat he has been carrying, but
close inquiry
DEVELOPED THE FACT
that his brokers have been selling July and
buying August and September for the past
two weeks. ''In the event Of such de-
livery what would be the effect, was asked
Of Nat Jones. There is no danger of such
a thing happening" was the reply, but IN
such a case it would cause prices to tumble.
The public may rest assured that all the
wheat has been taken care of, though
believe it is going lower, Oh general pTin-
ciples.H The increase in the visible supply
was used as bear argument, but without
much effect. and the close was firm. A
large per cent. Of buying orders were also
against puts, and stop orders were quite
numerous. Schwartz & Dupee, Ben Stauf-
for, Warner, and Field and Lindlay were
persistent and heavy sellers from the start
to the finish, while Bliss and Walker were
the largest single purchasers. Field and
Iindlay endeaYOred TO cause a break by
dumping a single lot of 300. 600, hut We're
unsuccessful, one-third Of the amount being
taken instantly by Mccormick, Kennett IL
Co to cover shorts. The feeling among
many Of the big traders here is
UNDOUBTEDLY BEARIsH,
on account Of the large visible supply and
the limited foreign demand; and these par
ties would not like TO buy any wheath they
knew it was going up unless they did it Sc
cretly), because it would involve confess
sion OF being wrong, and wound their pride
of opinion. But the market submits to all
their hammering with very good grace, and
it surprises them almost every day by going
UP more in an hour than it goes down in
two DAYS. Liverpool was quiet ana steady,
and cargOes were easier and slow, with Cd
per quarter decline in California and red
winter Oh passage. New York opened
about nc lower for August, and st. Louis
about &c, but the latter market reacted
early 5S@lc. July wheat here was weaker
than August which led TO the supposition
that deliveries tomorrow viii be heavy.
The close was firm at S7%c July, 901sc Au-
gust, 92I4 e September, 81 re October.
BY A MAJORITY
of 800 votes the proposition to have no
afternoon session during the months Of July
and August was voted down to-day The
young and sportively inclined members
view with great disfayor the prospect of
sweltering away at business during the com
ing hot afternoons, when they might be
more agreeably employed, but the older
heads outnumbered them. The first new
wheat Of this seasons crop to arrive in this
market came in to-day from Southeastern
Missouri. consigned to r. @. Il Sidwell d
Co There were ffty-tive bags of it, the
sale being made 10 Eckhart 81 Swan, mil
lers. In grade it was equal TO No. ? red.
Exports were more or less active ia the
local market, picking up 80, 600 bushels.
The com pit showed less activity in specu-
lstion 10 futures probably than either oats
or provisions but the cash transactions
were considerable Several short sellers
We're buying heavily to cover on the months
sale, and some OF them apparently were
caught short, judging from the way il
which they were huStling around. The
crowd showed disposition to make the
shorts pay for their anxiety to buy corn,
and prices advanced about &c. 4 large
share of the days business was buying July
and
SELLING SEPTEMBER.
The market opened steady with no es-
pecially new features, and the close at ]
O'Clock was &c above last figures Of yester
day. July opened &c lower and August
&c, but this was soon regained and ther
the market remained stationary, as it has
done for some time past. The Chicago
visible supply statement showed an increase
of over 400, 600 bushels during last week
and the New York statement increased
these figures to nearly 700 600 bushels, but
the shipping demand is good and the cur
rent receipts are not large enough tC
brighten holders. Prime says that corn prom
ises well at present, in spite of weeds anC
wet, but too much rain in the Northwest /,
lnjUring spring wheat somewhat. But the
corn harvest is so far away, and there is 81
much room for accidents to the crops be
tween this time and that future period tina
The present strong feeling is liable to con
hnue until the character Of the harvest Il
more definitely assured. The close wa
iimer and "A higher than yesterday, a
~ July and August, AZ September.
OATS WE'RE STRONG
early, but closed tame and &c lower 70
June and July, and 15@54c lower for thu
long futures Trading was pretty active il
speculative way and mainly in filling out
standing contracts. No. 2, for July. RAJ
as high as $3.50 and fell to 318[c. closin!
ct SIC. August closed at &c and Septem
Der at 2Gc.
The provision crowd showed more sign
of life to-day than for several weeks past
but the fluctuations IN prices were quit
small. Most of the transactions in the pro
vision pit to-day were transfers Of trade
from one month TO another. The provision
men have done SO little during the past fey
weeks that none of them will suffer a yer
tight squeeze when settlements are made
Pork closed sc lower, owing TO liberal Offer
ings of July product. az S1022I July
$40 August, S10.47H September
Lard was shade stronger, at $4,000 z
for July and August, and short ribs Shove
a slight improvement, closing at S5.375sC
5.4715 for July and August