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

CHICAGO. June 30.-There was combl-
nation of causes to-day to produce a bear
market on wheat. First the Chicago visi-
bic supply statement, contrary to general
expectation. showed an increase of about
$50, 600 bushels. while the New Y ork state
ment increased those figures to over 6O0,-
1000 bushels. This was 'Stnner' to start
with. The next fact, operating in the
same direction, was a rise in conSols and
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.
A further decline of B@H fol-
lowed. and then the market rallied
4@15c, fell away again under continued
offerings and 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 a 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. I'm 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 III
such case it would cause prices to tumble.
The public may rest assured that all the
wheat has been taken care of, though
I believe it is going lower, on general prin-
ciples." The increase in the visible supply
was used as abear 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
Lindlay endeavored to cause a break by
dumping single lot of 800, 900, but were
unsuccessful, one-third OF the amount being
taken instantly by Mccormick, Kenneth 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 wheat if 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 and steady,
and cargOeS were easier and slow, with Sd
per quarter decline in California and red
winter on passage. New York opened
about &c lower for August and st. Louis
about &c, but the latter market reacted
narl1r 1ZCA1o TnlHy NRybpof hnrQ alynT
than August, which led to the suppostion
that deliveries tomorrow will be heavy.
The close was firm at S7$4c July, 901Sc Au-
gust, 9214c September, "a &c October.
BY A MAJORITY
of 800 votes the proposition to have no
afternoon session during the months of July
and August was voted down o-day. The
young and sportively inclined members
view with great diSfavor 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. G. II. Sidwell q
Co. There were fifty-fve bags of it, the
sale being made to Eckhart g. Swan, mil
lers. In grade it was equal to No. red.
EApOIiS were lllOI6 VI iCSS dCllN6 III Illc
local market, picking up 80, 900 bushels.
The corn pit showed less activity in specu-
iation in futures probably than either oats
or provisions, but the cash transactions
were considerable. Several short sellers
were buying heavily to cover on the months
sale, and some of them apparently were
caught short, judging from the way in
which they were hustling around. The
crowd showed a disposition to make the
shorts pay for their anxiety to buy corn
and prices advanced about &c. A 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 l
o'clock was Is above last figures of yester-
day. July opened &c lower and August
sc, but this was soon regained and then
the market remained stationary, as it has
done for some time past. The Chicago
visible supply statement showed an increase
of over 10000 bushels during last week.
and the New York statement increased
these figures to nearly 700, 900 bushels. but
The shipping demand is good and the cur
rent receipts are not large enough to
brighten holders. Prime says that corn prom
lses well at present, in spite of weeds and
wet. but too much rain in the Northwest is
lnjuring spring wheat somewhat But the
corn harvest is so far away, and there is so
much room for accidents to the crops be-
tween this time and that future period that
the present strong feeling is liable to con-
hnue until the character of the harvest is
more definitely assured. The close was
iirmer and a higher than yesterday, at
f7H July and August, Az September.
OATS WERE STRONG
early, but closed tame and &c lower for
June and July, and %@Ac lower for the
long futures. Trading was pretty active in
speculative way and mainly in filling out
standing contracts. No. ., for July. ran
as high as 80 sc and fell to 31$lc, closing
at 32c. August closed at &c and Septem-
Der at 26c.
The provision crowd showed more signs
of life to-day than for several weeks past.
but the fluctuations in prices were quite
small. Most of the transactions in the pro-
vision pit to-day were transfers of trades
from one month to another. The provision
men have done so little during the past few
weeks that none of them will suffer a very
tight squeeze when settlements are made.
Pork closed SC lower. owing to liberal offer
ings of July product. at S1O.22X July.
S10.3215 August, S10.471a September.
Lard was shade stronger, at S6.6O06. "a
for July and August. and short ribs showed
slight improvement, closing at $5.37%6
5.471S for July and August.