St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-10
Shows an Increase of Over Half Million
Bushels and Weakens the Price
Of Wheat.
But Reports Of Foreign Troubles Cause
Sharp Reaction and the Market
Closes Higher.
corn, Oats and Provisions Affected by
Wheat Prices and FIuctuate
in Sympathy.
Rumor that Gould and White Have
Quarre1ed--A Quiet Day in
Wall Street.
Chicago.
Special to the Globe.

BpeclaS TO the GloDe-
CHICAGO, July 9.-We were treated to-
day to an ''all sorts' market, arising from
variety of conflicting facts and fears. Al
the outset, the minds of traders were SO
much influenced by the 500, 600 bu increase
of the visible supply, coupled with warmer
weather, that wheat opened &c lower Ior
July and August; but the bull forces III the
market, aided by the news OF GladstoneS
resignation, were strong enough 10 put
prices back again and about Ac higher.
Thus. the opening quotation for July was
B9$[c. and before the buying account was
satisfied the market was up to 81 Ia for the
same option. So sharp and determined was
the advance that all attempts to check it
proved futile. 1t was stated i'll this column
some days ago that a large and powerful
bull CLIQUE had taken hold of Wheat here, in
New York and at st. Louis, and 1t now
seems they are not at all filled up by the
present advance, but intend to put it much
higher if they can. Many bought to-day,
fearing that change OF ministry i'll Eng
land would renew the war complications
with Russia; others have purchased heavily
in hope of bad crop report tomorrow
from the agricultural bureau at Washing
ton, that shall Substantiate the dolorouS out
outings of Prime: and still others because
the long side of the market is the only one
that now gives any ...-..-.
PROSPECT OF GAIN. -....
Liverpool was ''easier' and penny per
GENITAL lower for red winter and spring, but
cargoes are said to be firmly held" One
thing however. seems certain, and that is
we shall probably have our bull matinee to
ourselves. as foreign markets have ap-
parently become utterly Indifferent to huc-
tuationS OF the markets of this country on
the up side. Receipts to-day were gener-
Gus but not enormous. New ork opened
some lower but advanced later, and the
same was true of st. Louis. Indeed, these
three great markets are now travelling along
the same road in harmony, while one hope
and purpose animates the minds and hearts
of all. On the afternoon board the feeling
was again stronger, the markets advancing
&c. closing strong and steady. Latest
figures were S915c June, Ole July, 931sc
August. 951sc Sept. There was great
deal of talk and-a much more noteworthy
thing-a great deal of trading, too, and III
all the crowds In the first place, about
the wheat pit, where the largest interest
centered. Jones and Ream and Ellis and
the Linns were bulling with
ALL THEIR MIGHT.
Ellis is supposed 10 represent one of the
strongest New York specializing cliqueS,
and it begins to look now as if the combna-
ton to bull wheat spreads from St. Louis
and Chicago, even as far as New York.
There seems to be no end Of estimates or
guesses as to what the government report
tomorrow will be, and they run all the way
from 29S 900, 900 to 400, 000, 900. with a
general feeling in favor of 375, 600, 900, and
should the report give as high an estimate
as the latter figure the bears will probably
gather fresh courage and sell the market
down again so that a break OF a cent OF 50
NAV be in order But on the other hand,
when it is considered that their report last
month estimated the crop at 400, 900, 900,
and that our crop for the past five years
has averaged 400, 600, 600, there doesn't
seemto be any cause for alarm, even should
the estimate be larger than expected. The
cropis beyond any doubt largely short and
higher prices must prevail.
CORN WAS RELATIVELY FIRMER
than wheat at the opening, the July and
August opJiOnS being only ne lower, but
both advanced with wheat until 47c had
been struck before the buying movement
halted. The Chicago statement of the Wis
ible supply showed an increase last week of
over 800, 600 bu. while the New York state
ment increased this amount to over 500, 600
bu; but figures and facts made but little diff
ference to parties which were determined to
put UP prices anyhow. Liverpool was de
pressed" on corn, and Id per cwt. lower,
but this cut no figure with the powers which
be. Receipts here were not as large as had
been expected, and some say they will grow
less in the future; but the corn market, like
all the markets at present. is under bull
control. There is a general buying furore
TO vision nd tl,n
hope of getting rich by a steady up turn in
all speculative commodities is both wide
spread and dominating. Whether it will
be realized or not the future alone can de-
termine. The close was Y@19c higher
than yesterday, with a range of 1c, and
dosing prices nearly the
HIGHEST OF THE DAY.
The close was firm and steady at 471lc
for June, 1870 for July and August and
a6%c for September. Over a million bush
els of July corn were bought to-day, pre-
gumably for the account of Testers old
corn syndicate. Baxter took the most of
it, but Norton & Warrington were buyers
too. 1t was one of the remarkable things
about the days trading that such large pur-
chases of next months option could be so
easily made with SO little effect on the
price
Oats were ivelier and higher, particu-
larly in the middle of the session, in sympa-
thy with wheat and corn, but toward the
close the demand from shorts dwindled
down and weakness set in. when all but x
@35c of the advance was lost. Samples
were active and were worked off at higher
prices than on yesterday. The close was
B415c for June, $500 for July, 2S19c for
August and 271Ec for September. There
l. H. J. i -
tie cat crowd as in any other. McGeoch,
who has been a buyer of June oats for a
long while, and who had the crowd short
to him for upward of $4,000 bushels,
dumped lot of it to-day. W. r. Harvey
& Co. and G. S. Everingham & Co. sold
the June option to whoever wanted it. and
about 400, 000 bushels were gobbled up by
TOM, DICK AND HARRY.
Provisions were higher early, but most of
the advance was lost before the Close and
last transactions were at figures only
slightly above those current at the same
time yesterday. Mess pork was the most
active, showing at one time an advance of zoe
per bbl., but free offerings caused decline
of 1215c, with the close inactive and dull
Ribs were higher, but the close was the
same as yesterday. Lard also was without
QuOtable change. Receipts of hogs show
some increase and more liberal movement
is reported from the country. July pork
opened at SO. 521a, advanced to S10.7215,
closing at $1,000, July lard opened at
S6.6719, advanced point and then declined
to S6.65, where it closed Short ribs for
for July opened and closed at S5.45, with
but little inquiry.
The Quotations.
CHICAGO. June o. Flour quiet and nm
changed. Wheat opened &c lower, sold off
nc additional, rallied 114c, fiuctuated within