St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-11
IN CONTROL OF BEARS
The Sentiment Was Not Ag-
gressive, However, and
Dizziness Reigned.
Shorts Covered to Scalp the
Profits in Sight on Their
Deals.
Corn, Oats and Provisions
Were Uncertain as to
Strength.
An Upward Move in Price Of
Some Stocks on Wall
Street.

CHICAGO July 10-Bear sentiment was in
control of the wheat pit at the opening this
morning. but it was not aggressive, and con-
tented itself with making dull ana easy
market. This was to be expected. because
there was nothing in the new to unsettle the
traders in the attitude of expectancy with
which they were awaiting the appear
ance of the monthly government crop re-
port The weather continued favorable for
the gathering in of the harvest. Gables.
while quoted firm at Liverpool showed no
advance elsewhere; the receipts of new
wheat were heavy, being 14S out of total of
To- cars and 122 cars of the new graded con-
tract. The receipts of new wheat were also
heavy and increasing at all winter wheat
points In the absence of any stimulating
news, it was naturally the tendency of prices
should be downward Longs and shorts Of
fered freely for time, but when the low figure
of the day was reached, the shorts, who had
sold with considerable freedom around the
top yesterday, saw an opportunity to scalp
good profits and began to cover, led by
Partridge and Cudahy, who took in long
lines. At about the same time New York
buying orders began TO come in through
Milmine-Bodman, Logan & Co. and S. V.
White. This buying, with late private cables
quoting better tone and liberal clearances
at New York the taking of rs boat loads
there for export and the reported loading of
1000 bu here, had a strong lifting effect
and caused a recovery TO near the closing
price yesterday. This proved only temper
ary, however. Fears of the government Sta
tistics again took possession of traders, the
market grew dull and sagged off TO the bot
tom figure, but rallied a shade before the
close. December wheat opened at SSesc,
against SOC at the close yesterday, sold off TO
SSs5c, rallied to SS7Bc, dropped again to Sossc
and closed at SSl2c.
Corn opened weak and lower, chiefly be-
cause Of the continued favorable weather
for the growing crop and because the re-
ceipts were about ninety cars above the esti-
mates. There were free offerings at the out
set with only limited demand, but bust
ness was not pressed and there was only
small recession from the opening figures.
This was succeeded by a better feeling later,
when wheat began to advance. Shorts in
corn began to cover at the same time to real
ize profits, and an improvement i'll values
took place. An active demand and better
prices for cash corn also had q tendency 10
advance futures. Another element was the
free movement in that cereal, Chicago alone
shipping 527, 900 bushels, with the aggregate
for all points 81, 900, while the receipts were
only 375,O 900 bushels. September opened at
5I1s@51l2c touched sic for moment, hung
within the opening rang for time, went to
5ls4c, receded and closed at 5ls5c. Oats were
Der confined 10 2SAGp2Sl2c. Provisions were
generally strong on smaller receipts OF hogs
and better prices at the yards. Packers were
good buyers. September pork opened I'M
changed at $40. 27I2 sold to S10.50 and closed
at Sl0.47l2. making Il net gain OF 2)c. Lard
advanced 15c and ribs &c.
The leading futures ranged as follows: