St. Paul daily globe., 1892-06-13
GREAT DAY FOR BEARS
Bulls on Chicago Change in
a Badly Battered State
of Mind.
Routed at Every Turn, and
Quotations Lower on
All Articles.
The BeariSh Character of a
Government Report Was
the Cause.
A Roseate Hue Impaired to
the Situation by Rusk's
Bureau.

CHICAGO. June 11.-This was field day for
The bears on change The bullS were routed
at all points. and the session closed with
everything lower. 1t all grew out of the eX-
tremely bearish character of the government
wheat crop report. Even the most radical
bears were agreeably disappointed at the
showing made. In the face of the reported
wholesale destruction of fields bY floods and
the rotting of seed in the rain-soaked
grounds the showing of Uncle Jerry"
Rusk bureau was an absolutely roseate one
The condition of winter wheat was but at
SS3, or nearly four points better than
month ago, while spring wheat was reported
at o.. or nearly as good as year ago, while
the area of both spring and winter was prae-
tieally the same as last year.
Traders who did not have special wire facil
tiles for getting it as soon as issued yesterday
afternoon. rose early this morning. grabbed
their morning papers, read the report hastily,
then got out their pencils and began to figure.
The results arrived at seemed to indicate a
crop of 3430O0,00 bu OF winter and from
lS5,O0O,000 10 1a300G000 of spring, or total
Of 535, ,G0I,000 bu in all.
As may well be imagined the showing did
not increase the appetites of the holders OF
wheat for breakfast. and with entire una
nimity they rushed down town and into the
pit, ready 10 sell at almost ans price the mo-
ment the bell should tap. The result was
nearly a panic PerspiIing sellers were
plenty al the opening al anywhere between
S0s40SlI4c for July, against SIC at the close
last night.
Shorts were content 10 cover and take such
fine profits without waiting to see whether
there would be any further decline. Their
buying caused the market TO firm up for a
time. the price going as high rs Slssc; but
when the shorts were satisfied the momen-
tary strength disappeared and the downward
course was resumed; the demoraliZRg effect
of the government report Icing supple
mented by weaker cables which naturally
followed the publication of our government
report abroad. and by the continued favor
able weather. The combined result was Il
drop to 79Ssc. at which price it closed weak, a
loss compared with yesterdays last figures of
45sc.
Corn was affected by fine weather for the
growing plant and sympathy with the break
in other grains. Holders had evidently lost
heart and the selling craze was intense, long
corn being thrown over recEieSSly. and an
immense business was done. The large ar
rivals and the heavier prospective movement
in the interior also had a weakening ten
dency. Receivers sold freely. and New York
and st. Louis were largely represented on the
selling side. July opened at range OF 400
47I2c against 4S5sc at the close Yesterday. re-
acted 4c on covering, then turned down
with wheat to 4j4c rallied 10 45s4c, and
closed at 455sc, loss of &c.
july oats opened l14c lower a. 31c, sold as
low as 29lac, and closed at }. Sac.
Provisions were weak, i'll sympathy with
grains. but the weakness was not so marked
nor the business so large. The prices for
hogs were higher which tended to prevent
decentralization, as did the buying OF shorts.
Pork closed with a loss OF 20c; lard is 7l2c off,
and ribs are down a like amount.
Estimated receipts for Monday: Wheat,
125 cars; corn, 500 cars oats, 400 cars; hogs,
5000.
The leading futures ranged as follows:
l 0nen-I High. Low. Clns-