St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-06-12
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
VIII Eat crop report. Even the most radical
bears were agreeably disappointed at The
showing maze. In the face of the reported
wholesale destruction of fields by floods ana
the rotting Of seed in the rain-soaked
grounds the showing of "Uncle Jerry"
Rusk's bureau was an absolutely roseate one.
The condition of winter wheat was but at
SS.3 or nearly four points better than a
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 prac-
tlcally 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 345, 100000 blu of winter and from
1S5, 100000 TO 1875. 000000 of spring, or total
of 535, 100000 blu 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 to sell at almost any price the mo-
nearly a panic. Perspiring sellers were
plenty at the opening at anywhere between
SOs4QS1A c for July, against SIC at the close
last night.
Shorts were content to 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 as Slasc; but
when the shorts were satisfied the momen-
tary strength disappeared and the downward
course was reSumed the demOraliZinP effect
of the government report teing 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 a
drop to 1880, at which price it closed weak,
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 reckiessly. 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 470
47I2c against 4Sssc at the close Yesterday, re-
acted 4c on covering then turned down
with wheat to 45Ac, rallied to 4534c, and
closed at 455sc, a loss of &c.
July oats opened lac lower at Bic, sold as
low as 29l2c, and closed at 2: ssc.
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 10 prevent
Generalization, as did the buying OF shorts.
Pork closed with loss of zoe; 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,
$4,000.
The leading futures ranged as follows: