St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-04
Every One on Chicago Change
Surprised by It's Remark
able Steadiness.
Bulls and Bears Have a Sharp
Battle, but Quotations
Advance.
Corn and Oats Start Out
Higher, but Lost the Ad-
vance.
The Granger Stocks Develop
Strength on Reports or
Increased Earnings.

CHICAGO, June 3.-Wh eat surprised every
body today by remarkable exhibition OF
steadiness The failure of Schafner d Co.,
bankers, caused little slump OF l2c. Bot
tom was reached on July at the 6eAc marx,
where values stopped in all apathenc man
ner. as if waiting the next turn. fuctua-
ton of quarter of cent was the range UNI
til along toward the close of the session,
when the opposing forces in the wheat plt
had sharp battle as to-who would dominate
he close At 6S12c the price STUCK uhllI WIN
in two minutes of the close when the puliS
pried prices up Isc, leaving the market 1alrly
firm at 6Sl2c for July. Throughout the ses-
sion there was very little trading. While
arguments were plentiful. One reason
assigned for the scarcely appreciate
effect of todays failure on the PIT
values is that Schaffner's was private
banking firm and did not come into direct
contact with the commercial world as repre-
seuteu by the board of trade. Aside from
this. of course, the natural bulls say prices
are too low any way. 1t was claimed that at
present rates the price of wheat is below the
cost of production. Few. however, seemed
to have the courage of their convictions.
The low prices which, it is said, are ON a
parity w1thIoCeign markets. cid not seem 10
he calling out much export business. ana the
decrease in stocks is slow. apparently not
giving much hope of any important reduc-
lion before the new harvest Will begin TO
move. The orening was strong on the wet
weather and some export buying. Initial
trades were 5s@ls4c per bu higher, but prices
declined S4c, then ruled hrmer, and prices
advanced l2c. again eased off, ana the clos
ing was 4@Ssc higher for July and Sac
higher for September than closing figures
Friday.
Corn started at a trine advance over the
closing prices of yesterday, but under very
liberal offerings the market gradually
worked down 34c, rallied fully Ssc, ruled
steady, and closed with A03ac loss. There
side of the buying to cover shorts. Receipts
were quite free.
Oats were traded in freely, and weaker
feeling prevailed. Opening prices were the
highest and closing the lowest, with a net
loss of 5sc on June and lS@l2c OH the other
months. The weakness was attributed to
sympathy with corn and the free selling OF
June by shipping house -Counselman
& Co.
Provisions were extremely dull, with few
changes over from July to September pork
and very little trading in lard and ribs.
The first named was steady and the two last
named trihe lower on the decline in hogs
at the yards and reported liberal receipts at
Omaha and Kansas City,
Freights were firmer and higher, with
good demand at &c for wheat and lac for
corn TO Buffalo. Through rates to Liver
pool have advanced this week from ST.. 43
per bushel TO Sl37l on wheat, and from
Sll.9i to Sl3. II OH corn, both lake and ocean
going up. Estimated receipts for Monday:
Wheat, ST cars; corn. 0l0 cars; oats, 80 cars;
hogs, IL, 90, head.
The leading futures ranged as follows