St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-07
WHEAT TAKES A TURN
Sensational Crop Damage Re-
ports Give 1t a Good
Lift.
Market Increased in Firmness
and Price as the Day
Advanced.
Corn Was Firm and Higher
and Provisions Also
Advanced.
Stock Market Closed Firm
With Most of the Stocks
: Higher.

CHICAGO, July 6.-Sensational crop
damage reports gave wheat a good lift
today. The market turned from rather
weak to very strong, and closed firm
with a gain of 1c per bu cver opening
prices and &c above its yesterdays
closing quotation for September. Corn
started firm and increased in price and
trmness as the session progressed, clos
ing with a net gain of re. Provisions
were dull but firm.
The preliminary weakness in wheat
was due to the absence of cables, the
rains last night and the general lack of
buyers. Soon, however, bad crop re-
ports began to pour in from the North
west. Nearly everybody on the floor
seemed TO have a slice Of the calamity
news, and it did not take long to work
up considerable excitement. The crowd
was evidently short, and, as the market
began TO develop its Dullish tendency,
there was some lively Sprlntlng in the
effort to get under cover. The timid
bulls also got up a good deal of cour-
age, and there was quite liberal
investment buying. The private wire
bouSeS seemed to be generally in close
connection with the crop killers, and
were net slow in giving out the gloomy
predictions sent in by their correspond
entS, and were industrious in working
up a bull sentiment which many oper-
ators unklndly intimated was for the
purpose of selling on, thereby enabling
them to unload much Improbable long
wheat. 1t was observed that neither
Minneapolis nor Duluth showed any
great amount of anxiety over the dam
age reported, and kept way behind Chi
cag0in the advance until quite late in
the day. A dispatch was shown around
said to have come from Pillsbury, say
lug that Minnesota and the two Dako-
tas will not grow rs, 000, 900 bu of wheat
this year against los, 600. 600 last year
and 137. 600. 900 two years ago. The
opening of the market was 35@19c. lower
than yesterdays closing, and then be-
came firm, and prices were advanced
with only slight fluctuations 1I@13sc,
then eased off slightly, closing steady,
&c from the top.
The improved tone of corn was at
tributed largely to a better outlook to
the cash situation. the demand being
quite brisk, several round lots being re-
ported worked for direct export. Mar
hNb oioLS W. OiG a. oOOoO 1SoLOAoUN .
closing figures, and, under a good de-
mand. soon sold up, with little reaction,
%@lc. Prices later receded $s@Nc and
at the close had gained %@Tc.
Oats averaged higher, mainly in SYM
pathy with corn and owing to a better
demand. The feature was the trading
tn May, the first of the season. Prices
opened &c higher for July, aud adj
vanced %@Tc more, but reacted sc,
and closed steady. September advanced
$s@1%c, but lost most of it.
There was Il Slight amount of activity
in the provision trade at the opening,
but it was soon all over. and during the
remainder of the day there was hardly
enough doing TO furnish half hourly
quotations. There was no great amount
of offerings, and consequently it did not
require much effort by the bulls to keep
prices up. Compared with last night
pork is loo higher, lard 1919, and 1919
for ribs.
Freights were steady, with a moderate
demand for vessel room at 1c for wheat
and corn to Buffalo. Estimated receipts
for tomorrow: Wheat, rs cars; corn,
$50 cars: oats, 120 cars; hogs, $1,000.
The leading futures ranged as follows: