St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-05
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 OF
Increased Earnings.

CHICAGO, June 3-Wh eat surprised every
body today by remarkable exhibit ON OF
steadiness. The failure Of Schaffner q Co.,
bankers, caused little slump OF l2c. Bot
tom was reached on July at the 6SAc marx,
where values stopped in an apathetlc man
ner. as if waiting the next turn. 1uctua-
ton of quarter of cent was the range un-
til along toward the close OF the session,
when the opposing forces in the wheat pit
had sharp battle as to who would dominate
the close. At 6S12c the price stuck until WITH
in two minutes of the close. when the pulls
pried prices up 1sc, leaving The market fairly
firm at 6Slac for July. Throughout the ses-
sion there was very little trading, Wh1le
arguments were plentiful. One reason
assigned for the scarcely appreciate rec Die
values is that Schaffner's was private
banking firm and did not come into direct
contact with the commercial world as repre-
sented 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
parity with foreign markets. did not seem TO
be calling out much export business, and the
decrease in stocks is slow, apparently not
giving much hope of any important reduc-
ZION before the new harvest will begin to
move. The orening WAS strong on the wet
weather and some export buying. Initial
trades were 580S4c per blu higher, out prices
declined Ac, then ruled firmer ana prices
advanced l2c. again eased off, and the clos
ing was A@s8c higher for July and Ssc
higher for September than closing hgures
Friday.
Corn started at trife advance over the
closing prices of yesterday, but under very
liberal offerings the market gradually
worked down s4c, rallied fully &c. ruled
steady, and closed with A@8sc loss. There
was not much support to the situation out
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 net
loss of SEC on June and 1s0I2c on the other
months. The weakness was attributed to
sympathy with corn and the free selling OF
June by a shipping house-Counselman
d Co.
Provisions were extremely dull, with few
changes over from July to September pork
and a very little trading in lard and ribs.
The first named was steady and the two last
named a trife lower on the decline in hogs
at the yards and reported liberal receipts at
On aha and Kansas City.
Freights were frmer 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 $l2. 43
per bushel to S13.7i on wheat, and from
$11.9 to S13 II on corn, both lake and ocean
going up. Estimated receipts for Monday:
Wheat, 81 cars; corn, 6l0 cars; oats, 80 cars;
hogs, 5000 head.
The leading futures ranged as follows: