St. Paul daily globe., 1895-06-02
WONT BELIEVE IT.
WHEAT TRADERS REFUSE TO
ACCEPT ALARMING CROP
DAMAGE REPORTS.
THIS FACT SAVES ADVANCE.
AT THEIR WITS
END TO EXACTLY SIZE THE
SITUATION.
CEREALS ALL GAIN A FRACTION.
Trading Within Narrow Margins
and Devoid of Features 9th
er Than the Weather.
THIS FACT SAVES ADVANCE.
CEREALS ALL GAIN A FRACTION
4ICAGo. June 1.-wheat showed

CHICAGO, June 1.-Wheat showed
an advance of 11sc ON the opening to-
day, compared with yesterdays final
sales, but lost 7sc of it and closed 7sc
above Fridays final prices. Corn
f1uctuated within a range of &c and
closed with a gain of 1sc. Oats are
5sc higher and pork 121Ac lower.
The most extraordinary weather ever
known at this. season of the year gave
further evidence of its eccentricities
between the close of yesterdays session
and the opening this morning. Hotter
than ever, drier than face powder, and
a continuation of such condition pre-
dicted for another forty eight hours at
least News of any description other
than that referring to the vagaries of
climate and their damaging effects
upon the crop was very little regarded.
Total failure of wheat CROP was re-
ported again and again from some of
the best wheat-raising counties of Il
linois, Indiana, Missouri and from
Ohio and Michigan. The departments
were only a few degrees less alarm
ing. That the mar.-et did not more
fully respond to the disastrous news
was owing to the fact that the ma
it. The price of July when the market
opened was anywhere from 7SAc to
791ac or about 1c higher than it closed
yesterday. 1t kept within range of
1880 and 791ac during the greater part
OF the session, with quick recoveries
every time it got below 79c The pre-
diction of the signal service bureau
is for fair and hot weather tonight and
Sunday in Indiana, Illinois, upper and
lower Michigan, Wisconsin, Missouri.
Iowa, Kansas, Nebraska and Mime
sofa. With that before them, the trad
ers, although unbelievers in extensive
crop damage, did not care to go home
snort. The following matters, how
ever, prevented the believers in crop
damage OF an unusual destructiveness
from becoming too enthusiastic. on that
account The visible is not expected
to show more than from l, 200, 900 br
10 i'ooo'ooO decrease, but guesses this
season are not very reliable. The
weeks clearences of wheat and f1o1r
from both coasts amounted to 3. 2.426. .000
compared with 2, ,754 900 on the previous
week. Ihe shipments from Chicago
Ior the week were 602,0 bu, the notice
aple feature of which is that only 19 600
pu OF IL was for points east of the
e.
only 100000 bu is at points outside of
Chlca9o, and of that quantity 100000
.bu is in New York. New York spec
ulators were the sellers present today.
They appear to be moved by the
prospect of the red winter wheat in
tnelr elevators being at a premium
over the hard spring they are now
Vaiuing so highly. The failure of the
red winter wheat crop will certainly
bflns about the change In respective
values suggested if it approaches
the extent now predicted for it, The
price remained very steady and firm
In the last forty-five minutes at
around 79Ac, and that was the value
at the end
The corn market was firmer and a
little higher on account of the hot.
dry weather predicted for the next
forty-elght hours, and the strength
was not disturbed by any estimated
heavy receipts, as for several days
back. The prices paid at the opening
were the highest for the day, and the
closing trades were at the bottom
OF the range and at 1sc above the
latest quotations of the day before.
July opened at 53c and closed worth
525sc.
Only a fair business was trans
acted in oats. Orders were not very
urgent and sellers did not seem over
anxious to dispose of stuff A firm
Ieeilng existed and values at the close
were from sc to sc higher The
with wheat and corn. The receipts Of
hogs were liberal, the quality poor and
prices lower, with a large supply esti-
mated for the coming week. Pork was
most affected, showing a loss of 30c
a long time, but closing only 121ac low
er than yesterday. Lard lost sc and
ribs 71ac.
Estimated receipts for Monday:
Wheat, SO cars; corn, 5S7 cars; oats,
260 cars; hogs, Al, COO head.
Freights-Vessel room was in good
demand and firm at 1Ac for corn and
11sc for oats to Buffalo.
The leading futures ranged as fol-
lows: