St. Paul daily globe., 1895-06-25
WHEAT TAKES A SPBRF, Fob-.
LOWED BY Al TUMBLE AND
A RALLY.
DECREASE IN THE VISIBLE.
WET WEATHER. RUST REPORTS
AND EXPORTING HELP THE
BULLS.
SURPRISES WE'RE NUMEROUS.
Fluctuations Came Rapidly and
Rum0rs Were Thick-Corn
Makes q Break.

CHICAGO, June -24.--Wheat, after
bobbing up and down frequently over
a "a cent range, wound UP firm ana
1sc higher today, helped by a big visible
supply decrease. Corn closed un-
changed, oats Be lower and pro-
visions at modest advances. Wheat
opened streng from " to 1c advance
over Saturdays closing prices, and be-
fore Lhe rush to buy had exhausted
itself it had made a gain of INC.
People were running around lnQu1ring
the reason for the sudden strength,
and the most recently suggested cause
was the continued prevalence of wet
weather and high temperature in the
Northwest. That was considered
, threatening to spring wheat, and was
supported by some kilograms from
Minnesota reporting some wheat in
valleys already rusted. There We're
other reason which may have
proElpted the sending here of some
good sized buying orders by New
York people. The Russian shipments
last week were 4,800, 900 bu, compared
with nearly 100000 bu on the previous
week. The Argentine shipments for
the week, as officially posted here,
were 456, eco bu. The total of tine
weeks shipments from all countries
was 800, coo bu short of those of the
week preceding, and the amount on
ocean passage is 2,0S0, ,000 bu less than
it was a. week ago. The latter items
Of news came in one by one after
wheat turned down again, and the
market kept declining as they were
SeVerally announced. The decline in
the face OF thi5 news-irrespective of
the domestic crop damage-was as
surprising to the crowd and as diff
cult to account for as the EARLIER
bulge. The decline was rapid and Sc
we're. The price of July, which on the
opening advance touched nc, dropped
to 6S$4 @687sc before 11:30 o'clock The
activity OF the bears, added to the
liquidation by the longs of their July
wheat, was the chief reason which
made the decline from Tic to 6S34 lQ681sc
possible, with so much exclusively
bullish surroundings. The visible sup
ply decreased l, ,492, 600 bu, and the total
now is 46,225,0 bu, compared with
So, ,8l2, ,060 bu a year ago and 63,0S1, 600
bu two years ago. The amount in the
visible, outside of the stocks held at
Chicago, Minneapolis and Duluth, is
only S,461,G00 bu. 1t was after the
visible figures were received, but by
no means exclusively on. account of
those, that the third surprise to the
crowd was sprung upon them. That
which again movedi in an upward di-
reetion, and near the close July wheat
again reached Tic. The latest trading
was 70Ac, another 34c drop occurring
in the last minutes.
Corn was firm for a moment at the
opening on account of the squirt in
wheat at that time. 1t came under
the influence of the fine crop pros
poets later in the day and had u sharp
break from. which 1t recovered near
the end and left off about the same
value as on Saturday. July opened at
4SAc, declined to 1850 and closed at
4sc The visible supply decreased l.
2S6, 600 bu, making the total now "
499, eco bu. New York reported a good
demand for corn for export and sales
of from twenty to twenty-five boat
loads, and 100000 bu was the amount
said to have been sold. FOR SHIPMENT
here that probably including the eN-
port sales reported from New York.
A wild and excited market was re-
Dorted for oats during the first half
hour of the session. Shorts were the
principal promoters OF the panlcky
feeling, buying freely and forcing
prices up. Later, however, the same
parties who Saturday were prominent
for disposing of heavy lines of long
stuff, resumed their pounding and
created big drop in the early gain.
September opened from 264c to 2l14c,
declined to 251sc and closed at Zb12c.
The later advance was caused prln-
cipally through sympathy with wheat
and corn.
Provisions were firm at the opening
and after a temporary weakness In the
middle of the session they closed nfm
at an advance of lac in pork. 215c in
lard and sc in ribs. Hog receipts We're
29 GOO head. Trading was only mod
erately active. The firmness at the
start and finish was mainly in sym
pathy with wheat. Estimates Tor
Tuesday: Wheat, 40 cars; corn, If0;
oats, 325; hogs, $4,000 head.
rhe leading futures ranged as fol-
lows: