St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-02
ARMOUR AND THE ELEVATOR
INTERESTS BEAR HARD
ON 1T.
CORN SUFFERS WITH 1T.
one OR TWO THRILLING RALLIES
BUT THE BULLS LACKED
STRENGTH.
NEWS THAT FAILED TO WORK.
Plenty of Reports to Favor the
Bull Side, But They Didn't
Seem to Catch.

CHICAGO, July 1.-The grain and
provision markets all opened strong
today, and were quite as unanimously
weak at the close. Compared with
Saturdays closing prices, wheat lost
1850 per bu, corn 11ac, oats about &c
and provisions closed at declines. The
decline in wheat was due entirely to
local speculative conditions; the chang
ing over of July deals caused the
break, and the other markets followed
wheat Wheat opened rather under
the price it closed at on Saturday, due
principally to the heavy deliveries on
July contracts this morning. The gen.
eral sentiment appeared to rather
favor buying On the soft spots, not
withstanding the 100000 blu delivered
before the opening. One of the heavi-
est of the elevator concerns, supposed
to be Armour, appeared to have still
a good deal of July to buy in, and
manipulated the market vigorously in
the direction of buying it. cheap. Tho
mans report, of the condition of wheat
now, as compared with what it was on
June 1, showing deteriorations of IL
per cent in Ohio, 16 in Michigan, 10 in
Indiana, II in Illinois and 8 in Cali
the bullish feeling. The reports of a
large decrease in the quantity on ocean
passage, and kilograms and letters
from every quarter in Illinois and In
diana confirming, and in some cases
adding to previous reports of damage,
were also helpful to the bulls. The
elevator interests worked the market
all day, and their policy appeared to
be to keep it weak. The regular mar
ket was quoted on the side of higher
prices, for the most part, but on every
decline engineered by the carriers of
the elevator stocks, whatever there
was bearish in the news became up
permost in the minds of the crowGAaS
long as the price kept declining, which
was the major portion of the time.
The opening price of September was
from 72fsc to 72Ac, and before 1t sold
any lower it touched 731sc. After that
it had numerous fluctuations between
the range of T214c and 721sc bid, and
later in the session it got down for a
moment at low as 711sc, and recovered
from that to 72Ac. About half an hour
from the close 1t had got down to 719sc.
Receipts here were 80 cars; Mlnneapo-
lis and Duluth received 264, against 2S2
a year ago. A very heavy decrease in
the amount of ocean passage had been
looked for because of a cabl egram
from Liverpool received on Saturday
afternoon predicting that such would
be the case. The actual decrease prov
ing to be 100000 bushels, was inter
preted as bearish. Another point in
the days statistical information on the
weeks movement which told in favor
of the bears was an increase in the
English visible of 100000 bushels. A
decrease of ], 664, 800 bushels in the Wis
ible supply on this side, although rath-
er heavier than looked for, did not
have any stimulative effect upon the
price. The amount in the visible now
is A, ,009 bushels, against "a, 657, 600
bushels a year ago, and 62316, COO BUSH
els al the corresponding date in 1898.
The latest condition of the market was
one of considerable weakness, with the
crowd anxious to sell in anticipation
of still lower prices. September get
as low as NE about ten minutes
from the end Of the session, and closed
at 71sQ7112c.
The continued fine prospect for the
growing crop of corn outweighed the
very moderate receipts, and caused
great weakness in the market after
the first hour of the session. Septem-
Der opened at 4S1ac, and held steadily
Tor awhile at from that down to 1880.
1t touched 4S1a@4S5sc, which was the
highest point of the day, and at the
end of the session it was dragging
around at Ale. The deliveries on July
contracts were liberal in the morning
some putting the quantity at as high
as 100000 bushels. The inspection
into store numbered 233 cars, 50 of
which, however, were transferred from
irregular to city houses. Argentine
shipments were 1,424,00 bushels last
week. The visible decrease is 439, COO
bushels, which was smaller falling
OFF than had been looked for. The to-
tai is now 9,060,0G0 bushels, against
6,4H0C0 bushels a year ago. Exports
from the Atlantic Seaboard amounted
to $4,000 bushels, and New York re-
ported boat loads taken today. Sales
Tor Eastern shipments aggregating
over 100000 bushels We're reported
here.
Oats shared big hit today on ac-
count OF the activity and heavy trade
which was experienced in the market
Cudahy figured very prominently with
almost unlimited offerings of long stuff
and caused break Of from 1c to 13s
Q11ac i'll the price. September opened
at from 255s to 25&c, sold down to
24$sc, and closed at 243s02454c. At the
opening some strength was noticeable
in sympathy with a similar situation
in wheat, but it lasted but short time.
Provisions opened strong, but with
out much activity. The strength was
followed by weakness when corn be-
gan to tumble, and it was very heavy
as the session was coming to d close
Except in the matter of lard, of which
$500 tierces went around this morning,
the deliveries on July contracts We're
almost nil. Cudahy sold early, and
was again seller near the close. The
receipts of hogs were $4,000, and the
price was quoted from sc to 10c
higher. After an early advance OF
121ac in pork, the market at the close
showed a decline of 21ac for the day,
lard closing 12lac lower and ribs 71ac
lower.
22O; oats, 400; hogs, 1900.
The leading futures ranged as fol-
lows:
Open High Low Clos
Articles. ing. est. est. Ing.