St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-12
WHEAT GAINS NEARLY 2 CENTS
ON STORIES OF NORTH s
WEST DAMAGE.
BEARS OPEN OPERATIONS.
BACKED BY THE OFFICIAL RE
PORT THEY MAKE AN EARLY
BLUFF.
UNABLE TO CARRY THE CROWD.
Statements of Severe Injury Too
Numerous to Turn the Tide
Downward.

CHICAGO, July 1.-THE bears in
wheat today were unable to follow up
the government report by a smash i'll
the price. September is 124c per bushel
above yesterdays closing quotation.
Damage to spring wheat, small re-
ceipts, and some revival of inquiry
from Eastern consumers, were the rea-
sons for today's advance. Corn rose
1c, oats closed CSC higher, and pro-
visions made modest gains. Wheat
started weak and for half an hour it
looked as ii the bears had renewed
their lease of the market AT the end
OF that time, however, the crowd had
come around to look more critically at
the beans presentment of the posi-
tloIt Of the market and did not for very
long accept the beariSh construction
winch was a t first being put upon YES
terday's government report. 1t was
soon recognized that with the knoWi-
cage now possessed of damage to a
cohs:derable extent to spring wheat in
the Northwest since July l, the govern
ment report was an additional induce
ment to embrace the long side and
majority soon began to embrace it. The
Damage reports were again hume rous
and were many of them, somewhat
sensational. Duluth reported an i'm
mense business done there Yesterday
were made here, in a small way how
ever, Of wheat to go to miller in q
good wheat-raiSing county in this
state. Under such stimulating news
the market became quite buoyant No
attention was bestowed upon the for
elgn' market quotations or the export
ciearanceS, or anything else which Oil
ordinary days influence prices Liver
pool opened weak and I'D lower, and
declined another Id per Genital, but the
one great fact of the damage to spring
wheat crop dominated everything and
prices scared and continued soaring
until about half an hour from the close.
September wheat had risen from 64Ac,
the lowest price it sold at, near the
opening, to 6l$4c, and a few minutes
from the close it was still bringing
673sc. Chicago received Il cars and the
total receipts at Chicago, st. Louis,
Toledo, Detroit and Kansas City We're
only 72,000 blu, and that, after thresh-
ing has been in progress for month.
That indicates the farmers opinions of
the size of their winter wheat crop.
Minneapolis and Duluth receipts were
119 cars, compared with 154 carloads
year ago. Exports of flour and wheat
from Atlantic ports were 100000 bu.
The government report was the pre-
dominating influence in corn for a
short time near the opening, ut that
was all forgotten in half an hour. The
fact that the present commercial
stocks are rapidly disappearing, and
that the prospect of replacing them
again from the old crop is very SLIM
became the ruling factor, although
the new crop futures were also slightly
affected in sympathy. Today's re-
ceipts were 10000 blu, and the ship
ments 479, coo blu. The total receipts at
primary markets were 117,000 blu and
the shipments from the same 507 900 blu.
At the opening from 4Sc down to 425sc
were current for a second, and then
| an advance began, which took the price
up to 441&c, and 442s@4l1ac was current
at the close
The early market for oats was fairly
|. active and prices lower, selling off 1c
on a steady decline. The weakness
was caused mainly by free selling, in
which Cudahy and Shirley Martin fig
ured prominently. Later the market
rallied and recovered the early loss.
Shorts partook freely of the liberal
offerings, and crea ted the upturn. The
influence of wheat and corn was also
felt in the advance. September started
at from 2312c to 234 fell off to 221sc,
sold up to 231ac again, and closed with
that price bid.
Provisions benefited somewhat from
a small run of hogs and the bullishness
of the grain markets, and closed with
an addition of about Tic to yesterdays
quotations for pork, while lard and ribs
gained 10c each.
Estimates for Friday: Wheat, 30:
corn, 100; oats, 155; hogs, 13,000
The leading futures ranged as fui.
lows: