St. Paul daily globe., 1889-06-15
SHORTS FORCED TO COVER
Very Builish News Causes Free Buying
of Wheat.
CLOSING FIGURES AT THE TOP
The Stock Market More Active, But
the Tendency Was to Lower
Prices.

Cn1cAGo. June l4.-This was another good
bull day in wheat. The trading was hea'! at
times, and at no time did interest lag III the
nit There was unusual strength in this ce
real. not only in this, but in other markets.
Att O'Clock the price of July was lie higher
at New York, 1Ac higher at ST. Louis, and
lee higher at Toledo. The advance here 10
the best point touched for July, 7Sssc, was
inst lie over the close last night. Inc strength
was partly due to the nervousness OF shorts
but more generally to the character OF cables
and dispatches. Heavy rains were reported
in the South and Southwest, where harVests
are in progress. The Northwest Where
rams are needed and the fields
spotted, is still dry. Added to this came
bullish dispatches from New York and better
cables from Liverpool where spot ana 1u-
lures were tending up. New York cleared
$4,000 bu of wheat, and it is stated that
$50. 900 bu of red, has been taken store there
already this week The trade at the sea-
board is bullish on the foreign demand, and
the more aggressive action of exporters.
The action of July here was 77ssc TO TSA to
7784c to 7SSsc to 7Slsc, at l O'Clock, sep
tember sold 75 to 75l2c to 75Ac to 15s4c at
] o'clock Hutchinson was big buyer
almost from the start. George Smith, Far
fridge and Linn were also big buyers, largely
of short wheat The advance would have
been more sharp, but for the free selling py
Lindblom and many others. who realized III
expectation of a reaction. 1t was estimated
that the greater part of the short interest
covered. and the crowd very largely got long,
Ten minutes before the close, July
touched 7Sl3c. with the pit excited. The
most strength and excitement in wheat
Sas Just before the close. Dispatches re-
ported great efforts to cover short wheat at
New York. In addition TO other bull news
it was reported that other crop damage has
occurred in Russia. Closing figures were the
top for the day. Receipts were II cars. Corn
was dull and prices little changed. There
was no news to influence operations. and the
great interest was in wheat and provisions.
Receipts were $50 cars. Oats were quiet and
a triie stronger. Receipts, 900 cars. The
features of the provision pit were the raids
on ribs and pork by Cudahy, and the general
changing of July contracts to August and
September. Cudahy sold nearly 100000
lbs ribs Stauffer also sold large quantity.
Logan was free buyer of July ribs and
seller of July pork, which was presumed to
be either for Cudahy or Armour. July pork
opened at S11 62l2, broke to S11.47l2, and
afterward was rather steady around S1l.52@
ll.55.
ROUTINE REPORT.
CHICAGO, June IA bulllsh feeling again
existed in wheat and prices reached higher
range. Trading was active in speculative
way. both on outside and local account, with
shorts covering, and good investment buy
ing also reported. June was advanced 142c,
and closed lac higher than yesterday. July
opened shade better than yesterdays clos
ing, advanced Ac above inside figures;
ruled steady and closed lac higher than yes
terday. August and September closed 7s@1c
higher and December closed about 7sc higher.
The conditions influencing the market were
about the same as noted the past few days,
of which unfavorable weather the principal
factor. Rain was again reported where har-
vesting was in progress and where dry
weather was needed. and it is still dry in the
Northwest, where rain would be of benefit to
the crop. Rainy weather in the winter
wheat district not alone liable to injure the
wheat, but tends to retard the marketing of
it. European market advices were more
favorable to holders. But little interest was
manifested in corn transactions, being con-
fined principally to the operations of room
traders. The feeling, on the whole, was
comparatively firm, due largely to the ad-
vance in wheat, but fluctuations were mar
row. oeing lmited he to sb.ds sc strange range.
especially on September. May was easy. as
operators appeared more willing to sell than
buy it. Rather more interest was manifested
in the market for, mess pork. Trading
Prices declined 15@17l2c, but rallied 7l2-
@1Oc and closed steady. Very little bust
ness was transacted in lard and the feeling
was easy. Prices declined 2l2@5c and the
active Prices declined 5@7I2c and the
market closed at about medium figures.
GENERAL QUOTATIONS.
The leading futures ranged as follows:
Wheat-No 2 July opened at 77ssc, closing
at 7Slac; August opened at 751sc, closing at
76c; September opened at 75c, closing
at 76c; December opened at 76slc, closing
at 77l2c. Corn-No. 2 July openedat 341sc,
closing at 3414c: August opened at 35tsc,
closing at 54s4c; September opened at 35c;
at 22I2c. closing at 22lac; August opened at
22l2c, closing at 22Ac; September opened
at 22ssc, closing at 22ssc: Mess Pork per
bbD-July opened at s11.62A5, closing at
ing at Sl1.65; September opened at S!1.75,
closing at SLID. Lard, per 100 lbs)-
July opened at $500 closing at S6 60;
august opened at s6.65, closing at s665;
$6.75. Short Ribs .(per 100 lbs)-July
opened at S.. .S2la, closing at So. 80; August
opened at S5.s7l2 closing at S5.s74h; Sep
tember opened at S5.97l2, closing at 800;
frmer; 10@l5c advance on winters and
patents. Wheat-No. 2 spring, S0Ac; No.
5 spring, CSC; No. red, S0Ac. Corn-NQ.
2, $3.50 bid. oats-No. 2, 22Ac. Rye-No.
No. 1, S1.54. Prime timothy seed, S1.23@
1.24. Mess pork, per Dbl, Sl1:5O@11.55.
Lard, per 100 lbs $6.55. Short ribs, sides
Goosel, $5:75@5.s .s5. Dry, salted shoulders
(boxedl, Sc. 1212@6.25. Whisky-Distilers'
finished goods, per gal. S1.O2. sugars-Un-
changed. Receipts-Flour, 5000 bbls;
wheat, $4,000 bu; corn, 13O. 900 bu; oats.
bu. Shipments Flour, 5000 bbls; wheat
1000 bu; corn, 377, 900 bu; oats, 179,OO0
bu; rye, 1000 bu; barley, 5000 bu. On
the produce exchange today the butter mar
Stl2c.
r. M. NEWPORT & SON,
Investment Bankers.