St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-09
SOME WHAT BULLLISH.
That Was the Condition Of
the Wheat Pit at Chi
cago.
A Statement of the Alleged
Farmers Combine Failed
to Work.
Corn Strong Early, But Weak
ened--PpovisionS Full
and Weak.
Wall Street Trading Contin-
ues Slow and Unintep-
eSting.

CHICAGO, July S.-There was a bullish
feeling in the wheat pit at the opening this
morning. Liverpool cables reported prices
firm and I'D higher; the weather map
showed rains in a considerable portion OF
the wheat belt where the harvest is in prog
ress, and a statement was published TO the
effect that a concerted movement was on
foot having as its object the holding of the
present crop of wheat i'll the farmers hands
until the price should advance to -S1.35 per
ushel at New York. All this had tend
ency to stimulate buying, and to make sell
ers cautious. The story of the alleged COM
bination was pretty widely telegraphed to
other cities last night and it brought some
buying orders at the opening here to-day.
Later when the news had begun to lose its
effect and the bears had started in to de-
press prices, a new bull impetus was given
by Bradstreet's report showing that the vIsi-
bic supply had decreased 1,526,000 bu east Of
the Rocky mountains during the past week.
But Logan deluged the crowd with offerings
of wheat, which soon punctured the boom.
Then it was reported that the Alliance story
was faxed up by q firm whose country cIent-
age was heavily loaded with high priced
wheat, and was desperate effort to help
them out, and the feeling began to grow
weak. The postings showed ~ cars of new
wheat in, with 80 of them going contract.
strength, and then came news of
clearing weather in the West. Par
bridge also appeared as seller on
the advance. and though he did not
show his usual aggressiveness, his attitude in
connection with other weakening factors
finally resulted in a break of about 9sc from
the previous prices. but recovered some later.
December opened at S94c, advanced to S9s4c.
receded TO S9ssc, advanced TO S9ssc, broke to
89ssc advanced to S6l2c, sold off TO S0Ac,
reacted to S9ssc on late cables, which were
steadier, and closed at 89l2c.
Corn was strong and higher during the
early part OF the session, Influenced by the
continued cold weather and the fear of more
manipulation by the bull clique. The inter.
est centered in September, which started at
5314c and finally sold up to 53ssc. For a time
there was very little offered, and shorts were
uneasy. Later however. selling became free.
but as the most urgent buyers Lad got what
they wanted the demand was slack and
prices weakened. The weakness in wheat,
the fact that the inspection showed
about seventy-fye cars more in than
expected and the estimate for tomorrow be-
ing liberal. sent the market off lac from top
prices following by slight recovery, but the
close was at the bottom figure. Oats were I'M
settled for July, being strong early III sym
pathy with corn, then weak. The shortage
for July seems to be quite large. The day S
receipts were about half as large as they had
been estimated, which strengthened the
market during the last hour Provisions were
dull and weak on large receipts OF hogs and
a decline of sc at the stockyards. Trade was
very slow. There was a little show of strength
early i'll sympathy with grains, but 1t quickly
disappeared, and a dull and dragging market
followed. September pork opened at $1,000
against S10.47I2 at the close yesterday, sold
off TO S1042l2, rallied feebly, but weakened
again, touched Sl0.27l2 and closed at 5000:
Lard closed with loss for the day of 15c and
ribs of 10Ol2l2c.
The leading futures ranged as follows: