St. Paul daily globe., 1891-06-19
A BROKEN PROMISE.
Efrly Indications Of Higher
Prices at Chicago Fail
to Materialize.
Wheat, Steady and Strong at
the Opening, Closes at
Low Figures.
AS Usual, Corn, Oats and Pro-
II visions Cling to Each
Other.
Chicago Gas and Bank of
England Discount Stirred
Up Wall Street.

CHICAGO, June 1s.-There was promise of
higher prices in all classes of property traded
IN on the board at the opening this morning;
but the promise was broken before the ses-
sion closed, and prices broke with it; every
thing closing at about the bottom figures of
the day. Wheat showed steadiness and a
little strength at the opening; it was said to
be still raining in many parts of Kansas and
where the rains had ceased the fields were too
wet to permit of harvest operations Cables
were steady and for a time there was
a fair demand and the market held
steady. July started at 9jssc aud
sold up to 957sc, and held be-
tween that figure and Oslo for a considerable
length of time. Later, however, it was an
nounced that there was a prospect of clear
ing weather in the Southwest and in the
Northwest as well, and the feeling began to
weaken. Partridge and his following then
began to sell short and, corn making a sharp
break about the same time. wheat prices be-
gan to decline. AS the weakness increased
the selling became more urgent. Earlv pur-
chases were thrown overheard and the
shorts began to put out considerable lines.
The downward progress was assisted by
cablegram from Paris, noting a decline in
values there equivalent to sc per bu
Tor July. NO reason was given
Tor the severe Decline but 1t
was intimated that possibly the reduced duty
on wheat is to go into effect immediately
kumors in regard TO an English house being
i'll financial trouble were also used to de.
press prices. July under this pressure, sold
off to 93l2c, and closed easy at that figure
Corn made strong start and sold higher for
a time, Influenced partly by the rains. which
were retarding cultivation and permitting
the fields to become very weedy. The senti-
ment of the crowd seemed decidedly bullish
for time and good many buying orders
were on the market, and local shorts
covered good DEAL July started
at 57l2@57s4c and sold to 57Bc
For time the market held around 5784c,
then broke to 57Ac, improved some. but on
heavy estimated receipts for tomorrow be-
gan to slump. Long corn came out freely,
short selling was active, and the bullish SEN
ument all disappeared. July broke to 5612c,
reacted trifle, broke to 5575c. Clearing
weather. falling off in the cash demand
and heavy selling by st. Louis parties assist
ed the decline. The shorts seemed to have
pretty well covered, and with urgent offer
1Dgs and few buyers, there was a steady drop
to 557sc, which was the closing price Oats
followed the course of the corn market
very closely. The opening sales for
July were 5SA@I5SI2c, then became
slupmy and sold off to 3684c;
rallied some, broke to 3614c and closed at that
price. Provisions were fairly strong at the
opening influenced by the strength in corn
and some advance in live hogs at the yards.
Later there was break, due to the weakness
in other pits, and especially in corn. Sep
tember pork sold from Si0.75 to SlQS0 held
for time around $40 IS. then broke to S10.65;
steadIed. broke to and closed al $685. loss
compared with yesterday of 12I2c. Ribs and
lard lost &c each.
The leading futures Hanged as follows: