St. Paul daily globe., 1891-07-16
NEWS WAS BEARISH.
A Paris Cable Was the Most
Potent Factor Of the
Day.
Prices Had to Reeede in the
Wheat Pit on Heavy Of
ferings.
Corn Opened Higher, But,
Later Softened Into a
Slump.
Wall Street Dealers Brace Up
Slightly After Late
Apathy.

CHICAGO, July 15.-Wheat opened shade
higher than it closed Yesterday, in sympathy
with the strength in corn, but the apprecia-
ton was quickly lost under the influence of
the bearish news of the day. The most
potent piece of news was an unconfrmed
Paris cable, which quoted wheat in that mar
ket demoralized and the equivalent of 7I5c
per bushel lower. The understanding on
the board was that, earlier in the season.
when the outlook for the French wheat crop
was at its worst. French speculators had
loaded up with futures at high prices; that
the subsequent better outlook there and the
evidences of a bountiful and fine cropin this
country given by the recent receipts of
new wheat, together with the recent reduc-
tion of the French import duty, had convinced
these speculative holders that their expecta-
ton of high prices covld not be realized, and
that they had therefore decided to accept
their losses ands had thrown their holdings
overheard. The Liverpool and London
wheat markets were weak and lower in
sympathy with Paris. Receipts at all winter
wheat markets in this country were liberal,
and good in quality. Chicago got 265 car
loads of new wheat of which 211 were of
contract grade. Finally, the weather was
favorable for harvesting. All of this could
have only one result-a decline in values
Pardridge, White, Lindbl ON and Baldwin
led the cohorts of settlers, and prices gradually
receded under the load of offerings. There
was some reaction later on purchases by
shorts to take profits, but it was not
substantial advance, and when corn broke,
later in the day. another wave of weakness
swept over the wheat pit carrying prices
to even lower figures than before Esti-
mates of 4SO carloads as due TO arrive to-mor-
row contributed to this recession. December
wheat opened at Slice, sold up TO S79s0S1S4c,
split, gradually receded to S77sc. rallied to
Sllsc, down to S6l2c, and closed at S65sc.
Corn opened strong and higher with shorts
thoroughly alarmed and covering freely.
The receipts were about forty cars above the
estimates, but with the light stocks here and
the supposedly big short interest there was
some excitement for a few minutes, and an
advance of one cent from last nights
close. Later, however, the selling be-
came very free and the most anxious buyers
having got what they wanted and with
drawn, prices began TO soften. Then came
the break in wheat and an estimate of 504
cars for tomorrow, and there was a slump.
September opened at 52S4c sold up to 534c,
broke to 5?l4c fuctuated for time between
that and 52Ss052l2c, dropped again near the
close to 517Sc and closed at SIC. Oats were
quiet and without feature the fluctuations in
the price OF that grain being mainly in SYM
pathy with those in corn. Provisions opened
strong and higher on the fact that hog re-
ceipts were much below expectations and
prices 10lB15c higher at the stockyards. Later
the break in grain, and especially IN corn,
led to decline. September pork opened at
S1057l2, sold up to Sl0G5, broke to Sl0.52I2
and closed at that an advance over yester-
days close of 2l2c. Lard is unchanged and
ribs 212G5c higher.
the leading futures ranged as follows: