St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-17
FAVORED The BEARS,
The Chicago Wheat Market
Opened Under a Pressure
to Sell.
Free Liquidation Of July
Wheat Was a Weak
Feature.
The Big Shorts Made Haste
to COvep--Corn Held
Strong.
Wall Street Hen and Mar
kets Are Dead, Lazy and
LifeleSS.

CHICAGO, July 16. = Wheat opened with
almost every condition in favor of the bears;
good weather. liberal receipts and weak
cables all led to encouragement on the part
OF holders, and there was q strong selling
pressure for an hour or so after the opening.
which carried the price off 7Sc from last
nights close, and it looked for a time as
though still lower prices were inevitable, but
this was prevented by purchases to protect
puts The weakest feature, perhaps, was
the free liquidation of July wheat, which has
been held in anticipation of squeeze i'll that
month. With this hope gone, it was slung
on the market recklessly and fell from SGD
$3.50 early to S4s4c, and carried December
down with it from S6lsc early to S5S4c. After
the July longs had liouidated and the
selling pressure was removed, there was a
quick recovery and July sold back to S5I2c
and December TO S654c.
Gables were somewhat conflicting. Coun-
selman q Day had dispatch saving paris
opened easier. became strong and recovered
all the decline" On the other hand Hately
Bros cable quoted Paris, London and Ant
werp demoralized. Partridge, Cudahy and
a number of other big shorts took advantage
of the break to cover a big line of short
wheat. This buying became so sharp that the
scalpers who had sold short freely became
alarmed and began 10 buy in. The advance
in corn about the same time helped to give
strength to wheat. The market continued
strong after the noon hour notwithstanding
unfavorable cables. The board of trades
dispatch quote Paris and Berlin as both lower;
this was lost sight of in view Of the sharp up
turn in corn and the advance in pork. Shorts
covered freely, and December sold up to the
1Sc, and at l . clock was about S634c Par
bridge began TO put cut short line and the
advance was checked. but another rally car
rieG the prices to SIC, and the close was lac
under that.
Corn started at about Yesterdays close,
grew weak and sold off some. But the de-
mand soon increased, and, New York being
higher, especially for July, the market
strengthened ard there was rapid advance.
The receipts were about 20 cars below the es
Inmates, and tn estimate for tomorrow was
for only 493 cars. These figures were factors
in the strength which continued There
was also sharp demand for cash, No. . sell
ing up to soc and yellow to Gle.
The shorts got scared and helped
along the bulge by coverieg their shares Sep
TENDER opened at 5l7Sc, sold off TO 51l2c, then
rallied to 52a4c, and closed at 525sc. Oats
were rather quiet weaker. and prices ranged
lower, and closed with net loss of l2c OH
July, lsc Or August and steady on September.
There were few special features developed,
few orders being on the market.
Provisions opened higher on smaller re-
ceipts of hogs than expected and an advance
of 10c in prices at the yards, and a strong
feeling was developed, especially in pork
and ribs. The story that France was about
to remove the embargo on hog products
started it, and with every advance shorts
came in TO cover. Ream and Partridge
bought freely and there was a steady ad-
vance in September pork to S11 10. This was
followed by recession to $40 SIZE, but the
close was at $40 .97l2. against $40. 52I2 at the
close yesterday. September lard shows net
gain of 15c and ribs of zoe.
Tine leading futures ranged as follows: