St. Paul daily globe., 1891-06-10
SHOWING SOME LIFE,
The Chicago Wheat Market
Exhibits Some Strength
and Advances.
Free Offerings by Persons
Looking for a Soft
Market.
Corn and Oats Were Active,
But Closed Weak and
Lower.
On a Waiting Wall Street
Market, Industrials Were
FavoriteS.

CHICAGO, June 9-Although the wheat
market wobbled a little at the start and
seemed disposed to sell off and did decline
some from the opening, the feeling gradually
changed to one of strength. and there was
very decided advance. though all of the i'm
provement not held. After the close of the
board yesterday a dispatch was shown
around to the effect that the French senate
had amended the lower house reducing the
tariff on wheat so as to make ii go into effect
at once, instead of on Aug. 1, and that Only
the assent of the lower house was needed to
put the reduced tariff into effect On this
intelligence the price of calls was ad-
vanced on the curb. The consequence
was firm opening this morning at an
advance of 1sc over the closing price
yesterday, in spite of the fact that prices
were l2d lower at Liverpool. There were
however, free offerings apparently by per-
sons seeking TO make soft market to buy on.
The consequence was that July, which
opened at 9S1sc, quickly sold off to 97sc
This was followed by good buying for New
York and local account on advance move
ment set in, and the shorts began to cover
White, Cottrell, Millmine Bodman and
Schwartz and Dupee lead the buying About
the same time private cables reported cold
and hot weather in France injuring the al
ready poor prospects for the crop, and also
reported higher prices there. The Asso-
clated Press dispatch quoting the Russian
oI oInciai report P as putting the wheat
crop or that country below the aver
age assisted the upward movement The
price advanced irregularly to 99c, though
transactions at the top were limited. The
decided appreciation in values started a free
realizing movement and liberal short selling.
The sellers were assisted in breaking the
market by the reported heavy increase in the
amount OF wheat and flour on ocean pass
age, making the quantity the largest on rec
ord. In addition dispatch from Minneapo-
lis reported that the crop prospect in the Red
river valley exceeded ANYTHING ever known
before The Dakotas and Kansas also sent
IN bearlsh crop reports Under these in
huences there was reaction TO 9S3Sc in the
last hour, and with some minor fluctuations
near the close, the result of covering by
shorts the market closed steady at the price
last named. Corn opened strong in SYM
pathy with an advance of l2d in prices
at Liverpool but weakened under tree sell
Ing by local traders, rallying again, however,
with wheat. July started at 59aSc, against
SOC at the close yesterday, sold off to soc. and
then took sharp up-turn when the estimates
for tomorrow came in, showidg light ex. /
pected receipts July advanced to 5954c
Ihere was free realizing on the way up and
the bears took advantage of the situation to
without selling much. The price broke
badly near the close, and closed steady at
5S16c. Oats started weak a. 44c for july
soon fell to 1850, but on other grain showing
so much strength advanced 10 441sc, then, to-
ward the close broke with corn and closed
at 439sc, within 1sc of the bottom price Pro-
visions were quiet, with narrow fluctuations
Armour and Poole-Sherman did most of the
buying of pork. The September option
showed the following losses at the close,
compared with the final figures yesterday:
Pork, 15c ;nlard, SC; ribs, 7l2c.
The leading futures Hanged as follows: