St. Paul daily globe., 1891-06-21
ts -
FINANCE AND TRADE.

CHICAGO. June 20-Although the early
news on the board this morning was of very
bearish character. it appeared to have little
or no effect on the opening wheat market.
Accounts from the districts where harvesting
Is progressing reported clear weather. The
Iowa state crop report too, placed the aver
age condition at 104. in fact summing up for
the week was favorable for the outlook, and
both private and public cables reported Eng
l1sh markets very weak at low prices In the
face of such combination of bearish points,
however, there were so many buying orders
In the pit at the opening that the price for
July was up TO 94Hc almost instantly, and
1t tarried only a bare minute or two
before making a further advance of
Ac. The true inwardness of the influences
which prompted the buying appeared in
private adyices later. Under date of June
Is, John lngles, the crop expert wrote from
Kansas to Logan d Co. as follows: Have
never seen such a sudden and complete des
truction of a crop in SO short a time as has
taken place in six counties l touched on to-
day." Farmers On the floor from Indiana re-
ported deterioration in the crops there, and
Missouri reports were to the effect that the
crop was laid and tangled by the heavy rains.
The parties who had this information early
bought much July wheat around 9!la@94s4c.
The prices advanced later to 957sc, and the
same parties were the freest sellers. Under the
influence of these realizing sales, there was q
drop to 94S4c; but fresh batch of buying
orders came in and there was quick up-turn
to 957sc. Again the selling carried the price
off. the shorts having apparently covered.
Late cables reported tirmness on the CONT
nent. and reaction here left July at CSC at
the close, net gain for The day of 12c. The
trading was spirited ana generous in volume
throughout the session. The clearances from
the Atlantic seaboard in wheat and flour
were equivalent to 100000 bu and the Yisi
BILE supply is expected TO show decrease i'll
excess of 100000 bu.
There was a strong disposition to sell corn
al the opening, which was followed by an
equally urgent demand. July opened at
50 75@p50c, a drop Of Ssc. The NANCY ad-
vance in wheat started the shorts to cover
ing, and rapid whirl to 56340 1567sc occurred.
followed by heavineSS. The market broke
gradually to SIC and after selling for short
time at that figure. worked still lower. and
sold during the last forty-five minutes of the
session in the neighborhood of 55ss@5614c,
closing at 55SS055I2c. Receipts for Monday
are estimated at 800 cars.
There was little of interest in the oat mar
ket The trade was only fair and was mostly
of scalping nature. Trading in the July
future began at 3Gc. advanced to 3GlSc re-
ceded TO 2jl8c and closed at 3jI2c, indicating
sSc decline.
The provision market opened lower in re-
sponse TO lower prices az the yards. A reac
ton followed in sympathy with the opening
advance in corn and wheat. but on the sub
sequent weakening of the former hog prod
ucts also became very weak. Pork declined
&c from the highest price of the day and l7I2
made their highest prices in the first half
hour, and closed the former 5@97I2c and the
latter at l2l2c lower than yesterday.
The leading futures ranged as follows: