St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-01
WHEATCL0SEDLOWER
The Leading Cereal Could Not
Hold an Advance at
9 Chicago.
News Was Bearish. But the
Local Crowd Were
Bulls.
Corn, Oats and Provisions
Made and Held an Adj
vance.
More Hopeful Feeling in Wall
Street on Liberal Pup-
chaseS.

CHICAGO, June 30.-Wheat was strong and
higher at the opening this morning, record
ing figures full cent above the last prices of
yesterday, but the advance did not hold, and,
after bobbing up and down a couple of times,
closed weak and ssQS4c lower than on yes
terday, at the bottom figures of the day The
news of the day was mixed in its tenor.
though most of it was bearish. The weather
over the harvest fields continued favorable,
with high barometer, and the tone Of the
cable markets was decidedly pearish, indi-
eating extreme depression. In the face OF
this however, the local crowd was pervaded
by bullish sentiment, which accounted for
the higher opening. They haG several argu-
ments in support of their position, The shorts
were very nervous, and covered good deal of
July around the opening. because of the small
stock of contract wheat in store here-921, 900
bushels-against 1896, 600 a week ago, and
rumor that arrangements had been perfected
for receiving and shipping from 100000 to
10000 bushels during July. which it was
thought must enhance the price of the cash
article materially.
The amount of wheat and -four on passage
shows decrease of SSS,O90 bushels during
the week, and was material help in working
up the strong sentiment. Then there was
cable to Schwartz Il Dupee, saying that the
Russian government had given out an esi-
innate of the condition of the Russian
crop, placing it at So per cent which
indicates O loss amounting to 34,0OO,0O0
bushels from the acreage production. There
was also areport that the London Times cor
respondent i'll Russia had sent that journal
sensational dispatch noting an enormous adj
vance in the price of breadStutfs IN that
country, which seemed likely to reach famine
quotations Another element OF strength
was the sharp advance in the price of corn.
But in the face of all this came the weak and
declining cables, BeerbOhm quoting Liver
pool l20ld lower, and added that it was al
most impossible TO sell cargoes on passage.
The highest prices were made around the
opening, after which. with some more or
less decided rallies, there was a quick
and downward tendency. After the shorts
had covered most of their urgent
contracts, they began to put out
new lines and to hammer the market Late
cables were decidedly lower, and new wheat
was being offered for July delivery. Further
decline was checked by the clearance or AGO.,
900 bushels at New York. by reports that buy
ing orders were being received at the decline,
and that eighteen boatloads had been taken
for July shipment. 1t was reported that Que
house had received a cable from Paris, Civ
ing most gloomy account of the Russian
crop, but ended with an order to sell 600
bushels. This caused the crowd to loon upon
all advices with suspicion. July sold any
where between 905sc and 914c around the
opening, went off 10 904c rallied 10 0Ol2c,
ana aIleG noon, on Tree Selling Dy IdrurluSe;
Cudahy and other bears, broke TO and closed
weak at S9l2c against 901sc yesterday.
Corn was decidedly nervous, active and
higher and held a good advance. The re-
ceipts were about 80 carloads short of the es
timates those for tomorrow were extremely
light; stocks in store were only $4,000 bu.
There was an active demand for cash corn
at higher figures. and the weather was de-
cidedly cooler and not so good for the grow
ing crop. The result was an active demand
to cover shorts and the old bull contingent
was also buying. The offerings were light,
ana the result was that prices were easily
advanced. July opened at 53l2057c against
53c at the close yesterday, advanced gradu-
ally to 55lSe before noon. Then the
shorts having covered, and wheat
having weakened, corn also grew
weak. and with immaterial reactions de-
cllned to and closed steady at 541Sc. Oats
followed corn. closing with a gain of 4c
over yesterday. Provisions were fairly
active and firm in sympathy with the adj
vance i'll corn and the advance of &c in live
hogs at the yards, but weakened later with
that cereal Pork closed with gain over
yesterday of 9l2c: lard was unchanged and
ribs were 2l207l5c higher.
The leading futures ranged as follows: