St. Paul daily globe., 1891-06-20
NO SOLID STRENGTH.
Nervous Spectators Create
Fictitious Hopes Of an
Advance.
Feeling in the Wheat Pit on
Chicago Change Was
Bearish.
Surprising Weakness in Corn,
and a Rapid Decline
Early.
Wall Street Bears Made Many
Attacks on Speculative
Stocks.

Chicago, June 19.-Wheat opened with an
appearance of strength, first sales OF July
being made at 94@9i14c, against 03l2c at the
close yesterday. The strength was only ap-
parent however, and was due TO the bidding
of few nervous spectators, who had mag
nified the importance of the wet weather
damage in the winter wheat belt, where the
harvest is in progress. All of the conditions
were against them. Cable market reports
showed lower prices for both spot and
futures at Liverpool, and for cargoes for
prompt shipments at London. A series OF
private cables from the principal wheat
market centers of Europe was shown around.
These cables reported improved crop
prospects everywhere; said that French i'm
porters had already bought more grain
than the situation warranted, which seemed
TO account for the sharp drop i'll prices yes
terday, and that 100000 bu were in hulls off
the English coast for which there were no
bidders. Furthermore, the weather map
showed but little rain in Kansas indicating
that the +. harvest there would soon be re-
sumed. and the break in stocks, consequent
upon the continued gold exports, assisted IN
the decline. The local feeling was bearlsh,
and the selling pressure quickly overwhelmed
the little coterie of buyers. Within five mill
utes from the opening July sold at 93Ac AT
this point came reports of serious damage TO
the crop in Kansas by tioodS,and heavy rains,
q good inquiry for cash wheat here
chiefly for direct export and large
export clearances from the seaboard. A
French cable also said that the chamber of
deputies had agreed to the measure of the re-
duction of the duty on cereals, liking the
date at July /. This was a compromise be-
tween the chambers wish for an immediate
reduction and the act of the senate fixing the
time at Aug. l. 1t was thought IL would pass
the senate. s. V. White and Logan began to
rnttr
thoroughly bailed out, prices quickly began
10 react The shorts commenced to cover,
and there was considerable buying, and the
scalping crowd seemed inclined to the buy
ing side. The result was change in senti-
ment and an advance, with various mi
nor fluctuations, to 94S4c. Then the
market became weak on free offer
ings, and lower, and weak. English cables
and thee decline reported st Paris,
Berlin and Antwerp and sold off to 9il5c,
reached 10 94l2c, and closed at that. Corn
showed little strength fer the first minute,
and July sold at 56Gl561sc; but everybody
seemed TO have selling orders, and buyers
were holding off. The result was surpris-
ing weakness and a rapid decline. July
dropping 10 5434c in less than ten minutes
after the opening. 1t followed wheat to
some extent, but the probability of warmer
and clearing weather was also weak feature
On the break, good buying commenced;
shorts covered freely, investment buying was
generous and wheat selling up, corn followed.
The moderate receipts for tomorrow
were favorable, and Pardridge and
Cudahy covered good DEAL and there was
an irregular advance to 52I2c. Then Pard-
ridge and Cudahy turned short sellers break
ing the price 10 557sc, from which there was
a recovery 20 56Ic at the close. Oats started
at 36l2d37c for July, broke off i'll sympathy
with corn and soon touched 3l4c. but subse-
quently reacted to 355sc, broke to 357sc, re-
acted TO 36I4c, and closed at Soc. Provisions
opened firm, pork selling at $1,000, but fell
later to $1,000 Then when corn and wheat
advanced, it sold 10 $40. 20, dropped to Sl062I2
ana closed at S10G5, a gain OF 10c over yes
terday Lard and ribs gained &c each.
The leading futures hanged as follows: