St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-23
VAlV6lt0EAl OIltONOl
Wheat Was in That Condition
on Chicago Change Yes
terday.
The Action Of the July Fut-
uPe Has Made Shorts
Nervous.
Corn and Oats We're Active,
With Hog Products Very
Quiet.
The Crop Outlook and Gold
Movements Control Wall
Street.

CHICAGO, June 22-Wheat was generally
strong to-day, especially around the open
ing. Cables were about steady. There were
dispatches telling of bad weather from vari-
Gus points in the winter wheat belt, where
the harvest is now in progress; but the
weather map indicated much more clear
weather in those sections than during the
latter part of last week Private advices from
Kansas, Nebraska, Central Ohio aud parts of
indiana were received, telling of deIeriora-
ton In The crop. These were bullish in their
effect but apparently the chief factor lead
ing to an advance in prices at the opening
was the fear OF manipulation in July. Only
few days remains until July will become
the current month, and the shorts have be-
come nervous over the action of prices in
that future during the past few days
They found that the prices are being
put up and down with very little trade pass
ing. They started i'll to cover, and the result
after an early fall, was a decided advance
the closing price on saturday. and receded to
93c, but the selling crowd was soon rid of its
holdings and the demand continuing urgent,
especially for July, quick reaction set in,
carrying the price to 95Iac. Logan & Co,
White IL Co., and Kenneth & Hopkins were
good buyers III the early trading Indications
that the decrease i'll the visible supply would
be larger than expected; the fact that New
York stores had decreased 459, 000 bu and that
the clearances from Chat port Saturday footed
up $4,000 bu of wheat 400 bbls and
1900 sacks of flour were all strong
factors for time. Later when the most
urgent buyers had secured what they wanted
and had Withdrawn, and reports of clearing
weather ana liberal estimates for tomorrow
had been received, prices began to weaken
and July sold off to 9iSsc, reacted to 95lac
and closed at 9issc Corn was firm early,
largely in sympathy with wheat. July
started at 55lsc and went up later, during the
sharp bulge in wheat, to 5534c. Shorts
showed a good deal of nervousness for a
time, but finally the short selling became
active, long property came out freely, and
wheat breaking about the same time, corn fol-
lowed. Liberal estimates for tomorrow also
helped 10 create weakness. and. when
once started. the break was easy to
545sc. little reaction followed, the early
short sellers making an effort to cover and
secure profits when July sold to 55l4c but
reacted to 545sc again. Near the close there
was another rally, and The close was al 55S5c.
Oats were fairly active. the feature being the
strength in July. There was good buying by
shorts, and this gave the market its strength.
The opening was at 3jc, Il decline of 12c
| since Saturday, advanced to 364c, receded to
3478c, rallied to 35Ac, and closed at that.
| Hog products were quiet and the changes in
| prices were limited to a comparatively mar
| row range. The natural tendency was the
| weakness on account of the large receipts of
hogs but the early strength in grains pre-
vented Il break. The close was generally
still slightly lower than Saturday.
| The leading futures ranged as follows: . .