St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-22
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
lish markets very weak at low prices. In the
face of such a combination of bearish points,
however, there were so many buying orders
in the pit at the opening that the price for
July was up 10 94Ac almost instantly, ana
ii 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 advices later. Under date of June
IS John Ingles the crop expert wrote from
Kansas to Logan & Co. as follows; Have
never seen such sudden and complete des-
truction of a crop in so short time as has
taken place in six counties 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 rams
The parties who had this information early
bought much July wheat around 9il2Q93S4c.
same parties were the freest sellers. under the
influence of these realizing sales there was
drop TO 0434c; but a 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 9oc at
the close, net gain for the day of l2c. The
trading was spirited ana generous IN volume
throughout the session. The clearances from
the Atlantic seaboard in wheat ana nour
were equivalent to 100000 bu, and the Ylsl-
bic supply is expected to show decrease I'D
excess of 100000 Blu.
There was strong disposition TO sell corn
at the opening which was followed by an
equally urgent demand. July opened at
5575@5Gc, a drop of Csc. The Nancy al
vance in wheat started the shorts 10 cover
followed by heaviness. The market broKe
gradually TO Sic and after selling Tor snort
time at that figure. worked Still lower and
sold during the last forty-tive minutes OF Inc
session in the neighborhood OF 33Ss99054c,
closing al 55ss@55l2c. Receipts Tor Monday
are estimated at $50 cars.
There was little of interest in the oat mar
ket. The trade was only fair and was mostly
of Il Scalping nature. Trading In the July
future began at 36c. advanced to 3G1sc. re-
ceded to 35lsc and closed at 35l2c, indicating
6sc decline.
The provision market opened lower in re-
Spouse TO lower prices at 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
25c from the highest price of the day and II l2
made their highest prices in the first half
hour, and closed the former 5@7l2c and the
latter at l2I2c lower than yesterday.
The leading futures ranged as follows: