St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-25
WHEAT IS FRIENDLESS
Fictitious Strength Early,
and Decidedly Bearish
News.
The Weather Had Much to Do
in the Determining Of
Values.
Corn Was Also Affected by
the Reported Condition
Of Crops.
A Condition Of Lethargy Pre-
walls in Wall Street
Dealings.

CHICAGO, June 24.-Wheat was apparently
friendless to-day. To be sure, Partridge was
understood to have bought about 100000
bushels around the opening. while other
shorts took some, lending the market fic-
titious appearance OF strength for time !;
but there was nothing in the statistical posi-
ton to justify an expectation Of higher
prices; in fact, the news of the day was de-
cidedly bearish. The early purchases were
not with the expectation of profits from an
advance, but for the purpose of evening up
sales. The shorts continue to fear the temp
tation to manipulation in July within the
next few days, in view of the perilously
light stocks of contract wheat at hand.
Pardridge's purchases to-day are said
to have put his trades on an
even footing The bearish news consisted
of reports of continued fine weather every
where in the winter wheat belt of this coun-
try and in Europe; lower cables depressed
domestic markets and general bearish feel
ing. Harvest was reported going on vigor-
ously. and The new wheat was already reach
ing some of the more Southern and South
western markets. Indian and Prussian wheat
shipments were heavy. The Farmers Re
view in its summary of the situation gave
the condition of winter wheat as exception
ally good, and spring very promising. Sec
rotary Mohler, of Kansas wired that his dis
in that state by the late rain. Late
Liverpool cables quoted weaker mar
kets there, with s40ld decline,
and Berlin was lower, with Paris
from 20 TO 80 centimes decline: About the
only Item that was at ell bearish was Brad
streets report, showing decrease of 1,616, 900
bushels in the visible supply east of the
Rocky mountains, with an increase of 3S7, 900
west of that range Having eyened up their
deals in the dangerous month, the shorts
were ready for trades, and proceeded to offer
selected lots on descending scale, while the
longs were with them in an effort to get rid
of their holdings. The result was very
weak and declining market July opened at
93Ac, sold up to 935sc, reacted to 92fsc, grew
steady for Il time, but weakened again, sell
ing off to 92c, and closed at 92l5c. The
weather was the leading factor in determin-
ing values in corn as in wheat. Thus, while
il was clear and warm in Kansas, Missouri,
Illinois. Indiana and Ohio where the wheat
harvest IS i'll progress 1t was shoWery in
Iowa, Nebraska and other sections where
the moisture will be of advantage TO the corn
crop. This encouraged short selling, and the
later weakness in wheat assisted i'll the down
ward movement in corn. July opened at sac,
against 54l6c at the close yesterday. There
was little or no demand, but the selling was
persistent and aggressive almost from the
start Long corn was sacrificed freely.
Short selling was on an enormous scale,
and the execution of stop loss orders
completed the generalization After touch
ing 5415c the decline began, and, with one or
two minor reactions, dropped to 53Isc. Then
there was rally to 53l2, and at the close the
price was $3.50. Oats had a strong start due
to the fact that only "a cars were received
where 100 had been expected July sold
early at 35S4936c, then broke in sympathy
with corn and sold off to 35c. reacted to 35Ac,
again weakened and closed at the bottom
price of the day. Provisions ruled weak in
fuenced chiefly by the weakness in the grain
pits. Trade was generally dull and fiuctua-
tions were confined within an extremely
limited range.
The leading futures ranged as follows: