St. Paul daily globe., 1892-06-14
COVERED MILLIONS.
One Chicago Broker Bought
in a Million Bushels OF
Wheat.
'Cudahy, Linn and Several
Other Big Shorts Gave a
Heavy Lift.
After Erratic Fluctuations a
Rally Sent the Price UP
a Fraction.
Corn, Oats and Provisions
Also Show Gains for
the Day.

CHICAGO, June 13.-The event today in the
wheat pit was the covering of line of
100000 bu or more by Charley Wright. He
has been short this line for considerable
time, having put out the bulk of it, it was
supposed, at S2@0S5c. and not only stood by
1t on the recent bulge to SSc. but added con-
siderable to it. On a break today he seemed
to have concluded that it was the proper
place to cover, and he began to buy in. He
was joined by Cudahy, Linn and other big
shorts. Their purchases all together are said
to have reached over 50o0.000 bu today.
Owing 10 the continued fine weather, the
weak cables. lower domestic markets and
the free selling on stop loss orders, the first
sales were at 19sc decline from Saturday,
with July at 7Sc. and few transactions at
T75c. These prices were 10c lower than the
bulge Tuesday last, when Pardridge did the
bulk of his covering of short wheat at $780,,
0DO to S750,GeO loss. With some fluctuations
the market rallied steadily from the star t
and closed 14@Ssc higher than Saturday.
There was buying on Californian account
rumors of large freight engagements here.
better export business at the sesboard, and
reports of foreigners buying futures. In adj
dition came reports of hot winds doing dam
age in Kansas.
Corn was active and unsettled. ruling
weaker at the start. but stronger as the ses-
sion advanced. and the bulge was fairly well
maintained. Offerings at the opening were
immense and initial transactions were at
1A@1ssc decline. the country being very free
sellers, as also local operators. The fine
weather all over the West and the large re.
ceipts. both present and prospective. were
the factors which caused the early weakness,
and at the decline a good demand sprung
up, and the market gradually advanced 2aS0
s5Sc on covering by shorts and on investment
buying by local operators, many thinking the
price low enough for the present. Market
ruled steady for awhile. reacted Ac. changed
some. and at the close July had gained 340
7Rc and September ss624c.
Oats opened with sales at a40f1b decline,
and the market for time was very weak.
The longs unloaded, the shorts rather
overdid it, and in their efforts to cover later
in the day they advanced prices s2@2Ae, and
the close was steady at about the outside,
and A@ssc higher than on Saturday.
The almost panicky decline in the wheat
and corn markets at the start similarly af-
fected provisions for few moments. There
was very sudden rally i'll the hog products
and strong market succeeding the moment
ary weakness referred to at the opening.
The chief feature of the days business was
the buying for account OF Wright of about
100000 lbs of ribs. Such heavy purchases
advanced the price from S6.35 to S6.57la. the
market closing at the latter price as against
So. .37I2 on Saturday. Lard and pork also
covered from the early weakness and closed
with Improvements respectively of sc in lard
and 20c in pork.
Vessel room was in good demand. and rates
held steady at &c for wheat and 144c for corn
TO Buffalo. as
Estimated receipts for tomorrow: Wheat,
225 cars; corn, 1,225 cars; oats, G55 cars; hogs.
% 000
The leading futures ranged as follows: