St. Paul daily globe., 1893-06-22
WHEAT OPENED WEAK
Reported Imports Of Gold
Made the Market Strong
Later.
Early Decline Helped Along
by Weaker and Lower
Cable Advices.
Heavier Receipts of Hogs
Cause Provisions to De-
cline Materially.
Wall Street Shorts Become
Alarmed and Put Stock
Prices Up.

CHICAGO, June 21.-A report that ST.
100000 gold was engaged by New YORK
| banks for shipment by steamers sailing
from England tomorrow converted a
very weak grain market into strong
one. and wheat and corn both recovered
from breaks they made in the first hour.
Provisions were weak on heavier re-
| ceipts of hogs and closed at considera-
BILE decline since yesterday.
In wheat the opening was about 40
&c lower than the closing figures of
yesterday. and with only slight t1uctu-
! ations prices declined 1ac for July and
&c for September. he Ia rather steady
, and closed the same as yesterday for
July and &c higher for September. The
decline early was continuation of the
weakness which existed yesterday
helped along by the weaker and lower
cable adylces and the report OH the
French crop In an English journal,
which said the damage to the French
crop had been overestimated. There
was considerable selling at the start.
and fair quantity of wheat was
brought out OH the break. There was
good demand, however, at the decline.
and sharp rally in prices followed.
There was talk of good buying of
cash wheat here, but Interested parties
were reluctant about giving any pub
licity to the transactions. Inquiry at
the banks brought the information that
all the principal institutions would con-
tinue to carry the wheat they had al
ready advanced. -
Opening trades in corn were at 15@4c
loss, but the very favorable Washington
weather crop bulletin, together with
better advices from abroad. had a
ings, accordingly there being less sup
port to the market, many "shorts" hav-
ing covered OH the late up-turn. Owing
to this lack of support the market soon
sold off 3gc more. At the decline there
was increased buying orders On hand,
supposed to come from the East, which
started prices up, and the estimate OF
receipts for tomorrow coming III light
aided the advance, the price going up
nc. The market afterward reacted 10
3Sc, ruled steady and at the close had
lost nothing. In some quarters 1t was
claimed that the big buying orders in
stead of coming from the East emanated
from local spe culator-Charlie Wright
he IuCuTo III OdLS WAS UuyluS VI
July and selling OF September at go
31sc difference. Prices were confined
to sc range. and. the close was at a
Slight decline for July, but at about the
same price as yesterday for September.
The provision trade got another dose
Of the same medicine given yesterday.
The hogs were posted. not at $4,000 OF
10000, as estimated, but at $4,000 or
10000. The Chicago Packing company
and other packing interests again un-
dertook to sell short ribs. Again
| Wright brokers sold the market away
| from them. Then OIL the call Wright
went in and bought fully 100000 lbs
Of ribs Lard was quoted IS off at
| Liverpool. Pork was quoted lower. but
| there was scarcely any business. Clos
ing prices were close to the bottom for
the day. Compared with, last night
| pork is down 4Oc; lard 20c and ribs 15c.
Freights were slowiat &c for wheat and
12lc for corn to Buffalo and 34c for
corn to Kingston. Estimated receipts
for tomorrow: Wheat, 67 cars; corn,
! 200 cars; oats, ITO cars; hogs, 24,030.
| rrt, fo1i1