St. Paul daily globe., 1893-06-14
Shortage in the French Crop
= Creates a Bullish Senti-
.ment in Chicago.
Hot Winds in the North west
: Add to the Woes Of the
Shorts.
Bears in Corn Have a Hust-
ling Time to Cover Their
Lines.
Wall Street Bears Force a
3 Further Decline in Stock
Prices.

CHICAGO, June 13.-Ju5t as the talent
hadconcluded that wheat was a sale
for another sc decline, it rose today
nearly &c per Du, or from 6513 to 6756c
for July. The poor condition OF the
French wheat crop, the estimate that
Italy will have to import 24,O00,000 bu,
and reports from tue Northwest that
hot winds are destroying the previous
good prospects for spring wheat created
a bullish sentiment, which refused to
be d0Wned by reported troubles of
Western banks, The information con-
corning the jeopardy OF the spring wheat
crop was the cruelest cut of all. The
panacea for short crops in Europe and
100,000.00O bn shortage in the winter
crop here was supposed by the bears
to be in process OF growth Ill
the great Northwest, and with
that resource becoming small by
degrees they were reaching out to-
day with both hands for their shor
wheat. Cash wheat sold on June at
219c under July, and today the differ
ence was narrowed to from &c to lc.
That was pointed out as proof of the
situation At the close July was back
to 6636(g66$4c, or 3s05lc gain since yes
terday. The opening in wheat was
weak at 1ac decline OH easier cables
and ruInorS of some additional bank
failures elsewhere; but there was good
buying, with but little on sale, and
prices quickly turned. There was EVIL
dent hesitation on the part of sellers.
A private cable giving what purported
to be the substance of French wheat
crop report from the London Times,
showing the condition of the French
winter wheat crop to run from 40
TO II per cent, and of spring from 25 to
u per cent. The area of winter wheat
was given as about the same as last
year, but the area Of spring was 20 per
cent less. For time this report had
decidedly strengthening influence ana
prices got quite bulge. But 1t was
noticed that it had little or no effect on
foreign markets, aud on inquiry Its
genuineneSS was doubted. Later inveS-
tigation led to the belief that it was old
news rehashed for the London Times OF
June 3, and since dlscredited. Hence
the market lost some of the bulge. The
large decrease in the visible supply
helped to firm the market some. The
market at the opening was 4912c low
er than the closing figures OF yesterday.
then advanced 1A@l1sc, eased OFT
slightly, and the closing was about &c
higher than yesterday.
There was rustling and hustling
among the corn shorts today The
scramble did not start for about fifteen
minutes after the opening, but when it
did begin there was long continuance
of it. Opening trades were at 15@4c
decline, but better demand was soon
developed, and the price advanced &c,
the statement of the 10000 bu decrease
in the visible and continued talk of a
smaller movement having sole influence.
Then the car lots for tomorrow came in
at 275 cars, which resulted in a still
further gain of 1885. Prices later re-
ceded 36c, on realizing ruled steady,
and at the close were 1@1$4c
higher than yesterday. A good
cash demand was reported and this also
added strength to the speculative mar
ket. On the other hand the Iowa bull
letin was favorable, reporting the crop
well cultivated and clean and the wealth
er map showed generally hot and fore
ing conditions all over the Middle and
Western states. Today's arrivals ex-
ceeded the estimate some, but the out
inspection was also very free.
1ucIc NdS n ldiI llduO III OdlS dHO
strong feeling, due to sympathy with
wheat and corn, to moderate offerings
and to fair purchases of the near fut-
ures. and prices advanced 540Tc, and
September nc, and closed steady at
, about the top. The visible supply state
ment was publish"
The provision market was firm, but
still lacked animation in the speculative
trading. The receipts of hogs numbered
only $4,000 head and the shipments of
meats in the past twenty-four hours
amounted to the heavy total of
over 2, 100000 lbs. Those facts and the
advance in wheat and corn caused the
frmer tone which is reflected in an ad-
vance of sc in lard and 15c in ribs. Pork
was neglected and unchanged.
Freights were steady with fair de-
mand for vessel room at 214c for wheat
and &c for corn to Buffalo. Estimated
receipts for tomorrow: Wheat, 80 cars;
corn, 275 cars; oats, 120 cars; hogs, 49,
900.
The leading futures ranged as follows.