The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-19

CHICAGO, June 1S.-Wheat had several
changes Of feeling today. The first and last
were bullish, the market closing with a $50
pc advance. Rumors Of July manipulation,
which We're freely circulated a few days ago,
were again rife today, and scared the shorts
TO cover. Corn followed wheat, closing &c
higher. Oats closed a shade lower. Provisions
showed weakness and showed closing declines
ranging from to 7I5c.
Wheat at the opening and for a while after
wards affected by the unexpected
strength displayed by the Liverpool market
First cablegrams from there reported wheat
from lad to 12d higher, Later dispatches gave
the September future at an advance for the
day of ia and July up Id. On this account
July, which closed the day before at 6312c
started today at 691sc and sold up Immediate
ly TO 69Ac. Wet weather and small reserves
of old wheat were reported in the United
Kingdom, but some of the enthusiasm of the
local buyers was dissipated when the Liver
pool advance was reported to be merely the
result Of covering by those not wishing to
be short over the jubilee. Chicago receipts
were II cars and the Out-inspection 81 200 Blu.
Minneapolis and Duluth receipts We're 237
cars, compared with Bis last year. The
weather was of the most favorable kind for
both winter and spring wheat. The closing
cables made the net advance for the day at
IaSarpCOl ed. The dullness of speculative
trading. the favorable weather for the do
nestle crops, the small exports for the day and
the changing of long holdings of July to
September combined to wear away the hope of
permanent Improvement which the opening ad-
vance of Liverpool had raised. Prices began
to drop and July had got down to 6SAc by
II 80 O'Clock. Some cash business for prompt
shipment was reported, but it's quantity was
not large enough during the forenoon to re-
inforce the bulls. Later the cash business was
reported at 125,0O0 Blu, and the speculative
market began to improve. What contributed
chiefly, however, to the strength with which
the market closed was a renewal of the rumor
connecting the name of Armour with the
July deal. This drove shorts to cover in a.
hurry July advancing to 68A to 69c by clos
ing time.
Corn was firm at the opening, with wheat
and the cooler weather here. Advices from
the country, however showed such a marked
Improvement in crop prospects that the trend
of prices was downward during the morning.
Later in the session, good export demand
was reported and when wheat commenced its
final bulge corn followed, the market ruling
quite firm during the last half hour Local
receipts were 437 cars. July opened Ac high
er at 251sc, sold at 25A@25Hc, declined to
24a4c and recovered to 251sc, where it closed.
Oats were dull all day, with nothing but a
Scalping business doing, and even that was
OF small volume. Prices kept within a Ac
range, the slight decline being due more to
lack of trading than the news of a bearish
character. Receipts were posted at 246 cars
July opened a shade higher at 1SAc sold be-
tween 1SAQ 1850 and 1890, closed at 1870
Provisions opened lower on the large hog
receipts. Prices held comparatively firm for
a while. but later the market grew radically
weak on general selling and poor support
the close being near the bottom of the days
range. The selling was apparently caused by
the disappointing cash demand. At the close,
July pork was 1501712c lower at $7.40; July
lard sc lower at SO. 6215, and July ribs sc low
er at $435. Estimates: Wheat, 10 cars; corn.
525 cars; oats, 240 cars; hogs, $4,000 head.
The leading futures ranged as follows: