The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-10
JUMPED ON JULY
LIFE SQUEEZED OUT OF 1T BY THE
WHEAT BEARS AT CHI
CAGO.
NET LOSS OVER A POINT.
TWO CENT TUMBLE BETWEEN THE
DAYS HIGH AND Low
MARKS.
PROVISION PIT RADICALLY WEAK.
SharDc Loss Scored by the Hog Pro-
ducts While Coarse Grains Re-
ceded Fractions.
MARKET SUMMARY.
FINANCIAL

CHICAGO, June 9.-Wheat today opened
strong, and under a continuation of yester-
DAYS short covering advanced sharply. This
support died away later when favorable
state crop reports were received, the result
being that not only was the advance lost, but
11sc besides. Corn and oats dropped about
Ac of their previous values. Provisions were
uncompromisngly heavy and closed at de-
clines ranging from 1Oc to 2712c.
Proceedings in the wheat pit during the
first half hour of the session were interesting
but fraught with grave consequences to those
of the performers who had gone home short
of July wheat yesterday Fear of manipula-
ton of that delivery, for the benefit of the
longs was the cause of an advance in it OF
about 115c per bu, inside of is minutes. The
excitement soon subsidized and was succeeded
by a heightened period of subdued nervous
ness July wheat closed yesterday at 69Ac-
the top of 23sc bulge-opened at from
699s to 695sc, and climbed nimbly to 703s@
7024c, without a break. At the end of the
half hour it was back to $3.50. Although
there were other bullish elements, the fear Of
manipulation, so prominent in yesterdays
bulge was really the reason for the furry,
and nothing else was given any particular at
tention for time. Minneapolis and Duluth
receipts were small, a total of PIP cars be-
ing reported, against 263 week ago, and 354
the corresponding day of last year. The state
crop reports for June, which came to the
knowledge of the traders, favored the believers
in a coming plentifulness and gave the bears
their first opportunity to pound the market.
Once started the price went down quick
ly it had advanced. Michigan condition
of winter wheat was 7Sc, against So May 1,
and Y June l. 1896. Kentucky gave the con-
dition SO, against So a month ago and 81 June
l, last year. Export clearances of wheat
and -four from Atlantic ports were equal to
only 1884, 900 blu. The foreign markets ali
closed strong. That did not help the price
here any more, however, and when Brad
streets report of the worlds visible made it
show decrease of 3, 353, 600 blu the crowd, as
If waiting for that as a signal to sell, jumped
on July and squeezed the life out of it for
while. 1t dropped to 6S5sc, sellers. New
york about the same time reported IS car
loads taken from there for export, without
helping the price. July worked down to Csc
and closed at 681s q 6SA c.
Corn was only moderately active and easier
due largely to the improved weather and the
elimination of the short interest yesterday
the liquidation, which was done easily de-
pressing prices. Enough support materialized
however, to prevent any great decline Local
receipts were again heavy, but smaller re-
celpts are looked for tomorrow. July opened
shade lower at 2412c, sold to 245A024Ac and
declined to 24AQ24&sc. The closing price was
242sc. Oats were slow and inclined to weak
ness, influenced by the more favorable
weather, improved crop prospects and the
weakness of wheat and corn Bradstreet's
showed a visible increase of 555 900 bu A
good cash business was transacted. july
opened unchanged at 1870 and declined to
DC which price was BID at the close Pro-
VISIONS were weak with scattered unimportant
liquidation. and some short selling The mar
ket started lower in sympathy with a weak
hog market, and the weakness of wheat and
corn kept prices on the downward path all
day The result was a very material decline
on limited amount of business At the
close clos July pork was 271kc lower at $40, July
ard Eye lower at $S4712 and July ribs
wheat cars; corn, SO cars; oats, 26O cars:
The leading futures ranged as follows.