The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-24
MARKET SUMMARY.

CHICAGO. June 23.-Wheat was nervous
today and closed unsettled at a &c advance.
The fear of July manipulation again
very marked and was really the only feature
to the market Corn and oats were weak, each
closing at a slight decline. Provisions, on
the contrary, were very strong and scored
advances ranging from ~ to zoe.
Wheat had a strong opening. The possibil-
iJy of a squeeze in July had been further
stirred up since the close yesterday by the
report that in addition to the transfer of
1,C00,000 bu, long July wheat, which had been
explained as simply an evening up transac-
tons, one or two other houses had similarly
turned over 10 Armour & Co. contracts for
long July wheat of a like amount. The trade
was allowed TO draw its own conclusions from
such unusual proceedings and the object
was generally accepted as boding no good to
the shorts in July wheat; the course Of
prices in the first hour showed that very
clearly. July opened at $3.50, compared with
yesterday closing price of 6S1ac, and almost
Immediately sold at 6S1sc. Then a reaction to
6S7sc occurred. There were still some trad
ers who were not affected by the fears of a
corner" and who had the courage to sell
short on the bulge. The market, however
was naturally too strong to be affected very
long and as soon as the selling ceased prices
ening further delay to the winter wheat har-
vest. That was another item in the early
bull influences. The Northwestern receipts
were only 179 cars, against 81 a year ago.
Late cables from Liverpool reported a recov-
cry Of the opening I'D decline, which was
probably caused by the advance at Chicago
On the other hand, the news from California
was bearish. Cutting had commenced there
and the yield and quality were both declared
satisfactory, one dispatch from San Francisco
claiming the condition to be so instead of
49, as given in the last government re-
port Washington and Oregon were also
famed to be giving fine promise owing to
recent favorable weather; so fine in fact
as to indicate a heavier yield than they had
ever had before. Closing cablegrams report
ed Paris flour and wheat each a shade lower
ana Antwerp unchanged. Export clearances
OF wheat and -four were equal in whear
TO $4,000 Blu. The apprehension of a
bull deal in July lessened toward the end of
the session, and with '"ss fear of that
strength began to disappear. The market
gradually worked down to 6S%c, but took a
Suuuen squirt before the close to 691bc The
closing price was 69Ac bid.
Corn was rather heavy to begin with be
cause of the favorable weather for the crcp.
Shorts, however, We're not very aggressive and
the market was sluggish until rumors of re-
auctions in freight rates were circulated
when the market became quite weak. Sen
TENDER liquidation was prominent REGENTS
amounted to 414 cars. July opened a shade
lower at 24$c, sold a shade higher and de-
chned to 243sc, where it closed. Oats were
easy with corn, with the same sort of selling
chaTacterlzlng the market, although on a
smaller scale Shorts were the principal buy
ers. No Independent features Of interest de-
veloped; Local receipts were posted at 24S
cars. July opened 1sc higher at 17%c, ad-
Vanced to 1850 and declined to 177k@1Sc That
was the closing price. In provisions lard led
the market. The opening was firm on the
strong feeling at the yard and small offer
!ngs served to maintain prices until the las,
nour, when heavy orders for lard. supposed
to be from Cudahy, started everything on the
rampage. At the close July pork was Toe
ntg Ra r. at $50; July lard, 175z@2Oc higher
Estimated receipts Thursday: Wheat Q cars:
corn, $50 ears; oats, 24O cars; hogs, go 600 head
Ihe leading futures ranged as follows: