The Saint Paul globe., 1897-06-04
MARKET SUMMARY.
FINANCIAL.

CHICAGO June S.-Wheat closed today at
6SAc for the July option, substantially the
price it opened at and an advance OF 40Ssc.
Its lowest price was CSC, and it sold as high
as 6S34c. The immediate cause of the Strength
was a sensational advance at Liverpool but
there was too much realizing for all the ad-
vance to be maintained Corn was strong and
advanced 1hc Oats closed A@3sc higher, and
provisions 21ac lower to sc higher
In wheat the bulls had several good reasons
for maintaining their leading position in the
market. Yesterdays large cash business, over
$50 600 bu was in itself a sufficient reason for
the strength with which the market opened,
but added 10 this was an opening advance at
Liverpool of A@13d. That market, in fact,
supplied the bulls with all the ammunition
they needed. The initial rise there kept piling
up until at the close 2A d had been established
for July delivery. The opening for July wheat
here was from IS to 6SAc, against yesterdays
close of 67$4 6677sc, and so little for sale
at those prices that in about twenty minutes
after the opening 6S12c was being freely bid,
and some changed hands at $3.50. The bears
at those advanced prices sold enough to knock
it down to 6Slsc again, where the bulls once
more got their horns under it and tossed it
up to 6S$4c Chicago receipts were cars and
the quantity inspected out of store was 1852
against 4O1 the corresponding day of the week
before and APT a year ago. The clearances
from the Atlantic seaboard were equal, in
wheat and -four 10 530 600 bu. Continental
cables showed none of the snap which pre-
vailed in Liverpool, and that gave rise 10 the
suspicion that the latter market being
manipulated from here. The cash demand was
reported good, but business was small, because
Of difficulty in getting spot wheat. New York
wired that Liverpool houses were sellers
there. The unsympathetic character of the
continental markets emboidened the short sell
lers near the end of the session, and caused
July to sell down again 10 6S1sc, which was
its closing price
heavy business was done in corn, largely
in the way of buying in shorts, but also to
some extent for long accommodation. There
was crop scare the market, the recent
cold weather having caused ali sorts Oh un
favorable reports to pour in, and a decided
decrease in country offerings. Receipts were
944 cars. July opened a shade higher a. 24c,
advanced to 24%c, and reacted to 2412c where
it closed. The market for oats was trm and
quite a good business was transacted. Shorts
covered freely and ass Sted materially in the
advance. sympathy with wheat and corn were
also conspicuous factors, but the main differ
1uence was an urgent cash demand, wi h light
offerings. July opened a shade higher at 1Sc,
advanced to 1870 and closed at 1850. Provis-
ions opened easy and ruled weak and lower
during the greater part or the session. Pack
ers were generally sellers, lard and ribs being
especially pressed. In the last few minutes
short covering and sympathy with corn caused
nearly all the decline to be recovered. AZ
the close July pork DC higher at $7.S5,
lower at $4.27l2. Estimated receipts Friday.
Wheat cars; corn, 705 cars; oats, 440 cars;
hogs, "a, 600 head.
The leading futures ranged as follows: