The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-22
HOPES OF BULLISHLY INCLINED
DISSIPATED BY THE ACTION
OF THE MARKET
AN ADVANCE AS EXPECTED
Instead There Came Another Decline
In Prices, and Decidedly Weak
Feeling Prevailed Throughout
the Session - Northwest Receipts
Were Heavy, and the Outlook Is
Generally Bearish.

CHICAGO. June 21.-The spectre of the
rev crop loomed up before wheat trad
ers today and was a big factor in the de-
cline of 24d7sc. which marked the days
trading in that cereal. Continued heavy
domestic receipts made its effect more
apparent. Corn and oats were rather
heavy, but closed only a shade lower.
Provisions showed practically no change
at the close.
Any hope among wheat traders that
Yesterdays late steadiness was the be-
ginning of a reaction was dissipated be-
fore the opening by reports of much need
ed rains in the Don district of Russia,
improved crop prospects in that country,
and an early decline of sd in Liverpool
Cabels. The effect of this news on spec
ulators was partly nullitied at first by
rain in the Northwest. where too much
moisture has already put the wheat fields
perilously near the danger line, and after.
about fifteen minutes of weakness the
market developed some strength on COW
erIng by shorts.
Opening sales of September were made
at 765sd7624c, compared with yesterday
closing price of 1859, and the liquidation
that started at once carried the price
down to 1850 On this early break the
Southwest was a heavy seller owing to
receipts of new wheat Covering by
shorts on danger of Northwest rains
carried the September price back to
76Ac, but before II o'clck the market
again developed extreme weakness, and
from that time until within a few min
utes of the close selling was persistent
and heavy.
Northwest receipts We're heavy, Mime
apolis and Duluth reporting 715 cars,
against 454 last week, and 70 year ago.
Chicago receipts were 125 cars, of con-
tract quality. The total at primary West
ern points was 100000 blu, against 1872, 600
IL ole &C
of wheat and flour amounted to 603,000
bu There was only moderate cash de-
mand here, while the seaboard reported
light business with the other side. only
q loads being taken for export late in
the day This fact did not favorably
impress traders who had before them the
large domestic receipts.
Weekly crop reports announced the
week a favorable one a whole, with
winter wheat in some places turning out
better than expected. LHre in the ses-
sion, however, liquidation was checked
by reports of continued heavy rains in
the Northwest and by some unfavorable
advices from Kansas. Late Russian adj
vices were not so favorable, but traders
had apparently lost their interest in the
foreign situation, and had turned their
attention to the domestic crop. Septem-
Der had in the meantime declined to $40
76Ssc, but enough support materialized
IN the last halt hour TO cause reactlon
to 76q7618c.
Corn sympathized with wheat to some
extent, but the narrowness of trading
prevented any material decline. Receipts
were liberal, 659 cars, and crop advices
were favorable. A good export business
was done at the seaboard, shorts cover
ing to moderate extent, and in the alb
sence of selling pressure the market re-
covered nearly all the early decline
September closed a shade lower at 1880
349sc.
Oats were dull, but fairly steady July
showing a slight advance at the close.
September felt in degrees the weak
ness of wheat, but the good cash demand
helped prices late In the day. Crop re-
ports were favorable. Receipts were 1856
cars. September ranged from 2114c to
217sc, and closed a shade lower at 1850
21%c.
Provisions were almost at a standstill.
There was little selling by grain peo-
pie, but no pressure from packers. At
the close September pork was unchanged
at $S.4241a; September lard a shade lower
at $5.15; September ribs shade higher
at S4S5GG4 ST1k.
Estimated receipts Thursday: Wheat,
III cars; corn, 700 cars; oats, 200 cars;
hogs, $4,000.
The leading futures ranged as follows: