The Saint Paul globe., 1900-06-29
THERE WAS SOME RECOVERY,
BUT THE CLOSE WAS
WEAK
BOTTOM REACHED NEAR CLOSE
While There Were Rains in North
Dakota and Manitoba, Private
Advices From Those Sections
Did Not Vary Much.

CHICAGO, June pa rush of nquida-
ton, together with considerable short
selling, caused bad slump on wheat to-
day. and though there was some recOV-
cry, the close was weak. Corn was firm,
but under the influence of the wheat
weakness closed 14Gg9sc lower. Oats clos
ed 4su94c down, and provisions 121zQ2212c
depressed.
There are nearly four hours to the reg
ular sessions of the Board of Trade, and
these hours today were occupied princl-
pally in getting rid of recently acquired
wheat. The market opened lower, be-
cause Liverpool was down and the long
pressure was on the market. Under a de-
mand from Wall street and the North
west and some covering by shorts, the
market regained the initial dip, but this
and a lot more We're lost later Local
longs Of the influential type started in to
make the weakened demand look like a
nine spot, and simply chOked up the
opening strength through which much
htgh-priced stuff recently disappeared.
ranks Of sellers, and the market became
so one-sided that it dropped 412c, with
only mOmentary checks.
The bottom was reached near the end
of the session, and covering by shorts
caused Il little recovery, but not a suf-
Hcient amount to relieve the market of
the charge of decided weakness. The Au-
gust option was the more active, al
though July was anything but slow Au
gust opened at S3AQS4Ac, advanced to
S41sc sagged to S03sc and closed 3}sc down
tween 633s@79Ac, closing $3.50 depressed at
SOC.
There were rains in North Dakota and
Manitoba, but private adVices from these
sections and other parts of the stricken
Northwest did not vary much from the
recent tone The Price Current, which is
of influence with some spectators, made
the total estimated crop, winter and
spring, $50 100000 260,OOO, 900 of it spring,
compared with Shows estimate of
400 900 bu. 1t declared that with the
WOnl1 ~
to the demand, and that the crop yield
would be 5 per cent higher than the aver
age for the past five years. However,
crop considerations generally Were over
ShaGOwed by the selling, which appeared
to be the result of a general desire to
get out before the price got any lower.
New York reported y loads for export,
and the cash demand here was slack.
Clearanccs at the seabOard equaled
253.o00 bu. Primary receipts aggregated
AL 600 bu, compared with 1872 900 Du last
year. Minneapolis and Duluth reported
G3S cars, against 314 last week and 5i1 a
year ago. Receipts here were lie cars,
8 of contract grade.
Corn was rather quiet, but, considering
the wheat weakness, it was firm. The
excellent cash business done during the
past few days was continued today,
about 50OOO0 bu being worked from here.
This formed the main support Of the
market. There were good rains in the
corn belt and country offerings were
moderate July sold between 4SAc and
42c, and closed Ac down at 4215c. August
sold between 4S7sq44c and 425sc, closing
15a@sc down at 1850. Receipts here We're
S23 cars.
Oats, compared with the wheat weak
ness We're steady early, but the market
yielded later, some out of respect to the
downward path followed by wheat. The
Northwest was reported to show pros
poets OF about half a crop in both oats
and hay, and this was a resisting in
iuence against wheat. The country was
4 buyer. July sold between 253sc and
&1zc, closing Ac down at 255sc August
sold between 26c and 247sc, and closed "a
Q44c down at 259257sc. Receipts, 314 cars
Provisions were weak despite light hog
receipts. A drive was made at pork by
longs, and the whole list, as usual, SUI
iered. The wheat weakness was fac
tor in the decline. There was a fair cash
demand. but it was not equal to the task
of maintaining prices against the in
huential selling OF today. At the bottom
the market steadied on covering by
shorts. September option closed: Pork,
221sc down at $3.50; lard. 1212c down at
SI05; ribs, 12l2c depressed at $71567 I71b
Estimates tomorrow: Wheat 140 cars
corn. 745 cars; oats, 27O cars; hogs, %. .GOO
The leading futures ranged as follows:
FTr.