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Wheat Was Stronger

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Chicago, June 21. - There was a fair speculative business in wheat at tho opening this morning and for the first half-hour prices showed deoided strength and sold considerably above the close last night, July showing the most hnprovement, as it had developed the most weakness yesterday. But the bulge did not last long, as the selling on the advance was liberal enough to give it a quick set-back, and July, which had sold early at 73y2c, feil to 7iy2e, September going from C8%c early to 66%c and December from 69c to 67y2c. On the drop the price of September and December sold fuljy %c belcw the close yesterday and made butlittle recovery. Thsre were several causes which combined to give the market lts early strength; the cables were decidedly stronger, the Liverpool prices ranging from l%c to 2%c per bu higher, with the continental markets also doing better. The improvement abroad was attributed to the fact that the Leiter liquidation on the other s:de was over, aud with that pressure removed the price had naturally reacted. It was evident that Leiter had bought a big line on the other side in an effort to sustain the price, and the closing out which has been going on for some time has kept the market in a demoralized state. Another reason for strength was found in the bad news from France, where the erop is said to have been seriously hurt by rust. Abel Rey cables that the loss there is from 10 to 20 per cent. Advices were also received from mány sections in Missouri, Kansas and Texas reporting serious loss and these, too, had a helping influence early in the day and there was active covering by shorts and some good buying for the long account, under which the early advance was made. The heavy proflttaking and the short Belling which folJowed led to the sharp reaction. There was a story afloat that Peavey & Pillsbury, the northwest partners of Leiter, who had been left with some 7,000.080 bu of wheat on hand, had turned it over to Armour to be sold out with Leiter's cash wheat, and as such a course was likely to prevent ruinous competition it had a good effect on trade. July opened at 73%, feil irregularly to 71 V2c and at 11:30 was 72c. September opened at 68%.c and sold at 68%c, broke irregularly to 6Gi@667sc. back to 67% c. December, at 68 %c to 69c early, feil to 67%c and at 11:30 was back to 68y8e. Oats opened steady, tlien sold off %c, but made some recovery later. Corn was the controlling influence, the market in itse'.f being featureless and without important trade. September oats staited at 2114c, broke to 20%c, but sold back to 21c at 11:30. Corn opened strong without much trade and heavy selling by Patten ajul Eartlett-Frazier - the principal buyers of yesterday - soon csiTsed the market to weaken, p; es sellins %c. under the close yesterday. On the track there waa good buying against "puts," which brought about some recovery. The market fluctuated largely in sympathy with wheat. The weather was. not altogether satisfactory, showery conditions prevailing in the west. Crop news was a mixture of both good and bad, reports from various sections, some of which are not vevy distant, differing radically as to the general outlook. The cash situation was not improved. Cables were firm to %d higher. Country offerings continued light, but receipts were quite liberal- 596 cars. July corn opened at 32%@32%c, sold down to 82%c, back to '32%@'32%c at 11:30. September started at 33%c to 33%c, broke to 32%e, but later ceacted to 33%c. Hog producís followed closely the fluctuation in corn and developed an easier tendency in consequenoe. The trade was of fair volume, but without incident. There was scattered liquldation ëarly, but buying by packers. English concerns especially absorbed the offerings. Hog receipts were about as expected, at 25,000, and prices at che yard were firm. September pork opened at $10, sold off to $9.82%, back to $9.90@9.92% at 11:30. September lard started at o.92%, sold down to ?5.87% @5.90, tlLen at $5.90. September ribs opened at $5.62% and sold off to $5.55 5.57%. Today's range of prices was as follows: - Closing - Articles. High. Low. June 21. June 20 Wheat- June ..? .80 $ .78 ? .80 $ .78 July .. .74% .71% .74% .72 Sept .. .69% .66% .69 .67% Dec. .. .69% -.67% .69% .68% Corn - July .. .32% .32% .32% .32% Sept .. .33% .32% .33% .33% Dec. .. .33% .33% .33% .33% Oats- July .. .24% .23% .24 .24% Sept .. .21% .20% .21 .21% Pork- July .. 9.77% 9.65 9.65 9.80 Sept ..10.00 9.82% 9.87% 9.97% Lard - July .. 5.80 5.75 5.75 5.80 Sept .. 5.92% 5.85 5.85 5.90 Short Rlbs- July .. 5.52% 5.47% 5.47% 5.55 Sept .. 5.62% 5.55 5.55 5.62% Live Stoelt Chicao.June 21.- Cattle- Only about 3,000 arrlvals carne to hand, but such small supply pro ved more than ampie. Local concerns were well suyplied from liberal buying of the day öefore and sent in no urgent orders. Quite a number of fairly smooth steer -ere at hand that sold around S4.v;!, but few up to $5. Prices for such were fully sjeady, but the plain steers required long peddling to find outlet at 5c decline from prices the day before, or about 10c below late prices la?t week. Peoder trade was quite pricea barely up to last week's ranse, and cows sold slowly at 5@10c decline from values lately quoted, the "grassy" lots especially weal; and lower. Hogs - There was fairly active trading in this line at prices up to the best range of Monday and the average cost of most droves stood a cent or two higher. The run was close to 25,000 head' - somewhat larger than came same day last week or year ago, but demand had rather better tone than usual on Tuesclay and most of the useful grades sold quickly at firm priees. Several lots sold at $4.02%@4.05, against only a few at such prices the day before, and the average cost of most packing droves stood close to 2c j hieher. Sheep- A run oL 10,000 was rapidly taken off today at strong and higher prices. Matured sheep and yearling stock all gold at strong prices, some oí' the best a point higher, and spring lambs made a big gain, most of the good to choice lots selling fully 15c higher, and a prime lot at ?6.85, showing a 25c gain on the best price lately paid. Grass Texas sheep were at hand i that sold at $4.60@4.75, and a big string of fair western muttons averaging aronnd 102 pounds went at ?4.80, while mixed shoep and yearliDgs averaging up to 113 !bs sold at ?5.40. Wall Street. Atcliison 13 iLake Shore Am. Tobncco 1 liSVd Manhattan Con. 104 j Balt. & Ohio.... i 8% Michigan Cent. 104 Bay State Gas. . 3% Missouri Pacific 35 C, B. &Q 104 -s North. Pacific. 23 dan. Southern.. 51 North. Pac. pfd. (i8J ! Con. Gas (N. Y.)IS)r New York Cen.llB P'p'ls (ias Lisrht. ....Northwestern Ches'pke & Ohio 22; Omaha. Del. & Hudson Ont. & West D., U & W Pacido Mail D..&R. U. pfd.. 50% Heu((insr ." Gen. Electric Rock Islajïd . I Hocking Valley 0x' Southern Ry. sjá I Illinois Central.. 108% Southrn Ry.'pfd. I Jersey Central .. 94j Sugar Keiinory ! Kan . & Tex. pfd St. Paul " 9ü Ú Lead St. Paul pfd.... ' I Lead pfd South Pacific, lü Icather South Pac. pfd Leather pfd Texas & Pacific ! Louis. & Nash.. &% Dijion Pacilic.. . I Linseed Oil Wab:i i " " L., E. & W Wabash pfd L-, K & W. pfd W estern Union. 99 Wlieat and Corn. Closing prices r'or wneat and corn at I the following namsi rities were: Wheat- New York- July, 80c. St. Louis- Cash, 76c; July, 70%c. Dulutli - Cash 84%c; July, 84V2c. Minneapolis ! -Cash, 86c; July, S5c. Baltimore- i Cash, 80%c; July, 75%c. Toledo-' Cash, 80c; July, 73%e. Milwaukee- Cash, 86%e. Detroit- Cash, 81c; July, i 73c. Corn- New York- July, 36%c; ' tember, 37%c. St. Louis- July, 31%c; September, 32%c. Baltimore- Cash, I S5%c; July, 35%c. St. lonls. St. Louis, June 21.- Closing: Wheat - Higher; No. 2 red, cash, elevator, 76c bid; track, 81c; July, 70y8c; September, 67ysc bid; December, 68y2c; No. 2 hard, cash, SOc nominal. Corn - Pirm. No. 2, cash, 31%e bid; July, 31% @ 31%c; September, 32%c. Oats- Higher; No. 2 cash, 24c; track, 24M@25Mc; July, 23%c bid; Septemoer, 20%c; No. 2 white, 28i4@28y2c. Rye- Nominal, 38c. Plaxseed- Nominal, $1.05. Pork - Weak; standard mess jobbing, $9.75. Lard- Better; prime steam, $5.!j7; choice, $5.67. jva.isuH city. Kansas City, June 21.- Wheat- De-" mand improved; prices, 2@3c higher; No. 1 hard, 79c; No. 2, 76@78c; No. 3, 71(g)76c; No. 1 red, 78c; No. 2, 75c; No. 3; 67@71c; No. 2 spring, 75c; No. 3, 70c. Corn- Active, steady; No. 2 mixed, 31 @31%c; No. 2 white, 32c; No. 3, %c. Oats- Dull, about steady; No. 2 white 26c. Rye- Steady; No. 2, 40c. JNew Yorlt. New York, June 21.- Butter- Receipts, 23,168 pkgs; steady; western creamery, 13%@17c; El'gins, 17c; factory, ll@12%c. Eggs- Receipts, 19,620 pkgs; steady; western, 12@12y2c; southern, 10%@llc. -feoriu. Peoría, June 21.- Corn- Slow but firm; No. 2, 31%c. Oats- Slow, but steady; No. 3 white, 25@25%c. Rye- Nominal. Whisky- Firm; high-proof spirits, il.22%.


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Ann Arbor Democrat