St. Paul daily globe., 1888-06-16
The COMMERCIAL RECORD.
& Raid in Wheat Forces Small Bull
Holders to Dump Their
Property.
Everything From Wheat to Short Ribs
0pens Weak and Tumbies
Afterwards.
The Trade Review---Firancial Opera
tions---The General
Quotations.
Special to the Globe.

special TO the GLOBE.
CHICAGO. Dune l5.-The news of the death
of Emperor Frederick would usually be con-
sidered sensational piece of commercial
intelligence but to-day it fell fiat. 1t had
not the lightest stimulating effect on the
markets and did not increase the specula-
tive value of No. . spring wheat or contract
corn as much as 1-16c bushel. On the con-
trary prices declined. Wheat and corn
worked off l2c. and provisions suffered from
an attack of sympathetic weakness Receipts
of corn were 90 cars below estimates,
yet heavIness was the prevailing feat
ure, July selling down TO 52l2c
and August to 53c. July pork
sold early at $3.50 and July ribs at S7.52l2.
There was not enough doing in lard TO estab-
lish quotations. 1t was reported this morn
ing that 1900 COO bushels of wheat were
put to Hutchinson last night. This way
of doing things enables him to corner big
lines without disturbing the markdt. Hutch
insou was a free seller yesterday and again
this morning, and is predicting soc wheat.
Power Il Sons, one of the biggest exporting
houses il the United States, sent OFT an estl-
mate based on Dodge's return, that the crop
will be 425. coo 600 bushels. The temper of
the local crowd is still bearish. The first
break of l2c III wheat was prelude to n
similar break later on. July declining to
S55sGNS23lc, and December TO Soc. Good
buying put the price to S314c and Sossc for
July ard December respectively. Still later
Ream and Hutchinson got on the market
with both feet and jumped on it. July
slumped to S25sc and December to S47sc
The tone was sick, and the bulls were about
as discouraged a lot of citizens as is often
encountered. They cannot understand why
the market should be weak at a decline OF sc
J lbuShel from the prices ruling four weeks
ago, when the conditions upon which that
sdyance was established exist to-day in en-
phasized form. Expectations of small sup
plies have been realized, and the worst that
has been said about winter wheat promises
to fall short of rejecting the facts.
Yet the market languishes at lower prices
than ruled six months ago. Cables are
quiet and local sentiment is unqualifiedly
bearish. How much longer this condition of
affairs will continue, it is impossible to fore
tell large-sized party believes in SOC
wheat, and to-day predictions were freely
made that the market would go to 75c be-
fore il struck bottom. Toward the close of
the long session the market rallied, and at
the end the tone may be described as firm.
Cudahy was reputed to be good buyer to-
day and other strong parties are thought to
have taken on loads Receipts of corn for
tomorrow are estimated at $50 cars. The
weather is against the bulls, however,
and buying continued to be spiritless
Some more long pork came on the market
and the raided availed themselves of the op-
portunity to rush prices down. Pork for
July sold off to Sl3 .52l2 and lard and ribs
sympathized. The market reacted, however.
and closed fiat At the afternoon session
wheat was easier and sold off i4@I2c. Corn
was stronger and gained an lS@Ac. Oats
unchanged. Provisions were 2l20y5c higher
ana lard and ribs 212c higher.
THE ROUTINE REPORT.
CHICAGO, June 15.-The death of the Ger
man emperor had no apparent effect on the
markets on change to-day. Everything from
wheat to short ribs opened under the
closing prices last night and quotations were
all on declining scale from opening prices.
No buOyancy anywhere. Two OF the leading
operators started a raid in wheat, which
forced large number of small bull holders
TO dump their property overheard. AS nearly
ali of the scalpers have been buying on the
bull side, there was plenty OF wheat for sale.
The hot. growing weather turned many
weak-need bull into an enthusiastic bear, and
it was Of course, an imposs1hility for the
market To stand up under the load put upon
it. A few cOnsignments of new grain from
Texas also had a weakening effect. July
opened lsc low er at S35sc, scld down TO S2S8
@S2s4c, up to e3l5c, back to S2le@S25sc
and again up to S3c, again weakened and
closed at S2lac. Corn was largely in
fiuenced by the wheat market. The
decline in wheat and heavy offerings OF
corn. broke prices early. but later in the day
there was IL reaction, due to covering by the
same operator. The receipts were ninety
cars less than expected, and the estimates for
tomorrow are llaced at 80 ears. July
opened at 527sc, advanced to 53lsc declined
to 5I31c and closed at 81 Sc Oats were also
depressed. The fine weather and sympathy
with the weakness in corn being given as the
weakening influences. July opened at 33l2c,
sold down to 32s4c. and closed at 33l4c.
Provisions were traded i'll only moderately.
Interest III the market was spasmodlc. At
the opening there were numerous small
country lots Of long pork offered for sale and
the weakness occasiOned thereby was intensi-
fed by considerable selling. The undertone
of the market was ungualitiedly hearish, and
on the whole list OF speculative articles prices
ranged slightly below Yesterdays closing
figures During the last hour pork rallied
little from the inside figures of the session.
Lard did not sell very freely but a fair busi
ness was done at times i'll rib options. July
pork opened at $3.50 and closed at Sl3. .65.
July lard opened at SS52l2. sold Off to and
closed at $3.50 July short ribs closed at
$50.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. , June opened at S3c, closing at
Sl78c; July S358c, closing at S2lsc; August,
closing at S5I2c. Corn-No: June opened
at 52c. closing al 517sc; July, 527sc, closing
at 52l3c; August. asssc, closing at 527sc;
September. 55SSc, closing at 527sc. oats-No.
July. 33i2c. closing at 334e; August, 2SAc
closing at 26S4c; September, 27c, closing at
2634c. Mess Pork. Per Bbl-July opened at
Sl3.7O, closing at S13.6o; August, S13.S .S2l2
closing al Sl3.73; September $3.50, clos
ing at $3.50. Lard Per 100 Lbs-June
opened az SS.45, closing at SS.45; July
S8.52l2. closing at $3.50. August, $50 ~
closing al $500: OCTOBER. S.62l2, closing at
$3.50. Short Ribs, Per 100 Lbs uly
opened at S7.52la, closing at $50;
August $3.50, closing at S7.57l3 !;
September. S7.6712, closing at S7.65.
Cash quotations were as follows: Flour
Quiet and unchanged. Wheat-No. 2 spring
S2@s24sc; No. , red, e3c. Corn-No 2
SLICE nominal. Oats-No. .. 32?sc. Rye
No. >, 57c. Barley-No ., 65c. Flax Seed
No l, SIPS bid. Mess Pork Per Bbl-
S13.S5. lard Per 100 Lbs-SS. .45. Short
Ribs sides (loose}, S7.45. Dry sailed shoul-
ders (boXed). S6GDG.23. Short clear sides
(boXed). SS0S.05. Whisky-DiStillers' fin
ished goods per gal S1.20. SugaIs-Cut
loaf. Gl+G Size: granulated, 67sc standard
a" 6l2c. Receipts-Flour, 1900 bbls;
wheat 22.000 bu: corn, 800, 900 bu; oats
10000 bu; rye, 1000 bu: Barley. 5000
bu. ShipmertS-Flour, 10000 bbls: wheat
1900 bu; corn, 2o2, 900 bu; oats 565 900
bu; barley. 2,0b0 pu. On the produce ex-
change to-day the butter market was un
changed: creamery, l5l2@I9c; dairy, 15@
lie. Eggs steady at 13l2G111c.