St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-06-18
The COMMERCIAL RECORD.
a General Spirit of Liquidation Causes
Prices of Cereals to
Sag.
Wheat Closes a Cent OFF, Oats the
Same, and Corn Even
Worse.
3
Financial Operations in the Money
Genters-.-The General Quo
tati0ns.
Special to the Globe.

s CHICAGO, June 16-The board of trade
markets were dull this morning. Wheat and
corn opened tame and fairly lower. The
weather could not well be more favorable
for growing crops, and corn especially is I'M
derstood to be making extraordinary prog
ress on increased area. Crop advices from
the Northwest are glowing. Cables are rather
easier, though representatives Of foreign
houses are picking lip considerable grain at
current prices. July wheat sold down to
S1ssc this morning. and advanced to SIC be-
fore 1890 o'clock. Indications point to a
reduction Of 100000 to 1850, 600 bushels
in the visible supply this week. This will
bring stocks in sight down to the
neighborhood of 100000 bushels.
Receipts of corn were 523 cars
and the out inspection about 100000 bu.
The early range was 51l2Q52c for July, and
52lsQ52l2c for August, Provisions were
rather steadier. July pork was quoted early
at S1360@13 67l2; July lard at $3.50, and
July ribs at S7.45@7.50. Wheat had no
friends to-day. judging from appearances.
July was beaten down to S075c, further
sprinkage of lac from yesterday, and 1S4c
from the best prices reached this morning.
December held up well, only declining Ice TO
Sac, and August ruled l2c above July. The
troll of elevator companies, and is procurable
off the market. 1t is never pressing for sale
at the market The feeling at the
close was decidedly better than at any
time during the day and fully l2c above the
bottom. The impression is becoming general
that the market has turned. Corn followed
wheat to-day. ruling weak until late and then
firming up and closing at considerable recov-
cry from inside quotations. Estimated ar
rivals for Monday, $50 cars. Provisions were
featureless to the end.
THE ROUTINE REPORT.
CPICAGo, June l6.-When business opened
on change to-day it was quite evident that
the spirit of liquidation was general. There
were few exceptions and few bold takers
of cereals. but this only served for slight raj
lies and checked the downward tendency.
By noon the conservative feeling gave way
to q renewal of vigorous liquidation. Large
quantities of long wheat came out, and July,
which opened unchanged at S2lsc, after sell
ing down to Sllsc early and returning to SIC,
or about the closing price last night, took
a second plunge and went to SO7sc
with slight rally to S11Ac. As against the
spirit of realizing and liquidation, there was
little to encourage buying. Clearances were
small. There was some buying by exporters
for the continent but selling by British
agents. Tine weather and crop news grows
more bearish every day. The outside esti
mate does not put the visible supply decrease
at over 200, 600 bu. July closed at slice.
Corn was quite active to-day and at times
considerably excited, with transactions
heavy and at a lower range of prices.
The bears were particularly favored by the
circumstances. The shipments yesterday
were light; the weather was the best possible
for the growing crops: wheat was panlcky;
the estimates for Monday were large, and it
was figured that local stocks had increased
fully 1000, 900 bu during the week. With
this array of facts on their side the bears
sailed in with more than their usual conf
dence. One dealer led the ball by buying
$4,000 bu July, and he was followed by
other large firms. while the small army of
lightweight professionals brought up the
rear. Values took wild plunge downward.
July opened at 555sc, and brought
there was enough buying to pre-
vent further slump. Hutchinson was
free buyer from 5ll2c for July down to the
bottom. July closed at 5o5sc., Oats suffered
good weather, fine crop prospects and the
marked weakness in other grains There
was no very large trade but the market was
heavy and sagging, with but little recovery
to the close. July oats fell from 33Isc
to 32lsc, and closed with 324c bid.
Provisions were rather slow and weakened
early, in sympathy with wheat and corn, but
later became stronger and rallied, but last
sales were at practically the same prices as
Yesterday. Scalpers were the principal trad
ers, but were not at all aggressive. July
pork sold at Sl3 .6G@13.70 and closed at
S13.67i2: July lard ut SS.41l26l s. 2l2, and
at S7.471207.50. Packing since March !,
1851 900 hogs. against $4,000 hogs the
came time last year.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2 June opened at slice, closing
at Sic; July S2isc, closing at slice; August,
S25sc, closing at S2c; December, e4Ac,
closing at s4ssc. Corn-No. June opened
at sic, closing at soc; July, 51ssc, closing
at 505sc; August, 52lsc, closing at sic;
2 June opened at 325sc, closing at 32ssc;
July, 33lsc, closing at 32Ac; August 2s5sc,
closing at 27l2c: September, 26ssc, closing at
26lsc. Mess Pork. Per Bbl-July opened at
$3.50, closing at s13.67l2; August, $3.50,
ing at S13.s7l2. Lard Per 100 Lbs-July
opened al $3.50, closing at Ss.47l2; August,
SS.55, closing at $3.50: September, SS62I2,
closing at $500; October, $3.50, closing at
$3.50. Short Ribs, Per 100 Lbs nly
Sagsss s7szI e ajsisr at {, 5s
Cash quotations were as follows: Flour
Dull and neglected; winter, S2I5@4. 60;
spring, s1.75@4.sO; rye, S29O@3.3O. Wheat
494c. Oats-No. 2, 32l2c. Rye--No. 2, SIC.
Barley-No. 2, 64@65c Flax Seed-No. /,
$3.50. Prime Timothy Seed-S2. Is. Mess
Pork, Per Bbl-S13 60@l3 .G212. Lard Per
S7.45. Dry sailed shoulders Cboxed). seq
6.23. Short clear sides (boxed), Ss@S.05.
Whisky-Distillers finished goods. per gal,
S1.20. Receipts-Flour, 5000 bbls: wheat,
$4,000 bu; corn, 434, 600 bu; oats, 245, 900
shipments-Flour, $4,000 bbls; wheat, 12,-
600 blu; corn, 155, 600 bu; oats, 5s4, 900 bu !;
rye, 600 bu; barley, 700 on. On the produce
exchange to-day the butter market was