St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-07-25
The COMMERCIAL RECORD.
The Explosion of the idea of Squeeze
in July Wheat Sends Prices
Lower.
Wheat Shrinks Full Cent and Over
Corn and Oats Also Showing
Weaker.
Financial Operations in the Money
Marts---The General
Quotations.
Special to the Globe.

CHICAGO, July 24-The wheat market on
the seaboard, which has been the sustaining
feature in the market, weakened consider
ably, and the result was seen on change
to-day when the market opened. There was
a rush of sellers. large and small, local and
out of town, and the price dropped Csc on
the opening and fell to zoe within five min
utes. The encouraging harvesting reports,
the continued fine weather and the news
from France and England of large crops, all
combined to bring about its reaction. The
wheat market was principally left to the COM
mission houses, doing very little. Under the
scattering manipulation of the former class
of traders, the trade slightly declined in spite
of the efforts of few bulls to support, until
1t closed at 1 o'clock at 1850. The corn
market was weak all day, with scattering
business and no large individual trades on
either side. Comstock's purchase of $780,
600 blu September at 45Ac was about as
large as any. Capt Phillips sold the August
and September options freely, and Dutsch d
Co., bought August to considerable extent.
All three options closed lower. There was
good general trade in provisions, with no
special features. Hutch sold considerable
property all day. The buying was general
The trading in ribs did as much as anything
else TO sustain the market.
THE ROUTINE REPORT.
CHICAGO. July 24-The prime cause of the
weakness i'll wheat that developed here to-
day was the practical abandonment of the
idea, which has been generally entertained
by many in the trade, that there was goiog TO
be squeeze in July. During the last few
minutes of the trading session Yesterday the
July premium narrowed 1c, and later on the
curb, July got down to the level of August,
or nearly so, it being offered at 1880. The
opening quotation this morning, was SOl2c,
or ORR, 1hc above August ond Trading th4gSra in
out the morning the difference ranged
from 1c to lac. The opinion gained
ground, however, that fears of deal or
This caused great lot of miscellaneous
wheat, boughtin anticipation that the alleged
July deal would be carried over into August
to be sold out. The effect of this procedure
was to weaken the ear-by futures dispropor-
tionately. The greatest pressure was at this
end of the market. 1t was not until after II
O'Clock that the market got especially down
cast, but about half an hour before the close
the props gave way, and turtle break OF
l2c occurred. July went to soc, August to
ISSsc and December TO Sic. Measured by
the closings of the two days, August shows a
depreciation of 1Ic, and December of's4c.
Last prices were at the inside. The volume
of business was large the last hour
and light previously. Corn was weak
and lower further shrinkage in values
amounting TO l2@Ac occurring. AS in wheat
the closing quotations were practically at
the bottom. At 45A@4534c for August, and
45ls@45Ac, large firm came in with large
buying orders. This turned the market and
1t rallied Ssc, holding steady for an hour or
two at the Improvement, with moderate
business. The first half of the session wit
messed the covering of large lines of short
corn, but for which prices might have gone
lower in brilliant crop prospects, and good
receipts have created widespread bearlsh
sentiment, against which the bulls find it i'm
nngSih1a IN hno6tray- nvh tod
further weakness to-day, with a decline in
July of fully 1I4c, and in most other futures
OF A@l2c. The speculative demand for new
crop deliveries was pretty well distributed all
side selling orders, and to the further
decrease in the demand from July shorts
and moderate estimated receipts for to-mor-
row was largely attributed the weakness. In
provisions the movement was bulliSh. Hogs
continue to be marketed in comparatively
small numbers, and with no diminution in
the distributive trade, the market is steadily
gaining in friends and support. For the past
twenty-four hours the shipments made from
this point amounted to 3,693,s42 lbs OF
meats. ,402,071 lbs of lard and 1,2S7 bbls
OF pork. In to-day's market speculation was
quite active Short ribs led in interest,
though lard and pork received considerable
attention. A heavy local Spectator was the
largest individual seller, while the buying
was general. Higher prices were the rule.
The advance actually established in pork and
ielo was ONSE f2C, anu sllOTG lids LUG.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2, July, opened at S0l2c, closed
at soc; August, 79Hc, closed at TS3Sc; Sep
TENDER. 1859, closed at 7S3Sc; October,
79Ac, closed at 79c. Corn-No. 2, July,
opened at 45Sc, closed at 455sc; August
45s4c, closed at 1880; September, 45Ac,
closed at 45lsc; October, 44Ac, closed at
44ssc. Oats-No. 2, July opened at 3Os4c
closed at 29lac; August, 25lsc. closed at
247sc; September, 24ssc, closed at 24Ac;
October, 24l2c, closed at 24ssc. Mess Pork,
SI3.S5; October, S13. 72l2 closed at SI3.75:
January, Sl2.95, closed at S12.95. Lard, Per
100 Lbs-August opened at SS.62l2, closed
at So 62l2; September, $50, closed at
January, $7.75, closed at $40. Short Ribs,
Per 100 Lbs-August opened at SS.O7I2
closed at SIS. 12l2: September, SIS. 17I2, closed
$500; October, $500, closed at $500.
Cash quotations were as follows: Flour
97$4@S0c; No: 3, spring, nominal; No. 2
2, soc. Rye-No. 2, 40: Barley-No.
2, 62@63c. Flax Seed-1.20. Timothy
Seed, $40. Mess Pork-Per Dbl. 1919
k RiFdligss 100 6@osd lbs 9 G2 Short
ders, (boxed), S6.90@7; short clear sides
(boxed), Ss.75@S. so. Whisky. distillers'
finished goods, per gal, S1.2O. Sugars, cut,
loaf, Sssc; granulated, Sc; standard A.
7ysc; Receipts-Flour, 1000 bbls; wheat,
10000 bu; corn. 1914, 900 bu; oats lis, 900
bu; rye 5000 bu; barley, 1000 blu. Ship
ments-Flour, 5000 bbls; wheat 2s,O0O
bu: corn. 253, 900 blu; oats, 10000 bu;
barley, 1000 blu. On the produce exchange
to-day i'll the butter market was inactive;
creamery, l4ls@19e; dairy, l3@16c Eggs
frm-Fresh, recandled, 15@l6c.
-