St. Paul daily globe., 1888-06-29
The COMMERCIAL RECORD.
An ErraHc Market Exceedingly De-
lusive to the General
Trade.
Gheat Acts Very Queerly, Corn Goes
to Pieces, as Do ALI Other
Futures.
financial Operations in the Money
Centers --- The General
Quotations.
Special to the Globe.

Special to the Globe.
CHICAGO, June 2S.-The local and outside
wheat markets were weak this morning, and
cables were not especially encouraging in
their turn. Hutchinson was a large seller,
and Linn was credited with moderate buying.
July and August got together after the first
half hour. July opened at S01sc, and sold
down to 79Ac, August going from 797sc to
79lsc. December sold as low as 7sc early,
At the end of the first hour prices were frac-
tionally higher. Corn, too, was weak, although
receipts were only 146 cars, and an active
shipping inquiry still exists. July worked off
40 4S12c, and August to 49ssc, decline
of A@I2c Oats were steady early. Around
the opening August pork was quoted at
$3.50, and lard at SS.32la, and July ribs at
S75C@7.52I2. The wheat market was des-
titute of features of general interest or real
importance. The big plungers were making
great commotion. but they seemed to be at
sea, and to be working on individual ac-
count, without concert or action. The COM
mon impression seemed to be that
Cudahy & Hutchinson twere heavy sellers.
not only here, but in every
other American market, and that
they had been selling for the past two days.
Linn is still working the bull side, and Ream
is supposed to be on the bear side. The mar
ket once more has two well defined sides.
The number Of operators who believe that
wheat has had its break is on the increase
and their influence is getting TO be stronger.
This is shown by the different experiences
of the big fellows in pounding prices down
and keeping them down. The market was
forced off nearly 1c to-day and reacted in
spite of opposition, closing only frac-
tionally lower than yesterday. with
an appearance of strength that was
not deceptive in the least degree.
Heavy selling of long wheat caused the early
futures to decline about lie, with a partial
reaction, before the close. The last sales
were sS@I2c lower than last nights prices
for June, July and August. Receipts, "a
cars. Corn was firm early in the session, but
the selling short of some leading houses
brok prices 1l2c. There was rally at the
close, and the last sales show net loss of 7s
gle. Receipts, 146 cars. Oats were steady
and without material change in prices. Re-
ceipts, so cars. Packers and spectators
were free sellers Of provisions, and weak
feeling prevailed. Pork closed 5@7lsc lower.
Lard, 7I2@1oc lower and ribs 2I2@5c lower.
AT the late session there was a continuation
OF the bullish feeling started before the /
p. m. close There was little wheat for sale,
and the pit was excited, and prices advanced
higher. Provisions were steady.
ROUTINE REPORT.
CHICAGO, June 2S-Wheat acted queerly
to-day. The weakness was easily accounted
for, but the changing about of the futures,
the discounting of July and the favoritism
shown for September and few other kinks
put the crowd all at sea. The market from
opening to close was active, tickle and very
delusive to the general trade. Quite all ele-
ment expected better prices on the extended
rains, the taking of California wheat by the
continent and a-more bullish outlook for eX-
port wheat. Many liberal operators entered
the pit to buy and did buy considerable until
they found there was no limit 10 the selling,
which was credited to a few heavy local
spectators July wheat, which only two
days ago sold at 5sc premium over August,
opened this morning at S0lsc, with August
at 1850. Then both went down to 79Isc
and the premium vanished. Then August
climbed up l2c to 79Ssc. while July only ral-
lied 10 I9ssc and took its place a. 4c dis
at 1880 for August July could not be
sold in the pit for 79c. The new crop
futures held up better. December went off
from S2ssc at the opening to SIS. when the
first drop of 1c occurred in July, but later it
sold at S2Ssc. September also was a favorite.
Inere was sharp up turn in wheat just be-
fore p. M, caused by covering, and a little
fright on the belief that the selling was over
and August to 1850. The market after a
few erratic minor changes closed for the
day at 1880 July, sOIsc August and sOssc
September. Corn was in shape for break
to-day and it broke, The receipts were so
cars under the estimate at 146 cars all told,
with but 67 cars of No. 2 grade. There were
other bull signs here and there and the
crowd was prepared to take corn. Prices
were pretty we'll sustained on the start with
July 49S4c, August 497Sc and September
50Ac. Later two things conspired to send
prices a way down for time. The one was
the estimate of 220 cars for tomorrow, when
by the natural decrease of late, it was ex-
pected to be about 100 cars. The other was
the unmerciful pounding of the market by
big local Spectators. July was forced down
to 477sc and August to 4Slsc. From these
points there was rally of about l2c and before
p. m: on covering by the crowd, prices
were, July, 4Sc; August, 4SSzc, which were
virtually unchanged at the close for the day.
In oats the July delivery ranged lower, but
early afterward reacted. This was about the
only change of consequence in the market.
Other futures were strong and the fiuctua-
tions were unimportant. Good receipts of
hogs and lower prices, coupled with esti
mates that stocks of manufactured product
July l would show large increase over
June l, induced liberal selling by packers
and spectators. Trading was increased and
weaker feeling prevailed Lard developed
the most heaviness and prices declined lOc,
and last sales at l o'clock, although not at
extreme inside figures, were 712@1Oc below
the last sales yesterday. July sold at So $50
$50, and August at SS.22la@S. .32I2 and
closed at SS.22I2. PORK closed DC lower
July sold at S13.55@13.6O. Short ribs de-
clined Sc, but reacted a trihe and closed at
$3.50 for July.
THE QUOTATIONS.
The leading futures ranged as follows
Wheat-No. 2, July, opened at S0Isc, closing
at 1850; August, 797Sc, closing at SOIsc;
September, soc, closing at SOssc; Decem-
ber, S2ssc, closing at S2s4c Corn-No. 2,
July opened at 4Ss4c, closing at 4Shc
August 495sc, closing at 497sc; September,
5014c. closing at 49ssc. Oats-No. 2, July,
307sc, closing at 31Ac; August, 26Isc,
closing at 26l2c; September, 25ssc. closing
Pork, Mess. Per Bbl-July opened atS13.6O
closing at $135712; August, $3.50, closing
at S13.67I2; September, SIS. S212 closing al
Sl3.77Ia. Lard, Per 100 Lbs-July opened
at SS25, closing at Se.l5; August, So. 32Is
closing at S. 25; September, SIS. S.37I2, closing
at SS.S2l2. Short Ribs, Per 100 Lbs-July
opened at 81 5212, closing at $3.50;
August, $3.50, closing at $3.50; Sep
tember, s7,72la, closing at s7:67ls.
Slow, WheataNo. 2 spring, 7s@79l2c
No. red, 80l2c. Corn-No. 2. 477sc
Oats-No. q 32c. Rye-No. q 52c. Bar
ley-No.2, ,63c Flax Seed-No. l, 81. .15M1. 80
Prime timothv seed 50 25M2. .35 Mess Pork
Per Bbl-S13.55@S13.60 Lard Per 100 Lbs
Se.1 Short Ribs-Sides Qoose), $3.50; dry
salted shoulders (boxed), S6@6.25; shor
clear sides (boxeO, s7;a5@s. Whisky
. Dislillers' finished goods, per gal. 81 20
bu: corn, $4,000 bu; oats, 101 900 bu; rye
1000 bu; barley, 5000 bu Shipments
Flour, Ii, 900 bbls; wheat, 10, 600 bu; corn
10000 bu; oats. 125, 900 bu; rye, 2oC(
bu. On the produce exchange to-day the
butter market was active; creamery. 15s4@