St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-07-02
The COMMERCIAL RECORD.
Wheat Drops Suddenly and Stays at
Low Ebb, Other Cereals Fol-
lowing.
The Special Weakness Chargeable to the
Heavy Selling by Overloaded
Longs.
Financial Operations in the Money
Centers---The General Quota
lions.
Special to the Globe.

Special to the Globe.
CHICAGO, June 30.-July and Augustw wheat
Rept close together this morning Together
they slid from 79l4c to 7S7Sc, and no nerve
was shown at the decline. Cables we're
steady and an active export inquiry for
Whea. @I@ ,iour is reported from all quar-
tiers. Oats were steady early and even strong.
Provisions were active at prices shade
lower than yesterdays closing. Around the
opening July pork ranged S13.4O@l3.52l2;
July ribs, S7.37l207.40, and July lard $500
QS.07l2. There was heavy liquidation this
morning, several large lines of wheat com
Ing out. 1t was a continuation of the liqui-
dation of yesterday. About noon
the tone of the market changed
sensibly and prices recovered somewhat and
the opinion seemed to be that liquidation
was at last over" That has been the opin
Ion several times, however, and the view was
advanced with some timidity That most
talked about on change is the probability of
light or heavy deliveries next Monday on
July contracts If the carriers carry out
their frequently expressed intentions they
will deliver between 100000 and 4,0O0,
OC0 bushels of wheat and let it
be shipped out. If the talk was
only a bluff they will, or rather
the elevators, will keep the grain and carry it
couple of months without storage rather
than run the risk of losing what cannot be
replaced. 1t is not believed the elevators will
let the wheat get out of their bins. Harvest
ing is progressing slowly. The first fall car
LOAD OF wheat from Kansas reached st. Louis
to-day. 1t is poor stuff, and is two
or three weeks later than usual. Fully
two-thirds of the mills in the
winter wheat country are idle, and the peo-
pie are dependent for -four on other markets.
The millers are waiting for new wheat Corn
moved up and down the scale in sympathy
with wheat July got down to 465sc, and
August to 4T5sc The subsequent course of
the market was upward, and prices worked
pack to about the top. The tone was not
weak at the close. Estimated receipts
for Monday, 10 cars. 1t is of com
mon report that about 100000 blu
of corn will be delivered out Monday by the
so-called syndicate bosses. The amount may
not exceed 100000 bushels, however
Provisions ruled generally lower, with an
active trade passing mostly in the way of
changing. 1t is expected that Mondays
statement OF stocks will show decrease OF
1O,OoO@12,0o0 barrels OF pork, an increase
OF 13,0Oo@17, 900 tierces of lard, and an in
crease of 100000 pounds of ribs. This
would bring the totals to 110,000@1I2, GOO
barrels OF pork, Is. ooGG4S, 900 tierces of
lard, and 100000 pounds of ribs.
THIN ROUTINE REPORT.
CHICAGO, June 3U.-N heat was decidedly
weak early, with decline of 1c in July, 84c
in August and l2c in December The special
weakness in July was charged to the selling
BY longs. who did not wish TO have the wheat
delivered to them on Monday. The impress
sion that the deliveries will be large pre-
vailed pretty generally early. Later was
claimed that holders hot
preston 10 cause July TO be sold out and the
carriers could then command prices for the
month. Another view was that the regular
elevator men were taking the wheat so as to
force the private carriers 10 come into their
regular house before they could deliver The
last half of the session was marked by a
sttfening of prices. while the pit was quite
dull ta .c,l Prices ranged; July 79l2c down
79l2c down to 7a5sc and 7ss4c and
up to 79l4c. The closing prices We're: july.
7S84c: August, 79l4c There was much the
same feeling in corn as in wheat The early
selling caused break of about 7sc from last
nights prices. July sold down to 465sc,
August to 115sc and September to 4Sc From
tnese prices there was gradual rally to the
close, when prices were about l4c under last
night Closing prices: July, 4714c: August
ISIS. In cats there was II decline which was
rather severe for near futures. Trading in
speculative way was at times quite brisk
The market was unfavorably influenced by
q lower range of prices for corn. June de-
livery declined and closed I11c lower. July
declined Sac under yesterdays closing price.
put under free buying Lv parties hereto.
fore identified on the long side there
was complete reaction, only TO be followed
by weaker market and the final closing was
Csc under that Of We terday. August deny
cry ranged cent lower, and closed at $sc
decllne and longer futures were about lac
easier. The principal trading in provisions
was in changing contracts from near to dis
tant futures and 81 quiet and easy feeling
prevailed. Toward the close the difference
wldened out, but last sales were at sc de-
cline on pork, 2L2@5c on lard, and sc on
July short ribs. Pork for August sold at
Sl3.5O@l3,60, and closed at S13.60: Janu-
airy at $3.50; August lard sold at So I0M
e.15. and closed at SIS. 10. Short ribs AT 81 30
G7.52I2.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2, July, opened at 1850, closing
at 7S5sc; August, 79l2c, closing ut 79Ac;
September, T97Sc, closing at 79I2c; Decem-
Der, S2$sc, closing at S24c. Corn-No. 2.
July opened at 41l2c, closing at 474c;
August, opened 4s$sc, closing at 4slsc;
October, opened at 4S5sc, closing at 4Sssc.'
Oats-No. 2 July, soc, closing at Boise;
August, 26Ac, closing at 26c; September,
25l2c, closing at 25l2c; the year, 25Ac,
opened S13.32l2, closing at $3.50; Au-
gust, $500, closing at 1890; September.
$3.50, closing at Sl3.61l2. Lard, Per 100
Lbs-July opened at $500 closing at S.. O5;
August, So. Is, closing at $8.15; September,
$500, closing at $500; October So 20,
closing at $500. Short Ribs Per loo Lbs
July opened at 81 40, closing at S7.35;
August, $3.50 closing at $3.50; Sep
TENDER, $3.50, closing at $3.50.
Cash quotations were.as follows: Flour
Quiet and steady. Wheat-No. spring,
ESA@7ss4c: No. g. spring wheat, none;
No. Pred, 79a4c Corn-No. q 47Ac. Oats
No. 2, 5012c. Rye-No. 2, SIC. Barley
No. 2. CSC. Flax Seed-No. l, none
Per Bbl-S13.50 Lard, Per 100 Lbs
$500. Short Ribs-sides' Qoose). S7.35;
dry sailed shoulders (boxeG, SG@6. %;
short clear sides (boxed) .S7.95@8. Whisky
Distillers' finished goods, per gal. ST. 30.
Receipts-Flour, -, 600 bbls: wheat, IL 900
bu: corn, $4,000 bu; oats, liz, 900 bu:
rye, 1000 bu; barley, 1000 blu. Shipments
Flour, 1000 bbls; wheat, 5000 bu; corn,
$4,000 bu: oats. $4,000 bu; rye, 90, o
blu; barley, 1000 bu. On the produce ex-
change to-day the butter market was steady:
creamery. 15@19c; dairy, 13l2@17c. Eggs