St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-08-01
THE COMMERCIAL RECORD.
The Wheat Market Takes a Fall Corre-
spending to ITS Recent Sudden
Advance.
Corn, on the Contrary, Moves Up a
Notch Without ANY Perceptible
Reason.
fhe New York Stock Market Strong and
Firm Owing to the Report on the
Pacific Road.
Snecial TO the Globe.


in the minds OF some last night that Septem-
Der wheat owed its bulge yesterday not so
much to the actual state of crops as to the
deliberate bulling operations of Ream and
his fellow buglers culm mated this morning
in grand rush TO sell. The official cable
news posted on the blackboard was as bullish
as ever. From the Northwest. too, there
continued to come in news of damage done
by hot and damp weather. But all the
weather reports in the world would not
stop a break based on the suspicion
of ''put-up job, and the price
fell to S4lse. The bulls received some
reinforcement about 10 o'clock, and the
market slowly began to mend, creeping
about TO $3.50 S412c, and dallying about the
latter point till 1880. The market became
so excited under the contradictory kilograms
and the wild trading that it was almost I'M
possible TO follow the trade. The sellers
found it extremely hard TO make trade.
The fact of the matter was that Robert W ar
rem and several other houses with foreign
connection had received weather advices,
anything but bullsh i'll their character. I'M
provement was noticed in the French crop.
and the weather in England, outside of Lon
don and Liverpool, was fair. Other firms
came forward with the same reports, and
several representatives from long" houses
brought in selling ORDERS unloading freely.
OF the local firms, Stauffer sold very freely of
September, His action and that of Baldwin
earlier in the day did as much as anything to
break them. The scattering sales which fol-
lowed easily supplied the demand, and the
market again about IL o'clock declined
sharply, and kept on dropping till it reached
SSc. About 1910 p. m. there was still more
hammering and al last the resistance gave way
and the market closed at S2s4c- Corn was
nervous, but the tendency was higher and
the closing figures were an improvement
over yesterday. August closed $5c higher,
September l2c and October Sac. There was a
fair trade in provisions. but the closing fig
ures were but little changed from those of
yesterday.
ROUTINE REPORT.
CHICAGO, July 31.-The tables turned in
wheat and corn on change to-day. Wheat
was weak and closed 214c lower than yester-
day. Corn sold 1c higher early, without ap
parent reason, and closed l2c higher. The
wheat market was tickle one. 1t was not
until the price, by successive dips and rallies,
worked its way down 2 cents under the clos
ing price of yesterday that many of the en-
thusiastic bulls could see that the bulge was
thing of the past, and that the market was
not only weak, but heavy. The curb infiu-
ence here was given undue force and there
was great disappointment both here
and at New. York when prices opened
Ic lower for leading futures, with
ances of wheat and flour from Atlantic ports
were 10000 blu. and the bulls began to hear
that the export buying reported did not
mean much. There was talk of quiet selling
by the leaders who bought recently. Prices
ranged as follows until closing: August,
S3lSc to S314c to $3.50, down to S258c; Sep
down to e35sc, up to s37sc and back to
S3l4c, or lac under last night. The market
at the finish was weaker than at any time
during the session; September, the leader,
closed 2l4c lower than at the same hour yes
1erday. Closing prices were: August, see:
September, S234c. The peculiar strength of
corn early and the way the price was kept up
to the close puzzled the best men in
Kansas early and no doubt some covering by
shorts on that account, but that was not
sufficient to explain the jump of lie or more
in all futures the first hour. The receipts
reached $50 cars, with 33S cars of No 2
grade. The out inspection was against the
bulls, being only 1852, O03 blu. Prices ranged:
August, 45Ac, up to 46lsc and back to 45l2c;
45ssc. closing at 45l2c. Oats - The
speculative trade was rather animated,
early, July being in good request from
shorts and advancing fully lie over yester-
days closing. and other deliveries followed
with firmness and Ac advance. being in
huenced by the improvement i'll corn. A
heavy fall of rain early i'll the day caused
some covering. The last hour of the session
witnessed quiet market, with all the adj
vance for July at one time lost, though the
final closing was I2c higher, and the other
deliveries became heavy, so as to be finally
quotation of yesterday. An active bust
ness was transacted in provisions, but
an unsettled feeling prevailed. Shorts
bought freely, and longs realized. A large
part of the trading, however, was in chang
ing contracts from August to September.
Several large holders of pork threatened to
deliver tomorrow unless the differences
Mot,
effect and pork was changed at 2I3c to sc
better than yesterday, 12l2c to 15c being
paid. In short ribs changes were at 5@7l2c.
September pork opened at S14.65 sold at
S14. 67l2, down to SD. 53l2, closing at S14.65.
Lard was active, but the market was narrow;
September sold at $S.97l209.O2l2. Short
ribs for September were bulled up Toe early
by shorts but after they had covered prices
declined sc, last sales for September being
at $S.52I2.
THE QUOTATIONS.
The leading quotations ranged as follows
Wheat-No. 2 July, opened at Sac, closing
TENDER, S4S4c, closing at S2S4c; October,
S5ssc closing at S3l2c. Corn-No. 2 July,
opened at 42ssc, closing at 455sc; August,
45ssc, closing at 45l2c: September, 45Ac,
closing at 4512c; May, SOC, closing at 395Sc
Oats-No. 2, July opened at 2SAc, closing at
2Ss4c: August, 2375c, closing at 24c; Sep
23a4c, closing at 24l5c: Mess Pork. per Dbl
August closing at S14.52l2; September
opened at S14 65. closing at S14.65; Octo-
Der, S14. IS, closing at S14. 62lac; January,
1880, closing at $3.50. Lard, per 100
lbs-August opened at SS.97I2, closing at
Ss.97l2; September, SS.9712c, closing at
SS.97l2; October, .95, closing at Ss.97l2
January $3.50, closing at S7.S so. Short Ribs,
= per 100 lbs-August opened at S.. 42l2, clos
ing at SS.45: September, SS.47l2, clos
ing at SS.52I2: October, SS.47I2, clos
ing at $3.50: January closing at $500.
Cash quotations were as follows: Flour
quoted firm at yesterdays advance. Wheat
No. 2 spring. S1s4DS2c; No. spring,
nominal; No. red, s4l2c. Corn-No
z, 45126455Sc. Oats-No. 2, 2Sl2@
2S5sc. Rye-No. 2, 46c. Barley-No. 2, &c.
Flax Seed-No. l. $1.104 prime timothy
@146O Lard-Per 100 lbs, So. 950S. 97I2.
Short Ribs-Sides Qoose), $3.50; dry salted
shoulders, (boXed), S7.25@7. 40; short clear
sides, (boxed) $50 80. Whisky. distillers
finished goods, per gal, S1.20. Sugars-Cu
loaf, s5sc: standard a. 7I2c. Receipts
Flour 1900 bbls; wheat, $4,000 blu;
corn. 213,ooo bu; oats, 10000 blu; rye
5000 bu: barley, none. Shipments
Flour. 5000 bbls; wheat, 1900 bu
corn. 2O4, 900 Tbu; oats, 1000 bu; rye
1000 bu; barley, LOCO bu. On the produce
exchange to-day the butter market was
dull and weak; creamery, 14@17c: dairy
12@l5l2c. Eggs easier; fresh recandled, Ii