St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-07-15
The BOTTOM DROPPED OUT
Sensational Reports Cause a Surprising
Slump in the Wheat
Market.
Bulls Lose Heart and Make No At
tempt to Bolster the
Pit.
Financial Operations Of the Money
Manipulators---The General
= Quotations.

CHICAGO July 13.-The wheat market dur
ing the morning was of the ordinary Sort
strong and weak by turns. with Hutchinson
selling on the bulges and buying on the
breaks and controlling the market The
sustaining influence was the firm and higher
cables. Liverpool quoted spot and futures
/ " pence dearer, with an upward tendency.
Prices here started a tri1e higher and made
slight gains early, with July and December
pretty close together at zoe, 4c for top fig
ures. The New York market was strong on
reported rains in the harvesting sections and
the foreign advices but the seaboard con-
ceded that they must be controlled by new
receipts at interior points. Before the
end of the first hour the edge was off
the general buying, and prices were off
slightly on alleged better reports from Rus
sian crops and sensational statement that
quite percentage of the 156, 900 bushels
received at Minneapolis was new wheat from
Kansas. This was not true, but had its
effect. The st. Lonis receipts were $4,000
bushels with a later report that 10000
bushels received had not been reported.
Prospective receipts at that market and good
grading of new wheat caused weakness here
and elsewhere. On these things prices went
off about 10 cent fromthe top prices of the
morning. Then came the surprise of the
day. The estimate for Monday gave 101 cars
of wheat for Chicago, with 93 cars of
new stuff graded No. 2. Another esti-
mate said over 200 cars for Monday
and Tuesday. The market could not with
stand this. July went off from above 7sc to
76l2c, or gao under the opening price. Sep
TENDER went down to 757sc, 15sc from the
top, and December slipped down to 77s4c
There was slight rally before l o'clock. to
nc for July, 76c for September, and 7Sc for
December There was no attempt to rally
the wheat market, and closing prices were
very near the bottom for the day. Receipts
were So cars winter wheat 10 cars spring.
554 cars corn and 1S5 cars oats Withdrawals
from store were 1904 blu winter wheat, 49,
30Obu spring. S9,671 bu corn, and 112,3S5
bu oats. Corn was very weak. The prospects
of large receipts Monday and the break in
wheatwere the principal depressing features.
Oats were dull and without material change
from yesterday Pork was fairly active, but
lard and ribs were dull. Last sales were with
out important change from yesterday.
THE QUOTATIONS..
The leading futures ranged as follows
Wheat-No. 2 July opened at 794c, closing
at 1634c; August 7Slsc, closing at 759sc;
September, 77c' closing at 75Ac; De
ber 35ssc, closing at 35ssc; october, 55a4c.
closing at 35s4c. Oats-No. 2 August, 22tsc,
closing at 2I5sc: September, Elise, closing
at 21s4c. Mess Pork (per bbU August,
$11.2O, closing at S11.30; September,
S11.25, closing at $11.35: October, S1O.4O,
closing at $40. As. Lard (per 100 ibs)-Au
gust, S6.2o, closing at S6.2712: September
l. $6.3712, closing at S6.37l2; october, ST. 80
closing at S6.37l2. Short Ribs tper
100 lbs)-August, $40, closing $50;
September, S5.75, closing at 1913;
| october, $3.50, closing at $50.
Cash quotations were as follows: Flour firm
and unchanged. Wheat-No 2 spring, II
@77Ac; No. 3 spring. 76@7sc; No. red,
77GlESI2c. Corn-No. 2, 331sc. Oats-No. 9,
22Ac. Rye-No. 2, 43c. Barley-No. 2,
nominal Flax Seed-No. l, $1.31. Prime
timothy Seed S1.41@1.42. Mess pork, per
bbl 81 .30@ll .35. Lard, per 100 lbs. S.. 22I2.
! Short ribs, sides Qoose), $50 Dry sailed
| shoulders (boxedl, SIS. 25@5.3 7l2. Short
clear sides lboxed(, $6@6,l2.2 Whisky
|--Distillers' finished goods, per gal, 81 .O2.
Sugars unchanged. Receipts-Flour, 1000
bbls; wheat $4,000 bu; corn, 27S,O0O bu;
oats, 10000 bu; rye, COCO blu. Shipments
Flour, 5000 bbls; wheat, $4,000 bu; corn,
| 294, 900 bu; oats, 200, $50 bu; rye, 1000 bu;
\ barley, 1,030 hu. On the produce exchange
to-day the butter market was quiet and un-
changed. Eggs quiet at l11a@12c.