St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-06-18
BANKING ON THE WEATHER
Urtavorable Weather Reports Cause an
Up-Turn in Wheat.
THE CROWD WAS ENTRAPPED.
kdyIces From the Northwest Causes a
Raid on the Granger
Stocks.

dsv was q most active and sensational one.
Following the advance i'll prices made AT the
close last week, the opening this morning
was made with the pit excited and July over
lie higher. This was on the strength OF the
weather chart. Not only the signal service
chart, but Geographic advices showed con-
tinuation of wet weather in the Southwest
especially in Missouri. The same also
showed that hot dry weather prevailed in
the Northwest These things set the trade
wild at the start. They jumped into the pit
and paid 1850 sOlsc for July on the first
flash When there was no further upward
movement very many sold as quickly as they
bought. July yielded to 79sSc rallied to soc,
and for an hour held nervously around 19s4c
and 797sc Then the second period OF eX-
element began here. The morning bulge
either was overdone or the crowd had been
entrapped The reports OF clearing
weather in the Southwest, and showers
In the Northwest, whether true or
not, started panic to sell. Wheat was
off 70 penny i'll Liverpool on better Russian
wheat reports. Then came the news OF
break of S@10c in cash wheat at st. Louis.
This settled the matter here The early bid
ding by Hutchinson was followed by selling,
which had filled the crowd. They under
took to unload, and sharp break and Wild
break was the result. DelOIe L u SioNh ouis
went Off 10 7Slsc, 7sc under the close on Sat
urday and &c from the top price of the morn
ing. The action in other futures was less
vollent. The large decrease in the visible
supply. /. 259, 900 bushels, had no effect in
stopping the decline. No wheat cleared at
New York and after the morning bulge
prices there Welded quickly. There was
little or no rally from the bottom figures on
the break in wheat The receipts were 5S4
cars Corn was duh, but firm. Oats were
fairly active and shade lower. Receipts,
25S cars The official visible grain supply
statements show decrease for the week OF
1.259,oO0 bu wheat. $4,000 bu corn and
$4,000 bu oats. Pork was fairly active and
a trihe higher Lard and short ribs quiet,
and without material change.
ROUTINE REPORT.
CHICAGO. June IA large speculative
business was again transacted in wheat with
higher prices and an unsettled and nervous
feeling There was considerable reallZlng
and the outside prices were not sustalneu' Ill
fact the closing was considerably lower IMAM
Saturday. The opening was very strong. ana
prices showed an advantage OF $40 lie, to the
various futures, but after some sllght Huctu-
atoms, became weak ana decline Oh -, &c
was recorded for July and ll2c for other de
liveries closing 34c lower for July, a4c Tor
August 5sc for September and l2c lower for
December than closing figures saturday
Inc early aCNduce was dltIlputCu " tliC oolIIS
causes which have affected the market
in the winter wheat district and dry
in the Northwest. Storms in ONO ana In
diana were reported as having done damage
to wheat. Shorts covered quite freely, and
the demand was principally from this
source. The advance, however, induced
longs to sell freely, and there was quite heavy
realizing. Some large lines were closed ont
This created an easier feeling. Then advices
were received reporting a break OF lc IN cash
at st. Louis. Cables also were less favorable
to holders. The weather bulletin, too;
showed pght rain at Bismarck. TINS assisted
the tendency to lower prices. Corn ruled
quiet anG inactive the greater part OF the ses-
sion. Fluctuations We're within narrow
limits. and trading confined alm most
exclusively to room operators: tI Ine
firm, due largely to the stronger
tone of wheat, but later ruled easier, inf1u-
snced by very fair estimates for tomorrow.
Oats were fairly active and ls@4c higher
early The advance brought in liberal sell
ing orders, and a quieter ands weaker feeling
developed and all the early advance was lost
the market closing at slightly below the
prices of Saturday. A little more life was
manifested in the market for mess pork, and
the feeling was stronger. Prices were ad-
vanced 1O@12l2c, but settled back again so
742c, and closed steady. The market TOR lard
tied very little change. Trading was only
moderately active in the market for short rib
sides. The feeling was trmer and prices
favored sellers.
GENERAL QUOTATIONS.
The leading features ranged as follows
Wheat-No. July opened at 90lsc, closing
at 7Shc; August, 76s4c, closing at 754c;
September, 76a4c, closing at 7514c; Decem-
ber 7814c. closing at 767sc. Corn-No.
July opened at 34$sc. closing at 34ssc; Au-
gust. 347sc, closing at 347sc; September,
35Ac, closing at 3514c. Oats-No. July
opened at 225sc closing at 22l2c; August
22l2c closing at 2:ssc: September. 22asc,
closing at 2Zssc. Mess Pork per lb)-July
ouened at S11.62l2, closing at Sli .66l2; Au-
gust. Sl1. 72l2. closing at SLID; September
SI1.92l2 closing at S11 S2la .sLard tper 100
lbs)-July opened at $6.57l2, closing at
September, St. 72l2, closing at ST. ZIP. Short
Ribs (per 100 lbs)-July opened at s.. 7712,
closing at $5.so; August, SIS S7l2, closing at
S5.S7I2; September. So. 95 closing at $5.95.
Cash quotations were as follows: Flour I'M
changed: Wheat.No ~ 2 spring s snysas
Corn-No. 2 34lsc Oats-No. 9, 22A@22ssc.
Rye-No. 2, 39l2@39a4c. Barley-No. 2,
none. Flax Seed-No. 1, S1.52 Prime
timothy seed. Sl.26.. Mess pork, per Dbl,
:65@1l.7o; Lard, (per 100 lbsl $500.
sailed shoulders (boxed S5.l2l2@5 .25.
Short clear sides (boxed). $6.l2l2@6. %.
Whisky-Distillers' finished goods, per gal.
Sl.02. Sugars unchanged. Recepts-Flour,
$4,000 bbls; wheat, 5000 bu: corn, 1ss,OOj
1000 blu. hipments-Flour. $4,000 bu;
wheat $4,000 bu; corn, 321, 900 blu; oats,
100000 bu; rye 5000 bu; barley, 5000 bu.
On the produce exchange to-day the butter
market was firm and unchanged. Eggs firm
at l2c.
r. M. NEWPORT & SON,
Investment Bankers