St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-07-14
THE BOTTOM DROPPED OUT
Sensational Reports Cause 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.

ICH1cAGo, 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 trifle higher and made
slight gains early, with July and December
pretty close together at zoe, Ac 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 10000 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 SO cars of
new stuff graded No. 2. Another est1-
mate said over 200 cars for Monday
and Tuesday. The market could not with
stand this. July went off from above 7Sc TO
T6l2c, or 224c under the opening price. Sep
TENDER went down to 757sc, 13Sc from the
top, and December slipped down to 77ac.
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, ID cars spring.
554 cars corn and 1S5 cars oats. Withdrawals
from store were %, 0S4 bu winter wheat 49,
300bu spring, 99,671 blu corn, and 112,385
bu oats. Corn was very weak. The prospects
of large receipts Monday, and the break in
wheat were 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, July opened at 7oAc, closing
at 76a4e; August, 7SAc, closing at 755sc;
September, nc, closing at 7584c; De
cember, 1850, closing at 777sc. Corn-No.
August, 30Ac, closing at 351Sc; Septem-
Der, 35ssc, closing at 35ssc; october. 35&c,
closing at 3534c. Oats-No. August 225sc,
closing at I5sc: September, 217sc, closing
at 2lAc. Mess Pork (per bbD August,
SIP, closing at S11.30; September,
S1l.2o, closing at $l1.35: October, S1O.4O,
closing at S1O.45. Lard (per 100 1bs)-Au-
gust S6.25 closing at S6.27l2; September,
S6.37l2. closing at 1871; October, ST. 80
closing at S637la. Short Ribs (per
100 lbs)-August $50, closing $50;
September 1915, closing at 500
october, $500, closing at $40.
Cash quotations were as follows: Flour firm
| and unchanged Wheat-No. 9 spring, II
| @77Ac; No. 3 spring, 7G@7Sc; No. 2 red,
77B7Sl2c. Corn-No.2, 35Isc. Oats-No. 2,
| 22Ac. Rye-No. 2, 43c. Barley-No. 2,
! nominal. Flax Seed-No. l, S13l. Prime
| timothy seed, S1.41@1.42. Mess pork, per
Dbl, S11. 30@l1.35. Lard, per 100 lbs. ST. 22l2
Short ribs, sides Qoose), $50. Dry sailed
shoulders (boxed), S5.25@5.37L2. Short
clear sides (boxedl, S6@6.1212. Whisky
-eDistillers, finished goods, per gal, S1.O2.
Sugars unchanged. Receipts-Flour, 7.OuO
bbls; wheat, $4,000 bu; corn, $4,000 bu;
OATS 10000 bu; rye, 5000 Blu. Shipments
Flour, 5000 bbls; wheat $1,000 bu; corn
294, 900 bu; oats, 205, 900 bu; rye. 2, 600 blu ;
| barley, 1,000 bu. On the produce exchange
| to-day the butter market was quiet and un-
| changed. Eggs quiet at 11la@l12c.