St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-17
HEAVY SLUMP IN WHEAT.
Big Dealers Dump Their Holdings on
the Market and Values
Shrink.
The Close Two and One-Half Points
Below Saturdays Fig
ures.
Financial Operations Of the Money
Kings---The General Quo
tati0ns.

CHICAGO. ILL.,, June 16.-The trading
did not begin on 'change until 1890
o'clock, which is now the regular hour
for Mondays until Sept. Is. The last
hour was more than made up by in
creased activity. The market boiled
over with excitement, and the bulls
were in the-well, they were in a hot
predicament, and were done up in very
bad shape. The price of active deliv-
ery-July, which closed at $500 on Sat
urday, declined to $500 to-day. and
closed at sec. The market opened weak.
the crowd was unanimous about selling.
and from offering at 8S1ac without re-
spouse from buyers, they quickly re-
duced their views to SS4c, at which
rate the first sales for July were eff
fected. There was no enthusiasm in the
board during the first few minutes. out
side orders were not very numerous
and inspiration had to come from local
sources. This was forthcoming. The
local bear contingent was in high
feather and soon showed that twas
cooked and primed" for slaughter. 1t
sold, and kept selling until the opening
quietness was converted into pandemo-
mum for the space of thirty minutes.
No more than that was necessary to
knock 1slc off the face of Saturdays
closing figures, and that caused an ugly
Disagreement to the later bull market.
The price for July dropped to S6a4, with
few lots as low as $500 in the haste
and confusion incident to so sudden
decline. Stop orders were reached at
every &c decline, and the shorts, while
vigorously pounding the life out of the
market with one hand, were gath
ering in the abandoned grain
with the other. 1t was bear
raid Systematically arranged, and the
market was in condition to yield cas-
lily to the attack, and was in line with
the tone of foreign markets, which were
weak, and the general reports from Eu-
rope were of the most flatterlng kinds
as regards the crop prospects. After
hesitating for some time around SIC to
S714c for July another assault was made,
the price the second dip going to
500, clean drop OF &c from the
first sales, and 24c lower than it closed
Saturday. There was no good support
in wheat at all, and after o'clock prices
went still lower and closed at the bottom
| for the day at June s5c nominal; July,
SEC; August, s61sc; September, $3.50;
December, size. This is decline Of
211@25sc all around from the close
Saturday. The selling out by Cud-
ahy and the general liquidation of
the local trade beside heavy outside
selling did the work. Corn held up
we'll until near the close, when the
Anglo-American Packing company
turned free sellers Of July and weak
ened the market. causing a decline of
| 1000. The heavy Withdrawals from
store, good export demand in New
York and the decrease in the visible
supply caused an advance of 4@56c in
oats. Provisions were slow and neg
lected. The activity in wheat over
Swallowed the speculative dealings In
hog products. The trading started easy
at trifle lower prices and continued SO
to the end. There was little outside
business, and packers were not sellers.
Closing prices show pork unchanged,
lard about 21Sc lower and short ribs at
he same reduction.
Following were the closing quotations: