The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-07-25

The Wheat Market Inclined TO he
strong Receives No EncOIrage-
rnent From Any SOurce-Cnbles
Weak and Lower.
MINNEAPOLIS CHAMBER OF COM
MERGE July 4-There was considerable
excitement this morning around the specu-
latve wheat pit. Shorts felt that 1t
would be the proper thing to cover. Open
ing prices were fractionally higher than at
yesterdays close, gained Il tie strength,
began to weaken about II d. m., and lost
the early gain by 80, with the prospect
that values would go still lower. The
commercial news of the day was against
any material Improvement. Liverpool adj
vised of very dull markets, at Led to Id per
Genital lower. Paris advised of very
quiet and weak market, and Berlin UNI
changed. Private cables said that the
Liverpool market was weak because of the
supply being greater than thes demand.
The shipments for the weak from export
ms countries outside of America shows an
aggregate of 4,92S,0 900 bu. No wonder that
English and continental markets are weak
with such a quantity dumped where stocks
are already large and harvest at their.
doors. Crop conditions are said to be
about the same as yesterday throughout
the United States, save that some portions
o. the Northwest are suffering from drouth
Reports are contradictory. 1t is hard to
determine whether great damage has been
done not.
ABOUT IL 40 a M the wheat market tooh
decided turn downwards, and by IL 40
September wheat sold at 5ll4c, against
SIC yesterdays close, with a farther pros
pect of going lower.
The market is sick and it is felt there is
nothing good in it. Holders are thoroughly
discouraged and would be glad to get rid
of all the old stuff at almost any price.
They have held for the highest penny and
are likely to receive the grub end OF the
pole upon which the highest penny was
hoisted. THE TRIBUNE advised that these
old stocks should have been gotten out of
the way months ago when 10c per bu higher
might have been realized. The trade has
overStocked the market for all old stocks
of wheat. New wheat is superior in quail
ty and is selling at winter wheat
points at lower prices than the old is held
for. The local trade, by some strange ia
tuity sticks to higher prices than at any
other point in the world-relatively. If
they pursue this course much longer it is
conceived that the spring wheat trade will
lose its prestige.
ClearanceS were very light from the sea-
board
July wheat opened at soc, being the same
yesterday, advanced to 554c, dropped
to 54s4c and frmed up to 543sc by noon.
September wheat opened at 52lsc, being
sc better than yesterday. gained sc, drop
ped to SIC, advanced to 52$sc, declined to
5ll4c and firmed up to 51120515sc by noon.
December wheat opened at 535sc, being 1sc
better than yesterday, gained 14c, dropped
to 53lsc and firmed up to 53l4c by noon.
The cash wheat market rather
heavy. The demand was fair from outside
millers, but concessions had to be made in
order to make sales. No. l hard sold at
b9l2@G0c, No. northern at size, and No.
at sec. Sales We're made per statement
below. Receipts here were 1872 cars; ship
ments, % cars.
There was slight rally towards the close
through scalpers covering. Closing cables
were weak and lower. July wheat closed
hominally at 55lsc. September at SIC, and
December at 537sc
MINNEAPOLlS-RANG OF PRICES
July-Opening, 55l4c; highest, 55l4c; lowest
642ic; closing today, 551sc.
misunderstanding, 521sc; highest, 5214c;
lowest, 5lAc; closing today, SIC
December-Opening. 5S5sc; highest, 5S7sc
lowest, 5Slsc; closing today. 537sc.
On Track-No. l hard 5S12c; No. 1 north
ern, SIC; No. northern, 55l2c.
Curb on September wheat, bid. 50
Puts on September wheat. ........... .511a