The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-07-18

The Speculative Wheat Market Weak
Receipts Are Creeping Up-Cables
Are Discournging-HOt Weather n
Factor.
MINNEAPOLIS CHAMBER OF CAM
MERGE, July T.-This morning there was
a general feeling of weakness apparent in
the speculative trade. Cables were not
quite up to expectations. local receipts
were more than expected. Duluth showed
heavy receipts, and Chicago showed a re-
covery in receipts of both wheat, corn and
oats, and a promise of doubling if not
three times, as much per day in the very
near future. Crop reports were contradic-
tory, some advising that the present
weather is bound to deplete the prospective
crop, and If long continued to utterly wipe
out the crop of the Northwest Eye-wit-
nesses of the growing crops do not confirm
these dispatches, but rather laugh at the
conclusions of travelling experts, especially
those who have reported Northern Mime
sofas and North Dakota's outlook.
The general feeling is that crop damage
reports have been grossly exaggerated all
around. Old timers, however, begin
ming to feel little anxious because of the
drought, and are willing to pray for rain in
this Northwest. A cloud las big as
mans hand would be thoroughly wei
come. Rains are reported in the extreme
Northwest and may possibly reach this
section in a day or two. The course of the
market today was duh and almost fea-
tureess, with the tendency downwards.
There was a smaller attendance noticeable
in the wheat pit, and for the greater part
of the session the speculative pit was en-
tirely deserted. There were a few orders
to sell, supposed to be from Chicago. Out
side of that. there was outside trade.
Local trading confined to a few scalp
ing transactions and desultory trades
among holders of privileges. Clearances
from the seaboard We're larger than for
some time past, aggregating about 500 600
bu wheat and flour as wheat
July wheat opened at 59Ac, against 591ac
yesterday, and remained steady up to II 80
o'clock, with but little trading done in that
future.
September wheat opened at SIC, being 1sc
under yesterday. lost Ac, advanced to SC
dropped to $3.50, and by noon sold at $685.
December wheat opened at 577sc, against
5S1sc yesterday, and sold down to $3.50 by
noon.
The cash wheat market was fairly active
because of some renewed activity in the
milling district. Receipts were larger but
were we'll taken long before noon. No 1
northern sold largely at &c, and No. at
60l2@6112c. Sales were made as per state
ment below. Receipts here were 70 cars;
shipments 80 cars.
During the noon hour the market was
very quiet and inclined to weakness Clos
ing cables were lower except Paris, which
factionally higher. July closed at SOC,
September at 5612c and December at 57ssc
Minneapolis range of price: July, OPEN
ing, 59Ac; highest 59l4c; lowest, SOC; clos
ing today, 59c; yesterday, 591ac. September,
opening, SIC; highest SIC; lowest, 56lac;
closing, today, 56l2c; yesterday, 571sc
December opening, 577sc; highest, 577sc;
lowest 572sc; closing, today, 577sc; yester-
day, 5SAc.
On track, No. hard, 63Ac: No. 1 north
ern, 6l4c; No northern, 591ac.
Curb on September wheat ........... $751;
Puts on September wheat ....... 56I
Calls on September wheat ........., 567s