The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-07-09
LONG CORN DUMPED
BLOOM SHAKEN OFF THE BOOM
BY A DESIRE TO REA-
LTZE.
SMALL SLUMP IN WHEAT.
CLOSE FOR THE DAY AT A NET
DECLINE OF AN
EIGHTH.
BULLS IN CONTROL AT THE START.
SeDtember for II Time as Lively and
as Erratic as IL "NiSGer
Chaser"
MARKET SUMMARY.

CHICAGO July S-The bloom was shaken
off the boom in corn today by the unloading
Of some of the big lines of September that
had accumulated during the recent advances
1t closed at l2d@sc decline. Wheat had con-
siderable foreign encouragement, but closed
sc lower than it did yesterday. Oats closed
unchanged and provisions unchanged to &c
lower.
Wheat was again in control of the bulls
at the opening of the board today. There
was no trading in July to speak of, but Sep
TENDER was as lively as a small boys mig
ger chaser" and for a time as fully erratlc.
Trading in that option commenced at from
G6I2Q6624c, against yesterday closing price
Of 662sQ6612c. 1t dropped to 66Q667sc, then
went skipping upward from fraction to frac-
ton until, in a little over half an hour from
the start, it perched for few moments on
672sc From that 1t began to drop gently
down again and took a long rest, when II
got back to around 67c. There were various
reasons for the strength the market dis
played The Russian wheat crop was report
ed to be suffering from excessive rain, and
the Russian shippers in consequence to be
buying American wheat on speculation. New
York wired shortly after the opening, that
foreigners were good buyers, and wheat was
scarce. Heavy rain in the Northwest was
doing damage to spring wheat, according to-
some Of the dispatches from there. Liver
pool quoted an advance of I'D per Genital to
begin with and local commission houses had
cable orders for September wheat at the
United Kingdom and continent. st. Louis
supplemented the buying of the day before
by fresh liberal purchases. Chicago receipts
were car loads. Minneapolis and Duluth
reported 2S5 cars, against 403 on the cor
responding day of the year before. Atlantic
port clearances of wheat and Hour were
equal to $50 900 bu. There was some dispo-
sitiOn to realize at the opening, and Tor a
time more wheat was put on the market
than it could readily absorb AS soon as the
market received outside support, notably
from st. Louis, the situation changed at once
The market in the last half of the session
became dull, and, with the falling off in bust
ness, there was a tendency in the price 10
work lower. The foreign orders for flour
were liberal but a break of the drouth in
the corn belt was predicted and caused an
easier feeling in that article that affected
wheat speculation unfavCrably. September
got down to 665sc, and held obstinately close
10 those figures until about ten minutes be-
fore the close, when a general selling caused
a further decline TO 66A d662sc, which was
the trading rate at the close.
In corn there a continuation Of the
activity of the past few days, but an evident
desire among the heavier longs to realize on
their holdings. Reports from the corn belt
were mixed, as usual. The heaviest blow to
the bullish feeling came from the wea her
bureau, which predicted breaking of the
drouth West within the next thirty-siX hours.
Local receipts were 1852 cars. September
opened very irregularly at from 26c to 2SA0
2S2sc, and worked up and down between 21Ac
and 2Sc being weaker near the end OF the
session. 1t closed at 273sc, about 12c under
yesterdays final figures. The market for
oats was firm and active throughout, the
strength being due principally to sympathy
with wheat. Shorts bought literally. Local
receipts amounted to 17S September
opened a shade higher at 1SAG1S2sc, sold up
to 1870, back to 1850 and closed at 1870
bid. Provisions were dull ana neglected and
the tendency was downward after a firm
opening at some improvement, due to
smaller run of hogs than was expected.
Packers were moderate sellers, but enough
was offered to create a weak feeling. At the
close September pork was sc lower at $7.7212;
September lard unchanged at $4.12A, and
September ribs unchanged at $4.45 Estimat-
ed receipts Friday: Wheat cars; corn 402
cars; oats 200 cars; hogs, "a 600 head.
The leading futures ranged as follows: