The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-01
WHEAT TOOK A BIG SLUMP
~-sss1 as;ysss ,ssait@-r,,---
CAUSE WAS THE CLOSE OF THE
LETTER DEAL
Crop News at Home and Abroad
Was Decidedly Bearish Worlds
Shipment of Wheat EnOrmOus-
Corn Recovered Strength-PrO.
visions Firm, Owing to the Sign
Ing of the Reciprocity Treaty.

CHICAGO, May 31-Today's session saw
the close of perhaps the greatest wheat deal
May option which left off Saturday at sl75
ranged today between 81 40 and $1.25, closing
at the lower figure, a loss of SOC a bushel
The slump In May coupled with bearsh sta
tistics, enormous worlds Shipments and
cline for the deferred futures in wheat. At
September 2@21Ec. Corn was Nc, a and oats
73Ac -
The demand in the wheat pit today was
from shorts who took advantage of the break
to buy in and secure profIs. July had SEN
sational decline, during which some longs
sold out 1t started at from $l01 to $1O2
and was offered down from $1.Ol, half cent
at each trade, until it had dropped to 941ac
1t recovered portion of the decline later
with little help from Letter. May, which
quickly dropped to $l.25 in the first few min
utes. The evident intention was to make
price for the heavy receipts that were offer
ed In the sample market. The trade was
confined to Letter brokers, who were. both
buyers and sellers, and made what price
they chose. well-known statistcian esti-
mated the wheat crops of Texas, Oklahoma
and Kansas at 1C0000,O0O bushels, against
$1,000 C0 last year.
Z The crop news at home and abroad could
have hardly been more bearsh. The worlds
shipments last week were enormous show
ing that wheat was being pressed for sale
the world over. The India movement was
surprise, LnaL country having Sulppeu
about $780, 600 bushels, and Russia put af1oat
more than America. The visible supply in
creased nearly 100000 bushels, where a small
decrease was expected. Chicago receipts 65S
carloads, of which 404 were contract while
Minneapolis and Duluth got 995 cars. Exports
from Atlantic ports in wheat and flour were
equal to $50 900 bushels
July opened 21ac lower at $1.01@1.02, fell
to 941ac, and rallied to 97h@98c at the close.
September started 21Ac off at S1@S2c. advanc-
ed to S2Ac, declined to 805sc, and frmed up
to 81M@S1Ac, the last quotation.
There was quick dip in corn at the start
on large receipts, and the wheat break. 1t
rallied very soon, however, on good buying
and wet Western reports. July started 1AQ
&c lower at 32A@321ac; sold up steadily to
1850 asked, the final quotation.
Only moderately large business was trans
acted in oats. Prices followed corn. July
opened sc lower at 234@23Bc, sold up to
241ac, declined to 23Ac, then rose to 24as0
24!5c 1T the close.
The frInness in provisions was largely as
cribed to the signing of the reciprocity treaty
with France. The treaty cuts the French
meat tariff in two, and reduces the tax on
lard a third. July pork opened 21a@713c high
er at $11.50@11.5 So, sold up to $11.62k, declined
to $11421s then rose to $11.50 at the close
July lard started nc higher, at $500, up to
1927 down to s6.171a, and closed at $522
July ribs ranged from $3.50 to $5.971s, and
closed at s5.92k.
Estimated receipts for tomorrow: Wheat
215 cars; corn, 500 cars; oats, 1856 cars; hogs,
% 600 head.
The leading futures ranged as follows: