The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-29

Cf1lGAGO.. July 26;-OatS nad announcer
sensational drop today, July standard
selling off 12c at one time. There was
nothing particularly eventful in the trad
ing thus affected. but the weakness nat
urally had an influence on the other pits,
which had bearish incentives of their
own. Principal of the bearish influences
was the burdensome quantity of new
grain being rushed to market to be de-
1vered on contracts in manipulated July
options. The result was an easier tone
yet, with shorts still wary. July wheat
closed 1c down, September wheat Nc
lower. July corn &c down. September
corn Ac down, July oats &c lower and
September oats lac lower. Provisions
closed from SC to 1212c lower.
In point of spectacular display the oats
pit still held the attention of traders, al
though the business in this pit was small
and actual news of little moment. The
violent action of the July market Sat
ulators were of the belief that the July
deal was off. Tbs view of the situation
gained all the more credence when the
first sale of July standard was made
at loss of &C from Saturdays close at
Sic. For an hour practically nothing
was done in this option. Then on the
selling of a few "fiveS" the price tumbled
headlong in dips of 1c to &c until 55c was
reached. The general condition of other
options did not warrant any great weak
ness Many oats were being rushed here
to market and the grading was much
improved. There was a fair demand,
however, in the farther months, and this
put a check on the decline. The spec
ulative talk today was that a New York
clique and big local commission man
who controlled more than James Patten
is said to hold of July, were letting the
market alone SO that the extremely heavy
receipts would not have to be taken on
was very narrow, selling down from 33c
to 325sc and closing only easy, nc down.
at 32Ac. July rallied a little on COW
ering Of several short accounts and
in July were abnormal, but caused little
excitement, spectators taking for grant
ed that they would be very wide in such
a narrow market. Receipts were heavy
at 344 cars Estimates were still heav-
Ter for tomorrow at $40 cars.
Wheat Does Fairly Well.
Wheat figures indicated weakness. but
aside from break in July, the market
held up fairly well under the. load of
grain pouring into all markets from the
country The cash demand was poor.
Cables were much lower and good con-
dltlons were reported abroad. Receipts
were larger and estimates for tomorrow
much increased. The sentiment was gen
orally bearish and was augmented by the
amount of contract stuff turned out for
July contracts today by private elevators.
The general feeling in wheat was that
the quantity of wheat coming to this
center was becoming very burdensome.
Stlll, shorts We're cautious. Duluth
worked 20 carloads of stuff direct for
export. The weather map was still show
cry, and, although not very unfavorable,
was still far from ideal. Clearances from
the seaport was unprecedented and
flour totaling 621, 900 blu. After there had
been a dip all around some small buy
ing by Influential houses turned Septem-
Der back and helped July trifle.. Pos
sibly the best influence was good buying
here by the Northwest. September open
ed shade to 1s@Ac down at TIC to
Tic. dipped to 70E-c and closed easy, Nc
6nrxT af 10 II Hole,
236 cars, II of contract grade; Mime
apolis and Duluth reported 405 cars, max
ing total for the thrSe points of GAL
cars, against 499 last week and SIT a
900 blu, against 1.506, 900 bu last year.
The visible supply decreased 1,176, 900
bu. Worlds shipments were $40, 900 bu,
compared to 1868. 900 pu last week and
9,9S3,000 bu last year.
Corn and Provisions.
Corn was only active in spurts, and
was hammered into a weak condition.
Receipts We're fairly liberal but esti-
mates for tomorrow were very heavy at
$40 cars. Selling was general and good
many Stop-loss orders came out Profit
taking was the principal influence that
steadted the market after the early
weakness, crop reports Were good and a
mand was light all day and the only sup
port came from the party that was bulling
July and had gone short of September
as hedge Buying on the weak spots
of September by this house helped prices.
July sold between SO and Gle, and Sspsed
weak, &c lower, at the latter figure. Sep
TENDER sold from 59Ac to 57%c, and
closed weak, 1bc down, at 5Sbc. Re-
ceipts were 1T cars.
Provisions We're inactive and declined
somewhat on free outside liquidation and
in sympathy with the corn dip. Good
buying of dard early sustained prices for
time, but the close was weak. Hog
prices were steady to rlrm. September
Pork closed 271sc down at SIT .O21k; Sep
September ribs SC down at $40 80.
Estimated receipts for tomorrow:
Wheat, 545 cars; corn, $40 cars; oats, $40
cars; hogs, %, 900 head.
The reading futures ranged as follows: