The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-23
WHEAT OFF A CENT
GOOD WEATHER AND NO WAR
NEWS CAUSE SLUMP
Crop Experts Come to Assistance of
Bears With Several Estimates of
Good Yield and condition-corn Ma
lures Well
Unresponsive
Established 1859.

CHICAGO; July %. - Unresponsive
cables and weather favorable for mar
ketlng the new crop were prominent
causes of weakness in wheat today At
the close September wheat was down
an even cent from yesterdays final
quotations.
Corn is off * oats show loss of &c
and provisions SC to TIE
Under the influence of comparatively
weak cables. and improved weather
conditions there was heavy selling of
wheat at the opening. Initial quota
tons were at a considerable decline,
September being down y @5sc to "a "a
" C at SS7sc to 8S14c. The lower prices
brought out liberal demand from pit
traders, causing a fair advance, Sep
TENDER going up to 881a @SS5sc within
the first fifteen minutes of trading.
The bullish sentiment, however, soon
gave way to weakness as a result of a
number Of beariSh crop advices. The
report of a local crop expert, and that
of st. Louis trade journal, were fa-
vorable for a good harvest. The fact
that the arrivals of new wheat are on
the Increase and that the demand for
the cash article is on the wane, ac-
centuated the declining tendency. For
eign adviees also were of a less pessi-
mlstlc tenor. developments of the day
tending to dissipate all fears of Anglo
1sNSoaoil SOiiipilCdttOilS.
The volume of trading was not so
heavy as it has been recently. Large
houses that have been liberal purchas-
erS offered only moderate support. AS
the session advanced prices continued
to decline until September had reached
87Rc. A slight rally occurred just be-
fore the close on covering by shorts.
Final figures on September were at
87A @S7Bc. July sold between 94c and
sec, and closed at 94ss
Clearances of wheat and flour were
equal to 100000 bu. Exports of wheat
and flour for the week according to
Bradstreets were equal to 1 ,2S1 900 bu.
Primary receipts were 413,90O blu, COM
pared with 81, 500 bu year ago. Min
neapolis, Duluth and Chicago reported
receipts of POI cars, against 231 cars
last week, and LIS a year ago.
The break In wheat and an estimate
of liberal receipts for tomorrow was
responsible for a weak corn market.
There was some good buying in both
July and September at times, but lot
| of corn came out through commission
houses as result of favorable crop ad-
vices. The market closed at trif1e
above the low point. September opened
a shade to 1s@Ac lower at 1880 to
49Ac,r sold down to 1875 and closed at
1875 @491Ac. Local receipts were 242
cars, with 8 of contract grade.
Influenced by the weakness of other
grains, sentiment in the oats pit was
bearish. There was liberal selling of
September by scalpers and commits
sion houses, local bulls taking the Of
feringS, the close showing losses all
along. September opened Ac to nc
lower at 333sc to 33kc, ranged be-
tween 327sc and 335sc, and closed at
$3.50. Local receipts were SO cars.
The resumption of the strike at the
stock yards dominated trading in pro-
visions. The volume of business was
extremely light and prices showed only
slight changes. Liberal receipts or
hogs and lower prices at the yards
were bear factors. September pork
closed with loss Of SC at $12.771s.
Lard also was down sc, closing at
$3.50.
Ribs were off 71sc at $7.47A. Esti-
mated receipts for tomorrow: Wheat,
20 cars; corn, 344 cars; oats. 95 cars;
hogs, Is 900 head.
Range of Quotations
The leading futures ranged as follows:
Open. High. Low. Close