St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-19
BIG SLUMP IN WHEAT.
Bear News From Abroad and
Tight Money Do the Bust
ness.
Trading Very Active and Re-
gaPded by Scalpers as a
Sale Day.
A Clear Loss Of Nearly Four
Points From Mondays
Close.
Germ, Oats and All Kinds Of
Provisions Close Lower
and Tame.

CHICAGO, Nov IS.-The fist matter which
engaged the attention OF the wheat speculat-
ors, aud was the chief influencing factor
when trading commenced, was the very heavy
increase i'll the amount on Jcean passage
which Beerbohm's dispatch placed at $685.
600 bu. May wheat started ut Sl.00iS, com
pared with ST.. Ii at the close of Monday S
market; December ut the same time was
quoted at 93i2@935sc, compared with 94c
when trading ceased yesterday. One piece of
news after another and many rumors came
to hand during the first hour Of the session
ali bearish in their tendency and the prices
followed the direction of those influences,
going, with regard to thesbulls, from bad to
worse, up to about l. o'clock. There
were slight reactions while the decline
was in progress, but every advance of lsc or
Ac was apparently being waited for by those
who had still more for sale, and at the time
named the price of December was down TO
9112c and of May TO SOC. Tie reported fail
ure of another Wall street house which had
become loaded with commercial paper which
could not be re-discOunted was looked upon
as more serious than O failure from depre-
citation of railway securities, showing as it
did the extreme strinsency Ill financial
circles as having in nowiSe aDoted. Tight
money was direct feature in the wheat stu
alton, as seen in the difference prevailing
at Duluth between cash wheat and the
May delivery, the former being quoted
osa4c, representing 49, carrying charge sa,css
of 1OHc per bu. Jhe heaviest
break of the day commenced shortly after ~
o'clock, May wheat declining to 917Sc. and
December to 9us4c, being decline under
yesterdays closing figures OF assc and SAC
respectively. A rumOr that Henry Ciews. the
well-known Wall street banker and stock
operator, had failed, was the occasion OF the
last slump. The trading was very active and
at times excited, and was evidently regarded
by the scalperS as a sale from first 10 last, and
il wound up easy. The corn market opened
off about Ac from yesterdays closing figures,
May starting at 527sc. compared with A3lsc
on the preceding afternoon. There were
sales for O few moments at 52!S@o3C, ana
then commenced an eager unloading or
long striff, and an animated pounding by
short sellers which was kept up until the
price of the May delivery had gotten down
to 81 lac. There was a lively demand at the
decline from the short interest which caused
a reaction TO 5214c. Oats were fairly active,
but unsettled. being tirmer and Ss0l2c high
er for May, early, but weakened in sympathy
with wheat and corn, and under increased
selling declined lssc, but reacted ssc and
closed steady at net loss of 1205sc. Pork
| trading was quite brisk. Opening sales were
| made at 7la0l0c decline, and the feeling
| was weak during the greater portion OF the
| fluctuations, 52l2@55c. At the close. the
| b ;nge in prices was slight Lard-Tradlng
| Was active during the greater portion OF the
| day. and prices tiuctuated considerably. ON
| the whole range reaction of IIl202Uc was
| submitted to and the market closed easy.
| Short Rib Sides-An active business was
transacted and the feeling was easy. Prices
ruled Irregular, and on the whole range re-
ceded 17l2020 C, and closed rather tame.
Tie :,.ad;ng ruturas ranged as follows: