St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-02
The Bottom Drops Out Of the
Market on Chicago
Change.
Everybody Wanted to Sell,
While No One Desired
tosBuy.
Clique Plays Horse With Pro-
visions, and the Close
Was Higher.
Wall Street Bears Make a
g Successful Attack on
Values.

CHICAGO, JUNE L. uoIt Wac d HoWl-
ing in the wheat pit today. For mo-
ment at the opening the trade thought
they had bull market Oh their hands,
but within an hour the bottom dropped
out. There was break of nearly &c.
The next thing to panic ensued among
the longs, who could not get the wheat
off their hands fast enough. The
market started with bulge of 75@4c
to 7136c July, and 74s4c September
When the floor gave way and dropped
the bulls into the basement it left July
at 68$(c, and September at 7229c. The
strong opening was on higher Liver
pool cables and some bull enthusiasm
left over from last night. The de-
cline was like a toboggan trip,
slow at first, but with a great
dash before the end of the slide
was reached. New York reported
no foreign business. The Price Current
wired that farmers were selling out
their old wheat freely because tlfey had
grown discouraged. Liverpool stocks
were cabled as nearly double those of
a year ago. This blue news started the
whole trade to selling. When the July
price got to the extreme low point OF
yesterday morning the bulls gave it up.
Cudaby put all the brokers he could
command into the pit to let wheat 20.
He had a great quantity sold when
Wright and Partridge undertook to fol-
low the lead, and the market went to
roc in minute. Mitchell, who is the
last bull in the trade to run, dumped
fully 00,000 blu of wheat, and the COM
mission house brokers dug down in
their pockets for cards containing stop
loss orders. There were host of them
placed to sell at roc, and this started
merry chase. Wheat could not be sold,
and the price went to 694c.
Then came a breathing spell aud &c
rally, followed by the sensational news
that the Plankinton bank at Milwaukee
had failed. This brought on fresh
storm, and the price went to 66$lc i'll
minute. Better export news, lighter
receipts promised for the near future,
statement that the Milwaukee bank had
not failed, but had gone into liquidation
and would pay dollar for dollar. and the
market got rally of 1a@1c. Then the
trade quieted down. The failure OF the
Plankinton bank was probably known
to John Cudahy in advance of the gen
eral crowd. At any rate, his brokers
had the first heavy selling orders, which
resulted in the break from 7139c near
the opening to 6914c about an hour
later. 1t was not until after the break
referred to'and a subsequent recovery
from 6914c to 69slc that the crowd
became aware of the failure. The
opening was trifle stronger than
the closing figures of yesterday, first
sales being about 76@4c higher, but
quickly declined, with some 1uctua-
lions, 25sc for July and 2Ic for Septem-
Der, then reacted 4@1sc, ruled easier
again and the closing was about 218c
lower for July and 15sc lower for Sep
TENDER than the closing figures of yes
terday. 1t was rumored that parties
who have been carrying cash wheat
here are finding it difficult to secure the
advances to carry it beyond July.
Corn and oats compared with the
weakness in wheat were steady. losing
only about &c each. Bullish crop re-
ports and covering by shorts were the
chief sources of strength.
The provision bulls had it all their
own way, and bid the market uD, espe-
cially for lard for September delivery,
which scored greater proportional ad-
vance than either of the other products.
Trades were few and far between dur
ing the balance of the session. 1t was
the old, old story. Ii any one wanted
to buy the market went up, and if any
one wanted to sell the course of things
was suddenly reversed and it went down
with run, especially for pork. At the
close the market ruled steady. Pork,
compared with yesterday, closed COO
higher for September. September lard
is 1715c higher, and September ribs
show ali advance of 1713c.
Erni crhf 20 Ctn foir
mand at 15sc for wheat and 1870 for corn
to Buffalo, and Sc for corn to Kingston.
Estimated receipts for tomorrow:
Wheat, 100 cars; corn, 1855 cars; oats, sos
cars; hogs, 1900.
The leading futnras RANGED az follows: