St. Paul daily globe., 1893-08-04
WHEAT DROPS A CENT.
DUE TO THE SILVERMAN FAIL URE AND
DECLINE or STOCKS.
MOST OFF THE PORK ARMoUR,s

OsNAS "a u Icy HI OOO0 A<oS n Oh
Wall Street-Bank of England
Discount Advances = Higher
Rates for Sterling Exchanges
in New York-FinanciaI Cos
sip in London and New York.
CHICAGO, July 3.-A disagreeable set
back was given the wheat market to-
day. The first rebuff came from the
suspension of Silverman, leading pri-
vate banker. The effects of this blow
were more than overcome, but in the
last hour the market slumped again on
ugly rumors about mercantile concerns,
the failure to work round lots of cash
wheat for shipment, and the light eX-
port of business reported from the sea-
board. Corn was strengthened by dis
couraging crop news and provisions on
good support. Tonight, compared with
last night, September wheat is off 1c; :;
corn is 4@55c higher; oats are un-
changed. lard is 45c higher, and ribs
25c higher. Wheat started lower
and weak, and during the first
halt hour sold off 115c from
last nights close. Besides the Silver
man failure, the decline was due to
lower stocks in Wall street and to some
disappointment in the cables, which did
not advance as much as many expected
they would, in view of the sharp rally
here yesterday. After the decline the
market dragged along for time, grad
ually recovering its tone, but making
no material advance. Toward noon
Logan, Schwartz and some other
leading houses got good string of
buying orders, and as there was little
wheat for sale, the effort to fill them
resulted in sharp competition. Septem-
Der sold up 194c from the early decline.
The crowd became nervOuSly bulliSh,
and when the leaders were observed to
be buying vigorously everybody seemed
to be seized with the desire to follow
suit. IL was part of the gossip that
SchwartZ-Dupee's buying orders were
largely from n. b. Ream. At this point
untavorable rumors began circulating,
and fresh decline began. The market
closed easy at about &c from the bottom
figures of the day.
Corn opened with &c advance, and
after selling up &c more, reacted 5sc
more OH the SilVerman failure. The de-
preston was of short duration, as the
demand soon improved on increased
buying orders coming in, and the price
reacted $4@Mc, declined &c, ruled
steady, ana the closing was 114C@19c from
the top. The weather conditions cause
alarm among Shorts" and good
many came i'll on today's upturn. The
situation i'll the interior is said to be
really serious, reports being the crop is
permanently injured by the severe
drouth. and every day increases the
damage.
Oats were a littleHhigher early, but
eaSed off. Business was mostly local.
The provision market was very quiet,
compared with its condition for
three days past. The general impress
sion is that The bulk of the stocks have
worked into the hands of Z. ID. Armour
& Co., and that is considered guaranty
Of comparative SteadinesS in the mean
time. Lard was taken to the extent of
1000 tierceS for shipment abroad. Lard
was the most actively traded in of the
Specialties.
Estimated receipts for tomorrow:
Wheat, 100 cars; corn, $50 cars; oats,
200 cars; hogs, $4,000 head.
Freights were slow, but offerings of
boats not large. Rates to Buffalo were
1901 &c Oh wheat, and 1c on corn.
The leading futures ranged as follows: