St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-30
THE PIT WENT WILD.
EVERYBODY DUMPED WHEAT AND SEP
TEMPER WENT TO COZ.
HOLDERS OF THE CEREAL SICK

The Stock Market Influences the
Course fGrain-ActiveE Export
Demand on Account of the
Cheapness--Old Bruin Gets in
His Deadly Work on Wall
Street, Causing General Fall
CHICAGo.July 29.-The liquidation in
wheat which has been so much of a
feature during the last few days was
continued this morning, and prices had
today again beat all records for cheap
ness, September selling off at one time
2slc from the close last night, and De-
GENDER 215c lower.
Everybody seemed to have wheat for
sale. As the aeciine went OH margins
became exhausted, and many trades
We're closed on that account. Cash sold
as low as 5614c, September 6O4c, and
December 67Xc. Near the close, how
ever, shorts began to cover freely, and
large export purchases wereIreported.
which caused a rally of 114c FROM the
low point. AL the conditions outside
OF monetary matters were favor
able, with big exports for the
week, 4,335,0C0 bu, and big export
purchases here and at New York.
Some OF the trust securities on the
stock exchange started panicky. and
that gave the wheat market its direc-
ton at the opening. The start in the
pit was wild. A few purchasing orders
were billed at the start at 6511 sc for Sep
TENDER in one part of the plG. while in
another group of traders it was being
wildly offered down &c at time from
90 10 61$4c before buying became at all
general. The price dropped 136c in
few seconds, with but little fuss or eX-
element attending the collapse in
prices. Holders had evidently made
their minds up to get out of their long
lines of wheat, and consequently pre-
pared for the sacrifice. There
was some buying on the first
decline, which caused a reaction TO
G215c, but fresh selling orders caught at
such 4 chance, and the price again went
down before every fresh offerto sell.
Not until the price was groveling around
6015c and even 6014 c for traction of a
second was any recovery possible.
September reacted and closed at 6115c;
December started at 701ac, dropped to
6756c anu closed firm at-69c. At the
bottom of the days range there was no
trading in July, but il was nominally
&c discount at 5614c. 1t closed at 57}sc.
The buoyancy toward the end was due
TO an active export demand, both here
and at New York. At the latter city
4S boat loads were worked and here
265, 900 bu of No. 2 spring was engaged
for direct shipment to Liverpool. The
high price of New York exchange pre-
vented further engagements here. OF
the local receipts of 146 cars 81 were
new wheat.
Export clearances from both coasts
for the week were 4, 1868, 900 bu. COM
pared with SOFT, 900 bu in the week be
fore. Minneapolis and Duluth receipts
amounted to III cars, compared with
225 on the corresponding week of last
year.
The corn market was remarkably
firm, considering the weakness i'll wheat.
At the close today there is 35c decline.
Business was moderately active, and
there was good inquiry for export, both
here and at New York. Local receipts.
AT cars. September started at $3.50,
dropped to size, and reacted to 3S35c,
at which it closed.
Trading in oats was light and scat
tered. The market fell off slightly in
sympathy with wheat and corn, and the
rather heavy receipts also gave the mar
ket some weakness. IL tirmed up again
near the close, and ended at the top
price of the day. Shorts were buying
rather freely. September opened at
1880, sold up to 2354; May opened at
2S1fc, sold up to 2S3se and down to 2Sc,
closing at 2S15c bid. Local receipts, POS
cRrs.
The provision market repeated yes
terday's performance. The clique held
September lard at 1910 and packers
sold some ribs. Ribs were weak, and
closed sc lower. Hog receipts were
light, numbering 5000, but the market
was quoted easy. Estimated receipts
for Monday: Wheat, 165 cars: corn, $40
cars; oats, 204 cars; hogs. 10000.
The leading futures ranged as follows: