St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-30
BIG SLUMP in WHEAT.
il
July Strikes the Lowest Point
Ever Reached on Chicago
Change.
Decline in Silver and midas
Large Crop the Chief
Factors.
Remarkable Differences Be-
tween Quotations for July
and September.
High Money Plays the Deuce
With Values on Wall
Street.

CHICAGO. June 29.-The fall of Luci-
fer was about the only thing to record
in the way of descent that was not
-outdone today by wheat and silver. The
two unfortunate staples went down
into the depths together. While silver
was selling in New York at &c, the
lowest figure ever touched for the white
metal, wheat was being offered here at
625sca bushel for July, a price far be-
low all previous slumps. Wheat was
treated like an ill-favored orphan. No
one seemed to wish to take care of it,
and it got turned over from hand to
hand until 81 per cent rate of interest
was offered as an inducement
to hold it Tor two months.
The chief immediate cause of
the decentralization was the
surprising announcement made in Beer
bohm's cablegram that India had pro-
duced In five sections of the country
56,000,0 600 bu more wheat this year than
in 1892. All previous reports from that
country had led to belief that the In
dian crop was short one. 1t yet re-
mains to be seen whether the other
districts of that country have not failed
in production to as much or a greater
extent than the five sections mentioned
by Beerbohms. Liverpool was quoted
cheaper to effect sales, but the London
market was quoted firmer, with a con-
tinental demand at Sd advance for Chill
ian and Walla Walla white Wheats.
The opening price for July was 633Ssc,
or exactly 1c per bushel lower than it
closed Yesterday. September started at
694c. which showed decline since the
previous afternoon of about &c. In the
course of half an hour July made all
other dive to 6219c. and September to
6S11c, leaving gap of &c between the
two deliveries, an altogether previously
unheard of carryingl charge, smashing
all records of low prices for cash wheat.
The panic i'll silver was OF course the
leading source of weakness, but aside
from this and the news regarding In
dia's wheat, there were other adverse
influences. Contributing to the break
was news of helpful rains in the Amer
Their aided by speculative "longs" who
were forced to sell their July wheat
owing to the proximity OF the month.
: Partridge and other big shorts bought
9heavily at the bottom-and stopped the
decline. Reports of some recovery in
silver and the clearance of 100000
Ihue OF wheat in kernel and flour helped
to steady the market. According to
one authority the widening of the diff
ference between the July and Septem-
Der options, is due TO the fact that eX-
-perienced carriers are running away
from 100000 bu of wheat that slipped
into contract grade by the skin of its
teeth, and that the straddling
sca4pers have got caught in
the opening without shelter.
The market at the opening for July
was 3sQ01c lower and for September sc
lower than yesterdays closing, ruled
weaker and prices further declined 1c
rallied slightly, July advancing sle and
&c, again eased off and the
closing was easv. 1{Q03sc from lotion.
Trading throughout the day, but par
ticularly during the decline was in pro-
gress, was marked by considerable
nervousness and excitement and trans
actions at times were Oil decidedly
heavy scale.
Corn was weak, the action of wheat
and continued favorable reports and
liberal receipts all having that ten
dtncys "A good deal of changing was
INDUCED in. selling July and buying
the September, the difference at the
opening being about 15lc, and later
widened to &c. First trades were at d
@5se loss. and upon free offerings
worked down a more. At the decline
fair rally took place, and the market
held steady, showing an advance of &c,
but July weakened, and at the close
had lost 403sc, while September was
steady and unchanged.
Oatc deojinod 1[p for npar fnturpC
The drop was due to the increased Of
ferings and in sympathy with wheat
and corn. There was a good deal of
selling or July aud buying of Septic nj
Der, that made the former weak b ut
held the latter strong, and it closed at
.11ssc over yesterday.
The feature of the speculative market
for provisions was the widening out Of
the carrying charges for lard from July
to September, to soc early. At the close
they were 70@7215c. 1t is claimed that
some of those who have bought for
July caunot find the money to enable
them to fulfill their contracts, the banks
having declined to make advances on
the basis of the present price for the
product, so tEat buyers are, figuratively
speaking, in q cleft stick = they
must either pay the premium de-
IIlatlueu OT TAKE tlc Stuu. lcg CYL
IDENTIFY prefer the lesser of the two horns
of the dilemma. The difference in pork
and ribs also spread, but not to SO great
a comparative extend. The volume of
trading was very light, both lard and
ribs in response to the break in wheat.
Compared with last night pork is UNI
changed and lard aud ribs about 715c
lower.
Estimated receipts for tomorrow:
Wheat. 81 cars; corn, 613 cars; oats, 243
cars; hogs, $4,000.
The leading futures ranged as follows
- -. Oxn., !. LII, or, Clnr