St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-29
LONG WHEAT DROPPED.
BANKERS CAUSED TROUBLE BY GALL
ING WHEAT LOANS.
a DROP OF OVER TWO CENTS.

Elevator Men Unable to Renew
Loans-Bears Again Attack the
New York Stock Market With
Success-Bradstre Weekly
Review of Wall Street Other
Markets and Quotations.
CHICAGO, July 2S.-Utter demoraliza-
ton characterized the wheat market
throughout the session to-day. and all
previous records for low prices were
again broken. There was veritable
panic on the part of holders OF long
wheat to get rid of their enormous loatlI
One firm is reported as paying as high
IS SIC busbel to carry over a large
line of wheat into September. At one
time the pIice for September was 2$lc
under yesterdays close. The liquida-2
ton continued throughout the session
and the market showed little rallying
power at any time. The decision of the
banks last night 10 issue certificates,
whose ultimate effect may be to unloose
considerable money is generally regard
ed as confession that matters are
growing no brighter. Another, and per-
hapS the most potent factor OF weakness
is the fact that the banks have really
called good many wheat loans, and
there Is fear that it may become gen-
eral. There was rumor that since it
has become evident that the elevators
do not want TO part with their grain,
and have refused offers at market prices,
the banks have concluded to force them
by withholding further aid to this class.
1t is also stated that many loans matur
ing are refused renewal, or for only
half of the original amount.
In view of this the question of value
was hardly factor in the situation: it
was simply question of money. and i'll
ability to protect trades and carry the
wheat forces it into the bargain counter
to be sold at a sacrifice, or what it will
bring. The situation which forces its
sale holds would-be buyers in check,
and hence the prevailing expression.
Local receipts were IA cars, and the
Northwest had 2Il cars, a marked fall
ing off from the receipts of this time
last year. New York reported an active
inquiry for wheat for export. and some
orders were said to be coming this way
from Germany. A more hopeful feeling
characterized the trading during the
last hour. and a reaction of 1c from the
Ow point occurred, bat part of this was
ost. September opened at Csc, sold
to 641sc, up to 6419c, down irregularly
to 621Sc, improved trlfie, closing Mt
Csc. December sold from re to T014c,
closing at that figure. July OF cash,
which suffered quite as badly as the de-
pressed options, was being offered from
6l@c down to 5S19c, with but little sup
port, with recovery to $3.50 at the
close.
Corn was not only affected by wheat,
but the natural influences were also
against the market. On The whole, the
feeling was heavy, and there was
drop of &c for September and 16c
for May from last night. The receipts
Ea@ere liberal at about 400 cars. This
was offset by the out inspection of 3S7,-'
900 bu. The eStimaSe for Saturday was
larger at 400 cars. The opening was
weak on the weather report, showing
good rains over most of the corn belt,
and later came the slump i'll wheat. The
support was partly from shorts and
partly from buying az ainst a line of
puts sold last night. The July was
quoted &c off at 37%c. September sold
at SOC and off to SS1ac, with rally TO
$500. .... 49,
There was very narrow market in
oats. The market appeared to be firm
and independent of other cereals. The
July price held firm around 2414c:~~Sep-
tomDer lost &c early at 1874 C OF to 2319c,
but at o'clock was 231sc. sellers. Late
in the day New York wired that Berlin
had buying orders there for oats, as the
duty against Russian grain had been
increased 50 per cent. This helped firm
the market.
Hog products were weak on free offer
ingS of ribs and large receipts of hogs,
the feature being the slump IN ribs,
which got no support. September lard
sold from 1915 to 1910; September ribs
fell from $3.50 to $7.2719. Receipts were
light and shipments liberal. Estimated
receipts for tomorrow: Wheat, 126 cars;
corn, 460 cars; oats, 1S5 cars; hogs, TO-
600 head.
The leading futures ranged as follows:
Open.l High Low Clos
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