St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-19
TRADE WENT WILD.
THE CHICAGO BEARS TAKE POSSES
SION OF THE PIT.
WHOLE MARKET TUMBhEs.

SION or THE PIT.
WHOLE MARKET TUMBLES.
Wheat Declines 2 2 Cents in an
Hour-Culmination of Bad
News Broke the Market-No
Support Given the CREEPY Pro-
vision Market.
CHICAGO, July 1S.-It was like the
JOhnstOwn flood for while today in
the wheat trade. The spectators took
fright at the alarming financial report
from both East and West. aud let go
their holdings in way approaching the
panlcky. Altogether, it was day that
left scars. A decline of 215c per bushel
in about an hour would be heavy fall
ing off if the price had been 81 instead
of only 60c. That was the limit of the
decline. ana it closed with loss since
yesterday of 13lc. Corn sympathized
slightly, and is marked down &c. Pro-
visions were in a slumpy condition.
Lard is off soc and ribs 4715c. The de-
cline in pork was Toe.
Wheat was on new ground and broke
the record for cheapness. September
has not sold before below 6S1lc, but to-
day touched 66l5c. The opening was
about &c lower than yesterdays clos
ing, and prices further declined &c
for September and 15Sc for December.
then rallied 1c, eased Off and the closing
was 1a0}8c from the bottom. One
small failure occurred, that of G. S.
Lee, who has been bullish on wheat.
There were two distinct spurts in the
selling, and on each the trade went
wild. Yesterdays close was at CSC
seller September. The first drop this
morning was to @711c for September.
After little rally the selling broke out
again, and in one minute the Septem-
Der went from 6784c TO 6615c. 1t was
long wheat thrown on the market by
scared holders. On the early break the
selling was largely through commission
houses. On the second break every
body sold or tried to sell on a badly de-
moralized market. On each break there
was good buying of wheat by shorts
who were ready to
Grab at Quick Profits.
While the excitement was Oh every
one was trying to learn the cause. No
one piece of news broke the market.
1t was the elimination of gathering
heayiness. The financial news yester-
day was very bad, yet the market held
up fairly we'll. This morning New
York stocks were very weak on London
selling. The cable news limited at some
bad failure as very probable. The
trade had scarcely begun when Denver
reported the failure of the greatest mer-
camille house there. Fort Scott, K an,
reported 1900, 900 bank failure. There
were reports of three other Denver
banks closing up. 1t was at the same
time reported that a grain house had
failed here. Aside from bad financial
news the influences were beariSh. The
cables were either Indifferent or lower.
The better temperature and showers
over the West were more favorable for
growing crops and harvesting. Chicago
StA y vi NOW hIlOSlb duu IL CdlS
graded No. 2. The contract wheat III
public houses again increased 64,0OO blu
to a total of nearly 100000 bu.
During the last hour the trade recov-
cred from the panIcky feeling, some
what. New I ork raised export sales
from 45 to 60 boat loads. Cash wheat
worked here amounted to about $4,000
bu No. , red, ard 5000 bu No. 3 spring.
There was no further adverse finan-
cial news.
The corn trade had much narrower
market than in wheat, yet transactions
were important. The receipts were
close up to the very big estimate at OH
cars, and about 500 cars of contract corn
for the day. The movement for Mon
day appeared on the blackboard at 5O7,-
600 bu receipts, 100, coo shipments. The
showers over the corn belt helped crop
prospects, Withdrawals for the day
were but l65, 900 bu.
with Weak Stocks
And weak wheat and selling against
privileges when the price was passed,
the market got a break of 56c, but
the estimate for Wednesday was
much lighter at 800 cars. New
York cleared 10000 bu. Contract
corn in store was reduced 254,-
600 bu for the week to total of $4,000
bn. The close was at recovery of &c
from tie bottom figures.
Oats were fairly active and weaker
early in sympathy with the two leading
grain markets, but the close was finally
made at only fraction under yeSter-
days latest figures. The total stocks in
store at present are only about one
eighth as large as those of last Year.
For all hour there was a great market
in provisions. The trade settled down
to the belief that the Wright line of ribs
had been liquidated at loss. The sell
ing of ribs this morning was begun by
the packers. There was no support in
the market. In lard there was frmer
opening with several commission houses
buying. Then the September price
broke to SO, and was pegged again for
got past the $40 point and the very
clique brokers who had supported it be-
fore turned sellers. A shar p break fol-
lowed. On the break Wagner bought
several thousand tierceS of lard, prob
ably for HateIy. Ribs got rally of zoe
from the low point. After this action
the trade became very quiet.
Freights were in good demand and
rates firmer at 119@l5sc for wheat and
14@1$sc for corn to Buffalo.
Estimated receipts for tomorrow :
Wheat, Al cars: corn. 800 cars; oats, 1856