St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-03
Wheat Touched the Lowest
Point Ever Reached on
Chicago Change.
All Bearish Features Magni-
fed and Bullish News I'm
needed.
Tremendous Depreciation Of
= Local Chicago Securities
Sin e May 1.
Marked Depression .Charac-
teriZed the Stock Deal
% ings in Wall Street.

88CHIcAGo, June 2.-There was new
low record made on wheat today. There
was also unwOnted excitement, besides
small failure in the trade, great nerv-
BUSINESS over the Slaughter of stocks
both IN Chicago and New York, and ru-
mors of Western bank troubles. Every
thing was magnified ten times. B ull
news went unheeded. The panicky.
bearish spirit prevailed TO such all eX-
tent that it is not at all improbable the
selling was much over done. On steady
cables. reports of decreased acreage in
Minnesota and the Dakotas, receipts of
only seventy-fYe cars here and other
such influences. the wheat market
started with rebound of &c from last
night. July sold at 693sc, and Septem-
Der 7311sc. Then began the selling and
the tumbling. The decline had
already wiped out the adj
vance when Manager Powell, of
the clearing house, posted tie small
firm of Kellogg & Forsythe as not meet
ing their debt balance. These young
fellows had been in business only few
months, and it is said had bee II plung-
ing on the bull side of wheat. Their
trades were small but scattered so that
many houses had stuff to sell out for
their account. The fear that other small
failures might follow made the trade UNI
duly excited. The dropping out of buSi-
ness of little concern with perhaps
$4,000 capital would not, at any other
time, have caused a ripple. The imam
cial situation seemed to put every one
on edge. and the decline went OH until
June touched 66c, point never before
reached in this market; July, 661s C;
september, Ike. There was less than
&c recovery at the close.
Cudahy and Wright led the selling
almost from the start, and both freely
predicted Csc for July. Wright was IN
questionably selling Short but the
crowd was not so sure about Cudahy.
The general opinion is that he has been
long for considerable time, and is
now throwing over his holdings at
loss. One of the weakest factors in
the situation was the sharp break in
local securities on the Chicago stock
exchange. Liquidation has been going
on for the last sixty days. but it was
generally believed that the settle
the depression. The Plankinton
ing confidence and again started
stock on the down grade. Today's de-
ciines averaged $l3 share OH West
Chicago street railroad; SIS on North
Chicago, and S. on Diamond Match.
The aggregate depreciation in local
stocks since May is very close to S25.
100000. Since that time West Chicago
has decHned $50 share; North Chicago,
s6S; City railway. $50; Biscuit. $40;
Strawboard, S2l; Diamond Match. 1913;
Canal and Dock, Sill: Milwaukee Brew
ing. common, Sl2; preferred, S.; Chi
cago Brewing. common, s13; the pre-
ferred, So; Street Car company. So per
share. The loss ON West Chicago is
I over s6,000,000, and on North Chi cago
$500, 600.
Corn, under fair demand, sold up a
fraction and held steady for while at
the advance. The decline in wheat.
however, was too much OF factor,
were greatly increased, under which the
price sold off M@19c, but at the decline
the inquiry improved and 493sc rally
occurred, and the final fl cures showed a
%01$lc loss.
Oats near the opening were at about
the highest prices Of the day, while the
closing was at the lowest, with a net de-
cline of 4@35c.
Provisions were stagnant. Counsel
man went to S22 to get $500 barrels of
September pork from the clique, and
the price closed at that fancy figure.
Compared with last night. pork is nom.
inally 35c higher, lard II nc lower and
ribs 10c lower.
Freights were In good demand. but
offerings of boats ready to- load were
light. Rates held firm at 15sc for wheat
and 1850 for corn to Buffalo, and &c for
corn 70 Kingston. Estimated receipts
for tomorrow: Wheat, rs cars; corn,
9l5 cars; oats, 345 cars; hogs, 5000.
The leading futures ranged as follows: