St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-22
SLUMP AT THE CLOSE.
BULLS MIKE A GOOD RECORD AND
THEN LOSE IT.
BIG FIREWORKS IN PORK.

Free Liquidation and Sharp De-
{ cline in Corn-Europeans Have
Made Heavy Purchases of Our
4 Stocks - SpeciaIties in Wall
Street Attacked.
l. CHICAGO, July 21.-A bad slump at
; the close spoiled today's record for the
bulls in grain. The Milwaukee bank
| failure was largely the cause. Com
| pared with last night, wheat is down
! @c and corn sc. There was display
of manipulative fireworks in pork and
lard, but actual transactions were not
LARGE. After an advance of SLIGO in
September pork it ended with net
gain of S5c. Lard, after an advance of
37119 c, wound up with the modest gain
of re in September. October lard at
the close shows no change since yester-
day. Ribs are 10c higher.
Wheat showed considerable strength
during most OF the session, the result of
better feeling in New York and London.
Cables reported steady markets abroad,
while gDod cash demand was reported
from many points, Toledo alone report
ing 325. 900 bushels taken for shipment
Hot temperatures were noted all over
the Northwest, and there was consider
able apprehension felt that the
crop might be materially injured
by reason of it. Shorts were good
buyers and there was fair investment
demand. While everything was indicat-
ing strong market, news came of the
failure of the Commercial Bank of Mil
waukee. The market got very nervous
and turned weak during the last hour
in a IN n i'm ST.
was free liquidation. The sharp decline
in corn also helped to weaken wheat.
The final figures were about the lowest
of the day.
Corn received more than usual atten-
ton. The principal feature was the
relatively frmer tone to the near deliv-
cries. cash selling up one time TO &c
over September. This would Indicate
that there was better Shipping demand
for TIL cash article, and had Il strength
eng eff rct on the more deferred fut-
ureS. bur the closing out of large long
line increased the bearish sentiment,
aud the market became weak. Prices
went off rapidly during the last hour.
Crop reports came i'll very favorable,
heavy l0adingS of corn were reported in
the country, and all the early strength
was RAPIDLY eliminated. Early buyers
tried to sell, and longs let 20 with una
nimity that was remarkable. The mar
ket opened at yesterdays final figures,
and soon sold up sc, August being the
strongest. Later the price worked down
sc for September, became steadier, and
at the close August was unchanged,
while September was 14Q95sc easier.
In oats the offerings of July were
quite heavy early, and the price
dropped &c from The opening figures.
September was steady 10 shade trner,
owing to better Inquiry. aud also few
sellers. The feeling toward the close
was steadier, and July rallied &c, but
closed with loss of 4c. August and
September closed at %@4c advance,
but May ats15c decline.
There were $1,000 hogs at the yards
instead OF 10000, lis had been expected.
That gave the manipulatorS a chance to
scare the crowd. One or two buying
orders Tor pork put $3.50 OH to the prey
lous price of that article. Then there
was no further trade until the price was
back to $50. September lard advanced
rapidly until it touched S1O.3715. 1t
then began to run down hill and stopped
only when it was back to SO, the same
price it had closed at yesterday. Ribs
were quiet and governed by lard.
Lake rates were trm. with fair de-
mand and light offerings at l$4c for
wheat and 112c for corn 10 Buffalo.
Estimated receipts Tor tomorrow:
Wheat, leo cars; corn, 575 cars; oats, 22O
ears; hogs. 5000.