St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-26
A SMASHED MARKET,
ANOTHER BOTTOM DROPS OUT IN
cHicAc0 AND NEW Y0AK.
ALL THE BULLS ON THE RUN.
Bank Failures in Milwaukee, In
dianapoiis, Louisville and 9th
er Cities Start the Break
Long Wheat Dumped and Good
Stocks Sacrificed.

: CHICAGO, July 25.-Today made q
complete undoing of yesterdays bus
mess on Change. In Two hours the big
advance of yesterday in all pits was
| wiped out. Wheat broke 17sc. corn 1$Ic,
and oats 1850 from closing prices last
night. Bull houses turned around and
sold out everything bought on the ad-
vance yesterday. The shorts who COW
cred at the sight OF bull markets put
outfresh lines to-day, and forced the
! selling around low lgures.
The chief cause of the smash thi S
morning was the Mitchell bank sus-
| pension at Milwaukee. followed by bank
failures in indianapolis, Louisville aud
| other cities.
The showers over the West relieve d
the alarm about crops. and the increase
in local stocks and liberal receipts all
added to the selling. Everything closed
| at about bottom figures.
1t was the impression that consider
able wheat for Milwaukee parties trad
ing in this market, who had thel ac-
counts in the Milwaukee bank which
closed, ordered their long wheat close
out. Buyers OF yesterday turned sellers
today. and the effects of the bad crop
outlook and war news at Siam were tor
the moment, at least. lost sight of. The
opening was 3s@'5c lower than yestAc
days closing, and with only Slight
fluctuations prices further declined
until the close, which was comparatively
quiet and steady. Liverpool. Berlin and
Paris all showed some Improvement at
the close over yesterdays quotations,
but the gloom of expiring banks was
too dense to be lifted by any ordinary
news.
The com movement was heavy at S21
cars, covering fOrty-eight hours. The
grading gave All cars of contract corn.
ne stocks OF contract corn increased
10000 bu, to total of 10 600 bu. The
cash demand was so slow as to be
against the speculative market. The
alarm over the crop was relieved some
what by reports OF showers in many sec
lions where most needed. The bears,
seeing the turn in sentiment, pressed
The selling and forced the market back.
The lighter estimate of $50 cars tor to-
morrow and the Withdrawals of PA. 900
bu mad no Influence in holding the
market, in view of the bank failures
and the break in wheat.
The trade in oats was regulated en-
tirely by the other markets. The slump
III wheat and corn. the bank failures.
the Western showers, the change of
SelItiment-all worked against prices.
Local stocks of contract oats increased
$1,000 bu, and receipts were large at 294
cars.
There were conflicting estimates on
hogs yesterday, but the best estimate
was for 10000. The receipts were half
this, at 10000. This started provisions
with an up turn of SOTO cents. but at
tempts to unload precIpitated a break,
in Keeping with the drop IN grain. There
was partial reaction in prices later,
but only scant business. Compared with
| last night, lard and ribs closed 1216c
down, and pork nominallY Unchanged.
FTeghts were dull and easier at nc
for wheat aud &c for corn to Buffalo.
Estimated receipts for tomorrow:
Wheat, 81 cars; corn. 500 cars; oats, 124
cars; hogs. BLOOD.
The leading futures ranged as follows: