St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-31


Demand ON Account of the
Cheapness--Old Bruin Gets in
His Deadly Work on Wall
Street, Causing a General Fall
CHICAGO July 29.-The liquidation in
wheat which has been so much of a
feature during the last few days was
continued this morning, and prices had
today again beat all records for cheap
ness. September selling off at one time
2s4c from the close last night, and De-
cember 21ac lower.
Everybody seemed to have wheat for
sale. AS the aeciine went on margins
became exhausted, and many trades
were closed OH that account. Cash sold
as low as 564c, September 6OIc. and
December 675sc. Near the close, how
ever, shorts began to cover freely, and
large export purchases wereireported.
which caused a rally of 14c from the
low point. All the conditions outside
OF monetary matters were favor
aDle, with big exports for the
week. 4,335, 600 blu, and big export
Some of the trust securities on the
"
that gave the wheat market its direc-
ton at the opening. The start in the
pit was wild. A few purchasing orders
were billed at the start at 63115c for Sep
TENDER in one part of the pit, while in
another group of traders 1t was being
wildly offered down a at time from
63 to 61Mc before buying became at all
general. The price dropped 15Sc in
few seconds, with but little fuss OF ex-
element attending the collapse in
prices. Holders had evidently made
their minds up to get out of their long
lines of wheat, and consequently pre-
pared for the sacrifice. There
was some buying on the first
decline, which caused a reaction to
62Ac, but fresh selling orders caught at
such chance, and the price again went
down before every fresh offer to sell.
Not until the price was gr0veling around
6015c and even 604c for traction of a
second was any recovery possible.
September reacted and closed at 6115c;
December started at 7O15c, dropped to
671Sc and closed firm at &c. At the
bottom of the days range there was no
trading in July, but il was nOminally
&c discount at 564c. 1t closed at 573sc.
The buoyancy toward the end was due
to an active export demand, both here
and at New York. AT the latter city
4S boat loads were worked and here
600 bu of No. 2 spring was engaged
Tor direct shipment to Liverpool. The
high price of New York exchange pre-
vented further engagements here. OF
the local receipts of 146 cars 81 were
new wheat.
Export clearances from both coasts
for the week were 1868, 900 bu. COM
pared with 5,077, 900 bu in the week be
fore. Minneapolis and Duluth receipts
amounted to III cars, compared with
225 on the corresponding week of last
year.
The corn market was remarkably
firm. considering the weakness in wheat.
At the close today there is &c decline.
Business was moderately active, and
there was good inquiry for export, both
here and at New York. Local receipts,
Az cars. September started at 3S3lc,
dropped to 371sc, and reacted to 3S38c,
at which it.elosed.
Trading in oats was light and scat
tered. The market fell off slightly in
sympathy with wheat and corn, and the
rather heavy receipts also gave the mar
ket some weakness. IL tirmed up again
near the close, and ended at the top
price of the day. Shorts were buying
rather freely. September opened at
2338c, sold up to 2o54; May opened at