St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-28
BREAKS THE RECORD
WHEAT REACHES THE LOWEST POINT
YET MADE.
RUMORs AS TO CHICAGO BANKS
Create a Stampede and Everybody
{ Wants to Sell-Foreigners Buy
10000 Shares in Wall Street
~ Prices Go Up When Shorts
Scramble to Cover,

Wants to Sell-Foreigners Buy
10000 Shares in Wall Street
~ Prices Go Up When Shorts
! Scramble to Cover.
CHICAGO, July 81. - Wheat again
broke the record of low prices today.
Although it started off with much
stronger tone for a time, a confident
feeling ruled and prices went up fully
Sc from last nights close, and for a
time the situation looked very hopeful,
and there was very good buying. Stocks
lndWall street showed good, healthy
recovery. A million dollars in gold was
I said to be on the way from Europe. and
the crop situation was in no way
changed to favor the bears. But, after
selling at 66$4c for September and 1890
for December, the feeling began to
weaken on free selling and reports of
cooler weather and rams in the North
west, and finally touched 6614c. At
this point regular panic set in. One
or two of the leading houses began to
offer wheat in large blocks and shading
the market. The panic was attributed
to rumor that Chicago banks were
about to issue clearing house certifi-
CITES; another rumOr was that the
blnks had begun to call in their loans
on wheat. AS the trade has been very
nervous for some days it quickly took
alarm, and the rumor spread of some
new calamity, and for few minutes
everybody wanted to sell, and the price
of September went off with rush, fall
Ing to Csc, the lowest price yet touched,
and December to 71Ic, also breaking
the record. There was a quick recov-
cry to 653Sc, and December to 7235c.
Northwestern receipts were 296 cars,
somewhat larger than last year, while
exports were lighter than for some time
past. September wheat opened at
66l4c. sold to 66$4c, broke to 65c, but re-
acted and closed at csc. December
sold at 734@73@9c, fell to 715sc. back to
7213c, when 1t closed. Corn was weak
and lower on reports of general rains
on the corn belt and the break in
wheat. September sold early at 395sc,
fell to $3.50 and up to 9914c to close.
There was free offering of corn by ele
vator men and shippers, and the Octo-
Der option was pressed for sale, break
ing from 40c down to 3SZsc, which
ceiptS were over the estimates at 357
cars, and the estimates for Friday were
43 cars, while Withdrawals were light
at $4,000 blu. The chief feature of the
oats market was break of &c in the
price of cash oats, owing chiefly to the
large proportion of new oats in to-
days receipts, AZ cars of the III re-
ceived being new. Cash oats were Of
fered freely, with few buyers. a fair
business was transacted in other deliv-
cries. all of which were steady to a
shade firmer early, but the weakness in
cash lots soon affected them and they
declined also. September opened at
24c, sold up to 24114@243sc, and then
dropped to 231ac, closing at 2314c.
Provisions were again weaker, hogs
were from 10 TO 15c lower, and the sell
ing of short rib sides was continued as
OH the last two days.
Lard also was weak. Closing prices
are 25c lower for September pork, 15c
lower for September lard, aud 271%c
lower for September ribs.
Estimated receipts for tomorrow:
Wheat, 1873 cars; corn, 435 cars; oats,
21O cars; hogs, q 900.
The leading futures ranged as follows: