St. Paul daily globe., 1893-06-21
A DECLINING MARKET.
Wheat Weak at the Lowest
Prices Eyer Known in
Chicago.
Corn Was Easier on Good Re-
ports Of the Growing
Crop.
Provisions Reached Lower
( Figures Owing to a Raid
by Wright.
London Sells Stocks In Wall
Street and Prices Go
.ael Down.

CHICAGO, June 20.-Wheat today was
weak at the lowest prices ever known
for it. and, compared with last night.
closed nearly 1c per bushel lower for
July and 14c lower for September.
Corn was easier on realizing sales OF
long corn and good reports of the grow
ing crop. 1t declined 1sc since yester-
day. Oats were comparatively firm,
the decline in July being only &c.
Provisions were weaker, ribs selling off
Csc.
Tight money was the cry among the
wheat spectators today. Rates in New
York about 20 per cent, ana about 30
per cent is being paid in Chicago, as
represented by spread of sc per bushel
between the July and September prices.
That was the paramount influence in
the markets; in fact, news of any other
kind was scarcely listened to, and the
bears made good use of the powerful
weapon. There was report that Lon
don people had arranged to carry the
wheat mere through the Bank of Mont
real, but that it was declared could
only be true OIL the supposition
here bought for July delivery, which
is not generally believed to be
the case. Armour & Co. are, it is said.
prepared to carry all that 1t will be nec-
essary to provide for. The opening
was about the same as yesterdays clos
ing, and with slight fluctuations prices
declined 1c for July and 114c for Sep
tember, then held steady, and the clos
ing was about 1c lower for September
and %@1c lower for July delivery than
the closing figures yesterday. 1t was
said that some of the banks had refused
to renew loans on wheat, and the fact
that the September premium widened
out to sc rather strengthened this be-
lief. Later the premium was only ~
@47sc.
There was considerable interest in
corn, the market ruling quite active
most of the session, with the feeling
unsettled and prices irregular. The
conflicting foreign advices In regard to
the duty question made operators more
mixed than ever as to which side of the
market to favor. The tone at the start
was strong, and first sales were at about
the final quotations of yesterday.
Paris cable coming in stating that the
assembly had passed a bill to tempo
rarily suspend the duties on corn, and
nthat the German government was also
contemplating the same, having very
EabaliiSh'' effect. Offerings, however,
were greatly increased, several proml-
fment concerns supposed to be long"
selling freely, which carried prices
down s(04. Private advices coming to
hand reporting the proposal to abolish
duties on corn had been declined, which
was considered later news, the market
reacted accordingly. Later the price
worked up &c on the small estimated
|sreceipts for tomorrow of 2lC cars, de-
clined &c, and at the close had lost full
M@1%c. The Iowa, Kansas and other
State crop bulletins were bearish fac
|etors.
In.oats the feeling early was strong,
/ but later weakness developed in SYM
pathy with other grains. Prices had a
range of &c, and the close was at a net
loss of 4915c.
There was little circus in the pro-
vision trade. A few packing houses,
headed by Armour and the Chicago
Packing company, undertook to sell
some short ribs. In this they were an
ticipated by Wright, who raided the
market in way that made profitable
| sales difficult Closing prices were near
| the bottom of the days range. Com
| pared with the latest prices yesterday,
| September pork is DC lower, lard is Off
15c and ribs lost 25c.
Estimated receipts for tomorrow ::
Wheat, So cars; corn, 2l0 cars; oats, 130
cars; bogs. $4,000. Freights were slow,
but offerings of tonnage light. Rates to
! Buffalo were easy at &c for wheat and
| 1$4c for corn to Buffalo.
| The leading futures ranged as follows.