St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-30
Not Since the Harper Smash
Up Has Wheat Sold So
Low.
Fine Weather and Big Stocks
Responsible for the
Slump.
The Pork Clique Applies the
= Screws to q Few More
Spectators.
Wall Street Bears Make But
Little Impression on
81 Railroad Stocks.

CHICAGO, May 29.-Wheat today sold
at, with one exception, the lowest point
in thirty years. The single exception
was in 1887, during the reaction from
the initiation caused by the running of a
corner by Harper, the bank manager,
of Cincinnati. The great receipts. with
little outlet for the wheat, the fine
weather, weaker cables, financial tight
ness and the heavy load of wheat car
ried here, all acted as depressing intiu-
ence. The cash price broke below roc
early, and decided many wagers made
on such figure. Then, on toe shaky
feeling, May touched 6S4c, price
reached but once before since war
times. Liquidation was on stupen-
dous scale; stop-loss orders were pour
ing in all day, margins were wiped out
lots to be thrown on the market, and
short sellers were encouraged to OPP
crate with increased freedom. The
local receipts we're $50 cars above eX
pectation, and the deliveries at all prim-
airy points were heavy, while exports
were slow. The newspapers had long
dispatches from Europe claiming that
the wheat outlook there was almost
without exception either up to an aver
age or above. and there was little doubt
but that the outlook III America was
more encouraging. The trade did not
stop to inquire whether the authority
for the rosy view of the foreign situa-
ton was any better than the authority
which has of late been sending contrary
reports, but as cables came lower they
were regarded as cOnfirmatory, and the
selling went on unchecked.
The opening was about 1a@s4c lower,
and with only slight fluctuations prices
further declined NC then held steady,
and the closing was about nc lower for
July and &c lower FOR September than
the closing figures of Saturday. There
has been good deal of aggravatiop of
the situation by the persistent statement
that money is difficult to borrow OIL the
security of wheat Eggleston. who is
in position to talk authoritatively Onthe
subject. says that, owing to its low
price, bankers lend readily upon IL
within sc of it's market price. He says
also that he found it easier to borrow on
wheat colIaterals. The visible supply
decreased 1,333,000 bu. which was 500
900 bu more than was generally looked
for, and there was some cash wheat
worked for export, which two circum-
stances were of some assistance in
steadying the market at the decline.
Corn was easier, but small stocks
make sellers careful. and the days de-
cline was only sc on July, but May
dropped 1c. The feature of the day
was the taking in OF many of the large
short lines of July and putting out of
the September. The failure to catch
many stop-loss orders at 40c and in
crease the offerings was looked upon as
a steady feature.
Oats were unsettled. Prices declined
4@l4c early. chiefly on arrivals ex-
ceeding the estimates. After the de-
cline there was a better feeling, and
prices reacted to opening figures, the
market closing steady for July and Sep
teinber, with 1a@3sc lower for May ana
June.
Charlie Wright played with pork,
sending the price off 81 on light bust
ness. A few spectators were caught
on stop orders, and Wright got the pork
and then rallied the price SOC in few
minutes. Lard aud ribs closed respect
lively 15c and zoe lower than Saturday.
Freights-Lake room was in good de-
mand at l5sc for wheat and 13Sc for corn
to Buffalo.
Estimated Receipts for Tomorrow
Wheat, 40o cars; corn, 1,06O cars; oats,
$50 cars; hogs, $1,000.
The leading futures ranged as follows: