St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-06
MADE A new RECORD
July Wheat Goes Lower and
Lower on Chicago
Change.
Failures and Bearish News
& From Abroad Scare
Traders.
All Other Futures Decline in
Sympathy With the
Wheat Pit.
Final Quotations on New York
IS Stock Exchange Show
- Gains.

CHICAGO, June 5.-An0ther record
was smashed today. and wheat has sold
nc lower than heretofore for July, and
has also shown sharp decline in the
deferred futures, but not to the same
extent. The failure of MeadowcrOft
Bros, private bankers, this morning
gave the market quite shock. Then
came the failure of the Kansas City
Grain company, and prices took another
dip.downward. On this decline it was
announced that Nelson. Van Kirk &
Co., small traders in wheat, had failed,
and this, in the strained condition of
the market. proved sufficient to send
prices off again. Still, as prices were
so low before, the total decline was
only about NC OH July and considera-
bly, less on the longer futures. The
nearby futures are feeling the results
of the tightness in money more seri-
ously than others, as is shown by the
fact that one time DC was paid to change
fore that month came around financial
conditions would mend.
1t was a great day for the rumor-
mongers, the caIamity-howlers and the
'whisperers." who kept the trade full
of feverish apprension. There was ap-
parently no disposition to buy wheat,
however cheap it might seem, except to
cover shorts and get in profits. but with
wheat below the cost of production the
selling is almost entirely on exhausted
margins and liquidation, few indeed be-
ing nervy enough now to short the mar
ket.- The general rains, followed by hot
weather; the Indifferent cables. the
European reports of cholera cases at
three important cities, the increase of
100000 bu in wheat stocks at Liver
pool, the increase Of 60S,000 bu
on ocean passage. the large Indian
shipments, reaching 100000 bu
for the week, the receipts of
697 cars at Northwestern markets-all
these were natural influences against
the market. The worst break of the
day in wheat came the last hour. In
stead of decrease in the visible sup
ply,there was 100000 bu increase. The
uneasiness was greatly intensified by
the run on the La Sale street savings
banks. which traders could see from the
windows of the exchange. The open
ing was about the same as Saturdays
closing to nc lower, and, with some
fluctuations. prices declined 254c for
July and 23sc for September. then re-
covered slightly. and the market closed
easy about 211sc lower for July and NC
lower for September than Saturday.
Corn, ewing to some demand for the
spot article, was comparatively steady
at the start, opening trades being the
same as the closing prices of Saturday.
but the market later on sagged off &c,
owing to the down turn In the surround
ing pits. The principal feature was the
liquidation in July and buying the
September, the premium of the latter in
consequence widening to 1Mc one time.
The increase in the visible was decided
disappointment. Closing prices were
about inside.
Oats were affected by causes similar
to- those active against corn. There
were few rallies. but they were in
turn followed by declines and the close
was about the lowest point. with a net
loss of A05sc on near futures and nc
on September.
There was drop of Sl.40 per barrel
in pork, 37115c in lard and 45c in ribs.
In pork the decline was brought about,
not through transactions at gradually
receding prices, but 10y sellers Offering
it at lower and still lower prices with
out any buyers appearing to make def
mite quotations possible until almost the
entire decline had taken place. The
close was at reaction of zoe for pork
from the inside, and Sc each for lard
and ribs.
Freights were steady, with fair de-
mand at &c for wheat. and 134c for corn
to Buffalo. and SIC for wheat to Kings
ton. Estimated receipts for tomorrow:
Wheat, Is cars; corn, l, 100 cars; oats,
500 cars; hogs, $1,000.
The leading futures ranged as follows: