St. Paul daily globe., 1893-06-13
BIG BREAK IN WHEAT,
Bulls on Chicago Change All
Wanted to Sell Out at
Once.
No Export Demand and Finan-
cial Troubles the Prin-
eipal Factors.
Corn and Oats Closed Lower
and Provisions We're
Stagnant.
Wall Street Bears Made a Sue
ceSSful Raid on the
List.

CHICAGO, June 12.-There was a
sharp break in wheat today. The mar
ket closed exactly 1c a buShel lower
than Saturday evening. The chief rea-
son for the break was the fact that the
bulls had loaded up with wheat in the
expectation that the crop report would
bulge the market. AS it failed to do so,
nearly all attempted to sell out at once.
Saturday after house the crop figures
caused jump of &c in the July, and it
was estimated that the opening price
this morning would be up 1@2c and that
bull market was assured. There was
much surprise, therefore. when the pub
lie cable quoted Liverpool steady to 15d
lower. This was a knock-down the
trade did not expect from the other
side. 1t had weakening effect from
the start. Although prices opened e
@15c up. they soon began to weaken.
The absence of any particular export
demand. the clothing house failure here
late Saturday, and the fact of real
estate house being in trouble were
made much of. At II O'clock the yisi-
bic supply report was all complete eX-
cept Chicago hgures. The decrease
without Chicago was 1.750,000 bu, and
local stocks were expected TO decrease
500,O00 at leest. just when the figures
were due Secretary Stone announced
that the state inspection bureau could
not supply Chicago stocks today, and
hereafter would not publish figures
until Tuesday. This again upset cal
culatons and disturbed confidence.
The explanation given was that Mon
days figures have always been approx
imated, the exact information not being
obtainabie before Tuesday. Last
week there was discrepancy of
$4,000 bu between the figures
and the estimate, and the officials
declined to run the chances Of making
such another blunder. The trade be-
came more sdemoralized the last hour.
Financial troubles were again forcing
stocks lower in Chicago and New York.
and closing cables were not improved.
From top figures at the opening, prices
declined. with only slight fluctuations,
15s@l%c, and the closing was about lc
lower tor July and nc lower for Sep
tember than the closing figures of Sat
urday. While the crop is estimated to
be much smaller than last year, the
large surplus in sight, it was thought,
WOulu iHdho up loI ldISt oHOl tdRc III
the yield, and the effect of the former
was Offset by the latter. G
Corn was comparatively steady, fact
due, it is said, to talk of falling off in
the movement, the fairly good cash de-
mand and higher cables. Opening
transactions were fraction under the
final figures OF Saturday, and after sell
ing up sc, worked back 1S@4c. ruled
easier. anu at the close had lost 4@36c
Fluctuations in oats quotations We're
confined to a moderate range. The
market closed with a net loss of &c.
The government report showed a
smaller increase in the area than eX-
Dected, but cut little figure.
Provision trade was stagnant, the pit
being deserted most Of the time. The
decline recorded was attributed to the
| decline i'll wheat. Compared with Sat
urday night, pork is 10c lower, ribs &c
| lower and lara unchanged.
Freights were steady, with offering of
vessel-room at 219c tor wheat and &c for
| corn to Buffalo. Estimated receipts for
tomorrow: Wheat, "a cars; corn, GAO
| cars; oats, $50 cars; hogs, 14,000.
The leading futures ranged as follows