Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-08-04

New York, July 31.-Wheat once more
broke all low-price records Cash
wheat at one time was worth only
81 34c per bushel September sold as
low as 81 3-4c. The nominal value of
July wheat at the close was So 1-4c
and September left off at 50 1-Sc or
Is under it's closing value on Satur-
day. Gold is coming direct to Chicago
from London, local bank having or
dered 100000 today, and $7,OOO,OOO
was reported taken for New York.
New York up to the close had disposed
of ITO boatloads Of wheat for export
and here it was claimed that 475,OOO
bu had been worked by Chicago
house who We're also fortunate enough
to have been able to place other eX-
change. Confirmation of the Chicago
sale referred to was not Forthcoming,
however, although it was averred to by
respectable parties who said they knew
it to have been worked. Corn was
easier but only 1-4c lower at the close.
Provisions opened weak and closed
| firm.
The traders in the wheat pit appeared
| perfectly daZed when the market
opened and holders were found anxious
to dispose Of their property nt al
most any price any one chose to offer
for it. September, which closed on
Saturday with apparent tirmness at
81 lie, was practically unstable until
it was urged upon buyers at Sc
There were a few lots disposed of in
the opening melee at from 80 SIC down
to SOC, but before buyers came forward
in any number the price was Sc, and
| even 81 3-4c was all that could be OBJ
tanned for an instant Cash wheat
was nominally worth only 80 Sic at
the time that September touched
81 Bic. The worst of the present extra
ordinary crisis through which the mar
ket is passing is that there is no pros
peot of relief in sight. Supply and de-
mand in q certain respect have SllS-
pended their functions. Every one
who has ready money boards it as
more precious than commodities fit
for higher uses. Credit is paralyzed
and the entire speculative community
whose function it is to carry the over
scarcity Of another are iostling and
trampling each other in their haste to
get out of the business. An exporter
said this morning: ''It is not a matter
of price any more in the filling Of for
eign buying orders; we have lots OF
them at well over the market, but the
banks will not buy exchange and we
cannot stand in tho brpach and yyoit
for the money coming back by express
or steamer. Millions of bushels would
be moving now toward the east and
Europe if the ordinary financial ia.
cilities were available, but as it is
nothing can be done"
With such decentralization in wheat a
drop in the price of corn was inevi
table. The decline, however, was less
than 1c per bu when at it's lowest point
There were $4,000 hogs at the yards
and they sold at about Saturday
rates. Provisions opened quite weak
on account Of the sudden drop in wheat
at the opening, but the clique pegged
September lard at 1910 and the pack
ers came to the rescue of the rib mar
ket after it had a considerable drop
September lard actually closed sc higher
than on Saturday and September ribs
from Z Lee to Zoe higher. October
lard was weak and left off zoe lower
There was a fairly active business
done and trading was much more gen
eral than Of late.
Today's range was as follows: