St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-01
BAD~SLUMP IN WHEAT.
CASH WHEAT GETS D1Wg TO So &c.
SEPTEMBER 81 SIC.
THE PIT IN DAzED CONDITION
Holders Anxious to Dispose of
Property at Any Price-Nearly
/ Four Hundred Thousand
Z shares Change Hands i'm New
York - Two Millions an1
Half of Certificates Issued.

CHICAGO, July 81. There was an
other bad slump in wheat on Change to-
day. and another l0w-price record was
scored, cash wheat at one time being
worth only $3.50 per bu, while Septem-
Der sold as low as 575lc. The nominal
value of July wheat at the close was
5654, and September left off at 5915 C, or
211sc under its closing value Saturday.
New York up to the close had disposed
ofi1l0 boatloads of wheat for export, ard
here it was claimed that 10000 bu had
been worked by a Chicago house which
was fortunate enough to have been able
to place its exchange.
The traders i'll the wheat pit appeared
perfectly daZed when the market
opened, AMI holders were found anxious
to dlspo- of their property at almost
any price any one chose to offer for it.
September, which closed Saturday with
apparent firmness at 6115c, was practi-
cally unstable until it was urged upon
buyers at 5Sc. There were n few lots
disposed of in the opening melee at
from $500 down to SOC, but before buy
ers came forward in any number the
price was 5Sc, and even 51$lc was all
that could be obtained for an instant
Cash wheat was nominaily worth only
$3.50 at the time that September
touched 57$lc. Foreign markets were
easier at the opening. Chicago receipts
were 12O cars, and Minneapolis and Du-
luth $50 cars, or just 50 per cent of the
receipts of last year. The quantity on
ocean passage decreased 1900, 900 bush
lIc n tlaa rioiI, In IN.,
try increased 446, 900 bushels, but neither
of those matters received much attention
from the spectators. Lyon and Huri-
bert were unable to meet their margi
and gave notice to the secretary of the
board TO close out their deals.
The reported engagements of gold
abroad for shipment to this country and
liberal purchasest of wheat for export,
both here and at New York, infused a
little stitfening into the trade toward
the close, and left September wheat at
$3.50. The high price OF New York
exchange continues to be the chief fac
tor IN limiting the eastward movement
of grain. In sympathy with the demon
allZation in wheat, a drop in the price
OF corn was inevitable. The decline,
however, was less than 1c per bu when
at its lowest point. September. which
closed Saturday at 3S56c, opened at
3S14c and tumbled at once to 37slc. 1t
worked back and forth between 37$lc
and 3S14c during the greater part of the
session. 1t made a dip to 375Sc about
midday. but held around 3Sc for the
most part of the latter half of the ses-
sion. The weather continues hot and
dry III Indiana, Illinois and Missouri,
but no complaints 10 speak of are heard
about the growing crop. Trade was at
no time brisk. The days local receipts
amounted to 513 cars. The visible sup
ply increased 40. 900 bu. The market was
fairly steady toward tue end, and closed
with sellers at 3S1sc for September.
Only moderate business was trans
acted in oats. The market opened
steady and grew slightly firmer shortly
after, but eaSed off somewhat in SYM
pathy with the other markets. July
fell off considerably, the shortage was
all covered, holders had to take what
shippers would offer Two hundred
and sixty cars, including 1903 new oats,
were received. There was decrease
Of 496, 900 bu in the visible supply.
September started at 1880. sold up to
2315c and closed at 2311sc. July sold at
2l@sc: May opened at 2Sc, sold up to
2SS6c, down to 275sc and up again to
2S3sc
There were $4,000 hogs at the yards,
and they sold at about Saturdays rates.
Provisions opened quite weak ON &C
count of the sudden drop in wheat at
the opening, but the clique pegged
September lard at 1870, and the pack
ers came to the rescue of the rib mar
ket after it had considerable drop.
September lard actually closed &c higher
than Saturday, and September ribs from
nc to 10c higher. October lard was
weak and left off zoe lower. There
was a fairly active business done, and
trading was much more general than of
late.
Freights were easy, with a fair de-
mand for vessel room at 1870 for wheat
and l75c for corn to Buffalo and SIC for
wheat and SC for corn to Kingston.
Estimated receipts for tomorrow:
Wheat, 327 cars; corn, $50 cars; oats,