St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-09
WHEAT GOES DOWN NEARLY
THREE AND A HALF CENTS
IN PRICE.
NEWS DESREGARDED.
NOTHING WOULD SUSTAIN
1T.
HEAVY EXPORTING REPORTED.
Rise, for New Wheat Is in
Sight.

CHICAGO, July S.-Wheat went down
with rush today, September closing
3Ssc lower than on Saturday. Heavy
shipments of exporting countries, a
small decrease in the visible and lib
eral liquidation caused the decline. The
other markets followed wheat, corn
closing at PIC lower, oats 1c lower and
provisions at declines. Wheat started
weak, and even after the weather SER
vice bureau had predicted frost for
tonight in the Dakotas, Minnesota and
Nebraska, the price, which had begun
to rally, dropped lower than ever. The
principal reason for the ignoring of
the Northwestern conditions which the
action of the market at that time sug-
gested was the heavy quantities of
wheat which the exporting countries
continuously pour into the ports of the
importing countries, according to dis
patch received early in the day from
New York, which gave the quantity
shipped during the week at $500, 900
bushels, while the weekly requirements
of the importing countries are esti-
mated at not to exceed G, 600 bushels
per week. The receipts at Chicago to-
day were 26 carloads, of which q cars
were new, and of the latter cars were
No. red and the remainder No. and
No. 4. One of the bearish features
which contributed to the weakness,
which kept increasing all forenoon,
was the estimate of 100 cars of wheat
for tomorrow's receipts here. The new
wheat is evidently about to move, and
without some export business the WISH
BILE supply is not likely to keep decreas-
ing much longer. The decrease for
last week was POP, 900 bushels, instead
of over one and half million bushels,
as had been looked for. The total Wis
IDLE is now 40, 1853, GOO bushels, compared
with 81, 114,000 bushels a year ago, and
81 $4,000 bushels two years ago.
The amount of wheat on ocean pass
age decreased 1,120,000 bushels during
the week, but the fact that Russia was
reported to have shipped l,500, 0U0 !1u
last week, Argentine nearly 100000 bu
and India 1,240,G00 blu, swept all other
existing conditions out of sight and
We're of the greatest assistance to the
bears. The latter party in the market
were encouraged to increase their
short lines and the longs were dis
heartened and sold also. From 711sc
which was realized for a few fives at
the start, the price of September had
worked down by successive stages to
6S34c by about 1920 o'clock. The clear
arces from the Atlantic ports and New
Orleans were insignificant, since last
reported, amounting to only 4,243 bu
of wheat and 1860 bblS of flour. The
market toward the end gave no evil
dence of the existence of the slightest
degree of apprehension regarding the
effect Of the frost predicted for the
Northwest. About 20 minutes from the
close of the session the price had made
another slump, getting down to 6712c
at the time referred to, and closed at
67azc.
The corr market opened weak and to
some extent assisted in depressing
wheat early in the day. Near the close
wheat became the weaker of the two
and caused further depression in corn.
The continuation of the most promising
outlook for an immense crop was, of
course, the chief cause of the weak
ness. Old corn was said to be held in
liberal quantity where none was
previously supposed to exist Accord
ing to one authority there are about
half a million bushels of corn held
at Memphis, Tenn, which will have
to seek a market elsewhere than in
the South. The receipts today were
1863 cars, inclusive of twelve from ir-
regular city elevators. After selling
as high as 447s@45c near the open
ing the price worked down near the
end to 42Ac and closed at 42$4c. Like
wheat and corn, oats took big tumble
today and experienced, during that
decline, very heavy trade. There
was considerable long stuff came out
on the market, and heavy Individual
selling by Cudahy of May, Counsel
man of September and the crowd IN
general of both deliveries. To some
extent was the weakness in sympathy
with the more important cereals, but
the market was not lacking independ-
ence. September ranged from "a to
2215c, resting at 227sc.
The trade in provisions was light.
Early in the day the market was firm
but later it came under the influence
of the falling grain markets and
prices closed at considerably below the
level of Saturdays closing prices. The
decline in pork amounts to 1712c, on
lard to 10c and in ribs to 121ac. The
days run on hogs was $1,000 and
IS. 600 are estimated for tomorrow.
Estimates for Tuesday: Wheat 100
cars; corn, 21O, oats, 975; hogs, $4,000.
The leading futures ranged as fol-
lows: