St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-10
LONGS SEVERELY BITTEN BY
THE TREMENDOUS SLUMP
IN WHEAT.
ON THE STEADY DECLINE.
LOSS OF EIGHT AND A HALF
CENTS PER BUSHEL IN
TWO DAYS.
SEPTEMBER SELLS AT c. 5-sc.
Pork Joins in the Drop, but
Corn and Oats Manage to
Hold Up Better.

Chicago, July 9--Ihe wheat mar
ket made another sensational break to-
day, which eclipsa1 all its former
efforts Of the season in that direction.
Compared with yesterdays closing
prices it is now 51sc lower for Septem-
Der delivery and S1sc lower than the
price II opened at yesterday morning.
The failure of frosts to mateTialize,
the expectation of liberal crops and
the lack Of export demand caused
heavy selling, resulting in the big
slump. Pork followed wheat, closing
at a loss of S5c, but corn and oats
were comparatively steady. Corn
closed but Sc lower and oats 4c
lower. The prediction that there would
be frost in the Northwest last night
just barely escaped being a false
alarm. The only place noted on the
weather map as having had frost was
3anktCn, S. D., and the temperature
there this morning was As With no
frost scare therefore to do battle
with, the short sellers Immediately
proceeded TO strike terror into the
hearts of the longs and easily sue
ceeded in Going so. With the pressure
OF little short with which to start
with, the market quickly began tc
decline, and in about minute mil
mons OF long wheat We're wildly OF
fered. The opening price for Sefgterr7-
Der was at from Size to 675sc and in
The course Of five minutes it had drop
ped to G65sc. The last named quota
ton made the decline since the open
ing of the previous days season 42:c
per busheL After a recovery to &c
there was another break before II
O'Clock 10 661sc making the decline
since the opening yesterday a straight
DC per DusheL The shorts showed no
general desire TO cover even at the
lowest figures so far recorded above
and there We're nc buyers for long &C
count who apparently We're willing to
hold ON against more than &c per
bushei loss, the consequence of which
was that the price OF September had
another tumble to a still lower point
than before. At a few minutes from
Y o clock II had declined to 651Ac There
was nothing TO support the market in
the news Of the Gay, which as usual
took its cue from the direction OF the
price. Foreign markets We're of course
weak. Liverpool declined 11cd per
Genital, and Berlin was lower by the
equivalent of from 15sc to &c per bushel.
Antwerp was given at % confines, or
nc per buShel lower, and Paris about
72c per bushel lower. The receipts here
were not quite as heavy as had been
estimated, but IS cars were inspected
into store OF these 81 cars We're new
white and Z of those were of the con-
tract grade. The exports We're small
from the Atlantic sea board, the wheat
from tie principal ports amounting to
only $500 bu, and the -four to 800 bu.
The receipts of primary Western mar
ketS were Snall-only 12S, 900 bH-but
no attention was given to that in the
absence of any demand for shipment.
BTadStreet'S made the decrease in the
visible for both coasts 2 355 900 bu, and
allowing for an increase of 5S4, 900 bu
in and afioat for Europe, il gave the
worlds decrease at 1,971, 600 bU; but that
had no effect in checking the decline,
for another lower level was found
after that report was made known, the
price about 1880 p. m. having touched
&c, and even at tTifie over that there
was enough long wheat for sale to
satisfy the shorts. There was nothing
apparently capable of stopping the de-
cline except the closing Of the session,
and il was not until the signal TO stop
trading was sounded that the decline
was finally arrested. September sold
down to 621zc, and was for sale at 6Z9sc
at the close.
Corn made q vigorous effort to main
tain itself, and did hold up well during
the forenoon, but when wheat showed
itself to he so utterly limp and nerve
less some of that feeling communicated
itself to e9Tn in Ia- the 49,, end: and
days closing price. It had an early
drop from 429l Q427sc to 42lzc, and after
that it began 10 advance until it
reached 1895 G431sc. 1t stopped at that
and began to turn down again, but at
no time did il become denoralized as
wheat was. The opening price Of Sep
TENDER was Age, and II sold at 421sc
about the same time After the ad-
vance TO f3ss DISCO referred TO above
the price declined to and held around
4212c until near the close, when a fur
Their drop of 3sc took place. The clos
ing price was 1850.
Notwithstanding the extreme weak
ness in wheat, oats followed in about
the same course as was taken by corn.
The market opened f1rdner, and re-
mained so during the greater part Of
the session. The same parties who
We're heavy buyers yesterday continued
to do likewise at the start today and
held values up A decreas sc of lie, GOO
bu in the stocks of contract oats in
store also tended to create firm feel
ing. A few minutes previous to the
close, however, the nrmneSS gave way
and prices took d drop. The heaViness
in wheat was altogether too much for
the more submissive cereals, and Sep
TENDER showed a slight loss. Septen-
Der ranged from 2314 lI2S3sc to 221sc,
and closed at 221zd225sc.
Provisions were very weak, and We're
at their weakest as the session was com
ing to an end There was nothing now
regarding prospective supplies Of the
We're smashing the wheat market were
also short Of provisions and pressed
the advantage which the 9emoraliza-
tien in wheat gave them. Pork, from
So at the opening for September, de-
clined to $ll.25, and after recovering
to Sll.65 1t had quick break near the
end to SLID, the decline since yester-
day thus being Sc per bl1i. Today'S
decline in lard and ribs was compar-
atively light, amounting TO Sc in the
former and 10c in the latter
The receipts for tomorrow were est.
mated as follows: Wheat, Is cars:
corn, 100 cars; oats, $50 cars; and
coo hogs.
The leading futures ranged as Tor.
lows:
Omen Hob Gins.