St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-08-03
LOSING IT'S GRIP.
THE PRICE OF WHEAT TAKES A
DROP OF ONE CENT AND A
QUARTER.
GOLD EXPORTS AFFECT IT.
MARKET OPENS WITH A PRO-
NOUNCED WEAKNESS. BUT
RECEIVERS SOME.
CORN AND PROVISIONS LOSE.
Cash Demand for Corn Percepti-
bly, RedUced-Oats Steady for
HIOst of the Day.
GOLD EXPORTS AFFECT IT.
CORN AND PROVISIONS LOSE.

CHICAGO, Aug. 2.-The rumors of
gold exports scared the bulls today and
all board of trade markets closed low
er. Wheat closed at a decline of lac
per bushel; corn lost 1c, oats &c, pork
SOC per barrel, lard &C. and ribs 7Iac
per 100 pounds. A nights considera-
ton of the existing conditions of the
wheat market once more caused a re-
Ve1Sal of general sentiment. Some few,
who mad interpreted the surroundings
differently from the general crowd, bid
from IS to &c per buShel over the clos
ing price of the day before, but they
We're Immediately overwhelmed with
offerings, and in consequence those
who wished to buy wheat and waited
fifteen minutes got all they wanted at
6S1sc. The opening quotations for Sep
temberWere 7Gc and 69bc, against $3.50
at the close of yesterday. The early
dispatches from New York had for
their most prominent feature the re-
port that $1,500,090 gold would be
shipped from there tomorrow; there
was nothing else in the early teie
graphic news to account for the great
change in public opinion, but that was
enough to deepen the distrust with
which the traders came prepared. The
depression deepened still further as the
forenoon waned, until II o'clock Sep
TENDER wheat was down to 6S1sc. The
Chicago inspection showed 81 carloads
Of new wheat received, and only Of
them up to the contract grade stand
ard. A year ago receipts here were 5S3
cars, of which 493 were of the contract
quality. The total receipts at primary
Western markets were 3o7, coo bushels,
against 81 goo bushels a year ago. The
one disturbing feature of the statiSti-
cal showing was as before-the exports.
From the four principal Atlantic ports
the exports for twenty-four hours com
prised only $4,000 bushels of wheat and
naly of
wheat at Minneapolis have decreased
1,200,0 GOO bushels this week, and at Du-
luth $50, 600 bushels, according to ad-
vices from there, and notWlthsta ndlng
the almost complete Stoppage OF the
export trade, another substantial de-
crease in the visible seems assured
The freight markets were firm at the
opening. Liverpool quoted 1ed advance,
Berlin u mark gain and Paris was
quoted only a small fraction lower than
it closed yesterday, and had turned
that into an advance at the close: me
reason for the upturn at ParlS curing
the day was on account OF rainy
weather in France where the harvest
is in progress. In the afternoon there
was a tendency to recovery from 6o7sc.
Near the close the price was hololnS
firm around 6S1ac. The firmnesS OF the
foreign markets and the taking OF a
few more loads of red wheat at Balti-
more and spring wheat at Duluth tend
ed to give the market here the appear
ance of firmnesS it was exhibiting after
considerable break. The closing quo
tation for September was 6S1a06S9sc.
Corn weakened in the afternoon, AFTER
very firm start at an advance OF &c
| over yesterdays closing quotatlon TOT
September. The. opening trades were
at 44c in a few cases, but there were
very few sellers at that. 1t dropped
| gradually at first, but later the decline
| became rapid until the price was down
| = rnc
| which price it closed. The opening OF
| May was at 3534c and it declined to
| 34Zsc and closed at 3o0351sc. The Gay s
| receipts We're 314 cars and for tomorrow
| AIS are the estimated arrivals: inc
cash demand was perceptib!y reduced,
! and as that has been the principal or
set to the fairly good receipts, the
weakness was doubtless due in large
! part to the change.
Oats opened steady at yesterday
| closing quotations and held so for e
| time after, under the influence OF
| urgent buying orders from shippers
and New York people. Later on the
market contracted a very heavy feel
ing from corn, and lower prices re-
suited. September opened at 221ac, sold
down to 215s@21s4c and closed at 2l34c.
The provision market opened flrm be-
| cause of the published stocks at the
end of the month proving smaller tha1.
had been expected. They were nor
sufficiently regulated, however, to pre-
vent the general break in grain affect
| ing speculative sentiment. The prizes
of everything yielded to pressure from.
the short sellers in the afternoon. Pork
for the day closed with DECLINE OF
35c, lard sc and ribs TIC; Hog re-
ceipts were 5000 head and 5000 are
estimated for tomorrow.
Estimates for Saturday-Wheat, Is
ears; corn, Ais cars; oats, 215 cars;
| hogs, 1900 head.
The leading futures ranged as Ioiu
| lows: