St. Paul daily globe., 1884-04-05
The Air Pregnant With Rumors OF
Failures and Panics From
London to Chicago.
Everybody Anxious to Unload, With tn.
Gloomiest FOrebodings for the
Future.
Weakness Characterizes Everything il
Wall Street---Little Boats Advised
to Keep Near the Shore.
CHICAGO,
Especial Telegram to the Globe. [

further break to-day. 1t has Deen some
time since quite such a furry to sell has ami
mated so many traders at once as to-day
clamored for some one to relieve them OF
stuff on which they had al
ready lost heavily. Thousands OF bushels
of wheat and corn were unloaded at losses
varying from l to &c per bushel. Wheat
took the lead, and was followed closely by all
other articles. The causes that mainly con-
tributed to the weakness and decline were
numerous, including adverse foreign ad-
vices, low quotations from the seaboard
markets, fine weather, rumors that num-
Der of firms here are financially embarrassed
and panic in London, and although none
of the reports could be traced up at the close
of Change, they completely upset values,
and at no time in years
has there been such feeling of nervousness
and distrust as prevailed throughout the
greater portion Of the session to-day. Every
one who had anything wanted to sell, and
no one wanted to buy, except to ill con-
tracts in which they had a profit. 1t was
stated at the close that one of the leading
causes Of the weakness was the unloading OF
100000 bushels of wheat by a millionaire
operator at loss of 1Oc per bushel. The ex-
element in the provision pit was something
unusual. Pork, lard and ribs
were thrown over board by every
body who had them, except the few who
bought all that were offered-reluctantly
that their weight might be felt in the declin-
ing market. While the sellers of provisions
were legion the buyers could all be counted
on the fingers OF one hand. Among them
can be mentioned Fowler Bros, the Chicago
Packing and Provision company and Geo.
Champlin. Aside from heavy selling of long
provisions there were a good many short sci
lers from outside as well as among the local
crowd. All of this went to make the pro-
vision market the weakest that has been
known since high prices set in three months
ago.
Wheat was more nervous and values took a
wider range than on any previous day since
the decline commenced, and at times the
fluctuations were so wide and rapid that ope-
rators were unable to keep up with them
The market opened weaker in response to
lower quotations from New York. Foreign
cables also reported dull and depressed mar
kets in Liverpool and London. Fine
weather and good crop prospects, including
reports of good progress in sowing spring
wheat, were also elements of weakness. The
opening sales were shade under the close
of Yesterday, being a basis of S411S(l1S414 c
for May, and although there was less DISPOSE
ton shown by large operators to hammer the
market the influences noted above were suffi-
ciently potent to start prices down. To
quote prominent dealer, it fell of its own
weight to $500, from which it rallied on
covering by shorts to S419c, but when the
call from that source was billed there was no
demand, and the increasing ankle
ty to sell started prices down
on the run. Every one was crazy
to sell, and the closing hour was one of in
tense excitement. Those who held wheat on
slender margins were unable to throw it with
sufficient rapidity to save themselves. Prices
fell to S135c, and closed unsettled at S25Sc
for May. Early sales of June were at S51g01
S5%c, fell to S535c, went up to S534c, down
to S51ac, then up irregularly to S614c, with a
few sales at S635c, then became easy and fell
irregularly to S419c, then recovered some,
then was panicky, falling to S319c, with a few
sales at S3s5c, rallied to S411s, and at S5c on
call and curb. July opened at S612c, ranged
between S4119 and S7119c, and closed at S51l.
On the call wheat was active and unsettled,
with prices irregular, from q to 24c higher.
closing at $500 for May
Corn was active but values were more un-
settled than on any preceding day in weeks.
The receipts were small, aggregating only
127 cars, of which 36 were contract grades,
but no one seemed to want to buy unless
they had contracts to fill, while the sellers
were more numerous, nearly everyone who
had any wanting to realize, as they appeared
to have made the discovery that stocks of
speculative grades were much larger than
were wanted for the present or near future,
and under a strong realizing pressure, in
Guiding many lots on which margins were
out ,prices receded &c from the closing sales
of yesterday. Opened at 5315@5314c for
May, fell to 5224c, sold back to 53115c, fell to
to 514c. and closed on Change at 522lc. 1t
was thought at the close that most of the lots
held by weak parties were closed out. The
| country roads are improving some, and re-
ceipts are likely to increase but not materi-
| ally, as the farmers are now busy in the
fields. Early sales of June were at 535@54c,
fell to $3.50, then went up irregularly to
543sc, but soon weakened, and finally be-
came slumpy, falling to 525sc, with a few
sales at 5219c, rallied to 535c, then fuctu-
ated frequently within moderate range,
closing at about $500. July ranged at about
5415@56c, closing at about 5515c, On the
call corn advanced 19c on May, but reacted
and closed the same as on chauge
| Oats were greatly depressed and prices still
on the down turn, with the great depression
in all other markets bringing free sellers to this
head and decline was registered OF 2l@1c
from yesterday for May delivery aud some
what less for the other months and for cash
May opened at 81 &c, and from this worked
up to 32@321sc on split, and off to 314c,
closing at 81 asc. June opened dull at 31Mc,
sold quickly to 3214c and off to 311ac, al
which it closed. On call May closed at 81 &c
and June at 81 Ic, and on the curb May al
3115c and, June at 31slc.
Rye was steadily on the decline, and we
have to note a further break of 11S(02c pei
bushel from yesterday, with the parties who
have been holding prices up unloading and
getting out of the deal and must have suffered
a heavy loss in doing SO.
Barley was stronger in tone and higher
prices were paid for cash and May deliveries
Trading was quite liberal in the market fol
hog products, but the feeling was very un-
settled and prices fluctuated widely, particu-
larly during the early part of the session
Pork was quite active, but at very irregu
lar range of prices. Offerings were large
| and the demand brisk hut mainly from