St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-19
The COMMERCIAL RECORD.
A nnaction Struck the Wheat Market
Yesterday, and 1t Sold OFT
About / Cent.
A st. Louis Bear Gets Squeezed and
Is Forced to the Wall---The First
Break in Corn.
Provisions We're Weak at the Opening,
But Later a General Advance
Was Noted.
special to the Globe.

Special to the Globe.
CHICAGO, April 1S.-The reaction to the
wheat market that everybody has been look
ing for. and for which most of the protes-
SIGNALS have been playing, occurred TINS
morning. May, June and July selling OH
about lie. touching S07sc, S184c and SZasc
respectively during the first hour. The scalp
ers. ayailing themselves of the palpable dls-
position on the part of longs to "reallze'
got on top of the market and pounded IL
down. The outside situation is without I'M
portant change, but temporarily the edge Is
off the boom, There has been too much
steam on for day or two, and the reacuon
this morning was natural sequence. Before
long everybody on the floor had it that Nose
Fraley. of st. Louis, had ordered his trades
closed out, and the gossips had him "broke y
He wired that he would pay in full. - and
to many that was a confirmation OF the sus-
picion that he ''overplayed himself" Fraley
has been great bear on everything and es-
pecially in corn, in which he was heavily
short here, in St. Louis and in New YORK.
He is sald to have bought in 100000 or
100000 bushels of corn within the
last two or three days. His open
trades yet remaining were not important but
the announcement of his action was some
thing of O sensation and gave fictitious
strength to both wheat and corn early in the
iay. 1t cannot be learned that any OF his
Chicago brokers' who number dozen at
east would be seriously hurt, even though he
,hould be down on them" He has been
allied pretty sharply for margins, and has
esponded gamely. Wheat broke first, and on
he first decline went to STAG, a depreciation
f S4c The market paused at the decline for
luite time and then broke to S0lBc, loss
If 15sc as compared with yesterdays closing
and 2l2e rs compared with yesterdays best
prices Cudahy who has been one of the
largest buyers during the last stages of the
bulge. was the heaviest seller to day, unload
ing what he had purchased and going short
again, it is said Jones, Mccormick q Ken
nett and William Dunn were free sellers, and
nearly every house with New York connec-
ton had selling orders for foreignaccount
transmitted from their Eastern correspond
ents and agents. The tone of foreign ad
vances was bullish. but a majority of orders
from the other side were to sell. The natural
instinct to shoot at the Chicago market every
lime it sticks up its head seemed to control
the professional trade on the outside to-day
and it must be confessed that valuable
ural decline came with vengeance. On the
decline there was good general buying and
the market recovered portion of the ground
lost. The tone of the close was weak, how
ever Corn sold down 10 55a4c, losing lac
while wheat was breaking lac. Receipts
we're 81 cars, and to-moroW's estimates are
for l72 cars. The Fraey incident was the
strong feature in early trading, and the temper
fta,. naoli.1Cc O;,a
liberal scale. There was more realizing to-
day for country account than has been seen
any time since the advance from 49l2c
started many trades that have been open for
tour Or five months being closed to-day at
large profit Provisions were inclined TO be
soft around opel ing, but later in the session
Il general advance in product occurred, lard
and ribs estaLli: hing gain of Toe. Pork,
800, was stronger. At the afternoon session
gains were firm and higher. Wheat gained
Ac and corn ISc. Provisions were easier,
pork declining lilac.
THE ROUTINE REPORT.
CHICAGO. April 1S.-Wheat experienced a
sharp break today. 1t was not occasioned
by any change OF conditions or any fresh bear
arguments. but was simply the reaction of an
overturned market The professional bears,
who were whipped from 76c up to S2c, and
who turned in with the BUYERS yesterday
we're either content TO do nothing this morn
ng or fastened to sell both short and to real
ize at The top. The great crowd who bought
Ill the way up wanted TO realize. The result
vas a sudden let-doWp, which is regarded as
only temporary by the advocates of still
higher prices. May wheat opened at SIC,
sold straight down TO S17sc, then
.econd time still lower, going to
7014c Later sales were mostly at about SOLE
0SO5Sc, the closing price at o'clock being
1t the former figure. Corn, like wheat, opened
higher than the close last night, and some
outside buying orders caused May to sell at
he top for the week at $780, Ice. After the
first half hour however, corn broke nearly
rs bad i'll proportion as wheat. May went
down to 55s4c, June from soc to 51S4c, and
July from 51s4c to 347sc. The decline was
due to realizing sales, the influence of wheat
and the prospects of liberal receipts tomor-
row, the estimate being 172 cars. Receipts
this NON ng were but 81 cars, of which but
8 cars were of No. 2 grade. Closing prices
for futures were from 34c to 7sc lower than
last night May closed at 557sc. Oats ruled
being in fact rather dull. This was attributa-
BILE to a lower corn market. Near futures
closed lc lower. Receipts of hogs were lib
eral and prices 5G110c lower early, but re-
acted and closed tirmer. Trading in product
reached fair aggregate. The offerings and
market held steady between $14.G5114. 20,
but closed at S14.O2l2. Lard exhibited more
activity. Several large firms were short and
went in and bid prices for May from S7.67l2
gain of 7l2c Shorts advanced 1@1Ol2c,
but only closed 7l2c better. One packer
sold 1.000,00 pounds and another bought
100000 pounds. May sold at 7.17la@7. 80,
and closed at $7.27I2.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2, May, opened at SEE, closing
at S01bc; June S2lsc. closing at S1SSc;
July, SAC, closing at S2sSc; December, 84l2c,
closing at S4S4c. Corn-No. 9, May, opened
at SIC, closing at 7sc; June, sec, closing
at SOC; July, 55sSc, closing at 55lsc; August,
561sc; closing at 55lsc. Oats-No. 2 May
opened at 33e, closing at 32Ac; June, 327sc,
closing at 32Ac; July, 3234c, closing at
321sc; August 2S7sc, closing at 28l2c: Mess
Pork, per bbl-May opened at $14.10,
$1405; July, $l4.1zl2, closing at .$l4 Is.
Lard, per 100 lbs-May opened at $7.67ls.
closing at S7.77I2: June, S7.22l2c, closing at
S7.S212; July, $7.7712, closing at S7.S5;
August closed at $3.50. Short Ribs per 100
! Ha d $71712s elosing at s. 2a5S June,
at $7.45: August, $7.42l2, closing at $3.50.
Cash quotations were as follows: Flour
Smaller sales, with prices firm and I'M
changed: Wheat-No. 2spring, 79Ac; No. 3
No. 2, 555sc. oats-No: 2, s1a4@s2Ac. Rye
Seed-No. /, SI.45. Timothy Seed~Prime,
S2.65. Mess Pork-Perbb $14. 12l2@14.15.
Lard-Per 100 lbs. $7.75@7 so. Short Ribs
Sides Qoose), S7.25@7. 80; dry sailed
shoulders 6oxed. S.. 1906: short clear
sides Cboxed, .$7.70@7.75. Whisky = Dis
tiilers' finished goods, per gal, $1.15. Re-
ceipts-Flour, 81 900 bbls; wheat $4,000
bu; corn, 100000 bu; oats, III, 900 bu; rye,
LOCO bu; barley, 10000 bu. Shipments
Flour, $4,000 bbls; wheat, $4,000 bu: corn,
$1,000 bu; oats, $4,000 bu; rye, 1000 blu;
barley, 10000 blu. On the produce exchange
to-day the butter market was unchanged
and easy; creamery, 20A@25c; dairy, 15@
21c Eoos Weak eli OLall1 &c