St. Paul daily globe., 1891-04-30
IT'S ALMOST PANiiccSY
Rumors of Old Hutch's FL
nancial Standing Affect
the Markets.
Wheat Goes Up and Down in
Consequence Of Conflict
ing Stories.
Much Activity and Excite
ment in Corn, With Ir-
regular Prices.
The Stock Market Shows No
Change in It's Char
aeter.

CHICAGO, April 29.-The grain markets all
opened very much lower than yesterdays
closing prices this morning, and with de-
cidedly nervous-almost panicky feeling-on
account of disquieting rumors as to the finan-
cial standing of B. P. Hutchinson, the veteran
speculator. as he was understood to have
heavy line of trades in all of the pits, on
which he was carrying heavy losses. The
markets were further affected as the day pro-
gressed favorably, by the report that his
checks had been all duly honored at the
board of trade clearing house and unfavor
ably by stories to the effect that he had mys-
teriously disappeared. and that he had prob
ably either committed suicide or was wander
ing about demented. The rumors as to
his solvency were circulated before
the board opened and it was said that he did
not respond to call for margins This led TO
a fear that those who had trades with him
the open board. Fine weather and lower
cables also had their influence on the mar
ket, and the uncertain news received regard
ing the French duty tended to create an un-
wheat opened at S1.04511.04l2, against 81. .06Cl
1.C6ls at the close yesterday. Some operators
having trades with Hutchinson proceeded to
close them out: but the market did not sink
below the opening inside figure, for the shorts
began to buy heavily and the price quickly
advanced to S105Is. then eased off again,
and for q considerable time held within
$l.O45s@l .C55s. Then the following cable
from Liverpool was shown around: Wheat
and corn unchanged, strong and tending up
ward on certain remission of half the present
French duty OH wheat and the whole duty
on corn" Under this stimulus July wheat
sold up to S1.055S and for time there was
strong and active market. But Ream, Pard
ridge and other leading bears sold heavy lines
on the advance. A dispatch was received
cOntradicting the reported removal of the
md W. nDc lin cQti in
was helped by the report of Hutchinsons
disappearance. on the strength of which
good deal of his long stuff was thrown on the
market. This caused a break to S1.04ss.
Closing cables were stronger, however,
and July sold UP again to S1.051s
: but weakened later and closed I2c below
that. There was much activity and excite
ment in corn with a wide and irregular
range of prices, chiefly the result of the
Hutchinson rumors The market opened
weak at 6114 fsG134c for July on the report that
large line of long property was to be
sold and offerings OF local room traders were
heavy. The property referred TO not coming
on the market, prices suddenly reacted, sell
ing up to 62S4c The early sellers.turned buy
ers at considerable loss. The advance did
not hold, the estimates for tomorrow of 500
cars being announced, prices receded to
nearly opening figures. Some long property
also came on the market about this time which
had depressing influence; but on the rumof
that the French import duty would be re-
moved, took jump to 63Ac; eased off on
the contradiction of this and closeo at 62asc
Oats were active, unsettled, and although
opening weaker and lower, reacted and
closed 4@1c higher than yesterday good
deal of long stuff came out, but after The
furry subsided, better feeling developed.
The change was chiefly due to the large de-
mand for cash oats from shippers who
bought SO freely as to advance prices 3@4c
Provisions were weak for short time near
the opening, Ill sympathy with grains. but re-
covered with the cereals. Pork closed at a
lnCG nrE Sc ala
and lard is off 212c, but ribs are up 2l2c
The leading futures ranged &c follnUs.