St. Paul daily globe., 1891-03-27
SENSATION IN CORN.
Prices Break Badly in This
Grain and Fail to Re-
cover Later.
All Lines of Provisions Weak
's' en- Pereeptibly in SYM
pathy.
Short Sellers in Wheat Tum-
BILE Over Each Other to
r. Unload.
Trading On Wall Street Unin-
-H teresting Except in st.
Paul.

CHICAGO, March 26.-There was fair diyi-
sion of opinion in the trading pits when
business commenced, but when the time
came TO adjourn over Tomorrow holiday,
bullish sentiment was badly weakened, and
short sellers, or those inclined to that policy
were proportionately encouraged. Corn pro-
vided the sensation of the day. dropping 314c
per bushel from The price it sold at near the
start; wheat went off 1Ac from its high
point, and provisions also weakened, al
though there was a steadier feeling, strange
to say, in that commodity than in any of the
others. Wheat started strong at S1.Q3la for
May and Si.01l2 for July, the selling pressure
being strongest for the July future. The
small local receipts-24 cars-the tempestu-
Gus weather and the moderately firm tone of
the foreign advices were the ruling influ-
ences. The Minneapolis and Duluth receipts
were not oppressive, being 230 cars, compared
with 202 cars last year. The early official
cable quoted Californian cargoes for
prompt shipment IL shillings, against 40
shillings sixpence yesterday and the Cincin-
natl Price Current reported the present sea-
son for spring seeding operations backward.
Kansas City wired that 7,000 bushels of
wheat were being loaded there for country
millers use. The clearances from the four
principal Atlantic ports showed shipments of
els May wheat advanced to SL039s, and was
well held for about five minutes around
S1O3l2, and good demand springing up for
July, it rose to S1.014s. Corn was SO pro-
nouncedly soft, however, that short sellers of
wheat tumbled over each other in their eff
forts to take advantage of what demand was
still remaining. The price Of the May future
broke to SIO275, hesitated a few moments
around that figure and 81 .03 and then MADE
plunge TO Sl.02Ss, and possibly sale or two
was made at Si.02l4. July sold off at the same
time to Sl.C0ss. May wheat recovered through
very general buying back Of the lines of
the local shorts. The advance was only
temporary, however. l. rose TO S1.027S. but
gradually worked back to the lowest
was at S1U29s for May and S1.09A for July
The corn market was again the scene of
excitement similar 10 that Of the last few
days. The wet weather, the small receipts
and the firmness at the opening of the sur
rounding speculative markets, ill addition to
advances of very bulgy foreign situation,
gave some confidence 10 those having large
holdings. The opening price for May was
Csc. or sec higher than il closed yesterday,
and JuIy started with an advance of about
s4c. May advanced TO 6el2c and July 10 66s4c
almost Immediately, and then the bears COM
menced an excited run upon the market,
which broke, and the smash was dis
astrous TO the holders, and buyers
were overwhelmed with stuff when
ever they made BID. Bar .lett-Frazier,
who have been closely identified with the
recent bull movement, were open sellers OF
considerable quantities. The local receipts
were only 121 cars, of which II were of the
contract grade. To-mOrrOw's receipts are
estimated al 80 cars. The principal tiuctua-
tions in the May delivery were from Csc at
the opening to 66lac to 61&Ql617sc, size,
67t2c and its sensational break of the day
carried prices off suddenly to 65Ac. There
was recovery to 66c, and the closing quota
lion was 657sc bid. July ranged from 67c
early TO 63l2c and recovered TO 64H0l64SSc
at the close. There was free selling of May
oats by the longs, who were also good buyers
of the July future, and the latter future was
consequently the strongest all day. The
highest prices OF the day were made early in
the session. The market weakened soon
after the opening and gained I1ttle strength
toward the close. May started ut 54l2c, sold
up to 545sc, to 524c, to 53c at the close.
52@52l2@525Sc to sic to 51Ac closing Voc
lower at that price. Receipts, 165 cars. The
provision market opened weak and some
what lower, but on the face of some buying
by the packers, the selling pressure was not
very strong The sentiment of the crowd
was also affected to some extent by the state
ment of the Cincinnati Price Current that the
summer run of hogs was likely to be very
light The packing of the West, however,
according to the same authority, was 2S0, 900
head last week, comp pared with 215,000 hogs
on the corresponding week of last year.
Commission houses did the selling again and
the packers were the principal buyers. May
pork opened at from S12 TO S12.05; sold at
Sl21Q; off again TO $12; then up to Sl2. .29, fol-
lowing which t1uctuation came the break in
corn, when the price slid off to Sill so, recov-
cred to Si2, and closed at Sl192I2, or net de-
cline since yesterday Of 1712c. The results
of the trading in lard and ribs was loss of
1l2c i'll the former and sc In the latter.