St. Paul daily globe., 1892-05-07
PRICES SMASHED IN TRADING PITS.
Frightening Weather. Rumored Recall of Russian Edct
and Good Reports From Kansas Were the Principal
Factors
WHEAT. CORN AND PORK SUFFER LOSSES
Nearly All Of Thursdays Gain in Wheat GoneFirm Temper
and Rising Tendency at New York.

CHICAGO, May 6.-wheat broke 2ssc today,
corn lAc and pork 25c. There was one fail
ure, small one. Brighter weather, ru-
edict and the improved crop conditions in
Kansas formed the combination that
smashed prices. The closing quotations were
at or near the very bottom for the day.
II was noticeable fact that the signal
service map showed that there had been little
or no improvement either in the West or
the Northwest where rain or snow was still
reported. Throughout the Dakotas and
Minnesota the mercury was at freezing
point or below, and the seeding opera
tions were still held in allegiance. But
with clear skies here and a bright, genial
sun, these conditions abroad were steadily
overlooked or was dismissed as having been
discounted Yesterday. The crowd seemed to
think all that was needed to secure good
crop of spring wheat was good sowing
weather in the pit on change.
The Kansas state report on the winter
wheat came in very bearish showing con-
dition of IS per cent against S. last month.
with the spring wheat condition at o. AID
an increase of nearly 2)l.0U acres in the area
seeded. From New York Bingham sent
dispatch saying that all prohibition OF eX-
ports from Russia would be removed this
month. While this was not confirmed nor
generally credited, 1t had remarkable infiu-
ence. Liverpool cables were up l2 to S4d,
but this was not as good as expected on the
three cents advance here Thursday.
The market started on break of l2c, and
dropped another half in a few minutes.
Longs large and small turned in to sell. The
bears helped very freely, supposed to be the
Cudahy wheat bought yesterday. On this
the July price got 1c under the opening and
1l2c under la night. Then came Bin gham's
AfavNn fol, at.1s . sINA loud, A.rA
helped the scamperng by hammering with
all his might The bulls, who had been keep
ing their courage up for week or more OH
diet of ram. snow and frost in the North
west, threw up the wintry mixture in dis
gust. 1t came out in the form OF cold long
wheat. it was lively scene in the pit as
several millions of paper profits disappeared
like moisture breathed on polished blade
The closing cables were tirm-foreign mar
kets all higher-but the reactionary spirit
with which the early news imbued the crowd
could not be shaken Off and the price con-
tInued to sag Another reason was that Ar
regoni d. Co., who were said to have taken an
unfortunate and, for them heavy plunge
the purchase of from 403, ,000 10 5U0.0O0 bu of
July yesterday at SIC made no response to
margin calls and the wheat was sold out just
at the close al about SIC.
The weather caused corn to open very
weak. and the prospect of the clouds having
emptied themselves improving as The season
progressed. the market continued to weaken
up to the close Trading was active. but
the weather and the decline in wheat en-
couraged both short selling and the selling
out Of long stuff, causing a heavy feeling
from which there was no relief during the
day.
In oats there was free selling especially of
May. Norton Worthington and W. X.
Smith, put ont the largest lines Murry Mel
son bought July. The state Of the fields.
which were reported to be badly flooded yet,
tended to make The market firm. but the
break IN wheat and corn was a more power
full factor and caused decline of 7s@Ic in
prices.
An improvement of &c in the price of hogs
had no influence on the provision market.
Wheat and corn the strength in which yes
terday had hOlstered up the hog products,
had gone where the woodbine twineth. The
small sized boom in the provision market,
straightway betook itself to the same UNI
brageous retreat. July pork made spas
modic recoyeries, one amounting TO Ice. but
The general tendency was down from the
start to finish. Lard dropped 7I2c and ribs
10c. O.
The leading futures ranged as follows:
IODen- High | Low Clos