St. Paul daily globe., 1892-04-29
A FRACTIONAL SLUMP
In Spite of Bullish Features
Wheat Was Weak on Chi
eago Change.
The Unfavorable Weather
Prevailing Seemed to
Alarm Nobody.
Purchases Of Wednesday In
the Pit for Sale Helped
the Weakness.
Every Article Is Quoted at a
Lower Figure--Stagna-
tion at New York.

CHICAGO, April 2s.-In spite OF the fact
that were some bullish features in the mar
ket today, wheat was weak, and the net re-
suit Of the trading was loss of SIC in May
and SIC In July, the greater weakness in the
former month being due chiefly 10 sales by
elevator men who found no prospect OF
profit in carrying charges while May and
July were SO close together. The result was
that May, which has for some time been al a
parity with July was forced 10 l2c discount.
The weather was uufavoFable nearly every
where; it was very cold iL the Northwest and
the signal service predicted an extension of
the cold wave over the Dakotas, Minnesota,
Iowa, Nebraska and part Of Kansas. In the
bulk Of the winter wheat belt The wea'her
continues backward. being cold and wet.
The Cincinnati Price Currents crop sum-
mary however, says that the crop has held
its own very well during the week. and while
il is backward everywhere unfavorable re-
ports are the exception. Cables were not
very important; though, while somewhat
weaker, they were not as weak as they were
expected TO be. Outside domestic markets
were easier.
Armour bought May at the start while Mil
mine Bodman, Logan and singer were good
buyers Of July. Partridge was also good
buyer of july around Sic. covering part Of
his short line More or less OF the wheat
bought yesterday Oh the unfayorable crop
reports was sold out today. increasing the
weakness. May which closed yesterday at
Sic, opened at sl0kl4e. sold off TO S0I2c,
reacted 10 S0s4t. broke 10 SJ4c,
July opening at size. and selling during the
same time at S07sGs6li4c and S0ssc. The
weakness continued during the last hour,
May touching SC and July S0l2c Toward
the close the market irmed up some, and
closed steady at s0$sc for May and 50 7sc for
July
May corn was decidedly weak. and at the
close showed loss of 7se. compared with
yesterdays close. II cold, wet weather in
the cora belt was bearish factor, as tending
to lower the grading; but th= large receipts
containinf good proportion OF the contract
grade, neutralIzed this and the general be
lief that Cudahy and the other longs had sold
out embOldened The shorts 10 sell lore Freely,
and these offerings made the market weak
throughout the session. May opened at tllsG1
4lssc, against 4ihc at the close yesterday,
aud with Insignificant reactions. sold off TO
40lsc closing at 4Ossc July, however, was
firm. opening lac higher at 39lsc, 1t touched
394c then weakened TO 3S7sc, but closed un-
changed NJ 3gc
oats sympathized with corn. closing lsc
lower
Hog products were dull and fairly steady
early. The principal business was i'll the
changing over from May TO July. The PACK
ers and shorts bought the former and sold
the latter Towards the end OF the session
the packers adopted the tactics of yesterday
and flooded the market with offerings of
pork for July delivery and sent prices down,
from which there was no recovery, the mar
ket closing weak for that product and steady
for lard and ribs. Pork shows u net loss OF
l5c, while lard and ribs are unchanged.
Estimated receipts for tomorrow: Wheat,
105 cars; corn, l75 cars; oats, ?S5 cars hogs
1900 head
The leading futures ranged as follows: