St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-05-11

Controlling Factors Chicago Change We're the Govern
ment Crop Report and Change Of Sentiment
Among Traders
LOSSES SUSTAINED IN THE WHOLE LIST.
The Action in Some Of the Pits Was Surprising for Brief
Perod--Small, Irregular Deals at New York.

CHICAGO. May I0.-Apprehension as to the
government crop report was the chief con
trolling factor on change today. There was
also feeling among wheat traders that the
worst conditions were discounted; that if
the market made less than 1c gain on the eX-
tremely bad reports of Monday. and did not
show renewed strength this morning then it
will be heavy market indeed wnen condi-
tons improve, as it was argued they must
very soon. The bears were quick to see the
change of sentiment, and they sold wheat
down lac. Corn was equally weak for July
delivery, and provisions could not Withstand
the prevailing bearisb influence of weak
grain market, pork dropping over 2Jc
Wheat trading on the whole not large.
The opening was ls@Ac lower than yester-
days closing, ana, with several small f1uctu-
ations. prices declined asc more, then rallied
Ssc, declined s4c. and the closing was about
1c lower than yesterday.
There was rush to sell right from the
start, and, while the offerings we're readily
absorbed for time. they began to get exces-
sive and very weak feeling followed. The
impression seemed to prevail that the bulls
had been misrepreseniing the situation in
the Northwest, making it much worse than
The facts warranted. And this view was sus-
from that region.
T he late state reports had generally shown
imp rovement in wheat and the impression
was very general that the government docu
ment would lie n bearish one, hence there
was disposition 10 sell i'll anticipation of its
effect on the market. Cudahy WAS free
seller almost from the start and followed
the market )wn for Il time. Linn was also
a good seller as we'll MS elevator men gener-
ally. The signal service prediction for gen.
eral clearing weather had'considerable weak
ening influence. The general i'm pression re-
garding Dodge's report was that 1t would
=" how condition of about 60 Tor May i as
against Sl.2 on April l..
The course of the corn market after the
first burst of rain soaked enthusiasm was
rather a surprise. There was no improve
ment in the weather condition in the corn
belt but the supply of timid shorts was
much more limited than on the preceding
day and as quickly as that fact was recog-
niZed yesterdays purchases were for sale.
July was wanted for few seconds at from
44c 10 44l2c, but it took only very short time
to beat the price back TO 43Ssc, and after a
slight rail- to force a further decline to 4275c.
The latter break bringing i'll number OF
buying orders, there was reaction TO 43asc
but it was again selling at around the lowest
prices in the last few minutes, and closed at
427sc bid against 44c at The end OF yesterday S
session.
Oats were quite excited at the opening and
the prices made then were the highest of the
day. July started at 81 sSCO3CS tc. IL was al
most impossible 10 fill orders at any price be-
tween these two extremes, however, and
number went untitled. There was consider.
able liquidation that with the prospect OF
better weather. caused break to 4 SIC. I his
was followed by bulge 10 3Cc. and this III
turn by break 10 the low point CT the day,
29I2c, where the market closed, net loss OF
7sc since yesterday. The action OF corn had
considerable effect upon oats.
The provision market was fairly active.
but quickly weakened after momentary
semblance of frmness near the opening
occasioued by better hog market reported
from the yards. The decline in grain caused
local scalpers to sell. There were periods OF
temporary improvement after the early
break. but the closing phase OF the market
was one of unpromising weakness and at
the lowest prices of the day. Though the
decline in pork amounts 10 2oc per barrel,
lard only declined 2I2c. Ribs are !l2ec off.
Freights were steady with a fair demand
at &c for wheat and lac for corn to Buffalo.
Estimated receipts for tomorrow: Wheat,
65 cars; corn, 20 cars; oats, ITO cars; hogs,
80, 200 head.
The leading futures ranged as follows: