St. Paul daily globe., 1893-04-03
The Men Who We're Support
ing Provisions Step
From Under.
Then There Was a Rush to
Unload, and Hog Products
Declined.
Everything Else Traded In
Also Declined Out OF
Sympathy.
Railway Shares Beginning to
Feel the Effect OF
the Fair.

CHICAGO, April 1.-The great prov-
sion deal on the board of trade, which
for twelve months has kept the price of
pork, lard and short ribs under domina-
tion of two firms. was lOoSened up to-
day. Cudahy q Co. and n. *. Fairbank
& Co., who have since March, 1892, been
in command of the provision market.
have abdicated. They are satisfied
seemingly with the $S,0O0,000, which
they are said to have cleaned up on
their twelve months manipulation.
The markets for provisions today, with
out the support which those firms nave
been in the habit of giving them, were
extremely weak. There was drop of
81 per barrel in pork and 81 per 100
pounds in lard. When the crowd saw
that the hog meats were abandoned 10y
their late supporters, there was a gem
eral rush to unload, resulting in the
heavy decline referred to. A.J.Wright,
more familIarly referred to as "Charley"
Wri ght, is one of the heaviest winners
by the break, as he was among the pig
gest winners on the great advance or
the summer and winter lie was also
the originator of the big bull deal, ana
was a limited partner Ill 1t, put With
drew when he thought prices had got as
high as the circumstances warranted.
He then took the bear side. The big
drop in the price of provisions was the
principal feature of the markets today
Everything else was similarly affected,
but to a less depressing extent than the
provision deal. Tonight, compared
with the closing prices Thursday, the
following are the losses sustained:
Pork, g215c lower; lard, S219c; ribs,
3215c. Wheat and corn &c, and oats &c
lower.
Wheat opened little higher on some
bad crop damage reports, hut hne
weather and some contradictions OF the
early reports started rather free selling,
which soon made prices weak. The
subsequent break in provisions III,
creased the depression IN cereals, ana
on the down turn there was heavy llq-
uidaton, stop loss orders and exhausted
margins, which carried May OIL IA c
from the early figure. July went of
about sc. There seemed no support
whatever for May and not much for
July. During the late hour the market
was quiet and closed about 14c from bot
tom figures.
Corn opened a shade better, but there
were liberal offerings and prices soon
started down with but little subsequent
recovery. Commission men had liberal
selling orders and Oh the weakness
longs liGuidated freely. John b. Lyon
was the largest individual seller.
In oats there was good trade and
weak feeling, prices declining to the
lowest point on the crop. the drop being
%c, and the close at sc above the i'll
side figures. The depression was due
to sympathy with corn and to selling by
longs.
uog products at times were almost
panicky. The selling was enormous,
with very little demand except to cover
shorts, and none Of the big bulls showed
any disposition TO support the maket.
even on the big breaks Selling out by
the combine was generally accepted as
the explanation.
Estimated receipts for Monday:
Wheat, lG5 cars; corn. 100 cars; oats,
$50 cars; hogs, 15,0C0 head.
The leading futures ranged as follows: