St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-14
BETWEEN TWO FIRES.
Foreign News Favored the
Wheat Bull and the Do
nestle the Bear.
Cefore the Close the Nearby
Influence Proved the
Stronger.
.PovisioNs Closed Somewhat
Lower, the Effect Of a
Mild Raid.
--!'alI StreetMapket Extremely
Weak During Most OF
the Session.

CHICAGO, May 13.-The wheat market
- lay struggled with two opposing
.,rceS. The foreign news was bulllsh
anl put the prices up temporarily; the
ilanciai disturbance at home had de-
idediy bearsh effect and pulled it
own. In the end the nearby influ-
nee proved the stronger and closed the
market at from &c to &c decline from
yesterdays closing quotations. The
uOre remote deliveries of corn were
a7ier, in sympathy with wheat, but for
lay il was firm, owing to the good de-
land for spot stuff. Provisions were
injected to a mild raid and closed 2212c
.jwer tor pork. 271!c for lard and 15c for
,ibs.
Extreme drOuth was reported In many
Irge and Important areas in England,
t!ld the quotations from there were
higher and gave the color of truth to the
dismal reports. In this country there
was no Improvement noted in the win
; wheat, and Prime telegraphed that
n some of the most important states 1t
lad refrigerated during the week. Under
.heSe conditions the market was strong
and a shade higher at the opening, and
LOT short time thereafter. But trad
rs were not disposed to do much, as it
was a half holiday, and outside business
was lighter than for some days. Then
there came a report of some small fail
ares in New York, and stocks began to
break; a Milwaukee dispatch Said
mat a run had begun on the Plank
intOn bank there, and all this caused
operators to lose confidence. There was
a wild rush to get rid Of long wheat, and
it did not take long to cause cOnsidera-
be generalization and carry prices off.
here was a slight reaction, but the
feeling continued nervous and inclined
10 weakness. At the opening prices
were advanced lose, but later became
weak, and prices declined with some
,ight fluctuations, 114c for July and
Re for the September future, then
tallied slightly, and the closing was sc
ioWer Tor July and &c lower tor Sep
.tmber than yesterday.
in corn there was more doing than
IN yesterday. The feeling at the start
vas quite firm, being continuation of
ne sentiment prevailing at the close of
yesterdays session, and the first trades
Wtre al about the same prices. Small
receipts and, good cash demand, to-
Sethrr with unfaYOrable news from
abroad, were Che strengthening factors.
4iarEot held, steady for while until
wheat began to break and then acted in
sympathy, selling off re, the financial
situation having a good deal to do with
the easier feeling. Prices afterward
rallied 1880 and at the close had lost
cut HW35c.
here was a moderate trade in oats
and an easiet feeling. Opening prices
we're at about !he top and closing at the
cotton and showed a net loss of 140Q3sc.
The weakness in wheat and the other
IHsettling influences were the chief
.auSe for the decline.
The provision trade again suffered at
he hands Of the Cudahy- Wrlght-Fair-
3ank combination. There was enough
caidng to start selling on stop-loss
riders. On the break there was good
'uylng of lard by brokers acting for the
combination. ANA there was a partial
rally al the close.
Freiehts were slow and rates I'M
changed at 1@lac for wheat and 1c for
,urn IT, Buffalo. Estimated receipts for
Monday: Wheat, 165 cars; corn, 195
cars; oats, 205 cars; hogs, $4,000 head
The leading futures ranged as follows: