St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-26
WHEAT WENT DOWN.
Rains in Europe Cause a
Slump on Chicago Board
Of Trade.
Corn Sympathized With
Wheat and Closed With
a Loss.
Fear Of a Squeeze Resulted in
a Sharp Advance in Pro-
visions.
The Trend Of Prices in Wall
Street-Was Distinctly

CHICAGO, April 25.-The reported
breaking of the European drouth made
the wheat market weak here today.
Compared with last night, July wheat
left off with loss of nc. May corn is
down nc. Fear of squeeze in the pro-
vision market resulted in lively jump
in all hog products, pork finishing with
net advance of 6719@7Oc, lard 2719@
SOC and ribs l5025c.
In the wheat pit at the start cables
came steady, and there was a good deal
of bull news, but the trade seems hest
tating and cautious and the market
lacked animation. But denials of
anything serious in the CONT
mental situation was telegraphed.
Rain was reported over there. Rum
sey & Chandler had big selling orders
from somebody, putting out nearly
million of July. which had a depress-
ing effect. Partridge was good buyer
on the break. Kennett-Hopkins also
bought freely. The clique was a good
buyer of July all day, but showed no
aggreSsiveneSS, and seemed DESTROYS OF
Citing as much as it could without
causing excitement. Later in the day
reports of general rain on the continent
of Europe and in Kansas, and report
Of the failure of the London Bank of
Australia increased the disposition to
sell freely. In the end, however, the
market closed comparatively steady at
slight reaction from inside prices. The
local receipts of 462 cars, containing
fully 100000 bu contract wheat, was
bear item in view Of the great increase
of S42.0 bu of contract wheat in Chi
cago houses for the week. This puts
the total at the end of the third week in
April at Is, 100000 bu, and indicates
about IA, 5000 600 bu contract wheat prob
able in the May delivery day. July
opened about the same as the closing
prices of yesterday, held rather steady
for awhile, then became weak and de-
clined with some fluctuations nc, held
steady, and the closing was 56@19c low
er than yesterday. The September fut-
ure is attracting more attention. while
May is neglected.
The corn market ruled strong for an
hour and then wilted. The receipts
were 1914 cars instead of $50, as had been
expected, and, compared with week
ago, there was $780, $50 bu less contract
corn in regular Chicago elevators. The
weather was unfavorable for planting
operations also, and that combination
of circumstances induced the covering
Of shorts. which put the price up 40
&c. The weakness Of wheat had an
effect upon the latter trading, and some
of the operator who believe the Situa-
ton to legitimately warrant lower
prices took advantage of the ear
weakened 1@@3Sc, or until it struck the
limits of privileges, when buying against
the same checked the downward tend
ency. The estimates for tomorrow COM
ing in light, at 80 cars, had the effect of
frming up values &c, and final figures
showed 7S@14c loss.
There was good business in oats in
the way of changing from May to June
at &c difference, and also buying May
and selling June and September. A
weaker feeling developed anu prices re-
coded 5000, a slight rally following,
and the close quiet. with a net loss of
B@4c.
There were but 1900 hogs at the
yards, and they were quoted higher, oc-
casiOning 'bullish feeling among the
provision spectators and anxiety among
the shorts. The latter seemed fully
cognizant of the dangerous position they
placed themselves i'll by selling short III
the face of limited stocks. They knew
that they had everything to fear if the
big packers who apparently control the
small supply should cease to be for
bearing, and when, instead of forbear-
ance, they found themselves confronted
with hostility. their nervousness was
easily accounted for. Altogether it was
decidedly busy day, though trading
hardly what could be called excited. !
Closing prices were nearly the highest |
of the day.
Freights were slow at 14c for wheat, |
lie for corn and 7s@1c for oats to Butfa- |
10. Estimated receipts for tomorrow: |
Wheat, 200 cars; corn, 80 cars; oats, 80 |
cars; hogs, $4,000.
The leading futures ranged as follows: