St. Paul daily globe., 1893-02-28
TOUCH A Low POINT.
Lowest Prices Since Harvest
Made by Wheat, Corn and
Oats.
Gig Wheat Stocks Cause GEN
eral Diseouragement
Among Longs.
Provisions Firmer and High
er, Closing With Slight
Gains.
Stocks Depressed by The
Hardening Tendency Of
Money.

CHICAGO, Feb. 27-The lowest prices
since harvest were made today for
wheat, corn and oats. No. spring
wheat, to the number of 81 cars, was
sold at SOC per bu. At that rate
the farmer who raised the wheat
would not realize over 35c per
bu for ii, if it came from any great dis
lance. Compared with Saturdays clos
Ing prices, wheat is &c lower; corn and
pats each &c off. Provisions were
Hrmer and higher. and closed with the
following gains: Pork, 1219c; lard,
i115c, and ribs, 15c.
The mild weather was accepted by
many as the harbinger of an early
spring, and probably had influence upon
the minds OF the traders. The selling
of May wheat and buying of July on
Saturday by parties who were supposed
TO represent the so-called bull clique,
also tended to upset the previous popu-
lar estimate regarding the intentions Of
the heavy longs toward the May deal.
1t was also the general opinion that the
visible supply would not show much, if
any. decrease. In the latter respect the
crowd was in error. for the decrease, as
published later in the day, was 751. 900
bu, compared with decrease year ago
of 362, 500 bu. That had a reviving effect
for while, as did the low temperature
prevailing in the Northwest. A severe
freeze up following the recent mild
weather was regarded as dangerous
visitation. But on the advance there
seemed to be general desire to sell.
,,aI, Il
cidedly depressed.
Reports of big stocks still in farmers
hand i'll the Northwest, and declara-
tiOnS that the Chicago market was rela-
lively about sc out of line with the
other principal wheat centers, caused
general discouragement among longs,
and there was free liquidation. A Sc
we're decline which followed was started
by the selling of 100000 bu Of wheat by
Counselman-Day, 100000 bu of which
was long wheat sold for New York ac
count, and the other 100, 900 bu was sold
short for customer in the Northwest.
The house being one supposed in touch
with the clique, their selling had dam
aging effect, particularly when at 76c
there was still no sign OF support from
The clique. The market opened about
55sc lower than Saturdays closing, adj
NbIlCcu 2Sc, llltH May ueCllIleu l2SC anu
July declined &c, then ruled steadier,
and the closing. was 2(07sc lower for
May and &c lower for July than the
closing figures Of Saturday.
Corn trading was rather spasmodic,
with a liberal business eventually
scored, prices moving down fraction
ally. There were few or no new ele-
znents apparent, with the situation in
the general drift of sentiment one Of
"bearishness. u "Shorts'; covered fairly
on the soft spots, and this tended to
prevent any serious decline.
Free liquidation by "longS' in oats
caused heavy feeling. The market
closed easy at &c above the lowest fig
ures, with net loss of 115@l4c. A trade
was made in July for the first time at 1c
under May.
The provision market opened strong
on the small receipts of hogs, but the
slump in grain finally affected prices,
and the close was at about medium fig
ures.
Estimated receipts for tomorrow:
Wheat, 80 cars; corn, 425 cars; oats, 800
ears; hogs, l4,0G0.
The leading futures ranged as follows: