St. Paul daily globe., 1893-02-27
SOLD AT The CLOSE.
Frantic Selling in the Last
Hour on Chicago Board
Of Trade.
The Most Conspicuous Slump
in Prices Was in
Pork.
Big Stocks and Weak Ca
bles Depress Wheat
Values.
Northern Pacific Preferred
Weak, Closing With 4
Per Cent Loss.

CHICAGO, Feb. 25.-Frantic selling IN
the last hour was the notable incident
Of today'S business on the board OF
trade. Demoralizing cables started the
break. Some foreign bids for corn were
said to have been Withdrawn. Holders
started to unload and stop-loss orders
were quickly reached. adding to the
downward course of prices. The most
conspicuous slump was in pork, Which
scored fail of 60c from top prices.
Wheat and corn each went off &c. At
the close, however, compared with last
night, the net declines were much less,
being 55c in wheat and corn, 1870 in
pork, 10c in lard and sc in ribs.
1t was scalping, narrow market in
wheat most OF the session. 1t is argued
That Chicago is relatively higher than
any other market in the world, that the
stocks in sight and the apparently un-
limited reserves are all against the
price. yet holders are inclined to con-
tinue their grip, hoping for some favor
able action by the big bulls to help
them out. The opening was about sc
higher than Yesterdays closing, but
became weaker, and prices declined 12c
for July and &c for May. then became
steadier and the closing was about 58c
lower for May and sc lower for July
than the closing figures OF yesterday.
1t was estimated that there might be
an increase OF about 250,00O bu III the
visible supply, though some parties do
not look for any increase and possibly
slight reduction, A year ago there
Was decrease OF 362, coo bu:
tGp oh hLr
Cudahy and BOyden, the corr crowd
were inclined to talk of the big reserves
OF corn at interior points, with some
operators c0nteHding that stocks at
country stations are unusually heavy,
and pressing for an outlet. No. 3 corn
was said to be dull and depressed at
Seaboard as we'll as iii the West, and
offers to deliver in Liverpool at low
prices were not accepted. The estimate
for Monday is 325 cars, and this Sug-
geSted q liberal movement from first
hands next week, and started free sell
ing. Orders were largely OF that char
acter, and the support was feeble at any
Iime. ] he export was small. Outside
/ domestic markets were steady to firm.
The local out inspection was more ia
vorable. and as soon as navigation opens
shippers expect to move out liberal
quantities.
Oats opened a shade better. but there
was fair realizing by longs and values
receded 1lc. with but few reactions, and
the close was easy at about the lowest
figures and a net loss of 35c. About the
only support came from shorts.
The action i'll the provision market
was quite violent, but not unexpected.
The market opened with a decided
frmness, and good recovery from the
break of yesterday occurred. There was
good buying OF pork for Cudahy. Wright
had brokers bidding for stuff also. The
Hatelys bid Tor lard, but the market
, moved away from them 0n buying
by others for July and September
Some of the advance was lost after II
O'Clock, and after midday the market
took a similar down tnrn to that
of Friday. Local longs resumed the
raiding and unloading. The outside
holdings came out OH stop orders, and
those WHO bought for a scalp early were
quick sellers. The hogs were lost sight
Of. Receipts were but 1000, and the
estimate for next week but $1,000; yet
products sold off as if great run was in
sight. Closing prices were also at some
recovery.
Estimated receipts for Monday:
Wheat, 260 cars; corn, 325 cars; oats, 2OO
cars; hogs. $4,000.
The leading futures ranged as follows: