St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-16
BEARS IN COMMAND.
Small Decrease in Visible
Wheat Supply Has a De-
pressing Effect.
Other Beapish Factors Come
to the Aid Of the
Shorts.
Corn Took the OtheriCourse
and Scored a Fractional
Advance.
Wall Street Subjected to a
Succession Of Violent
Fluctuations.

CHICAGO, May ia disappointlngly
small decrease in the visible supply OF
wheat, financial disturbances, and,
toward the close, reported rains in
France, worked against the bulls today
in wheat. The market closed with a
loss for the day of &c. Corn was firm
and gained sc for July and &c for Sep
TENDER. The provision market was dull
and narrow. without any change in
value at the close.
Wheat opened with decidedly down
ward dip, due to the easier cables, the
large increase in the amount on ocean
passage, and heavy shipments last week
from India. 1t was also inferred that
the financial furry in the East was not
yet at an end and stocks were again
considerably demoraliZed. Linn was a
free seller from the start and was soon
joined by Cudahy's brokers, who sold
heavily, while Kennett-Hopkins, Logan
Il Co. and Swartz-pupee were
all free sellers. On the break
Partridge was a heavy buyer, and
it was part of the current gossip that
he had got in about the last of his short
line. much of it paying handsome pro-
fit. Aside from Partridge there was
generous buying OH the decline. Crop
news showed no improvement. Prime
telegraphed that on the whole the Amer
lean winter wheat crop was i'll poorer
condition than a week ago, while some
cables reported the drouth still prevail
ing in England, while the weather in
France was threatening. There was
quite reaction, but the visible supply
report was great disappointment to
the friends of wheat, as they were eX-
pecting nearly 1000, 600 blu decrease, and
there was free selling when the small
decrease was known. Cable advices
from Paris also said that it vas raining
in France aud crop prospects better,
with bids for wheat Withdrawn. Closing
continental cables were lower. The
opening was about A@asc lower than
yesterday, and, with some fluctuations,
declined 1000 more, then rallied
sharply %@%c. again eased off 1c, and
the closing was about 1s91c lower for
July and &c lower for September than
the closing figures Saturday.
Corn received only moderate amount
OF attention, price changes being narrow
and most Of the business was confined
to local traders. The trade on the start
was inclined to be easy, influenced to
some degree by the fair weather and
favorable news regarding planting IN
the West. Opening trades were at a
slight decline, and soon afterward sold
off a fraction more, when the demand
became more urgent, especially for
May, Oh the liberal decrease III the
visible, and the price worked up 4035c,
ruled easier, bat closed with a tritle
gain.
Oats were fairly active and easier, due
to the weakness in wheat and the free
selling of May by leading shipping
house, also to the increase of 236,0 bu
in the visible supply. Prices opened Is
axe lower and receded &c for May and
5W15c ON the other months. After
moderate rally prices again yielded. and
the close was easy at about the inside.
Provisions were dull but steady to
firm, following a weak opening. The
receipts OF hogs were heavy, amounting
to $4,000 head, and prices were quoted
from 10c to 15c lower. 1t was difficult
to execute orders at the nominal market
price. An attempt to buy even mod
crate quantity of either pork. lard or
ribs always advanced the price above
the previous quotation, and it was cor
respondingly lowered by the execution
of selling order.
Freights were slow, the lake and rail
lines taking business al 912c for corn
and Ga C tor oats to New England. Local
rates 10 Buffalo were 1c for corn and
oats. Estimated receipts for tomorrow:
Wheat, $50 cars; corn, $50 cars; oats,
400 cars; hogs, 10000.
The leading futures ranged as follows: