St. Paul daily globe., 1893-02-26
SOLD At The CLOSE.
Frantic Selling in the Last
Hour on Chicago Board
Of Trade.
The Most Conspicuous Slump
in Prices Was in
Pork.
Zig Stocks and Weak Ca
bleS Depress Wheat
Values.
Northern Pacific Preferred
Weak, Closing With 4
Per Cent Loss.

CHICAGO, Feb. 25.-Frantic selling III
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said to have been Withdrawn.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 a fall of 60c from top prices.
Wheat and corn each went off sc. At
the close, however, compared with last
night, the net declines were much less,
being 5sc in wheat and corn, 1870 i'll
pork, 10c in lard and sc i'll ribs.
1t was a 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 I'M
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 decl1 ed &c
Steadi2r and The closing was about 36c
lower for May and &c lower for July
than the closing figures of yesterday.
1t was estimated that there might be
an increase Of about 10000 bu In the
visible supply, though some parties do
not look for any increase and possibly
slight reduction, A year ago there
was decrease of 362. 900 bu.
After a short buying wave, led by
Cudahy and Boyden, the corn crowd
were inclined to talk OF the big reserves
OF corn at interior points, with some
operators contcuding that stocks at
country stations are unusually heavy,
and pressing for an outlet. No. corn
was said to be dull and depressed at
seabOard as we'll as in 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 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
time. The 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 15c, with but few reactions, and
the close was easy at about the lowest
6gures and q net loss of sc. About the
only support came from shorts.
The action in the provision market
was quite violent, but not unexpected.
The market opened with a decided
firmness, 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 on 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 turn to that
of Friday. Local longs resumed the
raiding and unloading. The outside
holdings came out on stop orders, and
those who bought for scalp early were
quick sellers. The hogs were lost sight
of. Receipts were but 1000, and the
estimate for next week but $4,000; yet
products sold of as if a great run was in
sight. Closing prices were also at some
recovery.
Estimated receipts for Monday:
Wheat, 26O cars; corn, 325 cars; oats, 200
cars; hogs. $4,000.
The leading futures ranged as follows: