St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-15
Foreign News Favored the
Wheat Bull and the Do
nestle the Bear.
Before the Close the Nearby
influence Proved the
{ Stronger.
Provisions Closed Somewhat
Lower, the Effect of a
Mild Raid.
Wall Street Market Extremely
Weak During Most Of
the Session.

CHICAGO, May 13.-The wheat market
today struggled With two opposing
forces. The foreign news was bullish
and put the prices up temporarily; the
financial disturbance at home had de-
cidedly bearish effect and pulled it
down. In the end the nearby infiu-
ence proved the stronger and closed the
market at from slc to 20 decline from
yesterdays closing quotations. The
more remote deliveries of corn were
easier, in sympathy with wheat, but for
May it was firm, owing to the good de-
mand for spot stuff. Provisions were
subjected to a mild raid and closed 2215c
lower for pork, 2719c for lard and 15c for
ribs.
Extreme drouth was reported in many
large and important areas in England,
and the quotations from there were
higher and gave the color of truth to the
dismal reports. In this country there
was no improvement noted in the win
ter wheat, and Prime telegraphed that
in some of the most important states it
had refrigerated during the week. Under
these conditions the market was strong
and shade higher at the opening, and
for short time thereafter. But trad
erS were not disposed to do much, as it
was half holiday, and outside business
was lighter than for some days. Then
there came report of some small fail
ures in New York, and stocks began to
break; a Milwaukee dispatch said
that a run had begun on the Plank
inton bank there, and all this caused
operators to lose confidence. There was
a wild rush to get rid of long wheat, and
it did not take long to cause cOnsidera-
bic generalization and carry prices off.
There was slight reaction, but the
feeling continued nervous and inclined
to weakness. At the opening prices
were advanced 14@36c, but later became
weak, and prices declined with some
slight fluctuations, nc for July and
115c for the September future, then
rallied slightly, and the closing was &c
lower for July and &c lower for Sep
TENDER than yesterday.
In corn there was more doing than
on yesterday. The feeling at the start
was quite firm, being continuation of
the sentiment prevailing at the close of
yesterdays session, and the first trades
were at about the same prices. Small
receipts and good cash demand, to-
gether with unfavorabe news from
abroad, were the strengthening factors.
Market held steady for while until
wheat began to break and then acted in
sympathy, selling off re, the financial
situation having a good deal to do with
the easier feeling. Prices afterward
rallied 4@35c and at the close had lost
but 14@35c.
There was moderate trade in oats
and an easier feeling. Opening prices
were at about the top and closing at the
bottom and showed net loss of 14036c.
The weakness in wheat and the other
unsettling influences were the chief
cause for the decline.
The provision trade again suffered at
the hands of the Cudahy -Wrleht-Fair-
bank combination. There was enough
raiding to start selling on stop-loss
orders. On the break there was good
buying of lard by brokers acting for the
combination. and there was a partial
rally at the close.
Freights were slow and rates I'M
changed at 1@116c for wheat and 1c for
corn to Buffalo. Estimated receipts for
Monday: Wheat, 165 cars; corn, 1876
cars; oats, POS cars; hogs, $4,000 head.
The leading futures ranged as follows: