St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-02
COLLAPSE OF A DEAL.
The Men Who Were Support
ing Provisions Step
From Under.
Then There Was a Rush to
Unload, and Hog Products
Declined.
Everything Else Traded In
Also Declined Out Of
Sympathy.
Railway Shares Beginning to
Feel the Effect Of
the Fair

CHICAGO, April THE great provi-
sion deal on the board of trade, which
tor twelve months has kept the price of
pork, lard and short ribs under dOmina-
lion of two firms. was looSeued up to
day. Cudahy X Co. and n. X. Fairbank
A Co., who have since March, 1892. been
N command of the provision market.
have abdicatpd. They are satisfied
seemingly with the SS.OtO,000, which
they are said to nave cleaned up on
their twelve months manipulation.
The markets for provisions today, with
out the support which those firms have
been in the habit o. giving them, were
extremely weak. There was drop OF
81 per barrel in pork and 81 per 100
pounds in lard. When the crowd saw
that the hog meats were abandoned by
their late supporters. there was gen
eral rush TO unload, resulting III the
heavy decline referred to. Albright,
more famiharly referred to as ''Charley"
Wright. is one of the heaviest winners
by the break, as he was among the Dig
geSt winners on the great advance OF
the summer and winter. lie was also
the originator of the big bull deal, ana
was limited partner III II, Dut Will
drew when he thought prices had got as
high as the circumstances warranted.
He then took the bear side. The big
drop in the price of provisions was the
principal feature of the markets today
Everything else was similarly affected,
but TO a less de- rtSSing eXteLt than the
provision deal. Tonight, compared
with the closing prices Thursday, the
following are the losses sustained:
Pork, g2lsc lower; lard, S2l5c; ribs,
$40. Wheat ana corn lie, and oats &c
lower.
Wheat opened a little higher on some
bad crop damage reports, but hne
weather and some contradictions OF the
early reports started rather free selling,
which soon made prices weak. The
subsequent break in provisions III
creased the depression in cereals, and
on the down turn there was heavy iIq.
udation, stop loss orders and exhausted
margins. which carried May oil IA c
from the early figure. July went of
about sc. There seemed no support
whatever for May and not much for
July. During the late hour the market
was quiet and closed about &c from DOL
tom figures.
Corn opened n shade better, but there
were liberal offerings and prices soon
started down with but little subsequent
recovery. Commission men had liberal
selling orders and on the weakness
longs liauidated freely. John b. Lyon
was the largest individual seller.
In oats there was good trade and a
weak feeling, prices declining to the
lowest point on the crop, the drop being
&c, and the close at sc above the III
side figures. The depression was due
10 sympathy with corn and to selling by
longs.
Hog products at times were almost
panicky. The selling was enormous,
with very little demand except to cover
shorts. and none OF the big bulls showed
any disposition 10 support the maket.
even on the big breaks. Selling out by
the combine was generally accepted as
the explanation.
Estimated receipts for Monday:
Wheat. 100 cars; corn, 100 cars; oats,
100 cars; hogs, 1900 head.
The leading futures ranged as follows: *
I