St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-02-25
BIG BREAK IN PORK.
plungers Make a Raid and
Find the Market Poorly
Supported.
1 Break Of Nearly a Dollar d
Barrel Was the Re-
suit.
Wheat Declines a Fraction on
Trading OF a Restricted
- Character.
New York & New England
Hammered Down Nearly
s Points.

CHICAGO, Feb. pa break of nearly
| dollar barrel took place today III the
price Of pork. From 500, last nights
closing figures, the market fell to
lS2215, closing at SlS.25. The specula-
i've branch of the trade has been iii the
hands of scalpers for several days, no
outside orders having been received.
The big plungers took advantage OF this
condition of things and organized a
vicious raid. They found the market
poorly supported and pressed their adj
vantage with vigcr, bringing out lot OF
property on stop-loss orders and pre-
ripitating violent furry. The closing
price marks a decline Of 81 a barrel i'll
pork from the outside prices made on
the recent advance. The slump was a
board of trade affair entirely, the hog
market at the stockyards feeling the
effects of the rad only slightly. 1t was
looked upon by many as the long-looked-
for beginning of the end OF the Dull
campaign in provisions. Compared with
Yesterdays closing prices, the May de-
liveries are zoe OFF for lard and ribs to-
night, and wheat 4@$5c. Corn was
supported by some covering by the
shorts and left off Il higher.
Wheat trading WAS Of restricted char,
acter. Prices early in the day Declined
&c below the'clOsing figures OF yeSter-
day, then became stronger and the de-
cline was recovered, but eased OF = G
again. closing steady. The attitude OF
IL, al, 1. IA ,Nt.inpInnl pnnSln-
Grafton with operators, and SO long as 1t
is believed to hold on its line there will
probably hot he much disposition to
short the market, however bear
ish traders may feel, unless there
should be something unusually
bearlsh in the way of news.
One of the firm features was the fact
that the local receipts were l0G cars less
than expected, and cables reported a
little better tone abroad. The clique
had few brokers in the market who
picked I'D some wheat, but it was APP
narenrly more to let the crowd know
That the clique was still here than to
any desire to add much to Its holdings.
The dispatch showing that Farmer
Hatch had suffered another defeat III his
efforts to bring the anti-option bill to Il
direct vote was another strengthening
factor.
A large business was done in corn,
and an early period Of weakness gave
way to a subsequent recovery under
good buying. The initial~decliDe, car
rying May down about sc, was due to
the bright weather, which suggested
further liberal receipts: to the better
inspection, and through sympathy with
other markets. The majority of shorts"
evidently aimed to make May touch 43c,
believing this would bring out some
stop orders on the selling side. But a
good decline has been scored during the
asst ten days, and some operators on the
short side Of the market, having a
profit in sight, came Ill as buyers.
Bovden was credited with buying i'll
10000 bu, partly for outside account,
and others who have been sellers for a
few DAYS changed to the buying side.
There was ii good trade in oBts, with
the range of re. The market closed
hteady at about the same figures as yes
trrday. There has been a good deal of
liquidation by "longs" of late, but it has
not been as thorough as in corn. The
shorts" have covered freely, and were
the'beSt buyers today.
The market for hog products was de
mOraliZed, and, as prices declined under
free offerings, considerable "long' prop
erty was thrown on the market, espe-
ciaIly on behalf of outside parties, which
mad been carried on small margins, and
this added to the depression generally.
Prices fiuctuated wildly, and on the
whole range declined materially all
around. Trading on behalf Of outside
parties was very unsatisfactory, and 1t
was almost impossible 10 comply with
orders.
Estimated receipts for tomorrow
Wheat, 1G5 cars; corn, 295 cars; oats, 2l5
cars; hogs, 5000.
The leading futures ranged as follows: