St. Paul daily globe., 1893-05-25
ON A HEAVY SCALE.
Plunging Was the Order Yes
terday in the Chicago
Wheat Pit.
Greatest Volume Of Business
Done Since the May De-
livery Day.
The Closing Prices Of Grain,
However, Not Greatly Al
tered From Tuesday.
Pork and Provisions Slump
or and Close Much Weak
er All Through.

CHICAGO. May 24.-Plunging on a
heavy scale was the feature on Change
today. The volume of business was
the greatest since the May delivery day.
Compared with last night, however, the
closing prices for grain are not greatly
altered. Wheat is of 49aSc. Corn
shows 15c improvement. Provisions,
unlike grain, slumped badly and failed
to rally. With bright weather on both
continents, better crop advices from all
quarters, tiattering official bulletins
from Washington and Springfield, and
great movement of stuff to primary
markets. July wheat broke over 1c to
the low point Oh the crop at 72ss. AT
this juncture, commission houses rushed
in to buy on investment orders. and
Charlie Wright and Charlie Singer were
purchasers upon the break to the extent
Of perhaps 100000 bu each. Brad
streets report showing a decrease in
stocks of 2,5OO,O bu east and de-
crease of 275,0O0 bu. west of the Rocky
mountains helped to strengthen the
feeling. The Atlantic ports and New
Orleans cleared nearly 100000 in wheat
and flour. An American official at
ConstantinOple cabled that Russian crop
prospects are very bad. The opening
was about &c lower than yesterdays
closing, and with slight fluctuations
prices were further reduced &c, then
ruled stronger, and the decline was
about recovered. prices advancing I@
In off nh
was about 4@36c lower for July and
4clower for September than yesterdays
closing. Corn was weak at the start, due
largely to the action of wheat and the
liberal receipts. The crowd accordingly
sold, first trade being at &c decline,
and under this selling pressure off 4 C
@3Sc more. At the dechne there was a
good deal of quiet buying by both re-
ceivers and shippers. and the crowd in
trying to get back their early sales. put
the market up 34c@1sc. after which the
price held steady and at the close had
gained 4c@asc. The estimates for to-
morrow were quite liberal at 4S5 cars,
but did not have as much affect as yes
terday, as the cash demand at the re-
duction in price appeared to be much
better. The fact that some of the
largest shorts have covered their lines
seemed to give courage to many oper-
ators, as also did the fact that the offer
ings of the nearby futures were partic-
ularly light. The feature of the oats
market was the spreading in the differ
ences in the near futures due 10 the
light offerings and the buying by shorts.
Trades in May are fairly evened up and
it Is difficult to buy without affect
ing the prices. There was moderate
bnying Of June and selling of July.mak-
ing the latter rather weak. The close
was strong with corn, compared with
last nights prices are up 404c. In
provisions lard broke 40c, ribs 45c on
heavy selling by packers. Pork went
off on stop-orders about SOC barrel.
Ribs and lard closed at the bottom
under pressure Of packers product.
Pork finished weak at zoe from inside
figures, but 35c below last nights quo
tations. Freights were firm with fair
demand for vessel room at 13sc for wheat
and l55c for corn to Buffalo, &c for corn
to Kingston, and 14c for oats to Port
Huron. Estimated receipts for tomor-
row: Wheat, 120 cars; corn, 4S5 cars /;
oats. 256 cars; hogs, "a, 900.
The leading futures ranged as follows: