St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-12
BIG BREAK IN WHEAT,
Bulls Could Not Stand a Com
bination Of Bearish Fac
tors.
Corn and Oats, on the Con-
tpapy, Each Closed a
Trifle Higher.
Provisions We're Dull, Pork
and Lard Closed a Little
Lower.
Stock Market Opened De-
pressed, but Was Firm at
the Close.

CHICAGO, May 1.-THE bank failures,
the government crop report and lower
foreign markets made combination
today that shook 215c off the price of
wheat. Some good buying OH the break
caused rally of &c. Tonight the price
for July, compared with yesterdays
closing quotation, shows loss of nc
per blu. Corn and oats are each trifie
higher, and provisions, after dull SEES
sion, closed little lower on the whole
for pork and lard, but ribs show more
marked decline, amounting to 1910.
A good deal of excitement accom-
panied the slump in wheat. Longs liqui-
dated freely, short selling was quite a
feature, and, stop-loss orders becoming
operative, added to the weakness. The
government crop report was generally
given bearish construction, and the
market started weak, with the selling
pressure enormous. For time the
bulls fought the decline, but. in the face
of weak cables and growing financial
complications. the fight was a losing
one. First news of the Indianap-
oils failure became known. Then
the climax was reached when
it was announced that the Columbia
bank, of this city, had closed Its doors,
there was partial panic, but it was
soon checked. Deductions made from
the government varied widely, but it
was evident that the most influential
part of the trade construed it bearishly.
In this they seemed partially sustained
by the Cincinnati Price Current. Many
operators had calculated on report not
over 70 for the average condition of
winter Wheat2 but, instead, the report
was 1913, only 81 points less than last
month. During the last hour buy
ing was on liberal scale, and there
was a good recovery. The price for
enabled those who bought puts to have
it put to them as they wanted it. Ac-
cording to common belief, two or three
of the heavy operators who were short
were the chief sellers Of puts yesterday
afternoon. The opening was from 1sc
to 1880 per blu lower than the closing
figures of yesterday. ruled unsettled,
and prices declined with some fluctua-
lions 111sc more, then rallied $lc, fiuctu-
ated and closed about 1$4c lower for
July and nc lower for September than
yesterday.
The corn market did not act with
wheat, except showing little weak
ness at the opening. When wheat
opened demoraliZed at a 1c break there
was a bluff at selling corn by few
houses, led by Bartlett-Frazer. Helm
holz was free seller. The low point
was touched on the first rush of selling.
The market opened firm at once. The
selling Of several days past had re-
lieved the big houses of their long stuff.
and not a few had developed quite
short interest. On the break thele was
"a disposition to take the corn for all
months. Prices made good rally be-
fore being checked by the bank failures.
This caused hesitation, but no setback
of Importance. When the furry in
wheat was ended and better feeling
prevailed there was increased general
buying i'll corn. Prices responded, and
July, showing most strength, sold we'll
above the Wednesday closing. The sup
prislng because cables were weak and
receipts more liberal. Market opened
unsettled, with sales &c to 3sc under
yesterdays closing prices, but soon
afterwards worked up with slight de-
clines 3l@1se on covering, ruled steady
and closed with 15@5sc gain.
The offerings of oats were not large,
and the demand sufficient to absorb
them and hold prices within narrow
range most of the day. The opening
was at decline of 75014c, at about the
lowest prices. A reaction of 5S@15c
followed, and the market closed with
out important change from Yesterday
A good shipping demand existed, and
100000 blu sold here and at New York
for export.
There was comparative quiet in the
provision trade. There was no outside
business of importance. The local trad
ers were little inclined to raid prices
at the opening, because of the bearish
feeling in grain markets and because
receipts of hogs were posted several
thousand over the estimate at $4,000.
The feature of the latter business was
the buying of September lard by Cudahy
and Wright, causing recovery in that
staple and pork, but leaving ribs weak.
Freights were slow at 10115c for
wheat and 1c for corn to Buffalo. Du-
luth is Offering Sc to Buffalo, and boats
are going there lightlto load wheat. Estl-
mated receipts for tomorrow: Wheat,
$50 cars: corn. 240 cars; oats, $50 cars;
hogs. $4,000 head.
The leading futures ranged as follows: