St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-12
WHEAT LIMP AND LOWER.
THE SPECTATORS M A GRIM AND
BsARisH M00D
ON THE GOvERNlENTRE PcRT.

Market-Wheat Closed at
Decline of 24c-Corn, Oats
and Provisions Went Down.
ward With Wheat-Light Sell.
ing of May.
CHICAGO. April 11.-Wheat was very
weak, and closed at decline of 21ic.
The government report, which was
considered bearish. induced free sell
ing and realizing, anu May closed only
&c from the bottom.
Corn. oats and provisions went down
with wheat and closed limp and lower.
After some conflict of opinion OH the
curb yesterday afternoon regarding the
Interpretation of the government re-
port. the weak manner in which the
market opened this morning indicated
that ali but small remnant of the bull
feeling engendered by it had been
wiped out. There were sellers Of May
wheat Immediately on the opening at
anywhere from 62llc down to 619Ic.
Not much was parted with at that time
at the lower OF those figures, but it
was not long before Gl5lc was
an unobtainable price, and almost 1c
lower was accepted before more
than an hour of the session had
passed, 601sc becoming the current
price for a moment or two abont 10:30
o'clock before enough buying orders
came in to arrest lower range of stop
orders from coming on the market. The
government report of the average con-
dltion being 10 points higher than on
April l last year, and So points above
tine April condition of 1892. in which
latter year the yield of winter wheat
was 359.000,000 bushels, some warrant
was found for the bearish interpreta-
ton the spectators had determined to
put upon the report. The weather was
doing its best to repair the injury it did
in the latter part of March. Receipts
were fairly liberal in the Northwest,
heavy. in fact. as compared with those
year ago. Ii was on the correspond
ing day Of last year that the CudahyS
abandoned their May deal, and the
price dropped in few minutes Oh that
occasion from SOC to SIC.
Before the decline quite stopped May
sold at 605Sc. but rallied again to 81 SC.
The bears again jumped OH the market.
and after another break to 6O}sc, and
about a dozen fluctuations between that
and 601sc, there followed fresh slump
to 6J15c, recovery to 6O&4c. and yet
another decline to 603sc. About half an
hour from the close the price had once
more recovered to 60Mc. The most
active of the local bear contingent who
had been scared into covering on the
frost scare were observed to be all back
again on the short side. ". r. Linn.
Capt. Phillips, Harry Champlin and Ed
Ccttrill. of New York. had among them
millions for sale, and they did not
wait for any one to bid for it
but pressed it until some less determined
shorts took 1t from them. Some VEIL
turesome bulls also bought at under Gle.
July was generally l15c over May. The
closing phase of the market was one of
renewed weakness. New York reported
% boat loads taken for export. but that
failed to sustain the courage of the bulls
or to restrain the aggressive action of
the bears, and drop from COZ to 6OLc
occurred in the last ten minutes of tie
session, the closing quotations being
6055c sellers. Although Armour was
unloading two cargoes of corn which
had been loaded to go East, the market
here for that article for a long time re.
spected the bearish influence of
such proceeding and likewise
the effect of slumpy wheat
market. The combined influences
of what is here referred to and of
slack Eastern demand told with more
effect after half of the session had gone
by. May opened at 3Ss4c and sold off
TO 3S15c. 1t recovered little, aud le-
fused to go below 3S15c until late in the
day. when there was a further decline
rfa2 In 10y nj ri off T. -
July at 391ac. a loss Of about &c since
yesterday.
Oats were active but weak and de-
cidedly lower, in sympathy with wheat
and the free selling by several brokers'.
Prices receded sharply, the near futures
declining 1401c, and the more deferred
months Is(0l3sc. On the break there
was good UuyIng by the largest holders,
and prices reacted 56(015c, the market
closing at a net loss of 1s@ic, Septem-
Der being the weakest.
Provisions weakened by the receipts
OF hogs proving more liberal than yes
terday's estimates. There was a drop
Oh that of from &c to 10c in pork at the
opening. Lard for july opened at de-
cline of 212c, and there was clean
slump of Zoe in May ribs: as soon as
trading started. The estimate that to-
morrow's receipts of hogs would num-
Der 80. GOO added 10 the weakness and
the extreme heaviness of the wheat
market clinched it. There was a de-
cline in the day of 3715c in pork, from
15c to 1715c in lard and of zoe in ribs.
The trade was extremely bearish in
expression, and heavier run of hogs
in the near future was confidently pre-
dicted among them.
Estimated receipts for tomorrow:
Wheat. 50 cars: corn, 12O cars: oats, so
cars: hogs. $4,000.