St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-13

change. after averaging weak through
out the session. Armour got his arms
around the shorts in the pork market
and squeezed 55c per barrel profit out
of them.
Wheat started active at shade under
Yesterdays closing price. The first
business done in May was at GO14c. and
it sold sparingly in a moment after at
6js.c. There was big trade at around
6054c, but there came upon the market
perfect avalanche of selling orders
when it was seen that all the outside
markets were much weaker than Chi
cago. Liquidation by the holders of
May appeared to be general. Houses
with orders 10 sell Tor that month found
it extremely difficult to find buyers
without Offering their stuff sc lower at
every fresh attempt to dispose of 1t.
] he pit became worked up to a pitch OF
noisy excitement. It was bear market
without an iota of bullish feeling in it
from about ten minutes after the open
ing until 10 o'clock. In that
time May dropped to 50 cents.
There was an excited struggle
at that price with millions changing
hands every few seconds, but the press
IRE of long wheat was terrific, and an
other slump to 5S54c was the result. All
the large commission houses with New
York connections appeared for Il matter
OF len minutes to have lneXhauStlble
orders TO sell. Baldwin Farnum alone
we're estimated to have sold over $780,
eco tu in that time.
There comes Deacon Whites line"
was the general remark when the sell
ing by the laSt-named firm was in prog
reSS, and no one was glad to hear il. w.
K. Linn did his best iii the w%y OF adj
miniStering few kicks ut the market
to accelerate its decline.
i. q. Logan IL Co. bought, from 5yl4c
down 10 $3.50. us much as Baldwin
Farnum sold Norton Worthington and
COunselman-Day SOLD Nav wheat in
great chunks on the decline. Heavy
trading was general all over the pit.
The wheat sold Went for the most part
into the hands of those who were pre-
viouSly short. Partridge and Leeming
were diligently raking in their short
wheat during the first exciting hour of
heavy bullisi liquidation. There was
nothing of a particularly bearish char
acter that did Tot previously exist. The
dry weather in Western Kansas and
California was still unrelieved, and re-
ports of an extremely poor outlook for
Kansas We're quite general. The reports
of the drought began 10 have some effect
after the heavy liquidation had run its
course, and when III addition to that it
became known that some cash wheat
had been worked the market gradually
steadied itself and 4 recovery to 59$lc
for May had been effected by about
forty minutes from the close.
A further recovery took place before
the Close. May rising to 6O1sc and clos
ing at 57Is@60c. The premlum Oh July
rose from &c per bushel at tie open
ing to 211aC, and the spread was within
l-l6 of &c premium at the close.
The corn market gave no signs of
animation. and was rather weak. The
opening for May was at 3S1lc. or &c
below the price it closed at YESTERDAY.
1t recovered to. 3S55c for moment. and
after that it was dragged down by
wheat to 3Sc. May closed at 1885 (D3S15c,
which was the best price of the day.
There was only small business
transacted in oats and the market ruled
Slow with prices easier. At the OPEN
Ing SUne strength was felt, caused by
quite good many buying orders at
hand, but with almost everybody trying
10 sell. these orders were quickly hlleu
and the feeling grew heavy. May sold
from SIC up IN 32211sc and then gradually
declined to 3I19c. May sold again at
SIC and WAS offered at That price ut the
close.
A weak hog market started provIs-
ions on the down grade, but they were
arrested i'll their decline before they
had proceeded far in that direction.
lhe decline not only stopped and was
recovered but all advance beyond yes
terday's closing price set in, and ill the
course of IL couple of hours, the market
had assumed a radically bullish appear
aEce. which IT retained TO the close.
Armour heavy buyer OF hogs, "said
dispatch from the yards. and his bro
Eers were supposed to be hunting for
people tn sell Them the the products in
the provision pit. Offerings were eX-
tremely light when Armour was sup
posed TO want the stuff. ana heavy
rise in prices was the consequence. May
pork stopped at s12.75. Nav lard and
ribs likewise felt the effect of the "o!d
MANS buying. lard closing with gain
of l2l5c. aud ribs with All advance of
2719c.
Estimated receipts for tomorrow:
Wheat, Al cars: corn, lao cars; oats, los
cars; hogs, $4,000. -
The leading futures ranged as follows:
man hi 1nS-