St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-04-17
GAIN is WIPED OUT
After an Early AdvanceWheat
Weakened and Closed IN
changed.
COVERING BY THE SHORTS
And Liberal Country Ship
ments Caused the Move
mentS.
STOCKS ARE UNSETTLED
Prices Irregular and Fluctu-
ating, Sugar and General
Electric Leading.

CHICAGO, April 16. = After an
early advance on heavy short COW
ering today wheat weakened on the
liberal shipments from the conlpet-
ing countries, and closed unchanged
for May. May corn closed nc lower;
May oats, &c lower, and provisions
at slight declines.
The news received this morning
was so decidedly bearish that pre-
vious to the session decline in wheat
for the day seemed inevitable. That
was the impression on the curb pre-
vious ito the start, 561Ac being the
quoted value then OF May, COM
pared with 561ac as the market was
coming to a close yesterday. When
trading commenced up stairs, So
much was found to be wanted at
56Ac and even at $3.50 that very
soon no one would sell any at such
prices. The result was That instead
of the expected break, an advance
commenced, which carried the May
price up to, size, and it had no
other apparent foundatio than pan
ic among the May shorts. st. Louis
shorts, it was said, covered 100000
bu or more of May wheat in the
first hour of the session, and the
local contingent were not behind in
the struggle with St. Louis for a
share of the limited offerings. The
Liverpool cablegrams quoted wheat
led higher than that market closed
on Thursday last, and such a small
advance was considered a very in
adequate appreciation of the bullish-
ness here. In addition to that the
Russian shipments of wheat for the
week Were 2,S20,000 bu and the Ar
gentine shipments 2,616,00O blu for the
same time. The weather for the
coming crop on this continent was of
the most favorable character and
1t was in the face CT such a combina-
ton of bearishness that the advance
already noted occurred. The offset
was the comparatively small do
mestic receipts and the gradual re-
duction of the elevator stocks.
Bradstreet's usual statement of the
weekly changes of stock in this and
other countries showed that notwith-
standing a decrease in the United
States and Canada of 1885,, 900 bushels
the increase of stock afloat for Europe
reduced the amount of the worlds
decrease for one week to 1,O57, GOO bush
els. The amount on passage for the
United Kingdom and continent increased
1,2SO,OG0 bushels since a week ago. Min
neapoliS and Duluth received 172 cars
compared with $50 cars a year ago. Ex-
1-ort clearances from Atlantic ports
amounted to, in wheat and flour to-
gether, little over 100000 bushels.
The closing cables reported advances
of 1$sc per bushel at Paris and from
&c to 11sc at Berlin. The market here
ruled weak and lost in the end all that
was gained earlier, the market clos
ing with sellers at 5612c for May.
Corn was active in spots at wide in
tervals, but was weak the greater part
of the time. May opened at 45&c, sold
at 453sc, then advanced to 451kc, selling
down later to 451ac, and closing at
451aQ455sc. Receipts We're 1874 cars and
rs are estimated for tomorrow. In adj
dition to the rail receipts 2O1G0 bushels
eame in by canal. Primary market re-
ceipts were $4,000 bushels, compared
with 1000 bushels a year ago.
Oats attracted little attention. Trad
Ing consisted almost entirely of small
scalping and local orders FIuctua-
tions We're confined to narrow range,
and an easier feeling was influenced
by the weakness in the West. May
sold from 2S1ze to 2S34c, and closed at
2S12c. July ranged from 27i4c to 273sO
2712c, closing at the low price
Hog receipts were given at only H.
Doc, and that started provisions rather
firm. Pork advanced 10c per barrel,
but there was an evident desire to
sell at the advance, and when wheat
broke provisions followed suit and left
pork in the end at a decline for the
day of 10c per barrel. Lard and ribs
pursued a similar course, being firm
early and closing weak, with respec-
tive losses CT TIC and &c per leo lbs.
Estimates for Wednesday: Wheat,
Y cars; corn, rs cars; oats, 12O cars;
hogs, 100000
The leading futures. ranged as fol-
lows: