St. Paul daily globe., 1895-06-01
REFRESHING SHOWERS OVER
THE NORTHWEST AFFECT
WHEAT TRADING.
A DECLINE OF TWO CENTS.
THE VOLUME OF BUSINESS MUCH
LIGHTER THAN THE RULE
OF LATE.
CORN AND OATS ALSO DOWN.
The Speculative ViGOr Which Has
Recently Been So Conspicuous
Suddenly RelaXes.

CHICAGO, May 31.-It was weather
market today. The rains did the busi-
ness, and wheat closed &c, corn 1Ac,
oats 11sc lower than on Wednesday,
with much lighter trading than has
been the rule of late. Provisions
closed with moderate declines.
Wheat, at the opening, was for sale
at from 791zc down to 79c for July, as
against 807sc at the end of Wednes-
days session. The decline was in
acknowledgment of the rain which fell
very generally yesterday and this
morning in the Northwest and South
west west of the Mississippi. 1t was
not supposed that the dead winter
wheat In that country had been re-
suscitated, or that such Of it as still
gave promise of a yield worth cutting
for could be otherwise than injured by
the rain when followed by such a hot,
muggy, ruSting state of the atmoS-
phere as prevailed today. The price
of wheat, however, was generally con-
ceded to require readjusting with the
prices of the other markets of the
country and of the world, and there
appeared to be a feeling in the air
that some additional sensations from
the present extraordinary weather will
be necessary to make the looked-for re-
adjustment of prices In q manner fa-
Vorable to the bulls. The winter
wheat crop is not supposed to have re-
cetved any benefit from the rain, but
the speculative vigor which has
been so conspicuous was notably re-
laXed today. That was another reason
advanced why the leveling down of
prices to parity with the seaboard
values should now be in order and
all the more, seeing that in a very
short time there will be new wheat on
the market, and there is still some left
In the visible supply. The people who
have been down in the country in In
diana and Illinois have no idea that
any readjustment of prices is likely
except one that shall recognize the
fact of an amount of damage to the
crops of those states which nothing
so far published concerning them has
begun to approach. Well authenticated
reports received today indicate a state
OF affairs which nothing short of ocular
demonstration could convince the Chi
cago pit traders. Some of them said
the failure of the crops was complete,
and those reports were accompanied
by buying orders. A great number of
long lines were sold out today, and to-
ward the close the weak feeling became
SO pronounced that even the regularly
recognized short sellers INDUCED their
1rrepressible propensity. After the
opening at from 79c to 791ac, an advance
to soc was gradually effected and that
proved the highest point it touched
today. 1t declined after that to 1870.
recovered to 1890, and then broke to
1880, the latter being the price at the
close.
Corn opened weak, and was notably
so throughout the session. General
rains throughout the country west of
the Mississippi yesterday and a show
cry condition east of the river predict
ed for today gave the market its down.
ward direction July, which closed on
Wednesday at 53Ac, opened at 53c, SELL
erS and lew buyers at above 52%c. It
declined in the course of the day to
5zasc, which was the price prevailing
minute or two from the closing, but
it reacted to 521ac for short session.
Trading in oats was heavy. Longs
were selling freely on the decline that
prices experienced, and offerings were
quite readily taken up by local parties
and the crowd in general. Free sell
ing, toSetnef With the influences of
wheat and corn. were the principal
causes of the drop in prices. A weak
er cash market also aided somewhat.
AT the opening values were at 1c to
212c lower than they closed on Wednes-
day. rally followed, but another de-
cline was right after it, and at the
close there was a drop of from 11sc to
13sc. July ranged from 291ac to 303sc,
and closed at 29bc. September, from
291ac to 30Ac, resting at 29Ac.
The provision market was moderate
at some decline in prices. After an
opening slump of from 151ac to 1719c
in pork, from 21ac to 71ac in lard and
TIC in ribs, the subsequent fluctuations
were light and closing prices were not
far removed from those at the start,
the latest trading showing the follow
ing declines for the day: In pork, 171Ac;
lard, from sc to 10c, and ribs, 71ac.
The board adjourned at noon out of
respect to the memory of the late Sec
retary Gresham.
Estimated cars for Saturday: Wheat,
70; corn. 1,400; oats, ATS; hogs, 5000.
Freights steady; good demand to
load corn for Buffalo at NC; charters
for wheat were at 1876.
The leading futures ranged as fol-
lows: