The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-10

CHICAGO, April ct was supposed that
Wednesdays decline of 32c marked the bot
tom of the descent, which has played havoc
with wheat prices lately. That proven
erroneous today by a decline Of 17sc from yes
etrday's price, May closing at 647sc, the lowest
price in many months. Weak cables started
the rumpus, and heavy liquidation kept it
going. Corn and oats were weak IN SYM
pathy, declining &c and &c, respectively.
Provisions, on the contrary, were firm and
scored advances ranging from 212c to 10c.
Liverpool disappointed the wheat traders at
the opening by quoting decline of I'D per
GENITAL in derision of Chicago's tip of the
day before that the decline had gone far
enough. That caused starting prices here to
show off from &c to 5sc per blu. May COM
menced at 663sc this morning, and July at
651s@661sc. For about twenty minutes the
tendency was downward, until at 66c, the
price for both months came together. That
smalgamatiOn Of the quotation did not last
over two or three minutes however, and when
they separated it found that July had
changed places with May, inasmuch as during
an advance of lie per blu in May, which be
gan after touching &c. it led July by lit
tie over &c, for when May touched &C.
July could not be sold for more than 661h6l
669sc. The highest quotations referred to were
made about II o'clock, and by II AS the prices
were down again to 663sc for May and 66c
for July.
The advance was caused by a fresh batch
of Kansas damage reports and the strength
of the st. Louis market from where they
were sent. Minneapolis and Duluth receipts
were 364 cars, against 269 last week and the
same number a year ago. The large export
business reported yesterday, 100000 blu, was
received with considerable suspicion by trad
ers. The Liverpool Corn Trade News
ported the decrease in European stocks, and
quantity ahoat from March l to April /, at
5,5000OO bu which was much too small
dimunition to be considered other than bear
ish.
About u O'Clock stampede of holders COM
menced which in fifteen minutes tumbled the
price of May to 643C. Closing cables were no
weaker than those received earlier in the
day, and the only cause for the fresh
break, which threw everything into demon
alizaton again, was the inviting field for
short selling, which a market, so devoid of
support from outside speculation, displayed.
The break was partly due to the closing out
Of about 3,500,000 of long wheat held for New
York speculation. Numerous orders to stop
long wheat losses at Coo contributed to the
drop below that point Closing prices for
May was 647sc, and for July 6413c. The lat
ter sold as low as 643sc
Corn ruled weak, offerings to arrive being
liberal, and demand rather slack. There was
increased May liquidation and trading be-
came heavy when stop orders were reached.
CdDleS were DetJer, out the influence or the
wheat break was too strong to be removed.
Exports were large against 678 600 blu. May
opened a shade lower at 2312c. 1t sold low
as 22$4c, and closed weak at 227sG23c. Shorts
were good sellers of oats and with the assist
ance of quite heavy liquidation by the long
element on stop orders, created a very weak
market Buying was urgent nevertheless,
especially by elevator people. The weakness
in corn and wheat and prospects of larger
receipts features of the decline EX-
ports amounted to 267O0O bu; May opened
hon frD1 Of M ID
and closed with sellers at 157s116c Privis-
ions opened strong and higher a better
hog market at the yards Packers were the
best buyers, Armour being reported as
large buyer of cash ribs which ruled at July
prices. Cash trade generally reported
good both here and at outside packing places.
Good support given the market all
through the session, and prices ruled firm at
the close May pork was about 10c higher
at $3.50; May lard about SC higher at 81 121a
md May ribs about 7l2c higher at $4.55d4. 5713
Estimates: Wheat, cars; corn, 145; oats,
1856; hogs, 10000.
The leading futures ranged follows: