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

CHICAGO, April 9.-It was supposed that
Wednesdays decline of 3%c marked the bot
tom of the descent, which has played havoc
with wheat prices lately. That was proven
erroneous today by decline of 17sc from yes
etrday's price, May closing at 64%c, the lowest
price in many months. Weak cables started
the rumpus, and heavy liquidation kept 1t
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 PFC to 10c
Liverpool disappointed the wheat traders at
the opening by quoting decline of I'D per
day before that the decline had gone far
enough. That caused starting prices here to
show off from &c to 5sc per bu. May COM
menced at $3.50 this morning, and July at
651s@661Ac. For about twenty minutes the
tendency was downward, until at 66c, the
price for both months came together. That
amalgamation OF the quotation did not last
over two or three minutes, however, and when
they separated, it was found that July had
changed places with May, inasmuch as during
an advance of lie per blu in May which be-
gan after touching Gee, it led July by lit
tie over asc for when May touched &C.
July could not be sold for more than 661b0
66ssc. The highest quotations referred to were
made about IL o'clock, and by AS the prices
were down again to 669sc 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, 600 blu, was
received with considerable suspicion by trad
rII-1 m.
ported the decrease in European stocks, and
quantity aloat from March 1 to April /, at
$4,000 blu, which was much too small a
dimunition to be considered other than bear
ish.
About 70 O'Clock stampede Of holders COM
menced, which in fifteen minutes tumbled the
price of May to 6415c. 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
aIlzauon agaln, was the inviting held Tor
short selling, which market so devoid OF
support from outside speculation, displayed.
The break was partly due to the closing out
of about $780, 900 of long wheat held for New
York speculation. Numerous orders to stop
long wheat losses at 65c contributed to the
drop below that point. Closing prices for
May was 647sc, and for July 6412c 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 neaVy Wnen stop orders were reached.
Gables were better, but the influence OF the
wheat break too strong to be REMOVED.
Exports were large against 67S 900 blu. May
opened shade lower at 23kc. 1t sold as low
as 2224c, and closed weak at 227sQ23c. Shorts
were good sellers of oats, and with the assist
of quite heavy liquidation by the long
element on stop orders, created a very weak
market. Buying urgent nevertheless,
especially by elevator people. The weakness
in corn and wheat and prospects of larger
receipts were features of the decline. Elk
ports amounted to 267 900 bu; May opened
unchanged at 1612d165sc declined to 1880
and closed with sellers at 157s416c. Privis-
ions opened strong and higher a better
hog market at the yards. Packers were the
best buyers, Armour being reported as q
large buyer of cash ribs, which ruled at July
prices. Cash trade generally reported
good, both here and at outside packing places
Good support was given the market all
through the session. and prices ruled firm at
the close. May pork was about 1Oc higher
at $500; May lard about sc higher at 81 121s
md May ribs about TIC higher at 81. 1894 712
Estimates: Wheat, cars; corn, las; oats
1856; hogs, 10000
The leading futures ranged as follows: