St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-03-21
Continued Weakness in Wheat Creates
Fears That Some of Those Dabbling
in it Will Be Hurt.
Heavy offerings By Outside Spectators
Who Have Been Called on to
Replenish Margins.
But Little Change in the Wall Street
Markets, But the Tendency
Still Downward.
Reports of a Favorable Turn in Read
ing Negotiations Prospective
Boom of Coalers.
Chicago Grain and Provisions.

Chicago Grain and Provisions.
Special to the Globe.
CHICAGO, March 20.-AIay wheat sold
on the curb yesterday afternoon as low as
S119c, and some sales were reported as hav-
ing been made at size. The feeling was
decidedly shaky, and the belief prevailed
that the market was going to pot to-day.
However, before the opening this morning.
the price worked up to see, where regular
trading began. All the months opened &c
under yesterdays closing but. after show
ing some indications of reviving strength.
the market broke to size for May, S33se
for June and SAGE for August At and a
little above S112@S1%sc Cudahy and
several large room traders of bearsh
inclination bought in large quantities of
short wheat. Under the influence of these
purchases and additional buying by the
professionals, who act on the theory that
on every sharp break or advance there must
be natural reaction, the market recovered
until quotations were once more at the
opening level. The Lehman Elevator
company failure of Duluth, which was the
dlsquieting factor in yesterdays late and
this mornings
EARLY TRADING,
proved to have been discounted. The
company was long in Chicago about 600. 900
bushels, and in Duluth about 400. 600 bush
els, all OF which was dumped Yesterday
afternoon on the break. The failure seems
to have been due more to the absence of
partners from their proper places AT the
critical time than to a lack of assets. The
demands of the shorts having been satisfied
TO all ntents and purposes the market
once more dropped and fell to a point
lower than had previously been touched
during the forenoon, May selling at Sic At
this point Cudahy again appeared as buyer,
taking everything that offered and steady
ing the market. The price of May rose
steadily to S1%GS2c, where it hung list
lessly. The shorts were indisposed to fol-
low prices any higher. but the market was
sustained to limited extent on reports that
twenty or thirty boat-loads had been taken
for export at the seaboard. The experience
of the past two or three weeks has led the
trade to accept with suspicion all reports of
this description. and as the news was UNI
supported by aflidavits it found few be-
levers.
THE OFFERINGS
were very largely on outside accounts.
Commission houses have been selling mar
gins sharply OF late, and the result has been
general shaking oul OF weak or tired
holders. The purchasing by the short in
terest to-day was about the only visible
sustaining power in the market. Cudahy
and his personal following must have taken
at least 5000, 900 or 4, 900, 900 bushels. The
close was at 81 sc for May and SO IS @S324c
Tor June. Corn was active and higher to-
Gay. III acted on an indepen-
cent platform. The trade was.
as usual. mostly in May, which advanced
from 3S59c at the opening to -375S@3S4c
at the close, with steady buying through
out the day. Oats We're unsettled and ac-
tive. May opened at 3O%c and advanced
&c, then sold down to 3O4@3O95c. and
back to 5000, where the price rested at l
o'clock. Provisions were dull, firm and
generally higher although the opening
gave promise OF another day of weakness