St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-03-22
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--PrOsp
Boom of Coalers.
Chicago Grain and Provisions.


Special to the Globe.
Chicago. March 2O.-AIay wheat sold
on the curb yesterday afternoon as low as
Size. and some sales were reported as nav
inc 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 S2c, where regular
trading began. All the months opened 5sc
under yesterdays closing, but, after show
ing some indications Of reviying strength,
The market broke TO size for May, SSSsc
for June and SAKE for August. ut and
little above S1H@Sl@sc Cudahy ana
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 a natural reaction, the market recovered
until quotations were once more At the
opening level. The Lehman Elevator
company failure of Duluth, which was the
diSquietng factor in yesterdays late and
this mornings
EARLY TRADING,
proved to have been discounted. The
company was long in Chicago about 600, 600
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 Que 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 mtents 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
mE the market. The price of May rose
steadily to Sl7S@S2c, where it hung list
lesSly. The shorts were indispOSed 10 fol-
low prices any higher. but the market was
sustained to a limited extent on reports that
twenty or thirty boat-loads had been taken
Tor export at the seaboard. The experience
of the past two OF three weeks has led the
trade 10 accept with suspicion all reports Of
this description. and as the news was UNI
supported by attidayitS 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
a general shaking out 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
n least 3, 200, eco or 4, 600, 600 bushels. The
close was at 81 5 for May and S3Y@S3Mc
for June. Corn was active and higher to-
day 1t acted on an indepen-
dent platform. The trade was,
as usual, mostly in May, which advanced
from 3S19c at the opening to 37%@3S4c
at the close, with steady buying through
out the day. Oats were unsettled and ac-
tive. May opened at 30Ac and advanced
sc, then sold down TO BOZ @303sc, and
back 10 3O5ic. where the price rested III l
o'clock. Provisions were dull firm and
generally higher, although the openins
gave promise Of another day of wealnesg
and low prices. Pork, ribs and lard closed
about sc higher than yesterday.
CHANGE CHATTER.
It is considered significant that William
Young and Pillsbury and Barnes should all be
here Al this break. 1t is interpreted by many
n proof that the great Northwestern holders
have thrown over their wheat, and are wait
Ing for bottom.
Pillshury. the Minneapolis miller, says he
sold $4,000 barrels OF flour to-day, and bought
100000 bushels OF May wheat against il. A
local miller reported sales Of 1000 sacks.
Other millerS sag they have no orders.
Puts on May wheat sold at Size and calls
at S3c. Schwartz & Dupee alone bought
100000 bushels Of May wheat, selling some
jane, aud Orr, Crittenden Comes were
nearly as large buyers.
"a little reaction, said Ream. "may natur-
ally come now, but l nevertheless think it
possible that May wheat may get down TO 75c
even on tits break. The liquidation has Just
begun.
Chicago exporter sold 10000 bushels No
Duluth wheat to-day at Boston for export
There we're also reports OF good purchases in
New York aud Baltimore.
Jones, Mccormack 81 Kinnett pounded the
market rather hard and brought out a line Of
local operators III the way OF ''tailers.''
About 2,000,0C0 bushels Of May wheat were
covered to-day by one operator. Some of it
sold at 81.
PETER BERKEY, Pres. +. w. ANDERSON. Cashier
CIV. GRIGGs, V. Pres. a, c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
CAPITAL, 100000.