St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-03-04
MAY WHEAT TUMBLES.
a Drop of Four Cents With Nothing to
Indicate Speedy Recovery.
JULY ATTRACTS ATTENTION
A Slightly Bullish Feeling in New
York Stocks---Live
Stock.


CHICAGO, ILL.,, March 2.-There was
a great break in wheat in this market
to-day. During the week the trade
discovered that May was pegged first
at s1.0s and later at SLOT. The crowd
was bearish, but did not dare oversell,
and they were also afraid to invest for
higher prices as long as the clique was
doing nothing to advance prices. The
result was dull market. There was a
break of cents in May to-day all in a
very short time, and the market was
stirred up as it has not been for a
month, all by the consent of the big
bulls, who looked on and smiled. The
market started tame and weak, May
S1.074 to S1.067s to s1.O7A the first hour,
and it looked as if the week would end
with the pit dull and the market pegged.
But the manipulators took away the
support. Prices began to weaken, and
soon the stop orders put pile of wheat
on the market. May dropped from Sl.O74
to S1.054. The tailers were pretty
well shaken out. A little rally put the
price to $1.05I and second break took
May to S1.0414, 8 cents from the open
ing. Then May went to 81 .045s, to $1.O311aS,
to Sl.04, and on the third shaking
out to S1.03I. and then to s105
recovering 1ac just before the close.
July suffered also, but not to the same
extent, as there was more Oh less chang
ing over to that month. July sold early
at 9319 cents, and touched 9O5sc, a
break of about &c. There was some
beariSh news, but not enough to ac-
count for One-Quarter of the decline.
Liverpool cables were weak. Receipts
here and in the Northwest are on the
increase, and the weather and crop
news were on the sellers side. Re-
ceipts here were 100 cars, considerably
over the estimate. There was a fairly
good trade in corn, but prices ranged
slightly lower than the range yester-
day. The WEAKNESS in wheat was the
main cause of the weaker feeling; re-
ceipts were 29S cars. Oats were quiet
and unchanged. Receipts, 124 cars.
The provision market was little affected
by the posting of the stocks for March
1. Mess pork showed slight decrease,
While an increase of few thousand
barrels was expected. Sales Of pork
for May ranged at s11.3O@11.4 40, closing
at s11.37119, or 71Sc over last nights.
Short ribs and lard closed steady after
selling few cents lower early. May
ribs, s6.021a@6.071z, closing at the out
side. Lard, S6.75@6.S5, closing at
$685..
THE RECORD OF THE DAY.
CHICAGO, March "A break of 44c
occurred in May wheat and SIC for
July delivery to-day. No special news
received to cause the decline, and the
depression was the result of lack of
support. The speculative offerings were
heavy, considerable ''long" wheat COM
may have been some ''short" selling.
Every effort to sell brought lower
prices, there apparently being no OPP
position to check the decline. The
''short" interest evidently had been
pretty well covered, and the parties
who have been identified with the
''bull' side, while not known to have
sold freely to-day, evidently had done
so the past week or more. From sur
face indications it is surmised that
trade is getting out of May and shifting
into July. but there is still a great
deal of uncertainty regarding the
iiiethhSo3 cNAo oPOAotOto
not too over-sanguine that the
the May deal has been entirely aban-
doned. There was fair trade in corn
early, with quiet feeling later. The
market opened at about the closing
prices of yesterday, and was firm, adj
vanced &c, due to covering by Shorts"
The demand was soon satisfied, how
ever, and prices reacted 5s@15c. Influ-
enced by the decline in wheat, and free
selling by one or two prominent houses,
became steady and closes fully 14clower
than Yesterday. Trading in oats was
small and price changed unimportant.
Only limited business was reported in
hog products, but the feeling was mod
erately firm, considering the unsettled
condition of other markets, and prices
averaged higher in all the leading arti-
Giles, though outside figures were not
fully supported.
THE GENERAL QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2 March closed at 81 .OOsl;
May, $1.07A, closing at $1.O315; June,
$l.0lI, closing at $3.50; July, $3.50.
closing at 9l715c. Corn-No. 3 March,
ing at $500; June, S5Ic, closing at
$3.50. Oats-No. Q March closed at
251ac; May opened at 2714c, closing at
2719c; June, 265sc, closing at 1890. Mess
Pork (per bbDEMarch closed at s11.2O;
May, S11.371s, closing at s11.37; June,
s11.5215, closing at S11.573S. Lard (per
100 lbs)-March closed at Sc. 721S: NAV,
$3.50, closing at $685.; July, $685., clos
ing at $500. Short Ribs (per 100 lbs)-
March closed at S5.95; May. S6O21s, clos
ing at s6.05; June, Sc. 10, closing at Sc. 121S.
Cash quotations were as follows: Flour
quiet and unchanged. Wheat-No. Q
spring, S1.0015@1.00&; No. spring,
S5@SSc; No. 2 red, S1.O016@i .OO%.
Corn-No. 2, 343sc bid. Oats-No. 3,
251zc. Rye-No. 2, 43c. Barley-No.
2, nominal. Flax Seed-No. 1, S1.4S.
Timothy Seed-Prime, S1.44@1. As. Mess
pork, per Dbl, Sill .25@11. 80. Lard, per 100
lbs, S6.70@6.72115. Shortribs sides (loose),
S6.S5@6.95. Dry sailed shoulders (boxed),
S5.25@5.371a. Short clear sides (boxed),
S6.1212@6.25. Whisky--Distillers fin
ished goods, per gal, S1.03. Sugars I'M
changed. Receipts-Flour, IL, 600 bbls:
wheat, $4,000 bu; corn, $4,000 blu; oats,
11S,000 bu; rye, 1000 blu; barley, $4,000
blu. Shipments-Flour, 5000 bbIs;
wheat. $4,000 bu; corn, $4,000 blu;
oats, $1,000 bu; rye, 1000 bu; barley,
1900 bu. On the produce exchange
to-day the butter market was easy and
unchanged.
r. M. NEWPORT G. SON.