St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-21
STRONG And HIGHER,
The Bears Open Up Smiling,
But Are Soon in Full
ROut.
General Belief That Europe
Will Take Much More
Wheat.
Sensational Jumps in Price
OF Corn--Provisions Also
: Higher.
Prolonged Dizziness in Stocks
Some Predict a
Slump.

CHICAGO, March 2l.-The wheat market
was quite weak ana from I2c to s4c lower at
the opening, but SIC higher at the close and
strong. At the start cables were easier and
the bears were offering the May option at
Sl.OOss. Sl.00$4 and SL0078 in different parts
OF the pit, as the bell tapped for the opening
There were quite numerous buyers at those
prices, and when the bears perceived they
were being outnumbered the price shot up
instantly to S1.01. The course of the market
following upon the opening slump was for
the most part upward, and that in the face
of considerable bear talk aud many items of
news which ordinarily would have
caused the market to sell off. The
support given to prices came mainly
from the reported movement of cash
wheat at outside points. Duluth reported
about 100000 bu loading on cars, and New
YORK confirmed the taking of the ten boat
loads reported as being worked there yester-
day. st. Louis confirmed the 100000 bu sold
there yesterday, and showed 5000 bu TO
have been shipped. The Atlantic clearances
were liberal of wheat and flour. On the
other hand, the Minneapolis and Duluth re-
ceipts were 405 cars, compared with 25l ears
ole year ago. Then the failure of the Key
stone Bank of Philadelphia and the exports
of gold were taken into account. The chief
bear influence. however, was the easier tone
of the European markets. There was.
however, an undercurrent ofoopinion that
Europe would take much more wheat,
and that the crop here will be
shorter than the figures Indicated. The price
of May hung around S1.0iss@L01i2 during
the greater part of the session, reaching once
Sl.01S4, and again off to Sl.0lSs, but shooting
up again, reaching S1.0214 in the course of an
active half-hour's trading at the end.
Corn shorts were completely unuerved and
1lxrs Znd
excitedly to 66l2c and closed at 66c bid COM
pared with 66l4c yesterday. There was an
easy spot in the market just at the opening,
but 1t was only momentary. The weather
was still favorable 10 holders, being damp,
and tending to lower the grade of corn still
in first hands. 1t was reported that 10000
bu of the corn i'll store here was under orders
for immediate shipment by rail, and the bulls
evidently meant to press their advantage.
The clearances from the Atlantic were
liberal. and New Orleans shipped 117,0oO
bushels. 1t was estimated that the receipts
here for the week of contract corn would
only amount TO 50 carloads. 1t was difficult
to find corn for sale and accordingly prices
advanced with spasmodic jumps.
Oats were active and greatly excited at
times closing strong near the top prices of
the day. Considerable weakness was noted
early, caused by free selling of Nav by
Patten Bros. and Fowler. The price, which
was 53c at the opening. declined to 525sc.
Fowler then commenced bidding July up,
presumably to make market to sell on.
The shorts took fright, forcing May to sic.
The provision market was easy and lower
OF the opening and ruled heavy and tending
downward until near the end of the session,
when the sensational jump i'll the price of
corn alarmed the shorts and caused sudden
advance. Cudahy was a free seller of pork
and buyer of ribs early in the day. W. G.
Mccormick ~ Co.. sold about one million
pounds of ribs. The Anglo-American COM
pany were buyers OF lard.
The leading futures ranged as follows: