St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-04-01
BLACK EYEFOR WHEAT
A Drop Of Two and One-Half
Cents From Yesterdays
Prices.
Duluth Reports the Largest
Grain Receipts in Its His
3 tory.
In Face Of This Report Lon
r don Buyers Place Heavy
Orders.
The Financial Markets Are
Weak and Without Feat
ure.

CHICAGO. NJ arch 3l.-A terrific highlander
seemed to have struck the wheat market IN
the jugular today. The first sales showed a
fall of over cent from last evenings closing
figures and further loss OF Csc was suffered,
making the drop from the high point of yes
terday's 2I2c. Corn and provisions both felt
the force of the shock. Some of the private
cables early were intensely bearish. repre-
senting foreign buyers as disposed to hold OFF
and await the result of the course of prices
in America. Domestic markets were all on
the down grade. Crop prospects were still
reported favorable and the feeling of doubt
and hesitancy which has prevailed among
the longs seemed to be gradually crystalizing
into complete encouragement. The liquida-
ton was heavy. the amount thrown oTtr-
board was very depressing. The Price Current
summary was generally regarded as more or
less of bear card The fine, moist weather,
too, had not little to do with the heavy de-
cline. After selling at 7sS607Sl2, there was
decline to 7sc; at this point some of the big
shorts began TO cover and take profits Pard
ridge was the leader in this movement, but
Schwartz Dupee, George Smith and others
were also in lice. This buying soon checked
the weakness and there was a gradual recov-
cry TO 7Sl2c, but part of this was lost and at
Il o'clock May was 7SSsc. Another reason for
The Partial Improvement
was the fact that some of the weak cables
brought buying orders, and Kirkwood and
Geddes were reported to have worked con-
siderable jag of No. northern wheat. Con-
siderable strength was shown just at the
close May wheat selling to 7S5sc, chiefly on
continued heavy covering by shorts. An
other factor was reports of liberal export
sales at New York. The talk put the bust
ness at 60 loads. George Ward received an
order from England to buy 1900 quarters of
No. northern wheat for May. and ship it
when rendered to him, if he could buy to de-
liver there at BIS per quarter He bought the
wheat, paying premium for No. northern.
AS present London quotations are 33s Sd for
cargoes, it is figured out by some that
May wheat in Chicago is now discounting
the current English price by about lie per
bushel. On the other hand, message from
Minneapolis, received here today said mill
ers were compelled to take wheat from pub
lie elevators to run their mills something
unusual at this time Of year.
A Duluth Message
circulated today says: Never
has there been such an influx of grain at this
time of year as the present week has shown
and as will continue through the month of
April. Local grain men now claim that
there will be in elevators controlled by the
Duluth board of trade not less than 20,000,000
'bu of grain by the opening of navigation.
Duluth has received so far, of the crop of
last fal 100000 bu of wheat, and expects
to handle the entire crop year 50,000,000 bu.
In the face CT the Duluth dispatch Willard.
in Kennett gossip. says: Nobody can lose
great deal Of money on long wheat at this
price while there is possibility of markings
great deal.''
<, Corn held up better than wheat. The fact
that the grading was better than for long
lime as fourteen of the 1S6 cars were con-
tract, together with the slump in wheat
started pretty free selling, and the clique was
net'apparenIly doing much to sustain the
market May opened I2c lower at 40c sold
to 391sc up to 4C4c, off to 3G5sc, and at II
O'Clock was about 3934c
Weakness and depression ruled during the
last hour, with heavy selling. Fart Of 1t sup
posed to be by the clique, and May touched
35lsc, but rapidly improved again. closing at
395sG939S4c. Oats followed the example set
by the other cereals and ruled lower, the
close being made from l9c to SEC under re-
cent figures.
Provisions opened heavier and lower, in
sympathy with the decline in live hogs at the
yard Pork was weaker than the other prod
ucts. being accelerated by The break in wheat,
the local longs selling and block of stop
orders coming III from the country. There
was 81 marked improvement later on, prom
inent operator buying freely. May pork and
ribs closed sc above last nights final quota
tions.
The estimated receipts for tomorrow are:
heat. 125 cars; corn, $50 cars; oats, I36
cars; hogs, 2l,G00.
The leading futures ranged as follows: