St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-27
A TWO-CENT TUMBLE
Wheat Received a Bad Set
back on Chicago Change
Yesterday.
From Opening to Close the
Downward Slide Was I'm
checked.

CHICAGO, March ga two-cent tumble in
cheat was part of the entertainment on the
board of trade today. Corn. too, was full of
interest, and on rumors Of squeeze broke
clear out of the traces from wheat, jumping
Up full l2c. The lack of any appearance
If any blood on the moon after the warlike
umors of the final hours yesterday was
Khnt first upset wheat. Opening trades
we're about 1c decline and the slide from
here down was almost without check. Be-
lore two hours of the session ha passed,
mother cent had been Knocked off the
price. But for the heavy purchases of Par
irldge on the decline, still further reduc-
ion would undoubtedly have had to be re-
corded. The trading was heavy and the
nominal profits to buyers since the previous
irop to S0Ac for May were all wiped out.
Cables were woefully disappointing, hold
ers unable TO sustain the advances, " cont
rental crop prospects improving mo conf
1ence in present prices and such advices
coming thick as leaves.
The receipts at Minneapolis and Duluth
we're 722 cars, against $50 on the week before
and the aggregate of the clearances OF wheat
from the principal Atlantic ports yesterday
was under 10000 bushels. The failure in
London of prominent firm of iron manu-
facturers, with a capital Of S20.000000, com
Pleted the list OF bearish factors, while
% DIST, milder weather in the winter wheat
country was used as a complete Offset tc the
crop damage reports of the day before.
There was a reaction from S0Ac to S0s4c, fol-
lowed by another decline to S0SBc sellers, but
npon an attempt by Dorr to corner 10, $50
bushels of short wheat accompanied by
similar break for freedom on $4,000 bushels
1T the last named price, without an immedi
ate response from sellers, the crowd dashed
itself into a miniature bulish fury for few
minutes and ran the price up to 8l1sc.
The advance last referred 10 was helped by
better closing cables than expected: but
after touching S1Ac 1t again sold offand
closed at S04c There was some talk of bad
crop prospects In Kansas and cold weather
TO follow the present mild spell. 1t was gen
orally estimated that the visible supply re-
port of Monday will show an increase in
wheat of 100000 blu. The London iron fail
nre was first reported here as the collapse OF
grain and stock firm, increasing the force
Of the blow.
over rumors that strong parties are working
TO force n squeeze of the May shorts. Evil
denceS of tickliSh situation are appearing
While other markets are heavy, corn has
moved up from IS cents to better than 40
cents for May. Aside from manipulation,
the argument on the bull side is that delayed
farm work will call all hands to the fields
before any quantity of contract corn reaches
this market The May price today started
around 39lsc with sales at $685., possibly 39s4c;
dropped on the early selling TO 39ss@39l2c;
sold 39s4c to 39l2c. and then up to 40lsc be-
fore oclock, getting another lift after l
o'clock to 4CSSc. and closed at 40Ac. 1t was
said that Schwartz, Dupee and Cudahy had
become big buyers. The former is supposed
10 control the bulk Of the contract grade in
Store.
Oats were strong and fairly active today.
the market advancing with corn and closing |
fully 9Sc higher. Counselman L. Co. and
Bartlett-Frazer were the principal buyers. At |
New York 10000 blu were taken for export.
The receipts we're below the estimate.
In provisions, scalping was the main feat
ure, II. J. Ryan buying pork on consider
able scale and putting it back on the market |
again at a small profit. Other local operators
pursued a similar course. At the close May |
pork showed an advance of Toe, lard and
ribs, 212c.
The estimated receipts for Monday are:
Two hundred and twenty cars of wheat, $50 |
cars of corn. 200 cars of oats and $1,000 head
of hogs. The estimated receipts of hogs for
he entire week are 10000 head.
t The leading futures ranged as follows: