St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-25
The Bears at Chicago Aimed
at This Figure in Yester-
days Dealings,
But Fell a Quarter Cent Short,
Even at the Lowest
Point.
Corn Exhibited Unexpected
Strength and Steadied
Wheat.
Oats Were Also Very Firm,
but After q Break Pork Is
Stationary.

CHICAGO, March 24.-Eighty-cen wheat was
the goal for the bears today. They did not
get there. Nevertheless, the season record
for low price was again broken. The May
option was pulled down to SO4c. and closed
under Sic. On the other hand, corn showed
remarkable strength, chiefly on expectation
of lighter movement. Springlike weather
and weak cables took the heart out OF the
wheat market today. The recovery near the
close was on export buying reported from
Minneapolis and elsewhere. At the point
named 10000 blu for immediate rail shipment
| was reported; 5000 bu red winter for rail
| shipment was worked here by Norton Worth
| ingJon, and local banker said he knows OF
sterling exchange having been negotiated in
| Chicago against 100000 blu of wheat bought
| for foreign shipment in May and June.
While things were about at their worst the
| Cincinnati Price Current statement was re-
| ceived, aud it gave no encouragement to the
| bulls, remarking that the possibilities OF the
| coming crop are considered TO be as large pro-
| duction as any year prior to last The North
| western receipts at Minneapolis and Duluth
| were G6l carloads. compared with 419 on the
| corresponding day of last week. Prices took
| q downward course from the start, opening
| anywhere from SlAc to slice, but sellers
| were lInar,I at th l)Y'r q ia IN
| About IL o'clock the trading was again at
around S0ssc efter the advance last night.
About the time referred to, Partridge. who
had bought literally all forenoon. drew his
brokers out and gave the market chance to
fulfill the prediction he had made months
ago that May wheat would sell at soc. Heavy
lines with zoe per bushel loss were sold out
today. and very many with from sc to 9c
wrsckage attached to them. During the lat
ter half of The session the wires were occu-
pied with outside customers for margins, ana
the general response to "Sell 1t ont
There were sales as low as Se14c, but dur
ing the last half hour the price was barely
steady at about Sic The close was at S07sc,
or 7Sc lower than it closed at yesterday. Ac-
cording to John Dupee no demand except
from shorts was what allied the market. Two
things which greatly interested traders, but
did not affect prices, were John L.. Sulllvans
application for visitors ticket to entitle
him to the privileges of tine floor tomorrow.
and Leopold Blooms action i'll posting his
membership for sale. presumably i'll spleen
at the action of the directors In Acquiring
Badwin-Farnum of the Lowitz charges.
The belief that there is large May short
age in corn. tEat stocks are low and mostly
controlled by one house. and the presump-
ton that future receipts would be moderate,
with little improvement i'll the grading.
started rumors OF possible manipulation, and
shorts got nervous and covered freely. May
opened at 3Sssc, sold at 3SA@3SSpc. up to
391ac off to 3S75c, and at II O'Clock was
3s78c. The market kept steady aud firm
during the last hour. May selling at $500
391Bc, closing at 39Ac. From following the
and some of the steadiness in the former
near the close was ascribed to the strength of
the latter
The oats market exhibited considerable
strength, ana the squirt that occurred in the
corn market shortly before the close scared
some of the shorts. and in their efforts to
cover they forced May up to 2SAc, which was
the last price made. June was nominally
the same as the active future when the bell
tapped.
May pork, lard and ribs opened and closed
at the same price as they rested at Wednes-
day. There was some trihing weakness sue
ceeding the opening and temporary decline
of 10c in pork, 2I2c in lard and 2I205c IN ribs.
The weakness was due to offerings by Ar
mour brokers. Chicago Packing company and
Ryan & Co. LIE Valley was the best buyer,
with International Packing company buying
both pork and lard. During most of the day
Wright and other longs attempted to sell
May pork and buy for July. Late in the day
Cudahy became buyer of ribs. The break
of to 10 points in cotton was ignored. The
strength in corn helped buying in provisions
by scalpers.
Estimated receipts for tomorrow: 1855 cars
of wheat, $40 cars of corn, IT'S cars of oats
and ~, 900 head Of hogs.
The leading futures ranged as follows: