St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-17
REACTION ON CHA'HsGeEE
offerings of Wheat on the Chi
eago Board Of Trade Less
Urgent.
Recovery From the Recent Ex-
IRENE Depression and a {
Better Feeling. -
Rep orts Of Crop Damage in
Various States Had Eff
feet on Prices. e
A Waiting Market Is the Con-
dition on New York EX-
change.

CHICAGO, March 16.-There was fair de-
mand for wheat today. but the offerlngsWere
less urgent, and much better feelng per-
vaded the market. This was partly due TO
O natural reaction from the extreme depres-
sion which has ruled for some days. The
chief factor was the receipt OF numerous
crop damage reports from different states
Michigan. Ohio, Indiana, Missouri and Kan
sas. Coming as they did from various sec
tons, operators seemed to place some re-
lance in them and bought quite freely. Some
of the prominent local operators took on a
fair quantity, claimed to be ''long" wheat,
and shorts also covered. The market no
doubt, became considerably oversold the last
few days. and it required something OF this
nature to start operators to buying.
A letter from an official source said the
Michigan crop looked we'll UP 10 the recent
freeze, but is now black in many sections,
and must be dead in clay soil. Reports from
other states say that the late freeze dld more
or less damage. Bradstreet's reported de-
crease of L,O63, 600 blu east and decrease of
49f 900 blu west of the Rocky mountains. The
export clearsnces were again quite large, and
aggregated 555,000 blu, of which 239,OO0 Blu
were four Early cables were weak, but did
not leave any apparent effect on prices. Llv-
erpool was l2011d lower and Berlin was
marks off.
Logan, Schwartz Dupee. Norton Worthlng-
ton Partridge and others had good buying
orders. and as there YVES but little for sale
prices gradually frmed up. N. B. Ream was
also prominent on the buying side, and partly
to cover shorts and partly for investment:
After buying freely during the early part OF
the day, Partridge turned after the market
had advanced s4c and sold heavily on the
bulge. May opened at o5A0Sossc, advanced
before noon, with slight reactions. to obsSc;
then there was quite rush to sell, early
buyers taking profits and short sellers putting
out liberal lines aud there was gradual
decline to S534c assisted by weaker cables,
Berlin being 3a4 marks Off ano Paris ~ cen
times lower, with London pence lower.
Near the close, however, there were better
advices from abroad, and short sellers turn
ing in to take their profits; there was rally
to S61sc, at which the market closed hrm
A dispatch from Terre Haute, Ind, reported
considerable damage in that state by the
weather, and that quarter OF the acreage
in some counties would have to be plowed
up. Lamson Bros. had the following from
Evansville Ind: "a gentleman here today
from Kentucky says wheat looks beautiful,
four inches high and green. SIX weeks ago
the same fields were bare"
Corn was quiet, but firm, during the fore
noon, influenced almost entirely by symsi
pathy with the firmness in wheat and other
speculative products. There was little i'll the
way of news and the trade was slow. There
seemed to be general disposition to take ad
vantage of the decline to cover shorts. while
the selling was somewhat restricted. During
the last hour, however, the market turned
weak when wheat broke and lost the adj
vance. May opened c higher at 39ssc. ad.
vanced to 397sc, reacted to 39Ssc and closed
steady at 39l2c.
Oats sympathized with corn and closed at
Nc advance. r.
Hog products started firm, with good de-
mand from shorts and not much offered.
Baxter Mitchell and Beazley were the best
buyers, with Hately Bros. the principal sell.
Later there was a reaction when grains
turned weak Pork closed easy at q decline
of 2I2e. though lard and ribs show an adj
vance of like amount. aa mis- MA
Estimated receipts for tomorrow: Wheat,
1875 cars: corn. 330 cars; oats, $50 cars; hogs
26, 900 head. 80
The leading futures ranged as follows: