St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-19
Cables Were Very Discourage
ing to the Holders Of
Wheat.
Selling by Partridge and N.
B. Ream Induced Sealpers
to Put Out.
Nearly All the News Favored
Lower Prices, But a Gain
Is Noted.
Trading on New York Stock
Exchange Dull and With
out Feature.

CHIC AGO March 1S.-It was nip and tuck
today on the board of trade with the crop
damage reports and the contradictions. Opin-
ions differed widely as to the outlook. Some
of the solid spectators on the board. who
have not held the opinion that wheat was
likely to get into the slough in which cotton
is at present founderng, were buyers on a
break which iRaugurated the session, but
there were others who did think that wheat
was getting into cottony condition.
The cables were again depressing to hold
ers of wheat in obedience to, it was said, die
tation from this side, but the crowd took less
notice of the weak cables than they did of
the continuation OF cold weather over the
winter wheat country at home. There were
purchasers of May wheat at the opening at
from 1888 1841ac, with one or two transactions
at S45sc few seconds later then Partridge
commenced selling. and N. B. Ream took q
hand OH the same side, and. from being in
cllned to favor a moderate reaction, the
scalpers turned in body to the selling side
and kept putting it out until, after about an
hour and half of such work, it was down
to S3l2c
The news which followed the early dis
patches was in favor of lower prices. First
came the report of the receipts at Mime
apolis and Duluth--624 cars against 242 on
Friday of last week. Then warmer weather
prediction from the signal service bureau,
and upon the same authority the statement
in answer to an inquiry that the winter
wheat belt, with the exception of Illinois
and Nebraska, was all snow covered. The
knock down blow came from the seaboard,
from whence came the announcement that
no wheat had been cleared yesterday from
New York, Boston or New Orleans. New
York messages said $4,000 bu of wheat now
loaded ready TO clear, but the bears here
were in the humor of saying I'VE shall be-
ieye that when we see il. and brushed the
statement aside.
Bullish news was confined TO reports of
crop damage. member of an influential
house was heard to express the opinion that
wheat at sac was safe sale for Ac per bushel
profit. and that 1t would even then at 70c
look as heavy as cotton was recently at &C.
1t is only now that the bears are plucklng up
courage 10 announce themselves, and they
no longer pat Partridge patronlzingly on the
back; the latter took the decline quietly, and
said he did not feel like doing anything to
stop it.
uneasiness of those in the crowd who had
sold wheat short at under sac, there was a
sudden rally OF 1c per bushel from the low
est price named above. Some New YORK
messages reported continental cables closing
steadier at slight Improvement, and there
was repetition of yesterdays buying orders
from peoIle in the country who reported in
jury to the wheat from the recent freezing
weather
Ream, Linn. Roche. George Smith, George
T. Smith and many more Of the best specu-
lators oil the board appeared to think that
after wheat had broken below Sac and at the
bottom of SEC Decline it was not good pol
icy to be found fighting for further 14c de-
ing wheat, and the price began advancing
under such buying, closing at 85c, about l2e
higher than yesterday.
Corn was rather firm early but soon began
10 sympathize with the weakness in wheat
There was not much in the way of news, the
trade was slow as a rule, and, while there
was some disposition to cover early in the
session on the temporary strength in wheat
q bearish sentiment soon got the ascendency,
and weakness ruled for the time. May corn.
opened at 3S58c, sold at 3SS4c, but then broke
to 3SAc, reacted to 3Sssc, ana at II o'clock
was 3Sg2c. The market strengthened tow ard
the close, chiefly i'll sympathy with wheat,
May touched 3yc, and at the close was 3S7sc,
Oats were quiet. May sold early at 2Sssc,
broke to rise, reacted some, but at II o'clock
was 2SAc. The market grew frmer after the
noon hour, and Influenced by corn and
wheat. May sold to 2sssc at the close.
The speculative market for provisions
opened steady all around at about the clos
ing prices Of yesterday There were only
few trades atand near the top figures, when
the market for pork broke badly, selling
down to the lowest point of the season for
to add to the weakness, there was
free liquidation by the longs and heavy
hammering by the shorts. Lard and ribs
were fairly steady. May pork sold early at
S102ol2, fell to $40, then beck to $40 1912. and
at II O'Clock was Sl0.12l2 May lard sold from
S6.27l2 to S6.22l2, and May ribs from $5.5712
TO $3.50. During the last hour the market
showed decided improvement on free COW
ering by shorts on the decline and the firmer
tone in the grain pits. May pork reacted to
Sl0.17Ia, lard to S6.27l2, closing fraction
under these figures.
Estimated receipts for tomorrow: Wheat,
15S cars; corn. 41O cars; oats, $50 cars; hogs
14,00G head.
The leading futures ranged as follows: