St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-18
A DELUGE Of SELLING
Long Stuff Flooded All the
Markets on Change at
Chicago.
After a Higher and Firm
Opening Wheat Went to
Bottom.
Partridge the Big Seller on
All the Firm Spots OF the
Trading.
Early Gains on New York
Stock Exchange Vanished
at the Close.

CHICAGO, March ia man got action for
his money IN the wheat pits today. Traders
were more ready than usual of late 10 move
quickly on whatever news first came to hand,
and wheat took a big tumble, breaking 2R2c,
corn and oats each 1c and pork 33c. There
was no end to the selling, and a deluge of
long stuff flooded all the markets on change.
In wheat at the start there was decided
strength, and higher prices ruled, but this
was soon changed and the feeling became US
weak as it had been strong early, and bulls
were quickly put to rout. The weather stu
alton was the bull factor during the morn
ing but the early cables were also rather
encouraging, Liverpool being quoted kW12d
higher. Crop killing dispatches came pour
ing III from nearly all sections of the winter
wheat belt, with the weather still said to be
threatening further damage.
The Cincinnati Price Currents crop sum
mary said: THE week has been q trying
one for winter wheat, and crop damage re-
ports are verynumeroGs, but the full extent
of the injury is not known. Private adVlces
from other localities also told of serious ill.,
Jury, some going so far as to estimate the
Ohio crop damaged fully 80 per cent. Indiana
20 per cent, with considerable injury in Kan
sas, Nebraska and elsewhere. This, with
the strength that was exhibited III outside
domestic markets, created much alarm
among the shorts, and there was general
rush to cover The offerings, however, were
light. and the result was a very strong mar
ket for a short time after the opening, May
selling at from & SSWS634c.
The business was largely professional and
mostly local. Partridge was the principal
seller and fed the crowd generously OH the
firm spots Ream sold freely early. but took
much Of it back on the subsequent decline.
The strength of the market soon increased
the selling, it chiefly coming from the longs,
who had taken it on the late break anu were
disposed TO realize profits. Late cables also
came i'll weak and lower, while generous
snowfall was reported in IL good deal of the
winter wheat country which was expected
10 protect much of the wheat. Under these
conditions the market quickly took the down
grade holders scrambled over each other Ill
their efforts to unload. and short sellers
showed increased activity. Down went the
price steadily until n loss of 19sc was
reached May having touched S51sc, reacted
some, and at y O'Clock was about c5Ssc
The closing cables were not as bearish as
some of the private dispatches. but the snow
W as falling gently here and the crop experts
on ehe floor said that was all that was wanted
to change the blackened wheat blades TO
Green as vivid as The St Patrick badges on
The lapels of their coats. The price once
more began 10 tumble and ran down W lth re-
doubled impetus The weakness during the
last hour amounted to decentralization, and
there was drop to 25Sc below the early
prices. The fact that New YORK exported no
wheat yesterday, lllNL uOIlc VI thC CapiC
offerings were accepted that foreigners were
free sellers at the seaboard were all weak
factors. Assthe decline went on discourage
ment became greater. margins were wiped
out, stop loss limits reached and short sellers
grew more aggressive. May went down
steadily to S41Sc, reacted some and closed
weak at S44c.
Corn showed good deal of strength early
influenced largely by the firmness i'll wheat,
but later in the day all The gain was lost. be-
ing again Influenced by the drop i'll wheat
and hog products. The receipts exceeded
the estimates by about fifty cars. and the Of
fering OH the advance was very free. May
sold early at 33$4c. broke gradually TO 3S24c.
and at II O'Clock was 3y7sc. The market
weakened during the last hour. following
wheat, May going off to 3etSc, and closed at
3S3lc
Oats were quiet but firm early, but soon
weakened and remained so to the end.
Hog products weak and lower OIL the big
receipts of hogs, 5000 head above the esti-
mate md q decline of lee. The slump in
wheat also helped to depress the market.
May pork sold early at Sl05212. broke to
5000 During the last hour there was an
other slump, May declining to $40 1212, but
reacted near the close and closed at $40. 20,
loss of 35c compared with yesterday. Lard
is sc lower.
Estimated receipts for tomorrow: Wheat.
146 cars; corn, AS cars; oats, l65 cars; hogs,
%. 00D
The leading futures ranged as follows:
Anm,o,rs Open-l High Low Clos
AhiioAIs' ing. est. est. ing.