St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-22
PRICES SLIDING DOWN
Disappointed Expectations of
Brokers Caused Them to
Start a Break.
The News, Particularly From
Abroad, Was Of a Discour-gs
aging Nature.
20
Corn Stood Up Well, but Oats
and Pork Dropped With 'so
Wheat.
:
Increased Apathy and More
Limited Dealings Rule at 81
New York. -.

CHICAGO March 21.-It was down grade to-
day on the board of trade as two young Ma
poleons of finance. employed as clerks by
LamSon Brothers. learned when too late.
They were surreptitiovsly carrying quarter
of O million bushels of wheat in the names
of the firms customers, and it proved too
much Oh day when older muscles felt the
strain. The crowd went home short on
Saturday on the expectation OF very cold
weather over Sunday This cold being &C
companied by snow i'll many places disap-
pointed them, and in selling out they started
break which continued to increase during
the day. until the price was lac below Satur
days closing quotation. Corn stood up COM
paratively well, but provisions succumbed to
the bearish influence of wheat.
Nearly everything in the way of news was
of depressing nature, particularly from
abroad. The wheat market opened about s4c
below Saturdays close, and gradually lost S4c
more. The early Liverpool cable quoted
that market trif1e better for futures but
continental advices were discouraging. and
domestic markets nearly all showed declin-
ing tendency. Milder weather was reported
as probable in the Southwest though the cold
was still reported as severe, but there was
said TO have been generous snowfall over
large area OF the winter wheat, and the ap-
prehensior of damage was greatly relieved.
About the first news from abroad was that of
a heavy failure in Antwerp, which caused
considerable local selling.
The receipts in the Northwest were liberal
-1.2J6 cars and the selling soon became ur-
gent. The shorts appeared to have covered
very generally OH SATURDAYS bulge. and there
was consequently little demand from that
interest. But the weakness started the longs
TO liquidatpg and nearly everybody had
some TO sell. The result was q sharp break,
which carried May from S4ssc early to S334c
before noon, and at II o'clock the market
was about Sic. Pardndge was good
buyer around tho opening, while Brosseau
also took a considerable line. But Baldwin.
Farnum, Logan, -,illmine, bodmnn. McDou-
gall and other leading houses had plenty for
sale and promptly met the wants of buyers
Dunn also sold freely: understood to be for
foreign account. Tie visitle supply showed
an increase of 3222 900 bushels last week aud
helped to depress the market.
The market grew weaker during the last
hour and May sold off at S3lec. closing easy
at s34sc. Pardrldge. who, on saturday. was
reckOned by some to be short 1O.051,0OO bush
els. covered large amount today and would
have Melted $175.000 if reports OF his dealings
were correct There was some good buying
for long account on the break below S334c
Foreigners were reported as free sellers of
wheat at the seaboard today, and New York
and st, Louis operators were also said TO
have sold heavily.
Corn was traded in fairly, but was gener-
ally weak. influenced bv the depression in
wheat. the liberal receipts and the general |
bearish feeling in all the pits. There was
not much shipping inquiry. the receipts |
were larger than expected and the offerings |
were free but little disposition to buy May
opened at 3S4e, sold at 3Sl2c. then went off |
at 3Sls@3SAc, split, and at II o'clock 3slsc |
was bid. 'a- 4
During the last hour the market kept dull |
and easy with May at 1913 l13S4c and 5Sis@ |
81 SEC. and closed easy at 3S4c. The estimate |
of 1000 cars for tomorrow was heavy factor |
The scarcity in New York forced local buy |
ers there TO take 125,C00 blu from elevators, !
according TO dispatch from there, and 81
300 bu decrease in the visible was another |
feature which somewhat helped TO maintain !
the courage of the bulls. ~
s. Oats were at pricesJat all times below Sat-
urday. The crowd was bearlsh. and this, d
with heavy selling by Morton W orthihgton.
was the principal cause OF the weakness. |
May opened at 2Sl8c touched 277aG12Sc,s and /
then rallied to 2S1SlD2SAc only TO react to |
eSc. closing easy at 277Sc. The visible had no
effect.
Hogs were reported to be in active request
ut sc improvement on Saturdays closing |
quotations, but the provision market made |
no response to the demand tor the raw ma
terial. Weakness in the wheat market en-
raid by local spectators which
was not resisted by the packers. Tenant
sold 100000 lbs of May ribs at S541l2, Gregg
taking 100000 lbs, and Norton Worthington
500, coo lbs. The. decline since Saturday is
l0c in pork and the same in lard and &c in
ribs
Estimated receipts for Monday: Wheat,
$50 cars; corn, 1000 cars; oats, 3l5,0 900 cars;
logs, o., 900 head.
The leading futures ranged as follows: