St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-24
| HEAVY FALL IN WHEAT
Lowest Price Yet Reached Is
Yesterdays Record at
Chicago.
Bears Were Mastered Once,
But Regained Control on
the Jump. ~
4
Nearly Two Cents Dropped on
the Price Of Leading 8
Cereal.
Continued Narrow Market on
the Stock Exchange at
New York.

CHICAGO, March 23-The lowest price yet
touched for the wheat crop was reached TO-
day. In the pit at the close the final ngtlres
were at the bottom for the session. The feel
ing was manifestly nervous. remarkable
struggle for long time made the outcome
uncertain. In the beginning the bears had
the upper hand, but after hard struggle were
overmastered only to once more regain con-
troll with a vengeance First the war talk, on
which wheat was run up at the close yester-
day. appeared to have flattened out. The
mlder weather, however. was the principal
cause of the weaker feeling, and the North
western receipts were also against the price,
Minneapolis and Duluth reporting $50 cars,
an increase Of rs over the corresponding day
q week ago.
Later, New York reported liberal clear
ances and there was some increase OF conf
dence. Still later BTadstreet reported de-
crease in the available supply east of the
Rockies of LOIS. 900 bushels and 365, 900 bush
els decrease on the Pacific coast and the
feeling strengthened. Shorts began to cover
and the general demand became better 0nd
prices continued to improve. There came
a private cable reporting big advance III
Berlin, which was thought by some to give
color after all the war news Of Yesterday, and
much strength resulted The Cottrell crowd
covered a good deal of short wheat on the
way up and local shorts also bought freely.
Geddes Bigelow McDougali and Logan took
considerable.
Persistent selling by Partridge, with the
fact that the more easily ratified shorts were
covered, and bearish news from ST. Louis
checked the boom. St. Louis showed re-
markable heaviness, with the May prices Off
from S7Y2c last night to SEC at noon today,
and reports that foreign houses closed out
500, 900 bu on May contracts in that market.
This and raidihg by local bears when they
saw an opportunity turned the market down.
The late cables were also Disappointing to
buyers. Liverpool was heavy and l2d lower.
The public cables gave Berlin but 2sS 02s4
marks higher, Paris about steady, with wheat
5 higher in some positions, lower in others.
The reported export business, As boatioads
i'll all positions at the seaboard, dld not 90
more than help check the late decline. The
buying capacity of the local wheat trade
appeared to be exhausted. During the last
hour there was general dumping OF local
holdings. One explanation was that it was q
recognition that there is 600 bu of
spring wheat here in public and private ele-
vators, of which not a cargo has been sold
for export in two months.
Corn was remarkably firm in view of lac
drop i'll wheat. 1t opened and closed for
it had SOLD as high as 39c which was the bid
price at one time. The receipts were about
as small as expected. and for tomorrow the
estimated were still less.
QOatS acquired considerable strength early
from corn, but lost it in the slump of the last
hour. The advance to 2S4c from 275sc near
the opening was in the face of heavy selling
by Pratt, who put out fully 100000 bu around
277sc.
In the provision market frmer feeling
was noticeable. owing to continued falling
short in the estimated receipts of hogs. But
owing to the extreme depression in wheat
there was reaction from first prices and
the decline left the market 2s4c lower for
pork. from 2l2c to &c lower for lard and from
sc to 712c lower for ribs than at the close of
the preceding session.
The estimated receipts for tomorrow are:
$50 cars of wheat $50 cars of corn, 195 cars of
oats and 81, 900 hogs. o---..-=e7sss
Trha loo inc fnti,ras ra,,oa,3 &c fa1lous.