St. Paul daily globe., 1892-03-29
A CRASH IN WHEAT.

CHICAGO, March 2S.-Today broke the rec
ord this year for low prices in the wheat pit.
The figures for May, the ruling option
crashed down to zoe. A year ago this time
bushel for the same delivery was several
cents above a dollar. The Generalization
produced one failure, that of C. P. Dorr Il
Co., who we're on the wrong side of the mar
ket with 10000 bu on their hands. Flat for
eign markets an0 an unusual grist Of bearish
news on this side of the water was what
brought on the big slump. A genuinely
panicky feeling prevailed at the opening and
he price quickly fell 1c from the lowest
point touched Saturday.
Had the news been made to order for the
bears it could not have suited their purposes
better. The weak opening cables, the decline
III domestic markets. the remarkably favor
able weather shown everywhere and the an
ticipated heavy increase in the visible supply
seemed combined to discourage. Selling was
general and persistent Exhausted margins
ana stop-loss orders cut a considerable
figure. P0Ole-Sherman. Patten Bros, Bald
winBarnum, Logan and Milmine- Bodman
were all free sellers. with the demand slug
gish and confined chiefly to the covering by
shorts. The Indian shipments last week
were reported at 900 bushels, against 81 J.
900 bushels the week previous. and all for
eign markets were said to be on the down
grade. For a time it seemed to be neck
and-neck race to see who could get rid Of the
most wheat.
May opened at 7sa@sOc, but the selling
pressure was enormous. ana i'll less than
three minutes it had touched 794c. But the
indications from the reports as to the visible
were that the increase would not be as mucn
as expected, and some began to doubt II
there would indeed be any. The market
quickly showed disposition to recover.
Shorts began to buy, the selling became less
vicious, and when it was found that Pard-
Il out Ch
market turned May sold back to 7g7sc, broke
again to 794c, then improved trlte, and at
IL o'clock was about 7912c.
DuIlng the last hour the market developed
greater weakness on very cables and selling
out of the long wheat held for DOerr Il Co.,
whose failure was announced. and there was
q gradual decline to 79c the final figure.
Partridge is represented as having said today
that he did not propose to sell wheat short at
sec. Willard, in Kennett's gossip said:
wheat ought to be worth soc at least until
the government reportis published. II that
shows the crop in good conditionlt will prob
ably sell at 75c."
Corn showed good deal of strength in the
face OF the big decline in wheat. The Cud-
ahy 8 were not buying SO openly, but good
many commissions had liberal orders which
were thought to be for the bull clique. cad
ahy sold some on the bulge. May opened at
3975c, sold at 39as03ys4c split, started up and
sold TO 40I2@1it5sc split eased Off to 4OAc.
and at 1! O'Clock was about 4OSsc. The
market weakened during the last hour,
mainly in sympathy with wheat, and May
fell to 30s4c at the close. The estimate of 800
cars for tomorrow was one of the features in
the late depression.
Oats were hardly so firm as corn, but the
decline was slight. May sold at 2S4l lD29c, and
at IL o'clock was 2S7sc. Weakness prevailed
during the last hour, May touching 2sasc and
closing at 20 12c.
Heg products were higher on good cover
ing by shorts. moderate offerings and the
firmness in corn. Hog receipts were below
The support given to the provision market
early was continued with slight variation to
the end of the session,
Estimated receipts for tomorrow: $50 cars
of wheat, 600 corn, 325 oats and 19, 1000 head OF
hogs.