St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-08
TURNED AFTER NOON
Early Depression in Wheat
Succeeded by Strength
Later.
Corn Was Dull but Firm, and
Closed With a
Gain.
Provisions Unsettled, but the
Average Was Decidedly
Lower.
Railroad Shares Advanced in
the Face OF High
Money.

CmCAGo, March Wheat turned
strong this afternoon on rumor that
Ahe government had decided to sell
\9nds for the purpose of repleniShing
Me supply Of gold coin. The stimulus
continued its effects even after the re-
ceipr of Il contradiction. The market
early had been very weak, but the last
quotation was Sc higher than yester-
days closing price for May. July closed
&c lower. Corn was dull but firm. and
improved 1sc Provisions suffered de
clineS amounting TO 25c in pork, l213c in
lard ana &c in ribs.
Nearly everything seemed to be
against the price of wheat at the start.
The weather was Spring-like all over the
country, cables were lower and weak,
domestic markets showed a material de-
Glue. the New York stock market was
again demOralized, by the high premium
Ior money-from p to 80 per cent-and
the amount on ocean passage increased
$4,000 bu. In addition to all this, there
was an increase of over 800, 600 bu in the
stock Of contract grade during the last
week. Under these conditions the
trade was slow and the tendency down
ward. On the decline shorts were
fairly good buyers, and there was ap-
pareutly some Investment demand. but
the selling pressure was 100 strong tor
this demand to check the weakness
much. The impending government re-
port OF stocks in farmers hands and
the uncertainty attending it was also a
depressing factor. 1t Was whine mat
terS were i'm this condition during the
last hour thatthe sharp rally was caused
by the report. afterWard denied, that
the government would issue S5O,OOO,OOJ
gold bearing bonds. Tie opening was
about a-0l5c lower, ruled easy, and
then advanced sharply &c for May and
for July. receded again, recovered
and the closing Was steady within &c OF
the top.
Corn traders were again discussing
the possibility of the government supply
report 10 be issued late this week show
Ing less quantity in farmers hands
than had been supposed. On this talk
there was some display of buying by a
few well-kuOWn houses. With this ac-
tin and the fact mat the speculative
offerings were but moderate, the local
shorts" were disposed to cover, and
prices adYaHctda3c, subsequently ruling
easier. The fact was mildly empha-
sized by some fayOrIng the "bulP side
that the local stocks of contract grades
decreased 4S.S44 bu tor the week, and
are now 5,GO5, 2o6 bu. The quantity Oh
ocean passage also exhibited decrease
II $4,000 bu.
There was a moderate trade in oats,
aud prices held within range Of &c.
Closing sales were at about the same as
yesterday for May, but at Il net loss of
&c on September.
Provisions were considerably I'M
settled today, but the average was de
.idedlY lower. The market opened
weak on slightly increased receipts of
live hogs at the yards, realizing on stop
loss orders by the commission houses,
he uneasy feeling in Wall street. fine,
open weather, and the fear of a
strike by the city switchmen en-
pIoyed hy the railroads center
ing in Chicago. The "shOrtS" were
he principal buyers. They quickly
absorbed the offerings, and the market
advanced rapidly. After d slight re-
action the feeling OF SteadlneSs pre-
vailed. The volume OF trading was
light. Subsequent free offerings by a
prominent packing institution caused a
liberal break As soon as they were
Withdrawn the shorts" rushed i'll to
cover and sent the market up again,
after which it ruled steady.
Estimated receipts for tomorrow:
Wheat. l2O cars; corn, l50 cars; oats, 100
ears; hogs, $4,000.
The leading futures ranged as follows: