St. Paul daily globe., 1894-03-13
WHEAT TOOK A TUMBLE.
GOVERNMENT REPORT AND BIG RE-
cELPTS CAUSED A DROP
MEN WE'RE BUYERS.
Active Representation in the Great
Exchan2e-suSar Was Largely
Dealt I'm and Closed Higher
St. Paul Bought by a Big Bull
PoOl-London Was a Seller
General Financial Gossip.

CHICAGO, March l2-Wheat went up
and down today with the ease and
celerity of street piano. landing &c
lower than Saturday, after weak
opening and ah early advance of 1c.;
The government report, lower cables,
large Northwestern receipts and free
selling Overcame the advance caused
early by brisk buying, and May closed
only 1sc from the bottom. Corn aver
aged firm, and closed with May un-
changed. May oats closed unchanged,
while provisions. in sympathy with
wheat, closed weak and lower all
arourd
Wheat at the opening showed the
effect of the government report of fam
reserves which came to hand Saturday
afternoon. The opening sales for May
were at from 594c and SOC. with The
tendency for few minutes to settle
down around the lower figures. There
wasa sudden recovery brought about
by some demonstrative buying by Ar
mour u Co.'s brokers, who took several
good dsiZed lots which were being offered
at SOC, and kept bidding for more for
short time, as the market kept rising in
response TO their action. Buying be-
came so general from the cause NELL
toned that Armour's men were able
to sell out a good deal of tho
wheat they bought at from SOC up
to 591ac, when 1t had advanced to 5954c
and over, as it did in very few minu
ties. following the lead given to it. AS
high as 60c was paid for little May
wheat before the frightened shorts
piVpH tho thaxy hainu oh rad
by the shadow of their own imaginings.
The price after that began to work
back irregularly to its starting point, at
which some further moderate purchases
for Armour " Co. steadied it again.
The visible supply decreased about as
had been expected. The amount of the
f, , decrease was 962. 900 bushels compared
with an increase of $1,000 bushels on
the corresponding week of the
| previous year. A second decline
| In the price occurred Immediately
after the decrease in the visible
| supply was known. The days receipts
year ago. Minneapolis reported 432
cars. and Duluth 81. compared with 673
and IL respectively year ago. After a
| struggle at around soc, there began to
be a perceptible weakening of the bull
side, and finally the price came down
with run. and did not cease tumblng
until it struck $3.50. A correction in
the visible supply figures. making the
weeks decrease 1,062.O00 instead of 962,-
600 bushels as at first reported, did not
help the price much, us there were sell
ers at 5S12 as the session ended.
The corn market held alOof from
wheat when it went so far i'm the way of
| beariShness as it did in the latter halt of
the session. The government report was
| slightly bcarsh in its effect, as was
seen by decline of sc at the start, as
compared with Saturdays closing price
for May. 1t recovered with the first
| Jump in wheat, rising from 3715c near
the start for May. to 3S11s s(03o1lc, and
worked off again when wheat was de.
| Ginning, until 1t was again down around
the low point touched in the first few
minutes OF the session. The closing
| price was but 11sc from the bottom.
| Oats opened q shade easier in sym.
pathy with wheat and corn, and fol-
lowed those markets in the tirmness
| which they experienced later OH IN the
day. There was also good many
| short oats bought up, and with the light
, offerings had strengthening effect on
| the market. After The prices had ad-
vanced &c from the opening price and
the buying orders mostly filled the price
uecilneu again ana business was rather
quiet from that time up to the close.
A decrease of 172.0CO bu in the visible
| supply had some effect in retaining the
strength. During the early part of the
| session quite large amount of busi-
ness was transacted. Norton-W orth-
ington, Schwartz-Dupee & Company,
Bartlett-FraZier and r. +. Pratt were
all tree buyers. The selling was seat
tered. The market continued to weaken
toward the close, and rested at or within
| &c of the last prices Saturday.
In provisions there was Il good deal
of realizing of long stuff today, with the
shorts apparently SO certain of their
position that they bought quite spar
ingly. The decline. which was the re-.
suit of the days business and the slump
in wheat, started at the opening. There
was temporary recovery while wheat
was having its early bulge, but that
did not last long, and with the subse-
quent weakness in WHEAT provisions
became very limp and had bad break.
Compared with Saturdays closing
prices. pork is 371ac lower, lard is off
15c and ribs are also l5c lower.
| Estimated receipts for tomorrow:
Wheat, 90 cars; cOrn,330 cars; oats, 220
cars; hogs. $4,000 head.
The leading futures ranged as follows: