St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-03-05
WHEAT LOST HALF A CENT
LARGE NORTHWESTERN RECEIPTS
AND EASY cA6LES The CAUSE.
STOCK MARKET WAS STRONG

Speculation Was Light and With
out Any Important Feature
Little Buying for Long Ac
count from london - The
Greatest Advance Was Madc
in Sugar.
CHICAGO. March 3.-Wheat was strong
at the start, but weakened and closed
&c lower May. The prospects of cold
wave caused buying at the opening. but
it was met by free sales. This and
larger Northwestern receipts, easier
cables and the mild and balmy weather,
with a continuation of the selling.
caused q &c decline. May closing at the
bottom. May corn is sc lower, and
May oats sc lower, but provisions re-
fused to share in the weakness OF the
grain markets, and closed higher ali
around. May wheat, which closed yes
terday at 60c bid. started at 604c on the
prospects of cold wave, but, after
some active trading at from that
TO 6013c tor a few minutes,
1t started on decline which
lasted during the first hour and had by
that time worked &c off the opening
figures, 5912c becoming current for a
moment or two before any noteworthy
rally occurred. The very liberal eX-
ports of the week, amounting to 2,972,
600 i'll wheat and flour from both coasts,
did not have any more than Il very tram
STORY effect upon the wheat market at
the opening. The weather is of the
most promising character now, what
ever it may have in store for the future,
and the foreign markets still withhold
encouragement to shippers. Liverpool
was quoted quiet at "a decline in the
price of futures. The Northwestern
receipts were, from BULBS point,
discouragingly liberal, Minneapolis
reporting 26S cars and Du-
luth "a, or 362 in all. A year
ago these two places reported
3S4 cars. Chicago received only 46 cars.
compared with POI last year. New York
wired that foreigners were sellers of
wheat there DIT the opening, and here
Schwartz, Dupee d Co. and other pri-
vate wire houses were loaded with SELL
ing orders from outside. ami Swamped
the people in unloading them, who were
provided with orders to buy. w. R.
Linn let 60 freely, and among the local
crowd the decline which followed a
slight firmness at the opening was
called "a Linn break" Trading was
lively for half an hour. After recover
ing TO 5919c on a little buying, there
was return of weakness, and on the
next slump there were plenty of sellers
at 5912c, with some transactions at Lice
less. The closing quotation was at the
bottom figures Of the day.
In corn there was a very moderate
trade, no noteworthy transactions oc-
curing outside of fairly good buying by
one of the houses which sold quite
freely on yesterdays advance. An
easier feeling prevailed and prices
ruled lower. The receipts today were
large and the weather fine. and liberal
arrivals are expected Monday and
Tuesday, which, together with the ac-
ton of wheat, caused prices to recede
4@3sc from the opening figure, the
market afterwards rallying a fraction
and closed with May but &c from the
bottom.
% There was an easier feeling in oats
with moderate trade. The decline Of
A@4c WAS due chiefly to sympathy
with wheat and corn, as the pressure
to sell was not large. May closed at
the bottom figures Of the day.
Provisions opened strong and higher
for pork and ribs, and steady and un-
changed Tor lard Oh much lighter run
of live hogs at the yards than estimated.
The weakness developed in wheat
caused a decline, with the gain at the
opening lost. Ii was also contributed
to on some selling of pork by one of the
packing institutions, and the unloading
or some s'lOupH stuff Inv Hplmbol2
steady feeling subsequently prevailed
on little support being accorded to the
market, presumably IN the interest of
the packing company, but there was
very little trading. A little easiness
was developed shortly before the end of
the session, The market closing steady.
however. for pork and lard and firm for
ribs. Compared with last night. May
pork is 214c higher. May lard 215c
higher. and May ribs nc higher.
Estimated receipts for Monday:
Wheat, so cars; corn, $50 cars; oats, $50
cars; hogs, $4,000 head.
The leading futures ranged as follows.