St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-03-03

Passage of the Seigniorage Bill
Gives the Bears Courage.
CHICAGO, March 2. Wheat went up
with rush and down with q thud to-
day. finishing &c lower for May after
a bulge of &c. The early advance was
due 10 better cables, the prospects of a
Rold wave. good buying. while free sell
ihg aud the discouraging export look
we're responsible efor lie decline later,
HAY closing but Is C from the bottom.
May closed &c higher. May oats UNI
changed. and provisions lower all
round. Among one or two items in the
early news of bullish character was
one of a somewhat different complex
ION, and the latter gave the wheat mar
ket its opening drift. The Liverpool
market was called firm. with an upward
tendency at I'D advance for spot wheat.
The receipts here and in the Northwest
were comparatively light, but New
York wired that a banking firm there
had arranged to ship Sl,250,000 gold,
and some long wheat was rushed
upon the market as soon as opportunity
offered. Leopold Bloom. who had re-
bought yesterday some of the wheat lie
SOLD out Wednesday, was the leader of
little gold panic with which the wheat
market opened. He sold through
Clark-Catlin and others about 100000
butt was reported, within a few minutes
of the start. The buying orders were
such that a good deal over three or four
times the quantity sold out Tor Bloom
was absorbed in the time named and
the cry was still for more. More could
not be had at the then prevailing price;
some bids were advanced from 6055c
and 60Ac, which was the range during
the first few minutes. The price shot
up to 605sc and little later to 6034c.
A prediction of colder weather gave
additional strength to the market, and
before the wings Of the budding en-
thusiaSm could be clipped the price of
May wheat had advanced to 605sQ061c.
There was radical change after that,
due principally to Eastern adviceS re-
porting the inpossibility of making
sales of wheat abroad at the rates now
current here, and May dropped 1c. The
spring wheat markets of the North
west maintained the firm tone which so
long distinguished them, and sent dis
patches regarding an improved demand
for flour export. which. it was claimed,
they were now experiencing, but export
clearances We're not more than half
what was exported yesterday from the
four principal Atlantic ports. and
primary market receipts as wheat,
and in comparison with the ship
mentS from the same were in quite
heavy. The Western markets usually
quoted received $4,000 bushels,
and shipped $4,000 bushels. Shaking
10 hnlD Of i,o
the trade apparently concluded that
they were more promising for lower
than for higher prices, and accordingly
sold May wheat until it was down to
6015c. The price declined until it was
$3.50 for few moments, and the clos
llTg rate was Coo bid.
More life was displayed in the market
for corn, very fair tIade taking place,
with a wider range of prices. The
sentiment displayed was decidedly bull
ish, and very lair market was wit
messed, with the offerings all day on
the restricted order and at no time lib
eral. The demand was good and the
limited offerings appeared 10 bring i'll a
good many small buying orders, the
filling of which stimulated values. To-
days receipts did not come up to eX-
pectations, and. aided by this, the
market opened at yesterdays
closing prices and under an
urgent sdemaud and limited offerings
sold up with very little reaction 20
55c, eaSed &c with the latter decline
in wheat, ruled steady and closed with
May about midway between the days
top and bottom figures.
In oats there was moderate trade
and frmer feeling, prices averaging
higher, but after an advance of &c the
close was at about the same prices to Il
tritie easier than yesterday. The mar
ket followed wheat in its fluctuations,
and May closed at the bottom.
Continued liberal receipts of live hogs
at The yards. and in excess of the es-
Inmates. with Il further decline in prices
for them, were responsible for weak
and lower opening in provisions. Prices
fluctuaIed within moderate range
during the first hour Of the session, with
the tendency dOwnwards OIL some of
the private wire houses selling and a
few Supporters coming III. The volume
of training was light. Later on the
market ruled weak aud lower on slightly
increased offerings. Some covering by
the short interest subsequently caused
moderate reaction in pork and ribs,
with lard ruling steady all day. There
was, however, very little trading. Com
pared with last night, May pork is 15c
lower, May lard 212c lower and May
ribs re lower.
Estimated receipts for tomorrow
Wheat, 80 cars; corn, AS cars; oats, 17O
cars; hogs. 10000.
The leading futures ranged as follows:
Open, High Low ! Clos