St. Paul daily globe., 1896-03-14
CAUSES A WILD SCRAMBLE TO
L. COVER.
,WAS A SENSATIONAL BREAK,
BRINGING ABOUT THE LOWEST
PRICES FOR THE PAST TWO
MONTHS.
IT WAS EXPECTED BY NO ONE,
And Dealers Join in IL Mad Rush to
Dispose Of Their Holdings on
the Break.

CHICAGO March 1S.-An unexpected slump
I'm late Liverpool quotations today created a
wild scramble to cover and May wheat closed
at loss Of 17sc from yesterday Corn and
oats ruled weak and closed 3sc and 1ac lower
respectively. Provisions also show slight re-
cessions. Wheat ruled duh, depressed and
lower and sold at one time fully &c below the
close yesterday. There was a sharp break on
the curb yesterday on the general liquidation
which continued after the adjournment of
the regular board, and the opening was at
nearly &C below the close yesterday. But a
, private Liverpool cable said that the market
where was doing much better on advices that
offerings OF Argentine wheat were decreasing
ana good buying sprang up, which soon caused
u rally of sc from the low point. Some of
the shorts covered and there was some in
Nestment demand, with offerings moderate
as the liquidation had evidently been very
thorough. But the public cables were not as
satisfactory TO the bulls as the private one
mentioned above had led them to expect, and
as outside markets were generally heavy,
trade light and narrow, and the flour market
reported in a state of decentralization there
was resumption OF selling, followed by a de-
cline Of nearly sc. May opened at 633sq6S12c,
sold up steadily to 6466psc and then de-
clined gradually TO 632sc The market held
, about this price until noon, trading being
rather dull, but about u O'clock receipt
OF closing Liverpool cables showing a drop of
112d, there epsued a rather sensational break
May dropping with much excitement and
heavy offerings from 63l2c to 62lac the low
like lightning from a clear sky. All at once
The market seemed to be inundated with Of
ferings, and there a struggling mass try
ing wildly 10 get rid of their holdings on the
break Stop loss orders were reached, and
there was selling on exhausted margins, pro-
ducing Generalization. But covering by
shorts to secure profits led to some little raj
ly May going to 62$4c, but this was only mo-
mentary, and May finally closed at 6214c bid
There was considerable cash business worked
on the decline. Business in corn was exceed
ingly dull and prices showed but little change,
until the final sharp break in wheat This
created a weak feeling, and considerable sell
1nS set in. May opened lsc lower at zoe, broke
to 293sc, closing at 2934c, sellers. Oats were
fairly active and a decidedly weak feeling
prevailed, the important influence being as
usual wheat May opened &c lower at 205sc,
ana gradually sold down to 2014c, closing at
that prizes bid. Large hog receipts were again
responsible for a weak opening in provisions.
The market remained rather soft all day, in
sympathy with grain markets. but trading
was Of too limited a character to admit of
material change in price May pork closed
Tl2c lower at S9.65. May lard unchanged at
S5.i2la, and May ribs sc lower at $517h.
Estimates: Wheat 40; corn, $50; oats, 295;
l hogs. $4,000.
The closing quotations ranged as follows: