The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-13
WILD FINAL Squirt
WHEAT, AFTER WEAK MORN
ING, RALLIED AND CLOSED
FRACTIONALLY HIGHER.
BEARS FR0LICKED EARLY.
EVERY INDICATION FOR A TIME OF
ANOTHER SERIOUS PRICE
TUMBLE.
SHORTS OVERDID THEIR WORK.
In u Hasty Rush to Cover May Was
Bid Up Cent in Five
Minutes.

CHICAGO, March 12.-Wheat closed strong
today at about a &c advance, after giving
every indication during the morning Of
repetition of yesterdays disastrous break.
The oversold condition of the market and
reports Of good export business changed
very weak market into a strong one in five
minutes time. Corn and oats were indie
pendently strong, corn closing 6QAc higher
and oats about &c higher. Provisions ad-
vanced 712@15c.
Wheat opened close to yesterdays final
price, the first sales being made at 721ac,
but with a decidedly nervous feeling notice
able. Foreign markets responded willingly
to the decline which took place here yester-
day. Liverpool started with a decline of
from Id per Genital for March and 113d in
May, and cables came in a little later with
a further I'd fall in March and Ad in May,
while Berlin reported IL marks decline at
the beginning. With the exception of the
cold wave, which made shorts a little nervous
and resulted in a small momentary advance,
there was nothing in sight to change the
bearish feeling which prevailed yesterday,
and liquidation on a large scale soon COM
menced, holders being discouraged by the be-
lief that the market for the time was with
out bull leader. The result was that May
had sold down to 7111c before 1870 o'clock,
cago received 10 carloads Of wheat; Min
neapolis and Duluth received 172 cars, COM
pared with 298 last Friday and 29O the cor
responding day Of last year. The seaboard
cearances were again very light, the At
lantic ports giving the total as equal to
only 900 blu in wheat and flour together.
That was one of the factors that led to
additional selling when May was bringing TIC,
that broke it to n1ac. About an hour from
the end of the session, after the price had re-
covered to TIC, John Cudahy's brokers were
seen to be bidding for and taking wheat free
ly. At that, the scalpers being short to a
man, sudden fear of the consequences pos
sible after straight &c per bu decline seized
them, and in three minutes the price was up
to 72Rc. The price had another wild squirt
in the last ten minutes, when it was ru-
mored that 100 boatloads had been sold at
New York for export The price got up to
73c that, and, though the figures were
afterwards corrected to read only or 10
boatloads, the extent of the days business,
the shorts could not get over their fright, and
May was bringing 72BQ73c, as the session
closed.
Corn dragged during most of the session,
and had no life in 1t until wheat became
up and put some energy in the market dur
ing the last few minutes. Even during the
extreme dizziness, however, prices held stub
bornly. May opened unchanged at 241s@24Ac,
advanced to 243sc where 1t closed. Oats
were firm, especially so when the weakness
of wheat taken into consideration. There
was a good demand from shorts and some
large lines changed hands. Seaboard clear
ances were 120, 600 bu. May opened unchanged
at 17@171Sc sold at 167s@17c and advanced to
and closed at 17&c. Provisions were con-
sistently strong all day. Prices commenced
with a moderate rise on the small hog
ceipts, which have been a factor all week.
Packers were good buyers, and there was
considerable speculative support, the result
ha{p sic -kAo
pork 15c higher at $3.50; May lard, TIC
higher at $4,000. 2213 and May ribs 121ac
higher at $4.5712. Estimates: Wheat, 20 cars;
corn, 125; oats, 200; hogs, 1900 head.
The Leading futures ranged follows.