The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-03
THE CHICAGO WHEAT PIT DOMI-
MATED BY THE MARKET AT
ST. LOUIS.
HALF CENT NET ADVANCE
AT ONE TINE MAY WAS A Full
CENT ABOVE THE
CLOSE.
RUSSIAN DAMAGE A NEW STRING
Bulls Twanged Upon 1t for a Cent
and u Half Rise in the First
Hour.

CHICAGO, March 2.-The local wheat mar
ket had its tail thoroughly twisted by st.
Louis today. The sharp bulge and equally
sharp break there were closely followed here,
the May option closing at a half cent advance
after selling a cent above that figure, the
session being the liveliest seen in some time.
All the other pits were very dull, corn and
oats closing at substantially unchanged fig
ures, and provisions at 5D712c declines.
In wheat, Russian crop damage was a new
string the bulls had to play on when bust
ness in the pit commenced. They twanged
upon 1t to SO much advantage that in an
hour the price of May wheat had advanced
l12c per blu. Whether inspired by the ex-
ample of Chicago or because the Russian
damage was the stimulus at Liverpool wheat
there, which opened with the modest gain of
from I'd to I'D, was 1Ad higher for the
day when next heard from. That market made
its influence decidedly felt all day. May
wheat, which closed yesterday at 5A1753sc,
opened today at 753s97512c, and sold at 76a4c
before an hour had gone by. The bull music
kept up until about 1870 o'clock, when
cablegram from Liverpool to a prominent
house here threw 1t into a bowling discord
which gave the bears their opportunity The
Liverpool cable referred to read: Advance
In futures, due to shorts covering spot wheat
pressed for sale without buyers; Russian Of
ferings increasing" That and a sudden
collapse of previously pronounced bulIish
wheat market at st, Louis caused a STAN
pede of the bulls here. st. Louis, which yes
teroay at the close quoted May wheat at
87Bc, hoisted it in the first hour today to
SSB, and let the bottom all our afterward.
The suddenness Of the drop made spectators
fairly shiver, and sent May tumbIing from
76A to 75%c. Chicago receipts of wheat were
~ cars and shipments by rail III 534 bu Min
neapolis and Duluth reported 359 cars received
against Gus week ago. and 399 last year. At
lantlc port exports of wheat and -four were
together equal to only 215 900 blu. Brad
streets statement of the worlds visible gave
1t as having been reduced 4065 900 bu in
and afoat for Europe May rallied from
1913 to 76Ac on that, but the bull feeling had
been so largely squeezed out that it turned
down again to 75%c, and closed at 75% d75%c.
corn was very quiet all day and even when
wheat traders were tumbling over themselves
IN their eagerness to buy sell, no SYM
pathetic interest was displayed The general
feeling was firm, but fluctuations were con-
nned to Bc. Receipts were liberal and ex-
ports were much lighter than of late $50 600
Du. May opened unchanged at 241Ac, ad-
Vanced to 24Ac, then reacted to 24Ac where
1t closed The market for oats was dull to
the extent of stupidity. Business was much
smaller than an average neglected session ag-
gregates and absolutely nothing of any inter
est was reported of trade. The feeling was
steady May opened shade higher at 171lc
500 at 17asc, and closed at 171sc Provisions
were, easy and dull 1t was in measure a
day of liquidation by longs, the consequence
being that Yesterdays advance was ali lost
Ihere was but little outside demand, and the
nog market was weaker: At the close May
pork was TIC lower at $685. May lard, nc
ower at $4.O5; May ribs, SC lower at 81 ~.
Estlmates: Wheat, II cars; corn, 24O cars:
oats, $50 cars; hogs, 40, 0OO head
The leading futures ranged as follows: