The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-04
BEARS IN AMBUSH
BULLS LUREp .bN BY STRONG
WHEAT OPENING AND sLAUGH-
TERED.
,nszud
SLUMP IN THE LAST HOUR.
.
5bt-rY
THE NET LOSS FOR THE MAY
OPTION A FULL HALF
o CENT.
9tcu
OTHER MARKETS QUITE WEAK,
Corn and Oats Lost Sharp Fractions
and Provisions Closed at Ma
teriaI Decline.

CHICAGO, April 3.--Wheat opened strong
To-Day and continued SO for nearly four hours
1t turned suddenly and radically weak, clos
ing AT 12c loss after an early gain of A@Hc.
Inc weakness was caused by the Modern
M1ller's crop estimate, and was somewhat re-
markabe in view of the fact that only a few
days ago the crop was estimated at much lar
ger figures by Thoman. Other mar
kets were weak from the beginning, corn de-
Ginning AQasc, oats Ac and provisions 7AD
1211c.
india bidding for two cargoes of California
wheat on coast OF England was the reading
OF cablegrams which had much to do with the
strong desire to buy May wheat, which dis
closed itself at the opening Besides that,
perhaps because Of it, Liverpool reported an
advance of Id per GENITAL each for May and
July futures and I'D gain for September
spring wheat going from Chicago for millers'
use IN Kansas, red winter wheat at great
premium over the May price, and bad crop
reports from Illinois, were such general char
acter1stics of this seasons trade that they
had more than passing interest Argentine
shipments were again very small, but this has
become so common in the past as to excite
little comment The quantity exported thence
TO the United Kingdom and continent this
week was only 112,000 Blu, compared with $685.
w" ia VA Nho sIIHlldr week Oh the year be-
lore. May wheat opened at from Tx to 711bc
as against 70BQ71c at the close yesterday. It
rose IN the course Of the four hours to 712c
The character Of the early news kept the
market strong until about forty-1ve minutes
from the end of the session. when a bearish
estimate of the growing winter wheat crop.
issued by the Modern Miller, at St, Louis,
Knocked the recently erected bulish sentiment
completely on its pins, and again sent skep-
uclsm OF oullish reports scampering around
unbridled. The estimated winter wheat crop
Of that authority is 1874, 900 900 blu against 27O
coo,OOO estimated to have been harvested last
year and compared with Thoman's estimate
OF 369, Geo. 900 bu for the coming CROP Not
withstanding all that, however, the private
reports from the state were generally to the
erect that the wheat crop was all but a total
loss Country milling demand was again good
and inquiries for the Southwest were num-
erous. Inc days sales to millers amounted
to 10000 Blu. Nothing was reported sold for
expectation. After the receipt Of the Modern
Millers estimate, the price broke quickly to
7OA 9, then gradually to 1880. It closed at
Corn was weak. May opened at 244@24xc,
which was the highest point of the day. II
gradually declined 10 24asc and closed at 24%
fell of at once. May opened a shade higher
at 17ssG1711c, cold OF to 17G17Ac, and closed
at 171tc bid. Provisions were decidedly weak
At the close May pork was 121zc lower at
1885; May lard 711c lower at 81 1711 and May
ribs about loo lower at s4.55. Estimated re-
eeipts Monday: Wheat Is cars; corn 30
cars; oats, 225 cars hogs, 80, 900 head.