The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-12
DOWN WITH BUMPS
BEARS IN THE CHICAGO WHEAT
MARKET NET WITH NO
OPPOSITION.
PIT POUNDED PERSISTENTLY.
MAY CLOSED WEAK AT A NET DE-
CLINE OF NEARLY TWO
CENTS.
CORN WAS SURPRISINGLY STRONG.
Oats Also Showed Only Trifin &
Loss. and the Hog Products
Scored Advances.

CHICAGO, March 11.-Wheat closed very
weak today at a decline of 1Bc. Disappoint-
ment over the reception given to the gov
eminent figures on the crop reserve made
a weak opening and the market was pounded
hard and persistently all day. Corn and oats
were surprisingly strong, corn closing I'M
changed and oats showing only trif:ng de-
cline. Provisions closed 21a@5c higher.
Wheat opened weak although at substan-
italy yesterdays closing price. The gov
eminent report of the quantity of wheat in
farmers hands March l was treated by the
trade at home and abroad with their usual
contempt for governmental agricultural sta-
dstics. Although the quantity on the farms
was estimated at only 88G90,O00 bu, the spec
uators were free sellers CT May at the open
Ing al from 741ac down to 74Ac and before
buyers enough could be found to absorb the
quantity for sale, it had declined to 73A0
1870. The market then took on a better
tone on a reported decline in consois, and
predictions Of a cold wave in the Southwest,
where such thing following the rains would
do considerable damage. The buying that
commenced proved sufficient to cause a re-
action to a shade above 743sc, or the point
the market closed at yesterday. Then it
turned weak again. There was no apparent
reason for it. but liquidation on a large scale
the session. The market yielded slowly for a
while, but when it once again got below FAC
for May it went humping down the lie steps
with a good deal more rap.dity, and landed at
73A@73Ac. Some. of the lines held by the
thick and-thin bulls went into the ravenous
maws of the bears when the price turned un-
der 74c.
AS far as domestic news was concerned, it
was bearish, but not enough so to cause such
against 55 last year. Minneapolis and Duluth
reported 32S cars, against 81 week ago,
and $50 a year ago. New York reported Is
boats of wheat sold for export, principally
for June shipment. About $1,000 blu were
sold here to domestic millers. The market
was under bear control to- the end the brok-
en-hearted bulls having abandoned hope.
After long struggle around 73c the price
broke in the last ten minutes of the session
TO 7212@723sc, and it closed without rallying
from that.
Corn held up remarkably WELL in great
contrast to it's action yesterday, prices hold
ing Stubbornly even when wheat was in an
almost panicky condition. Trading only
moderately active, and traders were encour-
aged by the small receipts and large clear
ances to accept all offerings. Clearances were
$4,000 Blu. May opened a shade higher at
24Ac, sold between 243sc and 24Bc, closing
steady at 241sQ 24l4c Oats were fairly active
and easy at the opening although prices were
higher. There was considerable pressure to
sell during the morning, but later a better
demand sprang up and prices recovered part
of the small decline. May opened a shade
higher at 17B@17Ac. sold down to lie, and
closed at 17q171sc. Provisions were firm on
a comparatively small trade. An opening ad-
vance due to the small hog receipts was lost
during the early weakness Of wheat, but both
foreign and domestic houses were good buy
ers, and the decline was more than recov-
cred, prices closing close to the top At the
close May pork was sc higher at $S.35; May
lard about 21ac higher at 81 .12h@4.1 5 and
May ribs &c higher at $445. Estimates
q, 600 head
The leading futures ranged as follows: