The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-04
THINGS WERE ALL THEIR OWN
WAY IN THE CHICAGO WHEAT
PIT.
LIVERPOOL WAS THE FACTOR.
DEMAND FEATURES OF THE
DECLINE.
MARKET PROFESSIONALLY WEAK.
Net Result Was a Loss of Seven
Eighths for the May Option
Provisions Firm.

CHICAGO, March 3.-The bears in the
wheat pit, with the exception of a short time,
shortly after the opening, had things their
own way today, forcing the price of May
down to a point &c below yesterdays clos
ing. Weak cables and a poor foreign demand
were features of the decline. Corn and oats
were affected to the extent of a 1sc decline
each. Provisions, the contrary, were firm
and advanced 71R@10c
Liverpool was the factor at the opening of
the wheat market today. That market had
dropped %d of the previous days 1Ad ad-
vance, and remarked in connection with the
decline that although the damage to the win
ter wheat in Russia was said to be serious,
offerings of wheat there for spring shipment
were quite liberal. That was the chief reason
for a shade of easier feeling here, at the
start. May wheat, which closed yesterday at
7524G757sc, being offered at from 7534c down
to 7519c. A drop of 4-16 in English consols
and reported -four sales made yesterday at
Minneapolis amounting to about 100000 bbls,
caused a temporary irmness, which resulted
in an advance to 761Bc. This occurred about
half an hour after the opening. After that
the market was uncompromsingly weak,
both from the nature of the news received
and from the fact that business was dull,
which in itself is generally a sufficient cause
for decline The closing prices for the for
1Ad at Liverpool for the day. This partially
offset the effect of the decline in consoIs, and
when small seaboard elearances and an al
most entire absence of foreign buying orders
were reported, the market Immediately began
to decline, gradually but steadily. 1t got down
to 753sc before reactng more than 1sc and
only recovered to 1850 before resuming its
downward course. About an hour from the
close May sold at 74%c. Chicago receipts
were q cars, and Withdrawals from store to-
day were $4,000 blu. Minneapolis and Duluth
received 2S3 cars, against 100 a week ago.
and 434 on the similar day of the year before
Atlantic port exports of wheat and -four were
the smallest of any day for long time be-
ing equal TO only rs, GOO bu, the total wheat
being only $4,000 Blu. The market held COM
paratively steady during the closing hour
74B@75c being the final quotation for May
Corn a very dull market with the
range OF prices barely 14c The soft feeling
in wheat Influenced it some as well as the
gradual decline in the exports. The specula-
live demand was light, and there was some
tendency on the part Of longs to liquidate
Clearances were not so large 245 600 bu
May opened unchanged at 241bc, sold to 24Ac
then declined to 24c, where it closed. There
was scarcely any speculative trading in oats
and nothing of interest developed. Prices
were confined to narrow range, and were
controlled entirely by wheat and corn. May
opened unchanged at 17Bc, sold between 171k
ggIL oa4o, ana l6% nc, closing at lie bid.
firm market on the floor was provisions, and
the excellent demand which packers report
Tor the cash properly was given as the cause
OF the speculative strength. Packers were
liberal buyers and advances were recorded
OF lOc IN pork and TIC in lard and ribs Nav
pork, from $S.O5 at the start, rose to S. $50
S1f2, and closed at $8.15 May lard sold
from "a. O5@to $4.15, leaving off at the latter
inquire, and May RIBS from s4.171A rose to and
closed at 81 20 Estimates-Wheat, IS; corn
245; hogs SO, 900 head.
The leading futures ranges as follows.