The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-01
LONGS LOST HEART
BEARS PERMITTED TO RUN THE
WHEAT PIT AS THEY
PLEASED.
MAY THREE-QUARTERS DOWN.
AT ONE TIME 1T WAS WITHIN
AN EIGHTH OF SEW
ENTY.
OTHER GRAIN MARKETS STEADY
Corn Closed a Shade Higher and
Oats at Unchanged Prices-PrO-
visions About the Same.

CHICAGO March 31.-The longs in wheat
were thoroughly disheartened by further
sharp break in the market today, May clos
ing at a &c decline. 1t sold within Hc OF
roc at one time. Weak cables and a poor
cash and export demand started the decline,
which continued almost without cessation all
day. Other grain and provision markets were
comparatively steady, corn closing a shade
higher, oats unchanged and provisions 272c
lower to 21ac higher.
Liquidation of long May wheat began with
the tap of the opening bell, and continued
all the forenoon. BY IL o'clock the price Of
that option had declined TO 7O3s@701Ac, COM
pared with 711a@715sc at the close of the mar
ket Yesterday. It opened at from 71@71sc.
While May was making the decline OF 11sc
referred to, July lost 5sc. July could any
time during the decline be sold in considerable
quantities at the bid price without further
depressing 1t, until a greater concession was
forced by the difficulty Of finding buyers for
May. The additional weakness abroad and
no appearance of any buying by foreigners,
Notwithstanding the daily inducement offered
here of lower prices were the bear fac
tors. Liverpool quoted a decline Of I'D at
the start and a further loss Of 12d later
in the day. private cablegram from Liver
pool reported arrivals there of cargoes of
this morning. Minneapolis and Duluth re-
ceipts were 391 cars, compared with 1893
week ago, and 2S7 last year. The receipts here
were IA carloads. Exports OF wheat and
flour from Atlantic ports were equivalent to
$4,000 blu. New York reported prominent
firms there selling wheat futures ON cable
orders, and selling out long May wheat held
for foreign account feature Of the
pit transactions here at the opening There
was rumor near the end of the session that
the decline in price had awakened a little
export inquiry at the seaboard and that
70 boatloads had been worked. The most that
could be confirmed, however, was two boat
loads. The milling demand at Chicago was
satisfied with q, 600 blu. The decline in May
to 1880 701hc was followed by a slight rally
which took 1t to 7O2c, and that by another
decline to 7O1sc. and a recovery to 7OZc, at
the close. July got as low as 69%@6y1zc and
closed at 69A@7Oc.
Corn held remarkably firm in contrast to
the weakness in wheat. The fluctuations were
insignificant but the tendency was for the
most part in the direction of Improvement.
Wet weather West with good prospects Of
continuance of the same light receipts 1902
cars, and good exports, 49, 900 bu, all tended
to hold prices steady at a shade above yes
terday's prices. May opened a shade lower at
Z4Mc, sold at MB025c and closed steady
at 24Mc Considering the weakness in wheat.
oats, like corn, were relatively very firm al
though there was scarcely anything to in
fuence such a tendency. No news items de-
Ve1oped, business was dull and prices confined
to narrow range. May opened at l71sD17Ac
sold to 17AQ173sc, and closed at 17IAc bid.
Provisions opened rather weak because of
fairly liberal receipts of hogs at Western
points. At the decline, with which trading
commenced, there were buying orders enough
to prevent any further loss, and near the
end when wheat had got turn for the better,
the decline was all recovered, with small
traction to the good. At the close May pork
was $S.5715, May lard $4.221k and May ribs
$465. Estimates Wheat, q cars corn, 113
cars; oats, 121 cars; hogs, 25, 900 head
The leading futures ranged as follows: