The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-14
MARKET SUMMARY.

CHICAGO. March 12.-The break in Wall
street maze another bad quarter of an
hour in wheat today. causing July to break
about &c There was another struggle in May
between the Letter and Armour interests,
but Letter managed to maintain the former
price. Letter applied to the directors for
marginal price on May wheat, which tended
to relieve the tension toward the close. The
days decline in July was 1lsc. Everything
else on the floor showed weakness, especially
provisions, declines of 71a925c being recorded
in that market. Corn closed shade lower
and oats lost AQ2sc.
Wheat started off as if q rally after the
weakness of yesterday was to take place
Holders were encouraged by the steadiness
shown by the foreign markets, especially
Liverpool, In the face of yesterdays tumble
in prices here. 1t was also known that
Letter had placed additional shipping or
ders of nearly 10000 bu. Offerings at first
were in comparatively small volume, while
quite good scattered demand was apparent.
Sales were made for July at the opening at
SS129SSSsc. This was lac yesterdays
closing price. and the buying demand was
good enough to add another small fraction
to the price in short time. The market
held fairly steady for some time at around
that price. but finally the weakness in Wall
street giving rise to apprehensions Of liquida-
tion in everything else, brought longs into
the market to unload. 1t also resulted in an
almost total cutting off of support and pro-
fessional shorts. taking advantage Of that
fact. hammered the price down rapidly.
For about fifteen minutes the market was
exceptionally weak July selling down with
out stop to S624c. break OF csc from the
high point. The decline brought a good many
stop-loss orders and considerable selling was
also done through fear Of another attack
on May by the big bears. In this, however,
holders were agreeably disappointed Plenty
of May was offered but there was nothing
like the concerted attempt to break the mar
ket which took place yesterday, and Letters
brokers had comparatively little difficulty in
-teeping the price at S1.04. Another influen-
= i factor was the New York bank state
The market after getting down to $3.50 for
July. gradually grew quieter. The steadiness
OF May had a good effect on the nerves of
The July holders and brought some of the
early sellers back. Shorts who had big
l(ronts on the break also covered freely and
lie price gradually crept back to S6Sc.
Then for some time almost q holiday dull
cess prevailed with fluctuations infreouent
sad narrow. Late in the session good deal
~ excitement was caused by a formal ap-
'2Ecation by Letter to the directors for a
marginal price May which was done he
said. in order to relieve the tension. This
lotion had favorable effect on the market
..hd resulted in a further advance in July
mat delivery finally getting up to S71s@S7Ac
lNhere it closed. May closed at slO4
After the session closed it became known
1;!at Letter had sold 100000 bu of contract
meat to Counselman & Day. The price was
rot stated. Letter merely saying it was dis
posed cf at market price
Corn was weak with wheat May ranged
from 304 QSO$sc to SOC and closed at 5000
5Ot4c. In oats quite a good business was
done May ranged from 26&c to 26c, and
ciqsed Aq98c lower. at 263s@267sc.
Provisions We're weak from the outset.
lay pork closed 25c lower. at 1895; May
ard, 712c lower, at $5121s, and Nav ribs
A5out 1Oc lower, at $5.O21aG5.05.
Estimated receipts Monday: Wheat 135
cars; corn. 800 cars; oats 313 cars; hogs 30
head. w
TIE leading futures ranged as follows: