The Saint Paul globe., 1899-03-17

CHICAGO. March 16-More reassurlng
pevs about the prospects for winter
wheat today heavier offerings IN Eu-
rome from Russia and Argentina and ao-
sence of any export demand to speak OF
for American wheat caused such heaNs
Goufdation that under the leadership Oh
wheat prices in all the grain markets
broke severely. At the close the following
losses We're established: Wheat, Zc' corn;
zG1c and oats ld1lsc. Pork left of un-
changed. and lard and ribs shade lower
At the early batch of crop reports re-
ceived by commission houses did not IN
dicate Very serious damage TO winter
wheat. and California confirmed the
breaking of the drought in that state
wheat spectators commenced business III
q beafish mood There were other mat
ters in the early news that likewise con-
tributed to the selling spirit with which
traders were imbued at the beginning OF
tbe session. Liverpool quoted futures
from SsU&.d lower and a cold wave that
had been predicted to succeed yesterday
moist weather proved of too mild type
to raise any further apprehension apout
damage to winter wheat. May opened "A
@asc lower at from 6914@e93sc down to
6psc with both sellers and buyers at
those figures. The buyers were more per-
sistent. however and continued bidding
gradually. raising their bids until they
finally had shorts on the run and got the
price of May up TO 697sc.
The foreign demand for wheat was very
slack. and Beerbohm reported Russian
offerings of wheat increasing, while Ant
werp cab!ed that Argentine was offering
wheat very freely in that market. The
bears took fresh courage when those an
nouncements were made, and scalpers
who had bought at the opening also
turned sellers BY the selling out of long
wheat and selling short the market got
down below the starting price.
Chicago received only 43 cars, against
147 a year ago. Minneapolis and Duluth
got 27g cars compared with $50 a week
ago and 231 for the same day last year.
Atlantic port clearances were equal in
wheat and flour to $4,000. Long wheat
came out in big chunks when May goS
under 69c, which it did about an hour
from the close 1t broke in the last hour
to 671ac, and closed at 671aQ675sc.
Extremely small country acceptances
and light receipts held corn steady until
near the close The profound weakness
of wheat at length, however, alarmed
some longs who began putting their corn
upon the market, where there were no
buyers and the price accordingly suffered
a bad break Receipts were 216 cars. May
opened unchanged at Csc, advanced to
S5Ac, sold off quickly to 34c and closed
with buyers at 34d3h4c.
In oats there was general liquidation
on the part of longs, and as the market
declined, stop loss orders were drawn in
and added to the downward tendency Re
ceipts, 70 cars. May began shade lower
at 26I4c, rose to 261@c, then slumped to
25lzc and left off with buyers at 259sc.
Heavy buying by shorts against light
offerings caused an upward tendency in
provisions early. Later some selling in
duced by the weakness of the cereals re-
suited in the loss of the Improvement.
May pork started a shade higher at $9.1715
Q9.20, advanced to $9.27l5, then declined
to $9.1712. the closing price. The range in
lard and ribs was very small.
Estimated receipts of hogs for Friday
23,e00. The estimates on grains were not
oh ainable.
The leading futures ranged as follows: