The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-18
MORE SELLING IN CORN
1T DROPS A CENT, BUT A RALLY
TAKES PLACE
Sensational Opening, With a Wide
Range on May-Wheat Holds Up Re-
markedly WeII-This and Oats Are
Higher at the Close.

CHICAGO, March 1.-THE corn pit
was the scene of another selling move
ment today and a further decline of
over cent was made in the May de-
livery, but rally occurred the latter
part of the day and final figures were
off 5-S@3-Sc. May wheat closed $50
Lee higher, and oats were up Use.
Provisions closed weak, with May
products from 15c to 81 1-2c lower.
There was only moderate trade in
wheat, but in spite of the break in
corn, the market held up remarkably
well. May opened shade to 1-s@1-4c
higher at 70 7-S@74c, the early firm
ness being due to the relatively strong
cables, the Liverpool market failing to
respond to the weakness here yester-
day. The sharp break in corn, how
ever, resulted in a decline to IS 5-8c,
but with little for sale on the decline
and with shorts covering freely and
some scattered buying for long account
the market quickly rallied and a firm
tone prevailed throughout the remaind-
er of the session. Bradstreet's report
showing decrease in the visible sup
ply of 100000 blu, together with bet
ter export demand. added to. the
strength, and May sold up to "A LAO
"A 3-Sc. The close was 3-8@1-2c high
er at "A Lac.
CIearances. Of wheat and flour were
equal to 100000 blu. Primary receipts
were 453,100 blu; against 1865 blu a
year ago. Minneapolis and Duluth re-
ported receipts of 245 cars, which, with
local receipts of % cars, 1 of contract
grade, made the total receipts for the
three points 270 cars, against 399 cars
last week, and 435 cars year ago.
Sensation in Corn.
There was a sensational opening in
corn and the range on May was fully
To or hn
started yesterday was continued when
trading began today and a large vol
urne of long stuff was thrown on the
market the first half hour, which re-
suited in May selling off to 43 7-Sc, aft
er opening unchanged to 1c lower at
"A 1-8c to As. Use. A fairly good de-
veloped under 44c. but the
recovery until late in the day, when a
rally occurred and an advance to
a 5-8c was made. The close was $50
3-4c lower at A 3-S@44 1-2c Local
receipts were 1872 cars, with l of con-
tract grade.
The feature in trading in oats was
the active demand for the July option,
which served TO check the selling move
ment In May, started early on the
weakness in corn and with offerings
rather light, a better tone developed A
good cash demand and moderate re-
ceipts-227 cars-aided in the upturn.
The close was firm and 1-8@1-4c high
er at "a 3-8@34 1-2c for May, after
selling between SO 3-4c and 81 $3.50
81 LIE.
There was a severe decline in provis-
ions and at one time it was extremely
difficult for brokers to execute selling
orders. The weakness in corn, together
with a decline in prices at the yards,
started the selling, and it was not long
until everyone seemed to be anxious to
secure profits or to stop losses, and the
price on all products took sudden
drop. At the lower level there was
some covering by shorts. which caused
slight rally, but the close was weak.
May pork closed 35c lower at $17.52 IL,
after selling between $f7.42 1-2 and
$17.82 1-2.i May lard was down 15c at
$3.50, after ranging between 1857 1-2
and 1895. Ribs were down 81 1-2c at
$3.50, after selling between $9.77 1-2
and $3.50.
Estimated receipts for tomorrow:
Wheat, Is cars, corn, IA cars; oats, los
cars; hogs, 10000 head.
Range of Quotations.
The leading futures ranged as follows: