The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-03-17
CORNDOWN OVER2CENTS
HEAVY LIQUIDATION BY PRoMI-
NENT HOLDERS THE CAUSE
Market Closes Near the Bottom, With
Poor Support = Trading in Wheat
Moderate and Prices Steady Till
Brought Down by the Break in Corn.

CHICAGO. March 16.-There was a
preak OF over &c in May corn today,
due to heavy liquidation by prominent
holders, and the close was down l 3-4c
May wheat was off 5-Sc and oats were
i-ZQ o-oc lower. Provisions were cas-
Ter and the May product closed from
{ 12c to 25c lower.
Trading in wheat was only moderate
and the market held fairly steady the
greater part of the day, but the ex-
IRENE weakness in corn caused a de-
cline late in the session and the close
was near the bottom May opened a
shade TO 1-8c higher, at "A LIE to
~ l-2G 5-Sc, on comparatively steady
cables, the markets at Liverpool fail
ing TO respond to the decline here Sat
urday, and on small worlds shipments,
the decrease being largely from Rus
Sla ana Argentine. There was general
selling by commission houses, but the
offerings were we'll taken by pit trad
ers and local longs, and the price re-
manned steady until the session was
well advanced. when a reversion of
sentiment developed on the break in
corn and decline to 70 5-8c followed
The close was 5-Sc lower, at 10 $40
73 7-Sc
Clearanees of wheat and flour were
equal TO 1856, e60 blu. Primary receipts
were $4,000 blu, against 691, 600 bu a
year ago. The amount on passage
decreased 1,672,000 blu, and the visible
supply showed a decrease of 691 900
bu. Minneapolis and Duluth reported
receipts of sos cars, which with local
receipts of y cars, none of contract
grade, made total receipts for the
three points of 635 cars, against SOS
cars last week and 579 cars a year ago.
Liquidation in Corn Continued.
Enormous liquidation of May corn
lad in l. %,
modify, and with poor support the
market closed near the bottom. The
selling was a continuance of the Iia-
u1dation begun last week, and was
on scale sufficient TO satisfy the
most incredulous that the bull CAM
paign inaugurated several weeks ago
had been abandoned. The selling was
In big blocks, and at first was con-
lined mainly to one or two large op-
orators, but as these soon advanced
and no let-up occurred, the smaller
holders took alarm and joined in the
selling movement, so that for a tima
1t seemed as if the whole pit had corn
for sale.
The opening was easy, on lower ca
bles. May being a shade lower, at
46 3-4@ As Use, and from the tap Of
the bell until late in the day the mar
ket experienced a gradual decline. At
A Use there was some covering by
shorts, and slight reaction occurred,
the close being off 1 3-4c, at As 1-Sc.
Statistics on the whole were bullish,
but had little effect on the situation
Local receipts were 369 cars, with 1
of contract grade.
sr Oats Not Much Better.
There was early selling OF oats on
the increased receipts, but the offer
lngs were well taken and the market
held quite steady until late in the
session. when prices declined with
corn The volume of trade was only
moderate. The close was weak and
1-2@5-Sc lower for May, at "a lie
after selling between "a 1904 SAC.
Local receipts were Alb cars.
There was considerable liquidation
in provisions, induced chiefly by the
weakness in corn, though local receipts
of hogs and a decline of from sc to
1Oc in prices at the yards were early
bear factors. There was no effort to
support the market, and the whole list
slumped off, the close being weak and
25c off on May. pork, at $17.S7 IL. May
lard was down II 1-2c, at 1895, and
ribs were Z 1-2c lower, at $987 1-2.
The estimated receipts for tomorrow
are: Wheat, 20 cars; corn, 375 cars:
oats, 220 cars. and $4,000 head Of hogs.
Range of Quotations.
The leading futures ranged as follows: