St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-17
MAY WHEAT STILL LOWER.
the TICKLE CEREAL SOLD DOWN AS
Low AS 81 f-2.
RUMoRs OF BIG FAILURES.

directors OF the O., b. & Q. Rail-
g. way Declare the Usual Quar-
terly Dividend of 1 ia Per
~ Cent, Which Removes an Ele-
iQS Market-Railway bonds Firm.
iv szH
CHICAGO, Feb. 16.-May wheat sold at
57lSc today, but rallied and closed nc
higher than yesterday. Rum0rs of an
impending failure here caused a weak
opening, and free selling sent the price
down TO the new record, but covering
by shorts and buying orders sent values
up, and May closed at $500. May corn
closed &c higher, May oats &c higher
and provisions closed strong and higher
after an early decline.
The wheat market opened at still
lower level today. There were few
sales for May as low as 57}lc, but the
bulk of the first transactions were at
from 57a4c to a shade higher. That
was drop of from &c to &c since
yesterdays close. Rumors of i'm
pending failures in the trade here had
UCCu IlSNuOHliJ VII InC SutO
yesterday afternoon. One firm sold
about 100000 bu wheat after the close
yesterday. it was claimed. There was
a wave of returning confidence which
endured for about twenty minutes after
the start, but deSpairng sales by I'M
nerved holders at the slight advance
which occurred, May touched 5S12c,
sent prices tumbling again, and before
forty minutes of the session had passed
the price of May wheat had dropped to
5715c, a new low price record. The
Liverpool market was weak, and the
continental markets came lower for
futures. There had been re-
covery there from 571ac for May
anceS from the seaboard and the decline
in continental cables caused another
downward reaction to 57I@571sc.
There was plenty of buying Oruers late
in the day, which gave the market
firmer tone toward the end, and $500
was the ruling price about half an hour
from the close. There were a few sales
near the close at $500, and there were
sellers at that when the closing bell
sounded, May closing at the top. May
opened at 5Sc, declined nc, advanced
&c. declined 1c and reacted l &c to close
at $3.50.
Corn was moderately active, auctua-
tionS being little more frequent within
limits of 5000. The general tone.
with the exception of short spell at
the opening, was firm. and the closing
showed a gain. The opening was frac-
tiOnally lower, and sold Off shade
more, due to the uncertain action Of
wheat. but at the decline good demand
was developed, while the offerings be-
came correspondingly smaller, resulting
in all advance of 5000. Local reallz-
ing carried tie price back about &c,
when the market ruled firm, closing
with May at the days top figures.
In oats there was fair trade and an
irregular feeling. The opening was
weaker and 1s@1c lower, but reacted
and closed higher. There was moder-
ate selling early, but the offerings found
ready takers, and a better feeling de-
velOped. The rally in other grains also
helped the market. A good demand
existed for cash lots, which also assist
ed In making the tone better, and May
closed at the days top figures.
There was fairly active trade in
provisions at better than Yesterdays
prices. The lowest price of the day
prevailed at the opening, and the high
est at the close. The packers were good
buyers, the most conspicuous being the
Chicago Packing company. Baldwin
was a buyer, presumably on All order
for some packer. Hog receipts were
&c, 500, instead of 10000 as estimated
yesterday. The quotations from the
Yards showed declines. of from Sc to 1Oc,
| WHICH aided in the early decline, while
the later action of wheat the rallies,and
rather free buying caused the suDse-
quent advances.
There was gain for the day at the
close IF 2719c in May pork, 10c in lard,
and 1910 in ribs.
Estimated receipts for tomorrow:
Wheat, IS cars; corn, 430 cars; oats, 90
cars; hogs, $4,000.
The leading futures ranged as follows: