St. Paul daily globe., 1896-02-09
WHEAT RECEIVERS FROM EARLY
LOSSES, But CLOSES A CENT
LOWER.
BEARS TAKE THE INITIATIVE,
GIVE PRICES A
PUSH.
BUT THE MARKET WAS FEvERisR
Raid on Provisions Causes a Decline
but Buyers Were Plenty at the
Bottom.

CHICAGO, Feb ls.-Wheat played see-saw
today. After recovering from early loss caused
by disappointing cables, local influences con-
trolled the market almost exclusively May
hnally closing cent lower. Corn and oats
were affected by the late weakness in wheat
ana closed fractionaIly lower and provisions
also made slight recessions
Wheat started moderately active but the
strength which was expected to follow the
announcement cabled by the Liverpool Corn
Trade News yesterday that stocks of wheat
and flour in and a1oat for Europe had de-
creased 100000 bushels in January was not
forthcoming. The main reason for the weak
ness with which this market started was the
indifference Of the Liverpool market to yes
terdaVs strength here combined with the re-
port from Liverpool that the weeks ship
ments from Argentine amounted to $40 600
pusneis, and the larger receipt at Minneap-
OILS ana Duluth, 541 carloads
The bearish features held sway in the mar
ket iof half an hour, at the end of which time
the pulls commenced to give a fresh exhibi-
; tlon OF their faith in higher prices. The open
ing price OF May wheat was from 672lc to 6Slbc
VIII one or two small transactions as low
as 6lasc. After big business had been done
arocna @ o!a4c. the price gradually worked off
to 6712c again, and it was then that the
bulls took fresh hold and soon had the price
up once more to Csc. The news from Argen-
tlne about extensive damage to the crop was
Nc'AAA AS'ShCo, anu luele CAN no longer De
any doubt OF its substantial accuracy 1t
makes the statistical position remarkably
strong and leaves this country and Russia
substantially the only sources of supply for
the importing countries. The market re-
malnea ali day in its now normally feverish
eonditlon. After touching 681sc the price
tumpieo again to &c before the close on some
heaVy selling, supposed to be for Armour,
ana wound up at 671s@67Ac at which it shows
a loss of 1c for the day.
The business in corn was small and tbe
tnroos OF the market were light and lifeless.
ana Kept inside of 3014930sc until about
become weak. 1t broke to 309s@3O1a and
closed at that, against 3O5sc on the day before
In oats the feeling was easier influenced
by the heaviness in wheat. May opened a
shade lower, at 213s32f1zc sold at 21Ihc, de-
price - 3q'
The provision market was subjected to
something having Very much the appearance
OF an organized raid. The opening prices
were at reduction from yesterdays closing
prices. There were plenty of buyers at the
decline and some improvement, but near the
ciose the sellers again predominated and
prought prices back to a little under the
previous days final figures.
May pork opened about 5 cents lower at
from SlO.3fla down 10 $10.321a and after recov-
erfng to S104712, the close was at $1OS21a,
the lowest price of the day. Lard lost cents
and ribs closed unchanged. aa- 5Te -,l..sial
Estimates for Monday Wheat 125 cars.
corn. l6o cars; oats, 1S5 ears; hogs, 25O00.
The leading futures ranged as follows.