St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-05
WHEAT GIVES WAY UNDER CON-
TINUED BEAR NEWS AND VERY
HEAVY SELLING.
THE TROUBLE COMES EARLY.
ONE CENT DECLINE IS NOTED ON
THE FIRST TRANSACTION OF
THE DAY.
TRADERS WE'RE MORE NERVOUS
And Doubtful Whether Or Not the
Decline Is Beginning of What
They Might Expect.

CHICAGO, Feb 4.-Wheat broke &c today.
II wound up with a net loss of 1%c. The
news all day justified the break, but whether
II is merely a pause in the advance or the
beginning of material decline the operators
were puzzled to determine. There
notable absence of support by the heavy op
orators. All other markets sympathized, corn
declining Rc and oats &c. Provisions also
had a sharp decline. There was a good deal
of realizing in wheat at the start and a con-
siderable amount - Of short selling, under
which there was break during the few min
utes nearly &c from the high point reached
yesterday. The first transaction was at fully
1c decline from yesterdays close, and the
market soon went off fully 1ac more. The
traders were nervous and unsettled in
their views as they have been for week.
The appearance OF an order in the pit to buy
or sell 100 900 blu would set the entire crowd
To following in line with the direction Of the
order and occasionally they would lead 1t,
making the execution of instructions given to
a broker exceedingly difficult. After two
hours of quite active business the pit SIM
mered down to comparative quietude for
time. -
The foreign markets signified their emphatic
dissatisfaction with the advance here yeSter-
day. Liverpool did not bulge this morning, as
shown by unchanged quotations, and in the
course Of the forenoon advised decline of I'D.
In addition to the Indifference of foreign
kets the receipts at Minneapolis and Duluth
numbered 664 cars, surprising increase. A
report from San Francisco saying that three
cargoes OF wheat bought for Australia had
been resold helped to continue the weakness
with which the market opened. This report,
however, proved false, and the result was
gradual growth of confidence and nc advance
in price, but the selling again became active
and 1ac was lost before noon May opened at
673sc, sold to 6719c, broke to 66Ac, then up
gradually to 67Ssc, off to 671sc and at noon was
67asc. The market turned very weak under
renewed heavy selling during the last hour
and sold Ac below the high point yesterday
and 1Bc below the close last night. May
closed comparatively steady at 66sc.
Corn ruled quiet and weak. The weakness
small estimate for tomorrow steadied it some
May opened about Nc lower at 3O5sc, fell to
0O4sc and at noon was about 30bc. There was
decided weakness during the last hour and
May closed at 30Ac, with liberal offerings at
that figure. Oats were quiet and Joined in the
general weakness. May opened Nc lower at
2l9sq2l12c, sold down to 21Bc and was offered
at 2lAc at the close.
The trade in provisions was light until the
last hour or so of the session, when it became
actlVe at the expense of values. The opening
was at a decline of 15c in pork TIC in lard
ana from 5q72c in ribs. The highest prices
or the day were made at that time and the
lowest at the end Of the session. Pork which
closed worth $10.75 for May yesterday. wound
up at 5000 today. Lard lost 15cs and Nav ribs
zoe. 49, - ~"
Estimates for WednesdayZWheat. o. cars.
corn, $50; oats, $50; hogs, $4,000.
Inc leading futures ranged as follows: