The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-12
LIQUIDATION by LOCAL TRADERS
AND WEAK FOREIGN MARKETS
THE CAUSE.
NET SEVEN-EIGHTHS LOWER
TN AN uoIP THE PRICE OF MAY
FELL Off A FULL
CENT.
CORN BELOW THE LOWEST PRICE
All Records Since the May Option
Has Been Traded in Broken
Provisions Down.

CHICAGO Feb. 11.-Wheat declined &c to-
day liquidation by strong long holders and the
general softness of foreign markets imparting
a decidedly bearish tone to the marke~
throughout the. session. Corn and oats were
easy on a small amount of business, but
closed at sub tantialiy unchcng> d prices. FRO
visions suffered another slight decline. May
wheat, which closed yesterday az 76@sc, open
ed today at 1865 6765sc. There were only
few sales at the higher Of the quotations, as
the influence which prompted the advance last
ed for only a few minutes. This was the
decline in English conSols, which taken In
connection with the unsettled European poll
teal situation, was thought TO indicate dan
ger of war, but this almost Immediately
lost sight of. Liverpool opening cables show
ed I'D decline. This did not indicate any
apprehension on the part of the foreign specu-
lators. The cables brought the information
that a lot of the California wheat shipped to
India would be reshipped TO English markets.
The effect of the news was to cause break
TO 1910 in a short time At this point there
was a rally on buying by shorts and little
bull news in the shape of crop damage reports,
which carried the price to 763sc by IL o'clock
Then the big slump of the day occurred, the
market in half an hour taking a straight 1c
drop. This started by the report that 10
cargoes about y 600, 600 bushels, were now
afoat for Europe, and will arrive next month.
The presumption was that Such large amount
Of wheat would bear the market there.
1t led TO extensive liquidation in which some
of the strongest holders in the pit participated.
After the scramble to unload was over, the
market quieted down somewhat and a slow
recovery to 1859 ensued. This was only tenn
porary, however. Liquidation started again
during the last hour, and the market being
weakened by the large unloading was easily
forced down to 751sc. The market had re-
covered to 7512c at the close.
Corn suffered little in sympathy with the
decline in wheat, May getting down to 2315c
which is the lowest it has sold for so far this
season, or indeed, at any time since it has
been traded in for May delivery Local shorts
did some covering at the concession in the
price sufficient to cause a rally TO the open
ing ngures. The export figures, STA. coo bushels
were considered d favorable factor. May open
ed at 233sc, sold between 2372Q23$4c closing
at 259sc. Oats were quiet and featureless
AT the opening a steady feeling existed but
later on in the day when wheat declined a
similar action took place here There was
and general. May opened a shade higher at
- Sc, sold to l7Ac, dropped back to lie, and
closed with that price bid. Trade in pro
visions was light and prices suffered another
small decline in sympathy with the lower
yard prices. There was some covering by
shorts near the close, and part of the early
loss was recovered. Packers were the princi-
pal sellers May pork closed about 21bc low
er, at $I.6t42; May lard 212c lower at SO 80
and May ribs about 21ac lower at SO 921S.
Estimates: Wheat, %; corn $50: oats. 355:
hogs, 10000. There will be no market to-
morrow, legal holiday
The leading futures ranged as follows: