The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-05
ALL OF THE DECLINE OF WEDNES-
DAYS SESSION RECOVERED AT
CHICAGO.
OPENING WAS VERY WEAK
SHORT COVERING ON AN OVER
SOLD MARKET RESULTED IN
A RALLY.
CORN AND OATS SHARED THE RISE.
Net Fractions Gained by the Coarse
Grains While Provisions Closed
at Small Changes.

CHICAGO. Feb. 4-Wheat today recovered
all Of the &c it lost yesterday, closing at the
same price it did Tuesday. The closing ad-
vance succeeded a very weak opening ana
was caused more by the covering of shorts
ON a somewhat oversold market, than to any
real statistical strength. Corn and oats
shared in the strength to q degree corn ad-
Vancing Kc. and oats lice Provisions were
heavy but show slight changes. Two factors
contributed to the weakness with which wheat
started. The principal one was lower English
cables. especially those bearing on the Liver
pool market. Some OF the earlier Liverpool
cables reported decline of 112d with wheat
pressing for SALE" as they put it, as the
decline or this side yesterday amounted to
only sd, it could not be attributed altogether
to sympathy; in fact many regarded the
slump as a result of manipulation, pure and
simple but it had its effect on opening prices
nevertheless. The other factor was promi-
nent yesterday, it consisting of reports that
much of the recent cash business had been
sold again for May delivery. For a few
minutes after the opening, traders were rath-
er on the fence. Not so much offered
for sale as had been expected il view of the
low Liverpool quotations. and this fact en-
couraged some traders to buy, with the re-
suit that a slight advance ensued. But the
liquidation, though delayed, came at last,
and for half an hour the pressure to sell
was persistent and heavy, not only from those
anxious to hquidate but from professional
bears, putting out additional short lines.
Opening trades In May were made at 1850
74l2c, as against yesterdays closing price of
747sQ75c. After a brief rally to 75Ac an
irregular decline to 7414c followed This was
the lowest point of the day, and proved to
be the rallying point the price reaching
761sc shortly before the close. AS far as
fresh news went there nothing of mo-
ment added, further than confirmation by
cable from London of the reported SO per
cent deficiency in condition of French crop,
compared with last Februarys showing. An
old but still active trader remarked that he
thought the market was much congeSted
with wheat sold short as it was with long
wheat, when the price Of May was S513c.
After 76lsc had been IGached, some reaction
followed but the closing was strong at 75%c.
Corn was dull, but firm most OF the ses-
sion. Gables were lower and local receipts
liberal but, although the market was heavy
for time, prices never got below yeSter
days close. During the last hour more
active demand sprang up in sympathy with
the advance in wheat, and prices advanced
accordingly. May opened unchanged at 24c,
and advanced slowly TO 2414c, where it closed.
Oats were active from start to finish, selling
by shorts, which started Immediately after
the opening, brought about a decline and
for time the market was decidedly weak.
The rally which ensued was brought about
through sympathy with wheat, many who
sold early buying back their lines. May
opened unchanged at 179s Q17a4c, declined to
113sc, and recovered to 17&@177sc, closing at
17$4c bid. Provisions were weak though
keeping within narrow limits. There were
good reasons for frmness, in the strong hog
market, and light yard receipts, but never
theless the market acted heavy from the
start. About all the business, however con-
sisted Of commission house selling of lard
At the close, May pork was 21ac higher at
S.5712; May lard &c lower at Sc. SO63. S21h
and May ribs unchanged at $3.S71a Estimates:
Wheat 25; corn $50; oats, 280; hogs 19, 900
head.
ne leading futures ranged as follows.