The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-18
SCARCITY IN SUPPLY
CHICAGO WHEAT HIGHER ON AN
ANTICIPATED SHORTAGE IN
THE CROP.
NET GAIN OF FIVE-EiGHTHS.
MARKET RALLIED SHARPLY ATT
ERR AN EARLY Loss OF ONE
QUARTER.
SLUMP REPORTED AT ST. LOUIS.
Manipulation Suspected, and the
AtIempt to work Prices Proved
to BE without Avail.

CHICAGO, Feb. 17.-Wheat closed strong
today at a Sc advance, although selling at
one time at 14c decline. A strong under-cur-
rent of frmness was perceptible, caused not
so much by European war news as by evil
dences of future scarcity in the wheat supply.
Corn advanced 1sdAc. and oats closed I'M
changed. Provisions broke sharply at the
opening. but recovered nearly all of the loss
later. Wheat opened firm at from 741sc to
74l:c for May. as against 74c yesterday. The
tendency for an hour after the start was
upward and it got as high as 745sG&c before
II had any serious reaction. From the latter
point however 1t turned in the opposite d.
rection and in about thirty minutes had IN
done the result of its earlier efforts and even
declined TO &c below the closing price of
the day before The first help for wheat came
from Liverpool, the quotations from which
market indicated considerable nervousness,
although accompanied by a statement that
the war scare had practically disappeared.
Higher prices for consols apparently confirmed
these reports. Nevertheless, Liverpool quo
tations were I'D lower to I'D higher, follow
ing yesterdays collapse here. The market
falling off in receipts quite factor. The
Northwest receipts were only 165 cars against
342 the corresponding day of last year. Chi
cagO inspected L cars into store. The de-
cline following the first advance brought the
price OI May uOWu 10 1914 anu WAS CduSeU
by a sharp break In st. Louis, where May
suddenly slumped from S44 to S25sc, and the
report was circulated that the break was
due to the fine outlook for the growing wheat
in the Southwest. This naturally led to a good
deal Of liquidation. A suspicion, however,
that the st. Louis manipulators were work
ing Chicago, and were aided at this end by
spectators playing for break, soon caused
prices to rebound to 74A, and later, after con-
siderable hesitation, the market started on
little boom, and had got to 7434c by 1890
O'Clock. New York said better inquiry for
wheat from the United Kingdom, and Balti-
more exporters were reported to be uncompro-
misingly and unanimously bullish on wheat
and flour. The latter city reported 10000 bar
relS OF flour sold there for export. Minneap-
lis millers paid &c per bushel over May
price for spot wheat, which shows clearly
the necessity they are under to increase
the inducements to country holders. The mar
ket closed firm at 1850 bid for May
Corn was dull, but rather inclined to firm
ness. Prices were helped By the great de-
crease in receipts. which amounted to only
2C4 cars and also by the closing 1rmness in
wheat, the fluctuations in which market
during the session were mainly repsOnsibIe
for the slight price changes in corn Heavy
seaboard clearanceS were again reported the
hgures being S64, 126 bus. May opened a
shade higher, at 237a05sc advanced to 23alc
and closed at 23B@&c. Nothing of conse,
quence happened in oats The market ap-
peared TO be resting and there was little dis
position to go either way. May opened un-
changed, 1850, sold between tic and 16%DAc
closing at 1890. Provisions got a body blow
early IN the day by the selling out of heavy
line OF May pork, and it took the market all
the rest OF the session to recover from such
an attack In addition the days run of hogs
was very heavy. All the packers took a hand
IN IN buying in the offerings and the recovery;
tnough slow, was steady. At the close May
k11 Ork was &C lover at $7.S213@7. IS; May lard,
112c lower, and May ribs unchanged. Esti-
mates mates; Wheat ha % cars; corn, 22O oats, 20;
The leading futures ranged as follows: