The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-08
SLUMP OF FOUR CENTS
In PRICE OF MAY WHEAT.

only one side of the market and the suffer
ers call it pernicious activity on the part Of
the bears. Whether it be the bears aggres
siveneSs or inherent weakness of the bulls is
question. We are of the opinion that the
latter should bear the blams for they unload
ed right and left without apparent thought.
For good quarter of hour it looked
like race between the Chicago clock and
the local clock, with the latter going 1t
bhndly, not perceiving the fact that it had
outdistanced its rival on the down track. At
1920 a. m. there was a sharp halt. Prices
turned on the up grade and recovered about
one-half of the first loss by 1920 a. M, after
which the market steadied and acted fairly
strong up to nearly noon. The news of the
day was discouraging to holders. Bradstreets
report of the worlds visible, was the prime
cause for the weakness in wheat on the curb
yesterday afternoon and Liverpool advised
this morning that the trade there was sim
ply astonished at the figures. There are but
few who believe that the figures right.
Whether they be true false they have
had their ba.eful fleet. New York advised that
foreigners were heavy sellers of the May OPP
ton and that the only buying of moment was
on Northwestern account Crop reports adj
vised of some improvement in the winter
wheat crop. Tips are given out that the
government report will show condition of SO
per cent, against I'll per cent last year
and 80 per cent last December. London
cable reports that the weather is very unfavor~
able to growing crops in England and France
ana that complaints are increasing daily in
the latter country. Duluth advises that YES
sells are busy taking on cargoes of wheat and
two or three days at most. 1t is said that
nearly all the stocks in store at that point
are engaged for export. The movement dur
ing the next ten days will prove the truth or
falsity of the statement. New York reported
900 bu wheat taken for export before noon.
May wheat opened at 665sc, against 67hc
yesterday, declined to 6614c, advanced to 66A
@663sc, sold down to 6GAc, frmed up again
to 6612c by 1920, dropped to $3.50, frmed up
to 66B@66Ac, again sold down to 656s@65Ac,
gained Lice by 11:40 and by noon held at
6519c.
July wheat, opened at 671sc,- against e7a4c
yesterday, sold at 667Ac, frmed up to 67 Lice,
dropped to 66Ac, gained nc, declined to $685.
f1rmed up to 6634c, lost &c, advanced to 66hc
by 1870 and by noon held at 661Ac.
The demand for cash wheat was good for
all grades No. 1 northern sold at 1920
premium over May. Sales were made as per
statement below. Receipts here were 1853
cars and 80 cars shipped out.
The market during the noon hour was very
weak and nervous, bordering on a pancky
feeling. Stop loss orders were encountered
and heavy unloading of May wheat was
the result Values dropped from 651ac to
649sQ64Ac by 1890, against 67Mc the clos
ing price yesterday. Closing cables quoted
Liverpool at 112d decline from yesterday for
futures and 1ad for spot; Berlin wheat 2
marks lower for May and / mark lower for
July; Paris centimes lower.
April wheat closed at 65a4c, May at 642sc
and July at 65hc.