The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-24
TUMBLE IN WHEAT
FRE MAY PTTON AT
DOWN A CENT AND A QUAR-
TER.
WAR SCARE SUBSISTENCE,
ss TNDTCATED BY THE MARKET
NEWS FROM EUROPE, THE
FACTOR.
STATISTICAL NEWS WAS BULLIsH.
M RuNerS to Absorb the offerings
OF Those Who Were anxious
to Unload.

CHICAGO. Feb. 23.-Wheat suffered today
from the subsistence of the European war
scare. in addition to the lack of speculative
trading. The result was a lac decline. Corn
showed considerable frmness and advanced
lsc. Oats ard provisions closed at suoStan-
TALLY unchanged figures. May wheat, which
closed oS Saturday with sellers at 1850, OPP
ened weak today al a Sc decline, the first
transactions in that option being maze 81
757hG76c. Various causes contributed to the
oDening weakness. the most important one,
however, being the gradual elimination OF the
European war scare as a factor, as was evil
denced both by the advance in British con-
sois and the lower quotations from nearly
all the English and continental markets.
LIVERPOOL cabied that the c~OnsumPtiVe de-
mand for wheat was disappointing, explaining
thereby a decline Of I'D per Genital az the
opening. Northwest receipts were rather bear
ish at first sight. Minneapolis and Duluth
reporting a total of COS cars, compared with
2S4 last week, and 56S on the corresponding
day of the year before, but the large figures
were explained by the fact that they repre-
scented the receipts for two days.
Only for a short time was the opening
weakness apparent, for figures bearing on the
worlds supplies soon caused a better feel
ing. The official worlds shipments to Europe
amounted to only 1866, 600 blu, over 1000, GOO bu
less than had been expected, and the worlds
visible as finally reported gave the weeks
decrease at LAB, 900 bu, nearly 500, 900 bu more
than was expected. The total now in sight
is Is, 215, coo, compared with SOL, 0C0 blu at
the corresponding time of the year before.
The present quantity is less than was in the
visible July any year but one in the last
five. Business was small and chiefly confined
to local operators. They were inclined to buy
at the opening decline, and managed to gel
the price up to 1850 after an hours struggle.
Then the demand ceased, and when those
who wished to unload found no buyers a de-
cline was unavoidable. May worked gradu-
ally down until about an hour from the close
it touched 70. A reaction then occurred, the
price finally resting at 1880. Closing cables
were disappolntingly weak.
Business in corn was good, more activity
being observable in the pit than for a long
time. The market opened quietly enough at
a shade decline through sympathy with
wheat, but it was soon evident that the
scalping contingent was short and determined
to cover. Their efforts resulted in a substan-
tial advance, most of which was lost later
when wheat developed decided weakness. The
visible supply decreased 2,019, 900 Blu. Export
cIearances amounted to 500, 900 blu. May OPP
ened 7sc lower at 24Ac, touched 24hc, ad-
Nanced to 24Ae, then reacted to- 241ac, where
it closed. Oats were inclined to frmness, al
though opening decidedly weak in common
with wheat and corn. Shorts were active
buyers, and it did not take long for prices
to recover all of the opening decline, the
market being well supported to the close.
May opened &c lower at INC, declined to
17Bc, then advanced to 176sc, closing steady
at 17&sd17Ac. Provisions were steady and
disinclined to feel disturbed over the ~ftuctua-
lions of the gain markets. At the opening
a rather easy feeling existed in sympathy
with lower prices at the yards. Under good
buying by packers the slight decline was
recovered. Fluctuations in no case were over
&c. At the close May pork was a shade low
er at $7.95; May lard about sc lower at
$4O2A2, and May ribs unchanged at s4.071b.
ESttmates-Wheat 20; corn, 29O; oats, $40;
hogs. SO, 600 head.
HEX-div. l per cent.
The leading futures ranged as follows.