The Saint Paul globe., 1897-04-29

CHICAGO, April 2S.-An active, irregular,
feverish wheat market today came to close,
after an early rise of 1c per bu had been con-
verted into a net decline of 1Ac. Corn and
oats, on the contrary, were stronger at the
close. Provisions were heavy at moderately
lower prices. The only apparent reason for
the collapse was attempt to realize on
wheat bought on the advance.
In wheat firm opening was caused by the
early Liverpool cables which came much
stronger than was anticipated, in view OF yes
terday's decline here. July, which closed the
day before at 713sQ711ac, opened at from 7l%4
to 72c, and, after some scalpers had disposed
of what long wheat they had, and in the part
ing with it depressed the price OF July TO
711bc it began to rise again and had reacheo
721L@72aac before 10 o'clock. From the action
of the market it was evident that spectators,
as a rule. favored the buying side, Influenced
nv the sharp break of the past two days and
the tendency Of the market during the morn
ing was to advance on the slightest encour-
agement Immediately after the noon hour
the previous upward tendency of the market
and confident buying by the bulls gave place
to the exact opposite. So sudden was lhe
change that July, which in the meantime had
sod as high as 7211c and worked back again
to TIC and was worth the latter figures at
1905 o'clock could not be sold at Tic at
1910 D. m In about fifteen minutes more 1t
had tumbled to 69a4 @69Bc, drop OF 2%c per
bu In twenty-five minutes. The reasons Tor
such a sudden collapse must be ascrlDed en-
tirely to speculative conditions in the pit An
ATTEMPT to sell out 200 600 bu of wheat, bought
during the forenoon, was perhaps the direct
starter of the collapse. The selling was re-
garded with all the more suspicion as 1t COM
meneed as soon as Bradstreet's visible supply
statement was made known, as that was bull
ish 1t gave the worlds decrease at 2,569O00
bu. decrease Of about half as MUCH was
au 41sut was expected. The ciosin5 caDles
were very disappointing, Liverpool showing a
decline for the day of from %d to 112d per
Genital Some reaction took place before, but
the market was nervous and weak to the
end; 7O1kc was the final quotation for July.
Corn was steady and very dull, with but
little changing from May to July going on.
More rains West had a steadying influence,
and the break in wheat had no effect. The
visible supply decreased 100000 bu. July
opened a shade higher, at 253sc sold shade
below that and advanced to 251bG255sc, where
it closed Oats were firm, especially so in
view of the break in wheat The rains west
caused the steady feeling early, and good
shipping demand helped later. The visible
decreased 900 900 bu. July opened 1sc higher,
at 1Sc, sold at 177sc, and advanced to 1880
That was the closing price. 1t was merely a
day of changes in provisions but prices held
fairly steady, notwithstanding the dullness
Toward the end the market was affected by
wheat and prices, which had recovered from
q slight opening Decline sagged down again.
At the close July pork was about 712c lower,
at $S471a; July lard, &c lower, at $4.15, and
July ribs sc lower, at $46212 Estimated re-
ceipts Thursday: Wheat 4 cars; corn, lOI
oats, 172; hogs, 10000 head
The leading futures ranged as follows: