The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-02
PANIC IN THE PIT
CHICAGO WHEAT MARKET OPENED
WITH A WILD SCRAMBLE TO
UNLOAD.
WEAK CABLES THE CAUSE.
LOCAL TRADERS DEMORALIZED BY
AN UNEXPECTED SLUMP IN
FOREIGN PRICES.
PARTIAL RECOVERY BEFORE END.
Closing Price Cent Above the Low
Point, But at n Sharp Net
Loss.

CHICAGO, Feb. Wheat Was radically
weak at the opening today, but recovered 1c
per bushel from the bottom price before
the session was over. 1t was still, how
ever, nc lower in the end than it closed
Saturday. All the trouble was caused by
the Liverpool cables, the break in that mar
ket being souneXpected that it resulted in
almost complete decentralization for a time.
Corn and oats retained their previous values
but provisions declined. Wheat holders were
struck with a fever of panic when 1t was
found that Notwithstanding the &c davance
here Saturday, Liverpool came Id lower this
morning. The consequence was that May
wheat which closed Saturday at 751ac,
on sale at the opening today from 74Ac
down to 1880, and some low as 1850.
Buying orders even at such a material con-
cession in price were quite scarce for about
an hour and before the market showed a
sufficient degree Of strength to stop the con-
tinuaton of the decline the price got down
TO 1850, or within sc of the lowest point it
touched last week.
sudden increase in Northwest receipts
anything but reassuring to the bulls.
Minneapolis and Duluth reported 421 cars
compared with only 1S5 last week, and GA
cars on the corresponding day Of the year
before. Receipts at Chicago, however, were
only 90 cars. The Weakness at Liverpool
was apparently caused by an increase Of
S72, 900 blu in stocks there, though why the
market should make such a big break for
such a reason was a mystery to traders.
Then the scramble ceased suddenly and slow
recovery to 7S5s@Ac took place. helped by the
better tone of some Of the late news. Worlds
shipments of about 5,500,00O were expected,
but the figures when finally announced
showed a total of only 40S3, Co., Of which
2,3150O0 came from this country. The
quantity on ocean passage increased 10000
bu instead of decreasing heavily as was
expected. Atlantic port clearances since Sat
urday were unusually liberal, equivalent in
gradually restored the courage of the traders.
May finally got back to 7414Q74asc, and closed
there
Trading in corn was a little heavier than
the recent average, and considering the severe
drop in wheat the market may be said to
have been remarkably firm. Local scalpers
started in as sellers, because Of the break
in wheat, but their offerings were quickly
taken, and prices were steady for the balance
OF the season. May opened Ac lower at
2S7sc, and advanced to 2414c, where it closed.
Oats opened weak with wheat, and remained
so for time then recovered and closed just
where they did Saturday. Buying by shorts
was the principal cause for the rally and
opened about Mc lower at 175sG17Ac, sold to
&c, and closed at 177sG1Sc. Provisions were
cmphatically weak all day. The weak tone
OF the hog market added to the semi-panicky
decline, which was increased as the day wore
on. Both packers and professionals were lib
eral sellers, and the market closed at sub
stantial bottom prices. At the close May
pork was 1oc lower at S.721A; May lard 71sc
lower at SS.92h; and May ribs nc lower
at So. s211QS.e5. Estimates: Wheat, II; corn.
S20; oats. AS; hogs, $4,000 head.
The leading futures ranged as follows: