The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-14
IN IT'S ABSENCE, THERE WAS A
DUMPING OF CHICAGO
WHEAT.
IN NATURE OF A STAMPEDE.
PRICE ADVANCED AT THE START
AND THEN TUMBLED WITH
THUD.
NET Loss ONE AND FIvE-EIGHTHs.
Stop Loss Orders From Outside Ac-
CELEBRATED the Rapid Decline i'm
the Closing Hour.

CHICAGO, Feb. 13-Wheat suffered today
from liquidation that at one time almost
partook Of the nature of stampede. The
market was rather in need Of bull news, but
little was forthcoming, and the unloading
which ensued caused a break of 19sc in the
May option. Corn and oats were affected to
degree, closing about 1sc lower each. Pro-
visions showed strength all day, and aid
Vanced 10q121ac. Wheat opened firm at a
shade Improvement on Thursdays closing
prices, and improved upon first quotations
before revealing the true course Of its ten
dency, which in the middle Of the session
became strongly downward. May started ait
1880 and 751ac, compared with Tuesday s
closing price Of 7511c, then worked gradually
up to 76B076Ac. There was the turning
point for the day, and 1t went down in two
long rolls, landing first at 75Ac, and after a
reaction to 1880 it renewed its quick de-
scent, 744c being the next terrace upon
which 1t rested for time.
st. Louis was at the bottom Of the early
advance, although the disturbed condition Of
European politics had a slight influence at
the immediate opening. This factor was lost
sight Of, however. when the Liverpool cables
were received showing no effects of the war
talk, and the attention Of Spectators was
directed 10 DC jump in the May option at
st. Louis. There was no apparent reason for
the jump, and itscared the local operators
into general scramble to cover. That re-
suited in an advance to 761s076Ac. That was
the high point Of the day. Then came the
deluge. When thesshorts came to resell some
Of their early purchases they found no mar
ket. Here was another painful surprise to
the already somewhat ratified SPECTATORS, and
a regular stampede Of holders took place
checked once or twice by purchases Of the
cooler headed ones, who were on the right
side Of the market and satisfied with their
profits. Local and Northwest receipts had
little effects. Receipts in Chicago since
Thursday morning were 80 cars, compared
with S49 carloads on the corresponding two
days Of last year. AT Minneapolis and Duluth
they were 696 cars which includes yester-
days inspection, and 1862 year ago. Allan
tic port clearance9 for the two days were
only $4,000 blu in wheat and -four together.
Bad crop reports from Missouri, Indiana,
Illinois and Ohio were received by nearly
all houses having correspondence from there.
Minneapolis sales OF flour as telegraphed
were only 5000 barrels yesterday. BY the
time the price had got down to 74Ac outside
stop loss orders began to come in. That
brought matters to climax, and a further
decline to 1880 ensued. The closing was
nervous at 73%@73Hc.
Corn was rather heavy. Selling out of long
corn caused a new low record for May, 1t
opened at 2S5sc. sold as low. as 1850 and
e1ooe1 at ~ Is ooo Exports since ,1hursday
record was also established for oats. May
opened shade higher at 1761E5sc, sold to
17Bq 17Ac, then declined to 5s@16a4c, where
usual on Saturday. Provisions were strong
ali day. AT the close May pork was 121ac
higher at $50; May lard about doc higher
at sS.S71@9S,9O. and May ribs about 1oc
cars; corn. $50; oats. 575; hogs, $1,000 head.
The leading futures ranged as follows: