The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-27
BEARS THE VICT0RS
CHICAGO WHEAT PIT THE SCENE
OF A LIVELY WRESTLING
MATCH.
LACK OF EXPORT SALES
PROVEN THE FACTOR THAT IN THE
END TURNED THE
SCALE.
LEAD OF LIVERPOOL FOLLOWED.
Nav FINALLY Closed at Loss of
FiVe-Eighths After a Nervous
Session.

CHICAGO. Feb. 26-The wheat pit was
the scene of a wrestling match between a
predicted cold wave on the one hand and
weak cables and an almost total lack OF eX-
port sales on the other. The bear factors mad
the better of 1t. May closing at esc de-
cline after a decidedly nervous session. Corn
was heavy and also oats, closing 4sc lower
each. Provisions were firm and advanced
slightly. Wheat adhered to its steady con-
nection with the Liverpool wheat market,
which. Notwithstanding the SIC advance here
yesterday was I'D lower this morning Be
cause of that disappointing decline at Liver
pool and despite the fall in consols and
light receipts at Chicago and the North
west May opened here from 74A to 74Ac, as
against 74$46747sc at the close yesterday.
The price wriggled and squirmed every time
it got to 1ac above the lower Of the open
ing prices, as it did two or three times
during the forenoon, and gave every evil
dence of feeling uncomfortable when IN the
neighborhoOd Of yesterdays closing rates.
A slow rally TO 74$4c ensued. This was fol-
lowed by several minor fluctuations, but by
u O'Clock the price had slid off to 1876,
or virtually lie per blu below the closing
price Of the day before. Most of the strength
displayed in the frequent small bulges came
from st. Louis, which market bought freely
during the morning and sent renewed re-
ports Of damage to the crop in the South
west Closing cables reported Liverpool Id
lower for the day, and continental markets
with one unimpOrtant exception were all
lower. That and an absence Of demand for
cash wheat here or at the seaboard were
the reasons for the free selling which sue
ceeded every little bulge during the fore
noon. Chicago receipts were only Is car
loads against GO on the corresponding day
CT the year before, and Minneapolis and Du-
luth got 100, compared with 4S5 last year.
The smallness of the Atlantic port clear
ances of wheat and flour was one of the
days discouragements to the bulls, the total
being equal to only $4,000 blu. The break
In wheat would have probably been great
had not the signal service predicted drop
in the temperature to 10 below zero. Appre-
tensions to the effect Of this coupled with
Beerbohm's estimate that the worlds visible
March l would be &c, 900 900 bu smaller than
1t was March l, 1896, created a good demand
and quick reaction from the break to 1880.
By O'Clock May was bringing 7414c and the
closing found the price at 741sQ74Ac.
Corn was steady for while and after open
Ing, but became exceedingly heavy later in
the day. The market was weakened by
prospects of larger receipts and poor ship
ping demand, the elevator interests as
rule being sellers Atlantic clearances were
100000 Blu. May opened unchanged at 24Ac
sold at 243sc, then declined to 23Bc, closing
easy at 237sQ24c. The oats market was al
most entirely controlled by the fluctuations
in wheat and corn. But little business was
transacted, the covering of a line of about
100000 bu being responsible for the strength
Immediately after the opening. After that
the market collapsed into condition of ex-
IRENE heaviness. May opened at 17Ac, sold
to 173sc fell off to 1910, and closed with
sellers at 167sc@17c. Provisions acted very
firm in spite of larger hog receipts than ex-
pected, and which caused only slight open
ing dip in prices. Offerings were light and the
market ruled firm with but slight changes
throughout the session. Prices advanced
slightly near the close on buying by Armour
and the English houses. At the close Nav
pork was &c higher at $S.O7A@S.10; May lard
212c higher at $40, and May ribs 2kc high
er at SALTY. Estimates: Wheat, 10; corn,
220; oats 900; hogs, "a, 600 head.
The leading futures ranged as follows: