The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-15
IN ITS ABSENCE THERE WAS A
DUMPING OF CHICAGO
WHEAT.
IN NATURE or A STAMPEDE.
AND THEN TUMBLED WITH
THUD.
NET LOSS ONE AND FIvE-EIGHTHs.
Stop Loss Orders From Outside Ac.
CELEBRATED the Rapid Decline In
the Closing Hour.

CHICAGO, Feb 1S.-Wheat suffered today
from liquidation that at one time almost
partook of the nature of a 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
a degree closing about 1sc lower each. Pro-
visions showed strength all day, and ad-
vanced 10Q121Ac. Wheat opened firm at
shade improvement on Thursdays closing
prices, and improved upon first quotations
before revealing the true Of its ten
dency, which in the middle of the session
became strongly downward. May started at
753sc and 75hc compared with Tuesdays
closing price of 7512c, then worked gradually
up to 761s@76Ac. There was the turning
point for the day, and it went down in two
long rolls, landing first at 751sc, and after
reaction to 75asc it renewed its quick de-
scent 74Ac being the next terrace upon
which it 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 to a &c jump in the May option at
the Jump, and it scared the local operators
into a general scramble to cover. That re-
suited in an advance to 761s@76Ac. That was
the high point Of the, day. Then came the
deluge When the shorts 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
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 349 carloads on the corresponding two
days Of last year. At Minneapolis and Duluth
they were 500 cars, which includes yester-
days inspection, and 862 a year ago. Allan
tic port clearances for the two days were
only $50, GOO blu in wheat and flour together.
Bad crop reports from Missouri, Indiana,
Illinois and Ohio were received by nearly
all houses having correspondence from there.
Minneapolis sales Of -four 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 further
decline to 73Ac ensued. The closing was
nervous at 73%@73%c.
Corn was rather heavy. Selling out of long
corn caused new low record for May. 1t
opened at 2S3sc, sold as low. as 1899 and
amounted to $4,000 Blu. Another low price
record was also established for oats. May
opened a shade higher at 17017hc, sold to
17B@17Ac, then declined to 163s@16s4c, where
usual on Saturday. Provisions were strong
all day. At the close May pork was 121ac
higher at $3.50; May lard about 1Oc higher
at $S:S 71sQS;9o, and May ribs about loo
higher at $4Q4 .021a. Estimates-Wheat, %
cars; corn, $50; oats, 575; hogs, $1,000 head.
The leading futures ranged as follows: