The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-25
WHEAT STILh FALLS
OVER A CENT CHOPPED FOM THE
PRICE OF MAY AT
CHICAGO.
SMALL VISIBLE DECREASE.
THE LAST STRAW ON THE BACK
OF THE DURDENED
MARKET.
NO BUYING ORDERS FROM EUROPE.
IL, the Late Hours Trading Was Con-
fined to the Dealings OF Pro-
fessiOnal ScaIpers.

CHICAGO Feb. 24-Wheat broke even
worse today than it did yesterday, the May
option closing weak at about 14sc decline.
The small decrease in the worlds visible
supply was a great disappointment, ana
caused the extreme weakness which prevailed
during the latter part of the session Corn
and oats were affected to a degree, corn
closing 14c and oats 3-16c lower. Provisions
ruled strong and closed 5q1Oc higher Wheat
was weak again at the opening for similar
reasons to those which opened it lower yes
terday English consols showed Lied i'm
provement, and the Liverpool wheat market
was reported from 12QA4d lower than it
closed yesterday. Foreigners had no buying
orders on the market, and local scalping op
orators had some to sell, which they had to
offer at 756751sc for May, against yesterdays
closing price OF 75$sc. This reduction in
price was apparently quite attractive for
while, and so many wanted the early offer
ings that the price gradually recovered all
its initial loss, and a triae more. From 75c
and 75lsc it rose to 7512c. 1t was upheld for
an hour after that between 75Ac and 7512c, by
the efforts of some in the local crowd, who
thought to stampede the few shorts in the
market, but they found it too great an I'M
dertaking, and about IL o'clock the market
had declined to 749s07434c. The shorts were
encouraged in their support by the light
Northwest receipts, which today amounted
TO but 100 cars, compared with 165 last week
and AL last year. After II o'clock the
ket drifted into the hands of the scapers, and
the inevitable selling which accompanies a
dull market, gradually pressed prices down.
Exports from Atlantic ports were discourag
ingly light the total in wheat and flour from
the four principal ports amounting to only
213 600 bu. The Bradstreet's figures on the
visible supply were the big disappointment
of the day, however. The general expectation
was that they would show decrease in the
worlds stocks Of over 100000 Blu, whereas
the falling off for the week only 1875 900
blu, the decrease in this country, east of the
Rockies, being given at 1,491 600 bu, with
Europe and the amount af1oat showing an
increase of $4,000 Blu. That was the last
straw put on the back Of the already over
burdened market and 1t broke it to 73Ac.
Enough OF reaction occurred to bring the
price up TO 74Q741sc at the close.
Corn was quiet and weak, principally
through sympathy with wheat. There was a
good deal Of quiet realizing at the opening.
Then prices frmed up to the covering of
about a million bushels by two prominent
dealers, but reacted as this support
was removed. The closing easy at bot
tom figures. May opened at Ac lower at
243sc, sold to 2412c, then declined to 244c,
where it closed. Oats ruled weak and lower,
with only a limited business transacted.
Owing to the lack Of independent factors,
fluctuations were easily influenced by the
wheat pit, and through sympathy alone
did prices decline. May opened a shade low
er at 1714 @17Ssc, sold at 173s01712c, then fell
off to 171sc, which price was bid at the close.
Bradstreets report showed an increase of
to the degree that prevailed in the other
markets. Yard prices were higher, and the
opening advance was added to by lively bid
ding, notably by Armour. The market eased
off for a while in sympathy with grain, but
later covering by shorts caused another rally
the market closing at the top. At the close
May pork was 10c higher at $8.G5; May lard
about 1Oc higher at $40, and May ribs 71Ac
higher at S4.1212G4.15. Estimates: Wheat, II
cars; corn, 125 cars; oats, $50 cars; hogs 81 900
head.
The leading futures ranged as follows: