The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-27
MARKET SUMMARY.

CHICAGO, April 26.-Bulls, in the wheat
market. had the breath knocked out Oh
them today They made several spasmoolc
attempts to elevate the market from the
2%6Sc decline with which it started
but were unsuccessful, July closing at
loss of 33s@31Ac. Corn and oats were also
radically weak closing at declines OF Bc and
&c respectively. Provisions declined 212W
71bc The prime motive for the action OF
all the grain markets was for the prospect
of a settlement Of the Greeco-Turkish war
and a sharp decline at Liverpool
For a few moments after the opening,
wheat had all the ear marks of a panic, and
only for the fact that trading was mostly
confined to big operators the smaller Try
having been pretty effectuaUy cleaned out
last week the market would probably have
developed into a general rough and tumble
struggle to unload Most of the trading
is now in July, and that option opened with
a rush of selling orders at from IA to 73%c,
against Saturdays closing price of 76Ac.
Even at that remarkable slump 1t was diff
hcut to SELL and in a moment 7312c was
quoted That proved to be the bottom for
the time being. The decline brought in
enough buyers to prevent any further decline
and, as a general thing, the price showed
a tendency toward improvement during the
remainder of the forenoon. Two things were
he'd before the eyes of the bears. Liverpool
opened at only 14d advance and declined
sharply at once, closing about 212d lower.
Added to this were reports of probable
Intervention of the powers and a speedy ter
mination of the Graeco- Turkish war. AS
much of last weeks advance had been caused
by that struggle, such reports had an in
Simultaneous effect. Other reasons for a de-
cline were present in abundance. About the
only comfort the bulls had was in the nature
NJ had prOp yN0rtc 1ic and IN
uth receipts were 502 cars, against 500 a
year ago. The quantity on ocean passage was
increased /, 200 600 bu. The worlds shipments
for the week were 100000 Blu. The visible
supply decreased only 778OOO blu, instead of
from 900 to 1900, 900 bu as had been
expected. The market gradually recovered to
7412c, then the hammering recommended. Cal
ifornia reported the long looked for rain as
falling This destroyed the last hope of the
bulls, and general selling movement ensued,
which carried the price down to 73c. The
absence of any great demand for cash wheat
here of at the seaboard at such heavy con-
cession in price was one of the later discour-
aging features. July closed weak at 1874
1880.
Corn was weak. principally through sym
pathy with wheat, but also because of the
favorable weather and prospective larger re-
celpts. Selling was quite general and prices
declined steadily. Exports amounted to 776.-
O0O bu July opened at 72@a4c lower at 2524
26c, declined to 253sc, and closed with buy
ers at 2512Q255sc. Oats were weak, following
the sharp break in wheat and corn, and the
favorable weather West kept prices going
Later a slight recovery enSued The open
ing was quite excited, but taken as a whole
the market was only moderately active. July
opened 3sq$4c lower at 1S12G1S3sc advanced
to 1880, declined to 1S14e and closed at
1850. Exports were 260,G00 bu Provisions
were weak on a small amount of business
Packers were liberia. bidders for the moder-
as they were out Of the market it had no
support and was Influenced by the grain
weakness At the close. July pork was nc
LoWeT at $500; May lard 212c lower at $4 Is,
and July ribs 2I2c lower at $4.771a. Estimat3
ed receipts Tuesday: Wheat 8 cars; corn
l6O cars; oats, $40 cars; hogs, 10000 head
The leading futures ranged as follows: