The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-24
MARKET SUMMARY.
FINANCIAL

CHICAGO, Feb. 23.-Wheat was heavy all
day and at the close showed declines of &c
in the May option and nc in July. The
market affected principally by the de-
cline in the English markets. The DISPOSE
ton among wheat traders to leave that
market for the coarser grain pits caused a
decided decrease in the volume of wheat
trading. Corn was heavy and declined Nc.
Oats were firm after early weakness, and
closed a shade higher. Provisions were If
regular, pork declining 1712c, while lard and
ribs did not change much.
All the firmness which characterized Mon
days wheat market had apparently deserted
the pit at the opening of trading today. The
starting price for May ranged all the way
with Mondays closing price of $1.0624, while
July, in which the most trading was done
throughout the session, opened at from 91Bc
to $3.50, decline Of Sale. May touched
$1.05 before it sufficiently supported to
bring about recovery. Commission houses
were the best sellers at the opening, brokers
for Letter being credited with some of the
offerings for May. The opening weakness
due apparently to the decline at Liver
pool. That market was from "a to 1hd low
er, and London also showed weakness. News
which followed, though of a mixed charac-
ter, favored the bulls as a whole, and for a
time the market took some appearance
of strength
Covering by shorts started in a moderate
way shortly after the opening, and prices
gradually worked back May advancing to
$1.G6, and July to 921ac. Indian advices re-
vinces very favorable, but this was counter
acted by private cablegrams from Argentine,
reducing the estimates on the exportable
wheat surplus of that country to "a 000, coo.
Additional strength was lent to July by mod
crate support from the Letter interests. Trad
Ing at no time, however, was very heavy in
either option. The fear of Letters influence
over the market shown by many traders
leaving the wheat pit for the coarser grain
markets.
Northwest receipts were not very heavy,
finn r.nlt nFod T1r11V win
against $50 last week, and $50 year ago.
Chicago receipts were Y cars, of which 81
were of contract grade. Export clearances
from Atlantic ports were 525. 0G0 bushels, the
figures in most instances being for two days.
After the reactions noted, July sagged back
to 91iac, and May to $1.G512 on realizing by
room traders. Buying was started later on
the Bradstreet visible supply report, which
showed a decrease of 365, 900 bushels. This
was a surprise the trade had been led
to expect heavy increase, and prices for a
time got back nearly to their former level.
Later in the day the market became quite
weak on further declines in English markets
Letter brokers had meantime stopped buying
July and prices tumbled rapidly. July got
down to Gle and May to $1.05, but reacted
again before the close on covering May clos
ing at $1O6 and July at 91$sc.
Corn moderately active. The opening
weakness of wheat caused a rush to sell at
the start, chiefly by room traders, and prices
declined sharply rally followed on cover
ing, and on the heavy exports, but prices de-
the close. A feature was the number of
traders in the corn pit who usually operate
in wheat and who were mostly on the sell
ing side of May ranged from 307sc to
9012c, and closed &c lower at 305sc.
Oats active and unsettled. The feat
ure the revival of the export demand,
which acted as a strong support to the mar
ket. Opening prices were lower in sympathy
with wheat and corn. Prices advanced at
once elevator and professional buying.
At the top there was moderate realizing and
prices slowly declined. The close was steady.
May ranged from 27c to 2612c and closed
shade higher at 26A@26Bc.
Provisions were fairly active and Irregular,