The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-26
MARKET SUMMARY.

CHICAGO, Feb. 25.-The improved tone of
Wall street was reflected by wheat for a
time today, and substantial advances over
yesterdays closing prices were recorded
Weakness at Liverpool and lack of influential
support brushed this aside later and caused
closing declines of 1203sc in July and &c
in May. All the other markets followed
closely the course of wheat being strong
early and weak later. Corn declined &C. oats
practically unchanged and provisions declined
21hc for lard and ribs, but 1712c for pork.
irregular. May was quite weak, opening Is
@Ec lower, at $1.031a to $1.W, and selling
down inside Of a minute or so to SlO21a,
then rallying quickly to $1.0315 July was by
no means steady, though not displaying the
weakness that the early delivery did. July
opened a shade lower, at 90a4 G9OBc, where
It hesitated for a short time, then slowly ad-
Vanced to size.
Though news was of a mixed character
that having a bearish tendency was apparent
ly given the most attention at the start Lfv-
erpool was considerably lower, though not
enough to cause much fresh selling here
Northwest receipts were 267 cars, against 245
last week and $50 year ago. Chicago re-
ceipts amounted to 76 cars. The most i'm
portant bearish news was the Argentine ship
Inents, which amounted last week to 1,04S,-
900 blu, which was far from bearing out the
that country would not exceed 24000, 900 blu.
After the first minute two of trading,
however. this sort Of news was lost sight Of
The much more confident tone of Wall street
and the prospects of delay in decisive action
over the Maine disaster induced many sellers
OF yesterday to turn buyers and this de-
mand eXerted a favorable influence prices
Immediately. Fear Of buying furry which
might punish the shorts also caused hedging
by the more conservative bears. July de-
veloped more strength than did May, and
more trading was done in that delivery
throughout.
The Letter party probably accumulated
100000 bu of July during yesterdays sell
ing furore, and the amount Of bidding for thta
option during the morning developed the fact
that the market was oversold. 1t resulted in
a gradual advance in July to 90Ac May
meanwhile getting to 1.04M. long period
OF dizziness followed, realizing by smaller
scalpers causing reactions to .04 and 90Ac
After noon prices gradually trended down
ward. The crowd had apparently got covered
OF July. and the market developed bearish-
ness. At soc for July. Letter brokers gave
the market some support, but the price
dipped to S9Ac before the buying had any
effect. AS soon as this support was with
drawn the market dropped at once, and in
the last half hours trading became very
weak: sharp break in California wheat at
Liverpool, 2l2d, was talked of a good deal,
and helped to start selling again. AS no in
duential support was forthcoming, the decline
was rapid. July finally got down to 89Ac
s1.031a
Corn early was firm The market devel-
oped strong tone on active buying, many
Of yesterdays sellers buying back their lines
stantial advance. The strength of wheat was
the principal influence. When wheat turned
weak corn followed rapidly, short selling be-
ing quite heavy late in the session. Heavy
export engagements were influential in the
early firmness. May ranged from 30A to 29Ac
and closed 1sc lower, at 29$4c
Market for oats active and strong ear
". Strength in wheat and corn caused good
lines put out yesterday. The later decline
In the other grains was followed at once by