The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-04
MARKET SUMMARY.

CHICAGO. Feb. 3.-Weakness in wheat and
strength in the coarse grains and provisions
were the distinguishing characteristics of
trading on change today. Weak cables and
heavy Northwest receipts were features in
the wheat weakness, which was relieNe ed oc-
casionally by rallies brought about by Letter
support May closed at 5s@a4c decline.
Provisions were strong on small hog receipts
and advanced 2120l2Hc. Corn closed A@asc
higher, and oats NC higher.
Weakness was apparent in wheat from the
start. May opened A@3sc lower at $50 $3.50,
and in the course of the next hour, had got
down TO 943sc. Liverpool started the decline.
That market opened weak at Ad decline for
futures, and at 1:20 p. m showed further
Ad loss There was other bearish news in
abundance. Northwest receipts showed a
sudden increase g, Minneapolis and Duluth re-
porting 403 cars against 2S4 last week, and
231 a year ago. Chicago receipts were 46
cars. A Buenos Ayres cable said the crop
in the Santa Fe district of Argentina was
immense and of fine quality. Primary re-
ceipts were almost double those of last year,
the total being $4,000 bushels, against 2S2
a year ago.
About IL o'clock there was an improve
ment in the market. The decline was stop
ped by buying against privileges, which
were bought heavily on the late Wednesday
curb, though there was no such rebound as
was looked for. May advanced to 94ac,
where it held for a short time, then com
menced to sag again. About noon the mar
ket again developed strength. Short selling
had become too popular and the market
had become somewhat oVersoId in conse-
quence. Brokers for the Letter crowd ap-
peared in the pit and their buying started
advance that carried the price in a few
minutes to S51sc. The corn market became
very strong about that time and lent it's
influence, did the Atlantic port clear
ances, which amounted to the liberal total
Of 522O 600 bushels. During this rally only
real activity of the session exhibited
the oversold condition of the market at the
time, making rush of shorts an easy mat
ter.
After Letter buying was over, however,
the market fell away again. The advance
induced the putting forth of more and heav-
Ter quantities or short account, and this
caused the final collapse in prices. This
time, May declined to 94Isc. The market
was given support again just before the
close, buying again being apparently led by
the Letter interests and the price had re-
covered to $3.50 before the session ended.
Corn in the main was firm and fairly
active. For a time during the morning
prices were inclined to droop, with wheat,
but the market grew decidedly strong as the
session progressed. 1t was helped greatly by
the advance in provisions. Commission
freely. Country offerings We're slight. May
ranged from 291s@291Ac to 2S5sc, and closed
A@3sc higher at 29c.
Oats were active and firm, there was good
general buying, some of it from shippers,
against sales of cash, but the bulk of il in
vestment buying. Offerings were scarce at
nIst, but on the advance they became more
liberal and some reaction followed. The
close was firm. May ranged from 24&c to
237sc, and closed &c higher at 241sG24Ac
good deal of interest was again shown
In provisions. Small receipts of hogs started
general buying in which outside orders were
conspicuous and sharp advance in pork
ensued other products holding steady. There
was some realizing later, but the market in
q general way was well supported. At the
close May pork was 121ac higher at So 20:
May lard, PFC higher at $495, and May ribs,
&c higher at S5.05
Estimated receipts for Friday: Wheat, 20
cars; corn 260 cars; oats, 145 cars hogs
10000 head.
Tho locainn fon+,,rO. ..o-..-.a -