The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-01

CHICAGO, Jan. 31-This was another day
of reaction in all the grain and provision
markets. May wheat declined &c under the
influence of weak Liverpool cables, bearish
statistical news and slump of over &c in
the price of January. Corn was weak, with
liberal liquidation, and closed sc lower. Oats
declined 1s@Ac, and provisions 212@1Oc.
In wheat conditions were more favorable
for q decline at the opening than for two
weeks Outside of the depression caused by
the unloading of many heavy holders on last
weeks bulge, the influence of which was still
apparent, news decidedly favored the de-
cline which took place. May, which closed
Saturday at $3.50, opened today at from 95a4c
to 96c For moment or two the price re-
covered to 96Ac, then it declined slowly to
955sc. There was not much selling pressure,
but on the other hand there almost
total lack of demand, and the market sank
from its own weight.
Liverpool was very weak and this had
more influence than anything else. The 1870
p. m. quotations from that market showed
equally weak. Some reason shown for
this in the larger estimated shipments by
Argentine and favorable harvesting reports
from that country. The worlds shipments
were large, 7,27S,000 blu; Russia showing
good increase, and the increase on passage
was reported at 100000 blu. The visible sup
ply report showing a decrease of but 551, 600
Blu, was also a disappointment. Minneapolis
and Duluth receipts amounted to ATS cars,
against 421 year ago. Chicago receipts were
90 cars, of which II contract quality.
The market was steadied about by the
liberal clearances, 534 coo bu, May advancing
to $3.50, but after that the market ruled
heavy. Late in the session some selling pres
sure put on January, and the price of
that delivery, which had been nominally
$1.0S12, dropped very quickly to $1.03 the
selling of not more than $4,000 bu. This
weakness was reflected in May, increased
liquidation following the January decline, and
May sold off to 9424c. II was bringing
94%c at the close July sold high as $3.50
and low as S5c. and closed at S5GDS51kc.
January closed at $104
Corn was weak at the opening, and
manned so throughout Considerable long
sumably on account of increased country Of
ferings, and this and the weakness of wheat
caused decline. Prices sank still further in
the afternoon on heavy estimated receipts to-
morrow, the market closing weak at the
bottom. Trade was fairly active throughout.
May ranged from 291s029Ac to 28%c, and
closed sc lower at 2S24c.
Oats, though showing some sympathetic
weakness with wheat and corn, did not de-
cline much. Buying was quite active by
tr4ders who unloaded last week which
sustained prices. The market weakened
toward the close on the liberal estimated
receipts for tomorrow. May ranged from
241sc to 23Ac, and closed A0asc lower at
R3%c.
ket for provisions. Prices were steady at the
immediate opening, due to firm yard prices
but the weakness of the grain markets and
realizing by some of the smaller holders
caused gradual decline. The market closed
easy. Mess pork, 10c lower at $3.50: May
lard. &c lower at $4.S5, and May ribs, PIC
lower at $3.50. Estimated receipts Tuesday:
hogs. 81 O0e head.
1he leading futures ranged as follows.