St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-11
SAVED BY DROUTHS,
Enormous Receipts OF Wheat
Fail to Depress Prices
at Chicago.
DPOuths in America and Rus
STA Prove to Be Life
Savers.
Corn, on Large Receipts, De-
clines From Saturdays
Final Figures.
Firm Undertone to Specula-
ton in Stocks in Wall
Street.

CHICAGO, Oct. 10. - Enormous receipts
proved powerless today to oepress wheat
The Russian drouth and its American coun-
terpart were the principal life-savers Corn.
In the absence of such sustainers, had
moderate break in the November and De-
cember deliveries and mparatively little in
May. October lard erratically jumped I'D
25c. but otherwise provisions are 2l2@5c low
er than last night. Wheat shows a gain of "a
@$sc and corn loss of 34c for November,
9sc for December and l2c for May.
Local wheat receipts were much larger
than expected. the inspectors having worked
Sunday, and the deliveries in the Northwest
were prodigious--l,S 9j cars. In addition to
this there was decided weakness in corn, and
the indications were that the visible supply
would show an Unexpectedly large increase.
But these bearish factors were Offset by re-
ports that the corn situation in Russia was
critical, that there had been no rain for four
months and the ground could not lie plowed
ana that there was danger of a repetition of
last years famine. This was partially con-
tirmed by cable from London reporting an
advance in Russian wheat there of Cd There
was no sign of any Lreak in the drought in
the winter wheat districts of this country.
The visible supply as finally reported
showed an increase in wheat of 1856, 600 blu,
or more than generally looked for The in
crease year ago was ,535. 90 blu. Bull news
became more plentiful late in the Gay. Min
neapolls dispatches reported bankers as
sendlng less money to the country, and
farmers wheat deliveries falling off The
English wheat crop is estimated at S2l2 per
cent Ill yield, compared with 81 a year ago.
There was also talk of the United States gov
eminent crop report showing an average
yield below twelve bushels per acre. The In
dian wheat shipments for the week were
next to nothing at 5000 bu. The export
clearances for the day were remarkably good.
amounting to nearly 1,001.00J bu i'll wheat
and flour from the four Atlantic ports big
item in this repor. was the a,00J bbls of flour
cleared from Boston. The opening was a
shade better than Saturdays closing and
fluctuations confined within ssc range.
Corn was decidedly weak on tae fine
weather. the big receipts and on expectation
that the government report would show an
Improvement over the September condition
-79.5- The local inspection was 1899 cars,
where only 15J cars had been looked for; the
increase was larg ely due to sunday inspec-
ton OF many of the roads There was free
selling. little demand and general weakness.
The strength in wheat helped corn toward
tne close. The opening was Il trile under
the final figures of Saturday, and this was
followed by decline of I2@s4c. with reac-
ton later of SsG1I2c.
Oats followed the fluctuations of corn
pretty closely. options being quoted finally at
from 1sc to Ac lower.
In provisions, operations were mainly con-
fined to fruisless watching OF u few leaders.
The market started weak on account of the
heavy receipts of hogs. Packers and others
are beginning to talk less confidently of
heavy future receipts or hogs and lower
prices for them, although it is both their in
lerest aud their practice to profess belief
in heavy run of hogs. Most of the day
January lard held around SG.1J06 l1I2. while
the October without support. went Off from
SIS 10 to $7.95. AT this point Hately began bid
ding for it and jumped the price to SS.37 I2
without getting much.
The estimated receipts for tomorrow are
go cars of wheat, 6Gj cars of corn. 80 cars of
GA and 600 hogs. Freights were tirmer
with fair demand at 2ssc for wheat and 21sc
for corn to Buffalo.
The leading futures ranged as follows: