St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-26
WHEAT TAKES A DIVE.
The Lowest Point Of the Year
Touched on Chicago
Change.
Most of the Loss, However, Is
Regained Before the
Close.
Provisions Were Strong When
Supported by the Ma
nipulators.
Stocks Opened Strong and
Higher, but Closed I'm

CHICAGO Oct. 25.-The lowest point of the
year was reached by wheat prices today.
Other cereals were also depressed. but all
showed strength at the close. The heavy
increase of stocks and the scarcity of storage
room were among the main causes of the
weakness. Provisions were very strong and
advancing. Compared with last night wheat
this evening. notwithstanding the dive dur
ing the day, is only 1-l6c off for May. De-
cember, however, shows loss of 12c. Corn
is lac up for May.
Wheat was rather slow. The cables brought
no encouragement and domestic markets
were all lower: the receipts continue liberal
at all points, and the clearing weather was
taken to indicate that there would be a con-
tinuance of the movement. at least for the
present. The amount of wheat and flour on
ocean passage showed an increase last week
of 2.232 QUO blu, and a cable from London said
that at the present rate of imports into the
United Kingdom, the supply for the year
would exceed the requirements by 5000, 600
bushels.
One of the mos discouraging features
apart from the big receipts-was the light
demand and comparative cheapness of the
lower grades. which shows. it was argued,
that considerable part of the price of the
lower contract grade is purely speculative
and out of proportion with the commercial
value of the milling goods. The big increase
in. the visible supply last week seems likely
to be followed by another next week, as the
deliveries at primary points yesterday eX-
ceeded the shipments by LOU, 000 bu, and
today thev are i'll excess by 1,3O0, O0O bu. The
recovery in prices late in the day was at
tributed to Bradstreets report, which made
an increase in stock OF 4, 75y 900 blu east, and
a decrease of 416.000 Blu west of the Rocky
mountainS-a net increase OF only 4,203,0O0
bu for Goth coasts The opening was about
an 1sc under yesterdays closing, and
further declined la0S4c, then rallied l24Ssc,
closing steady.
Corn was only moderately active and easier,
Influenced partially by fine weather, which
it was thought would insure a continuance
of liberal receipts, and also affected some by
the weakness in wheat. Another depressing
feature was the big increase of the stocks of
contract in store, which are now 5,253, 09O bu
against 4,35S,000 blu week ago. initial
trades were at 4@Ssc decline, the market
afterwards sagging off another Ac on moder-
ate offerings. the local crowd being more in
clined to sell short than yesterday, and at
the decline the demand improved greatly
and the market recovered l2@5sc of the
break, changed some and ruled steady at the
close.
Mixed oats in the cash market were dull
and neglected. This served to depress the
speculative market and a pressure to sell
was a fair recovery.
Provisions ruled strong-so strong that the
bull CLIQUE imagined for moment that Oc-
tober ribs could stand alone They were
quickly deceived when they saw it tumble
ST. per 100 in a minute or so, and had to lift
it again and carry it. Wright bought very
heavily of January pork, his purchases on
the call being reckoned to amount to 10000
lbs. He likewise took literally OF November
pork and ribs. The International Packing
company sold November pork freely. Pard-
ridge TOOK hand on the bear side of Janu-
airy pork, and the Hatelys were sellers of lard.
Prices had heavy and frequent fluctuations
in pork, but the market was at its best toward
the close. Lard was weak and closed lower
than On the day before. Ribs closed 25c
lower tor October 2l2c off for November and
7Iac higher for January. Pork, at the close,
is I2I2@l5c over the final quotations of the
day before.
Estimated receipts for tomorrow: Wheat,
$50 cars: corn. SIS cars; oats. 213 cars; hogs,
% 600. Vessel rates held steady on the basis
of 2Ac for wheat and &c for corn to Buffalo.
The leading futures ranged as follows: