St. Paul daily globe., 1892-11-05
REACTION IN WHEAT,
Liveliness Followed by Stu
pidity Charaeteri zed Chi
eago Grain Pits.
Heavy Receipts Bring About
Il a Break in the Price Of
yi Wheat.
Hog Receipts at Chicago
Falling Below the EX-
peetationS.
Election Betting Interferes
With Speculation on Wall
Street.

+ CHICAGO. Nov 4.-Liveliness followed by
stupidity characterized today's markets.
Compared with last night, wheat and corn
are 4c off and pork and lard are 7lRc up.
Oats ana ribs are about unchanged.
Initial transactions in wheat were at the
full closing figures of last night. with every
appearance of strength. The market not
outstanding, was quickly weakened on lib
eral receipts in the Northwest and perfect
flood of offerings by leading operators with
Partridge, Mitchell and Champlin in the
lead. Partridge apparently had brokers all
over the pit and New York and St. Louis
also had liberal selling orders on the market.
AdYices reported an improved feeling later
III New York. and the strength i'll Liverpool
being confirmed. the market began to react.
The early sellers having been pretty we'll
baIled out, the market soon recovered all the
early loss and held steady and firm for a
considerable time, but turned weak during
the last hour on the absence OF any addl-
tional bull news and on free selling. Trade
got quite dull near the end.
In the gossip that took the place of trade IL
was pointed out thai there has not been
November in twenty-seven years in which
wheat has sold as low as 1t did yesterday
$3.50 for cash. The nearest approach to 1t
was Nov. ~. 1884, when cash wheat sold at
7O7sc. The lowest May wheat sold on that
day was soc. Attention was also given the fact
the Price Current wheat review argued that
too much importance IS given the large
visible supply, and not enough calculation
made on the inferior quality OF large part
of the crop. That instead of 65c wheat the
country Is likely to zee 75c and an advancing
market Another matter OF discussion was
that, although it rained in Chicago, the
weather west was dry and cool with tempera-
lures near the freezing point "A dispatch
from Minneapolis to commission lrm mere
said with good roads heavy receipts would
fOnr NlnOnd.
however. wired Logan q Co. that receipts
were hardly 40 per cent OF what they were a
week ago there and at La Crosse The open
ing was shade stronger than yesterdays
closing, and prices showed about 1s0Ic
advance. then declined I2c, rallied l2c, ruled
easy and closed within a shade of the bottom
for the day.
Corn was firmer at the start on the wet
weather, but the selling was very Tree ana
the market eased Off There was good deal
of weakness developed during the last hour
and something of raid, but a slight reaction
followed. Matthews discovered today that
shipments at Western markets exceeded re,
ceipts. and that exports from seaDOard
markets exceeded receipts there also. Price
changes were confined within narrow limits
A slight relapse in oats near the close was
caused by the downturn in corn. OtherWlsa
the market was featureless.
Hog products were all higher, pork show
ing the most strength The receipts of hogs
were smaller than expected and prices at
the yards 5@1Cc higher. The arrivals OF i've
hogs Yesterday were 1l,000 less than ex pected,
and today they were 1000 less and only
10, 1000 expected for tomorrow. The demand
was active and quite general, with an un-
usual number of buying orders and not much
for sale. but some weakness late, due 10 the
general dullness and depression on the fioor
near the close.
The offerings of vessel room were light
and the demand fair at 2lac for wheat and
3Ac for corn to Buffalo. Estimated receipts
for tomorrow: Wheat .3S) cars; corn, $50
cars; oats. 100 cars; hogs, 130O0
THE leading futures ranged as follows: