St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-10-03
BEARS SLAUGHTER BULLS.
Great Struggle in the Grain
Pits--Provisions Also.
Weak.
SUGAR DECIDEDLY LIVELY
And With a Declining Tend
eney--Othep Stocks Gen.
orally Strong.

CHICAGO, Oct. 2.-Under the despress-
ing influence of big increase i'll the
visible supply, December wheat broke
new ground today. selling at $3.50 as
against 53c, its previous lowest price.
and 1t closed at the bottom of the incline
| and l3sc lower than it stood at yester-
day afternoon. Corn was even weaker.
suffering to the extent of 1870, and pro-
visions acted in unison with the bearish
sentiment prevailing in the grain pits.
Oats followed the other grain markets,
closing with &c loss for May.
The struggle in the wheat pit COM
menced with the bears on top. and,
starting with that advantage, they pro-
ceeded to pound every remaining vestige
of bull life out of it, and succeeded in
doing so. There were sellers of De-
cember at $3.50 Immediately at the
opening, and in the course of an hour
and half it could be bought at $40.
The bullish sentiment which had pre-
vailed for couple of days completely
disappeared. The cause of the depres-
sion was briefly summarized by the
phrase too much wheat"
The receipts at Minneapolis and Du-
luth numbered LOGS cars compared
with 99S year ago. The total receipts
at the nine primary markets amounted
to sec, 900 bu. The stocks of wheat in
the United Kingdom are reported at
100000 bu less than at the correspond
ing time last year, and there were re-
ported bids from there 10 New York
houses of &c advance for Manitoba
o,>I
shipments for the week from Baltic,
Black sea, Argentine and other ports
were $500, 900 bu. exclusive OF Indian
shipments, which amounted to $4,000
bu. Bradstreet's visible statement gave
an increase of 4, 3S5, 900 bu OH both sides
of the Rockies, and that was the signal
for further weakness i'll the market
here, December getting down to 53c i'll
about fifteen minutes after the report
was published. The weakness became
more pronounced as the session ad-
vanced ana December closed at a new
low price record, 52$4c.
Corn was, Os well as wheat. a mark
for the bears to shoot at. 1t declined
nc per bu. and appeared weak at the
decline. The Chicago receipts gave no
indication of what the movement from
the country might become il there were
storage room here, and that is the most
depressing feature of the present Sltua.
ton and the condition of affairs which
more than anything else gives the bears
their present leverage. Receiving
houses very generally report having
carloads of corn still unloaded which
arrived over month ago. Receipts
here today were 100 cars, and for to-
morrow $50 cars are estimated. The
market opened weak, with sellers at
do, DC al
ers, except at sc concession. The hrSt
transactions were at from 509sc to 5o1sc
for May. and the tendency during the
remainder of the session was strongly
downward, with 4914c ruling near the
close. The final transactions were at
1890 for May.
Oats were moderately active. although
trading was almost entirely local and
scattered. The feeling was weak, how
ever. and prices lower. The market
followed corn to some extent, but, as Ill
that market, the shorts in oats also
have covered SO generally that there
was very little demand, and prices de-
clined even though the offerings were
comparatively small. May started from
1870 to $3.50, and sold gradually down
to $3.50, when it closed.
The provision mBrket was weak early
and late. with the prices at their lowest
as the session ended. Hogs-Receipts
were $4,000. and the market for tomor-
row quoted very weak and from 10c to
zoe lower. Packers were free sellers,
and received encouragement in that
from weakness of the grain markets.
The result of today's business in pro-
visions is declines of 471ac in pork, $3.50
in lard and 2711ac in RIBS.
Freight rates steady at 119c for wheat,
13kc for corn and Nc for oaIs to RuffalO
The leading futures ranged as follows: