St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-10-16
TOO MUCH WHEAT IN SIGHT.
ALI the Causes for Weakness
Based on This One
Fact.
STOCKS WERE NERVOUS.
Exaggerated Rumors Of Gold
Exports Made the Mar
ket Heavy.

SHiCaGOs Oct. l0.-W u6dt Hidue
new low price record today at 52lsc for
December. An increase in the visible
supply, lower cables and realizing
caused the weakness. Defender closing
1c lower than on Saturday. May corn
closed &c lower. May cats &c lower
and provisions at declines.
Wheat, which closed so firm on Satur-
day. opened weak today, with sellers at
55c for December rather more numerous
than the buyers, and May offered at
5S1sc. with few takers. In the course
of an hour sellers of December and
buyers of May were able to make
straight transfer at sc difference, and
by noon the spread was only 41sc, and
the price went down to 521s@5214c for
December and size for May. By that
time the visible supply statement had
been made up. and it was the cause Of
the heaviness indicated by the quota
tiOns. 1t showed an increase for the
week of 100000 bu. making gross
total of 75.074.000 bu. compared with
65. 239, 900 bu at the corresponding time
last year. The visible supply increased
about twice as much as the published
movement for the week at the more i'm
pOrtant markets had suggested.
There were other reasons for weak
ness in wheat besides the increase in
the visible, but they were all shoots
from the same roOt-tOo much wheat in
sight. Liverpool cabled that supplies
from Russia were increasing, and that
the Argentine wheat crop was promis
Ing we'll on an increased acreage. The
n lpo pf U q af ND fha,
principal Atlantic ports were only equal
to about $4,000 bu. Primary market
receipts were little more than 100000
bu Minneapolis and Duluth received
934 cars. or only about half of last years
RECEIPTS on the corresponding day. In
dian receipts as reported by BeerbOhm
for the week were $4,000 blu. The total
amount on ocean passage decreased
$4,000 bu last week. Business was not
very brisk until about II O'clock, when
some soIely tried, weary holders
dropped their loads, and gave the shorts
a good opportunity to realize their
profits.
The closing phase of the market was
dropped to 521sc, and May to 574c.
Those were the trading prices at the
close.
The receipts of corn we're seventeen
cars smaller than estimated, but it
opened rather weak, and only one
feature of the days occurrences did
otherwise than add to the heaviness
which seemed to be in the atmOspher re.
The one bull feature was decrease in
the visible and a decrease of the Quanti-
ty on ocean passage. but that counted
for little in view of the absence of any
urgent shipping demand and the fear
fNf fPna f,,E <>e,
corn, which it is thought will be coming
to hand in about month from now.
May opened at 1880, but sales were i'm
mediately made at 1880, and very soon
at 491Sc. There was very little eias-
ITCHY to the market, the upward reac-
tons being slight. The increase in the
visible was $4,000 bushels, compared
with an increase OF 205,00 bu on
the corresponding week of last year.
The total in the visible is now 3,579 600
Blu, compared with 100000 bu. The
price of May declined to 1870. and after
recovering Nc and selling off again to
1870 twice, there was a third reaction
ami decline, which left the market
prone at the bottom of the days range.
Business in the oats market was quiet
and prices lower. The sympathy with
corn was principally influential in re-
gard to fluctuations. The easier feeling
was added to by an increase Of $4,000
bu shown in the visible supply.
Provisions started with heavy receipts
of hogs to the debit OF the bull side, and
the weakness displayed by the grain
markets was an additional cause of dis
| couragement, which became heavier in
| its Influence as the decline continued.
| Trade was not brisk nor the amount OF
the days decline very heavy. Some
4
for pork at about 1219c decline from
| Saturdays closing price and in lard 0hd
ribs at 71ac decline. The net loss
| for the day was l0c in pork and re
in lard and ribs. Hog receipts to-
day $4,000, estimated for tomorrow,
| 1900.
Freights slow at 11sc for wheat and
| 1c for corn to Buffalo.
The leading futures ranged as follows +: