St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-09-24
WHEAT IN THE LEAD.
For the First Time Since Aug.
6 1t Is Worth More Than
7 Corn.
-
MARKETS ALL BEARISH,
!.
The Drop in Provisions Being
Most Severe--COrn Down
Two Cents.
RISE IN STOCKS RECORDED.
Good Business Shown in Trad
ing in the Trusts and
Changers.

CHICAGO. Sept. 90. - Northwestern
receipts were heavy today. and specu>
lators anticipated a heavy increase in
the visible supply. AS a result wheat
shows a loss of &c per bushel, while
September corn dropped 2 cents and
May l cent of their previous values.
Provisions are lower by 35c in pork,
17}ac in lard and zoe in ribs. For the
first time since Aug. 6 No. 9 cash wheat
is worth more money than No. 2 corn.
Wheat opened quiet but firm at a
small fractional advance. The firmness
was in consequence of the inspected
receipts here turning out much less
than had been estimated. The esti-
mated receipts were 16O cars, and the
number actually inspected 10S. The
general condition of the speculative
situation was unchanged. The weakest
feature of the days news was the heavi-
ness of the Northwest receipts. which
at Minneapolis and Duluth amounted
to $40 carloads, compared with only $50
OH the corresponding day Of the year
before.
The speculative business was local in
character and rather light in volume.
Fearing the probability of a heavy IN
crease in the visible supply the crowd
was bearish, and were all the more in
clined to sell OH account OF the weak
ness of corn. December opened at 554c,
and sagged YEARLY to 545sc, which was
the price when the ten-minute morning
bell sounded its caution to prepare for
the close. The desire to sell increased,
and 541@c was reached near the end,
with H@545sc the closing price.
Corn opened firm, but did not long
remain so. 1t gradually became weak.
weaker, and was weak at The end. Stop
orders were reached at every nc de.
cline below SIC for May, and as the
closing value was SIZE, there were
numerous opportunities FOR the stop loss
orders to come into play. The weak.
ness was principally in consequence OF
the pressure to sell September. which,
Tor the first time this season, sold at a
discount as compared with May, and
for the first time in about two months
5cash corn was cheaper than cash wheat.
The receipts were 357 cars by rail and
20,400 bushels by canal. Septembe
was worth 52Tc near the opening and
@Nc at the close, while May declined
~ AioLA IuC HisLcSt W tnc lOWcSI
price made today.
81 Oats were active from beginning TO
end. Selling was still very Urgent,
mostly long stuff, and prices were again
lower. Tit corn market was also i'll
f1uential in helping the decline. The
first symptoms of the decline were no
tlceable at the start, when brokers for
Cudahy, q Co. started to raid the
marketw with heavy offerings. The gen.
eral disposition was to close out, and
the price of May declined from 343Ic,
the opening price, to 34c, the low point.
and at which price the market closed, a
decline of &c since yesterday. Boyden
q Carrington-H Hannah were among the
heaviest sellers. October ranged from
2912c to 2S5sc, closing nc under at the
latter price.
Hog receipts being light and the grain
markets rather firm at the opening. the
first few transactions showed some
s~teadinesS. That state of feeling was
sOOu exchanged for one of extreme
weakness. Stop orders Oh the decline
were reached i'll great plenty from the
appearance of offerings, and the pack
ers led by Cudahy's brokers made it
easy for stop loss orders to be reached.
There was very little recovery at the
close from the bottom prices although
a good deal of covering shorts was in
progress during the last fifteen min
utes of the session. Business was
active during the greater part of the
day.
Freights slow at 1%c for wheat and
1Ic for corn to Buffalo, and a load of
corn to Walkerville paid 11%c.
The leading futures ranged as follows: