The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-05
THREE CENT Slump
LIQUIDATION AND POOR SUPPORT
TOOK THE LIFE OUT OF
WHEAT.
ACTUAL NEWS BULusH.
HOLDERS WERE DISCOURAGED
AND THE SELLING WAS FREE
AND URGENT.
COARSE GRAINS LOST FRACTIONS.
In Comparison With Wheat, the
Other Markets Held Out
Against the Decline.

CHICAGO, Dec. 4-Wheat closed today
within a small fraction less than &c lower
than at the end of yesterdays session. The
decline was due almost entirely to liquida-
ton and poor support, the statistical news
not warranting such slump. The other
markets were weakened to degree, corn
declining nc, oats about the same, and pro-
visions 71h@15c. In the first half hour May
wheat had lost all it gained the day before,
and made quite a tangible contribution to the
bears in addition to that May which sold
at 89s16S37sc at the close of yesterdays
session, opened at from 827sc to S3Ac today,
and sold down to 817sc by 10 o'clock A few
minutes later, after slight recovery, it
went down sQuarely to Sic. During the be-
ginning of the following hour it displayed
some symptoms of recovery, but at II o'clock
1t was once more struggling to keep above
SIC. Opening Liverpool quotations were quite
disappointing, showing only slight ad-
vance and this was partly responsible for
the weak opening. After that the market
shaped itself independently. Statistical news
was generally of a bullsh character.
Northwest receipts, as has been usual of late
were very light. Minneapolis and Duluth re-
ceived 499 cars, as compared with 554 last
week, and 9S6 last year. Chicago received
4 cars, against 35 last week and 100 last
year. Beerbohm estimated that Europe will
want SO, 900 blu per week until March l,
and after that 6, 800, 900 blu per week until the
close Of the crop year, but this sort of news
had no effect The shorts covered so thor
oughly yesterday that there was little de-
mand from that interest, and with the mar
ket bare Of sensational features and the
trade apathetic, holders got discouraged as
soon as the price commenced to waver and
the liquidation was free and urgent Closing
cables were of much significance. Liverpool
quoted spot No. l northern spring Id higher
futures from I'd to 1Ad lower than they
closed yesterday. Paris and Berlin were
each somewhat higher; Antwerp 121a CEN
times lower. Some cash business for lake
shipment was reported from here near the
close, the amount being said to be about
800 900 blu. May wound up at S0s@81c.
Corn was slow and weak influenced by the
drop in wheat, the fair receipts and the gen.
however, was light compared with the slump
in wheat. May opened 1sc lower, at 26A@
26ssc, and slowly sold down to 261s@26Ac,
which price it was bringing at the close.
There was little life to the oats market.
What little trading there consisted main
ly Of small lots, and chiefly among scalpers,
The tone was weak, following the course of
wheat and corn. May opened at 215sc, sold
between 21$zc and 213sc, closing easy at the
latter quotation. Provisions were dull and
weak Two factors initiated against prices,
the weakness of grain and the lower yard
prices. Opening prices were at small de-
At the close May pork was 15c lower, at
s7.92k; May lard, 712c lower, at $40; May
ribs about 10c lower, at 81. Estimates:
Wheat, 81 cars; corn, "a cars; oats, 300 cars;
hogs, 10000 head
The leading futures ranged as follows: