The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-21
IS NOT AS YET
CHECKED.
MARKET OPENED BEARlsH.
DURING THE MORNING BIG SLUMP
SEEMED ON THE
CARDS.
Point Three Cents Above Low Mark
Touched Before the Market Closed
coarse Grains Weak.

CHICAGO, Oct. 2O.-After ruling easy and
lower all day wheat suddenly developed
strength and advanced 31sc from the low
point, closing cent higher than yesterdays
close. The rally was started on New York
sales of wheat to Spain. All the other mar
kets were dull, and inclined to weakness.
Corn closed Ac lower oats unchanged and
provisions 2l9c to 10c lower. Enough of the
strength of yesterdays curb was carried over
today to cause an opening advance in the
price of December wheat of from Ac to 1ac.
This was in spite Of the bearishness of the
early news, but the slight improvement was
of short duration. The first transactions in
December were all from IT'S to 771ac, but
before IL o'clock it had declined to 761sc.
The change in the speculative sentiment at
Liverpool was the main cause of weakness
which developed here, but not the only rea-
son. The public and private Liverpool cables
received before the opening did not agree
as to the decline in that market. Private
cables showed decline of from 112d to I'd.
The crewd appeared to believe this report to
be the correct one, and sold wheat literally
on 1t. Later cables confirmed their good
judgment. The Northwest receipts were again
heavy. Minneapolis and Duluth reported
1887 cars, compared with l. 433 on the sim
liar day of the week before, and ,43S on the
Chicago receipts were PIT cars, but with
drawals from store were only $1,000 bushels.
The export clearances from the Atlantic sea-
ports amounted in wheat and flour to 339 600
bushels. Liverpool advised continuance in
the demand for wheat for India, and corn
and oats were wanted also for the same deS-
tination
The market looked during the forenoon as
If headed for long bear turn. How de-
ceptiye are the appearances put on by the
action of the pit trading, was exempIifed
during the latter half of the session. when
from being very weak, the market turned
round and became exceedingly strong. Dur
ing the forenoon 1t worked gradually down.
until after numerous vicissitudes and quick
reactions, 1t struck 1850 for an instant That
was the turning point and after it had grad
7612c it performed one of those bullish feats
OF Iegerdemain which it has been practicing
Tor the last two months.
New York reported the sale of 100000 blu
OF wheat to Spain. This appeared to open
up new field for the disposal of American
wheat, and naturally had a strong effect
In an hours time an advance OF 31sc took
place, the price Of December shooting I'D to
7SAc. Scalpers were slow to realize what
a good scalping risk such quick advance
was but when they did they let wheat 90
In chunks for about five minutes and in
that time it dropped to 77a4c. That proved
to be only the middle of It's closing turn,
however, for in another five minutes it was
up again to 7S19c, and 1880 was the closing
price.
Corn opened heavy, though practically I'M
changed, depressed by lower cables AS
long as wheat was willing it kept with 1t on
the down grade. AS soon as the latter began
to pick itself up, however, near the close,
corn, with great deal OF energy, rose and
got back to about the opening price MAY
started at 2912c, declined to 2S1a12Sssc, and
closed easy at 29Ac.
oats. while active to a degree, did not at
tract any special attention. The market was
nervous and unsettled following the action
OF corn, but received better support than
that cereal. and showed more strength. Dur
ing the day the feeling was easy and prices
declined. Later it advanced and closed
shade higher than yesterdays final quota
tons, after second drop. May opened I'M
changed at about 221Ac, fuetuated between
2112c and 22Ac, and closed steady at 221Ac
Provisions showed but little activity
The market f1rmed moderately on buying or
ders, then declined again in the absence of
support. Near the close nearly all of the
loss was recovered on the sudden advance
in wheat. January pork closed 1Oc lower,
at $797k. January lard, 21sc lower, at
81. 5212. January ribs, &c lower, at So 95.
Estimated receipts for Wednesday,: Wheat
S12 cars; corn, $40 cars; oats, Ala cars; hogs,
81, 900 head.
The leading futures ranged as follows:
Open High Low Clos
ing. est est ing