The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-02
ON FREE LIQUIDATION THE MAY
OPTION LOST CENT AND A
QUARTER.
CASH HELD AT A PREMIUM.
ONLY AROUT TWENTY-FIVE THOUS.
AND BUSHELS DELIVERED ON
DECEMBER CONTRACTS.
PROVISIONS HAD A HARD TIME
All Hog Products Opened Lower and
Large Estimates Accelerated the
Selling Movement.

CHICAGO Dec. Wheat was depressed at
the start by an unexpected decline at Liver
pool and did not recover from the weak feel
ing which that fact caused, May closing at
nc decline Corn and oats sympathized to
q certain extent declining about 1sc each.
Provisions were radically weak and closed
171k@3Oc lower. Liverpool agin the rul-
ing factor in wheat. especially at the opening.
1t sent Id lower quotations to start with,
notwithstanding yesterdays advance here.
This was very unpleasant surprise to specu-
lators, and it's effect was felt as soon as trad
ing commenced. May which rested at 8434c,
started with sellers at from S42s to * and in
the course of an hour it had worked down
to S3s4c. Immediately after the opening, it
temporarily rose TO S45sc. This was due to
two reasons. One of them the almost total
absence of wheat deliveries, something that
has not happened before in years. 1t was said
that not to exceed %, 900 bushels was deliver
ed on December contracts. This is one of
the four big days of the year for deliveries
and ordinarily from 2,00O0 COO to 100000 bush
els would go around on contracts. That it did
not was due to the fact that all cash wheat
was at a premium over the December price.
This was regarded as a decidedly bullish
factor.
The other was the Northwest receipts, Min
neapolis and Duluth reported but 315 cars, as
compared with 379 last week and 905 last year.
Chicago received IS cars against SO last week
and 1893 last year. But even these strong
features failed to stem the tide of liquidation,
which was increased by later cables, showing
q still further decline. After making a little
rally during the first hour on Bradstreets
report, which showed a decrease in the
worlds visible of IL 10000 bushels, the mar
ket suddenly turned weak from no special
cause that could be learned except the de-
sire of holders to iquidate and the lowest
prices Of the day were touched, May selling
TO $3.50. A slight reaction occurred before
the close, the final quotations for May being
S311c.
Corn was quiet and inclined to weakness,
though in not so great degree as wheat,
by which market, however, it was to some
degree controlled. Other influences were the
dullness in the cash demand and expectation
of more liberal receipts. May opened 1sc
lower at 26Ac, sold between 267sc and 265sc,
closing easy at 255s@25ac. Oats were quiet
throughout The weakness in wheat and
corn caused a similar tone to exist here and
prices showed slight decline. Fluctuations
were confined to a very narrow range how
ever. May opened 1sc lower at 21%c, sold
21Bc. declined to 213sQAc, and closed at
21%c. Holders of provisions had hard
time of it today. Hog receipts were much
larger than expected. This was true, not
only of the local market, but of outside
markets as we'll and prices opened with
sharp declines. General liquidation followed,
the large estimates for tomorrow accelerat-
ing the selling movement. Prices recovered
slightly near the close. May pork closed 3Oc
lower at $7.9712 May lard 1712c lower at $40;
May ribs zoe lower at $4.O212. Estimates:
Wheat, cars; corn, 200 cars; oats, 100 cars;
hogs, 49, 600 head 1''a
The leading futures ranged as follows: