The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-11-12
TWO CENTS LOWER
REVERSAL OF FORM SHOWN BY
WHEAT IN THE CHICAGO
PIT.
SOME STRONG FEATURES.
BUT LOWER CABLES AND HEAVY
SELLING CARRIES THE PRICE
DOWN.
Corn and Oats Lost Fractions. and
Provisions Closed With Quota
tiOns Unchanged.

CHICAGO, Nov. 11.-Wheat showed radical
reversal of form today, the December option
declining 17sc. Liverpool cables were a great
disappointment and greatly Influenced the
trading. Other markets generally showed
weakness closing sc lower, oats &c
lower and provisions unchanged to sc lower.
A disagreeable surprise was given wheat spec
ulators at the opening. Although an advance
of 2Ac per blu was chroncled in the local
market yesterday, all the response Liverpool
made to this was an advance Of from I'D
to I'D. The consequence was that large guam
titles OF wheat were offered for sale imme-
diately, December opening from 1890 to SOC,
against yesterdays closing price of S07sc.
Strong features, however, were not lacking.
California reported three more cargoes taken
for Australian account. and local Northwest
receipts were very light, though in the latter
case this was partly due to stormy weather.
Minneapolis and Duluth receipts were AL
cars, compared with ,112 on the corresponding
day Of the year before. Chicago got only 40
carloads, against 325 on the similar day Of the
year before. Flour and wheat exports from
Atlantic ports amounted to $4,000 bu, and a
good cash inquiry was reported. After the
opening decline, a gradual recovery to S05sc
occurred. But when the second cable came
reporting a break in Liverpool of I'D, equal to
lAc, the liquidation became more urgent and
the price slumped, selling down to 7S7sc for
an instant. By 10 o'clock the bulls had tenn
porarily recovered from their fright and had
aoisted December to S05sc by 12.15 p. M, which
sudden rise, however, brought out enough
wheat to knock it back again to 7912c in an
equally hurried manner. Toward the end of
the session, rumors of heavy selling by a
New York syndicate were influential enough
TO cause another break to 79c, and that was
the price at the close. Corn was dull, and
Notwithstanding that receipts were the small
est in a very long time, the market could not
resist the influence of the sudden weakness in
wheat. At the close the days decline was
&c per bu. May opened about &c lower at
g914Q291ac, and declined to 29c, where it closed.
Oats were fairly active, and lower. Especially
on the near futures was the weakness prom
tnent. Sympathy with wheat was the prin-
eipal cause for the heaviness, yet liberal offer
Ings assisted materially in lowering prices.
May started about Nc lower at 277sc to 23c, de-
clfned to 225sc and closed easy at 225@22zc
bid. Provisions without the support which
they have been credited with the necessity of
did not show the extreme weakness which
should have resulted had that theory been
quite correct. Opening prices were at
decline, due to the weak hob market, but
quotations changed little during the rest of
the session. January pork closed SC lower;
January lard about 212c lower; January ribs
unchanged. Estimates: Wheat, 81 cars; corn,
lis; oats. ISL; hogs, 40, 900 head.
The leading futures ranged as follows: