The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-28
WHEAT AGAIN ON THE SLIDE IN
THE PIT AT CHI
s~~F -Ssas %ss0s a 4xsa s-s~y n asssx aeasg sn
THE OTHER MARKETS TRAa-ED
CORN AND OATS BOTH LOST rRAc.
TIONs AND PROVISIONS FELL
OFF.
RyERYTHIxe WAS AGAINST VIII WHEAT
Weak Cables, Heavy Northwest Re-
ceipts and Stop Loss Orders Were
the Controlling Factors.

CHICAGO, Oct 27.-Wheat suffered from a
variety of causes today and closed with a
loss Of &c, though selling at one time &c
under that figure Among the chief reasons
for the slump were the disappointing cables
and heavy liquidation by prominent brokers'
Other markets were also affected to degree,
4cQrps declining kc, oats about &c .sapd pro-
visions 21A@71ac.
Everything was against wheat at the open
ing OF the market today. The most depress-
ing features were the early cables and the
Northwest receipts. After the advance Of
1c here yesterday, Liverpool was expected to
show steadiness at least, Aand the weakness
Of that market was decided disappointment.
Northwest receipts wefe remarkably large,
l,61S4 cars as compared with 1857 last week,
and LOLA last year. At the starting Of the
regular trading there wererno buyers Of De-
cember at over 70Ac, and so anxious had
some people in the crowd become to SELL
having stop loss orders at about 70c-that q
sale or two at $3.50 took place in the opening
melee, as against yesterdays closing price
of 70%c. II It had not been that about 1,50O,-
900 busLes..s. of hedges against the wheat in
the Pacific elevators TO be bought In,
owing to the destruction by fire yesterday,
the opening weakness would have been great
er. Later Liverpool cables noted cect...e
for December to 69Ac, after having had
short reaction from the opening to 1012c.
Another depressing factor was the liberal
selling for foreign account, and during the
first nour such sales are believed to have
aggregated over 500, 600 bushels. New York
also poured in selling orders, as did the other
leading markets, and the trade was simply
swamped with offerings. Another disturb
ing factor was the high money rate at New
York John Cudahy was a steady and per-
sistent seller, especially on the soft spots.
His tradings have been very heavy for some
time, and as he has generally been on the
right side of the market he had long fol-
lowing, the consequence being that wheat
poured on the market at times in a perfect
during the last hour under heavy liquidation,
December finally reaching 69Ac. This was
the turning point, and December had recover
ed to 69Ac at the close, though remaining
active and nervous to the end.
Corn ruled slow and weak, following the
course Of wheat. May opened about Ac lower
at 2SAQ1ac, and gradually sold down to 27a4c,
closing weak at 277s@2Sc. Oats were quiet,
but steady holding better than wheat or
corn. Prices held well up to noon, but in
the last hour were affected by the drop in
wheat. May opened a shade lower at 219sc,
declined to 21hQAc, and closed at 21%c ask
ed. A fair amount Of speculative business
was done in the provision pits, but there
were more sellers than buyers most of the
time. After az opening decline, prices fuc-
tuated but little, January pork closing TIC
lower at S7.82; January lard 212c lower at
$3.50; January ribs sc lower at S3.S5@$3.87
Estimates: Wheat 200 cars; corn $50; oats
$50; hogs $4,000 head.
The leading futures ranged as follows: