The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-11-20
SLUMP 1T CHICAGO
EVERYTHING ON THE SPECULA-
TIVE LIST CLOSED AT A MA
TERIAL DECLINE.
WHEAT STARTED OUT FIRM.
IN THE FACE OF FREE LIQUIDA-
TION THE MARKET LACKED
SUPPORT.
GENERAL NEWS WAS ALL BrLLIsH
GENERAL NEWS WAS ALL BrLLIsH
Shortage in Russia, Light Receipts
and Australian Demand Failed
20 Stay the Slump

CHICAGO, Nov. 19.-Wheat oats and pro-
visions all turned very weak today after open
ing very firm. Corn was weak all the time
Everything on the speculative list closed ma
terially lower than yesterdays finals. L1qul-
dation was heavy in all markets. although
the news generally favored higher prices
Wheat opened at a decline of 1kc in both De-
cember and May deliveries. 1t recovered all
of that and Zee beside in the first fifteen min
utes of the session, and then in the course
Of about three-quarters of hour from the
start it had slid back to little lower than
the lowest point it touched at the opening.
The early weakness was almost entirely due
to disappointment over the opening Liverpool
cables, which showed only a 81 advance in
sympathy with the much larger advance here
yesterday. This weakness lasted but a few
minutes. The strength this time came from
the other side of the continent. in reports
from California, showing the immense pro-
portions to which the Australian business has
assumed. The flour mills of the state, &C
cording to these reports, are working night
and day on Australian orders, and orders for
wheat from there now in the hands of San
Francisco brokers, are reported to amount to
1,750,00 bushels. Opening quotations for De-
cember were at 7SG78Ac, compared with
yesterdays closing price of 7S1ac. After touch
ing 777sc for an instant, the price jumped
referred to until 79c had been reached. Then
came the second cables. They showed a de-
cline since the opening of IND, and almost
created a stampede among the spectators.
The price quickly declined to TIC, where it
halted, but only temporarily. Apart from the
lower Liverpool cables and the bearish senti
ment which they created, the conditions
seemed favorable for continued strength in
prices. cable from Russia stated that the
principal cereal crops of. that country were
132 100000 bushels less than the annual aver
fOT. Of he
Northwest receipts were much smaller-5S7
cars against 800 cars yesterday, and ,061 cars
the same day last year. The clearances were
large and there was a good cash demand
both for export and for milling. But all this
was overlooked. The market continued to
weaken during the last hour. Liquidation
was active and heavy, and, as few operators
had the courage to give the market any sup
port, the decline met with little opposition.
December gradually sold off to 76Bc; after
that there a little turn for the better,
and at the close December was selling at
THE
Heaviness was the conspicuous feature Of
the trading in corn. The chief depressing
circumstance was the fact OF new corn be-
Ing sold in the sample market at 16c and tic
per bushel, which, for immediate use, was
worth not far from as much as old corn. The
decline In wheat was also influence. May
started unchange at 273sc, and declined
weak and lower nearly all day though show
ing some independent strength at the OPEN
Ing. May opened a shade higher at 225AD
225sc, sold split fraction above that, then
declined to 211Ac, closing easy at 211h6215sc.
In provisions the opening f1rmness was of
short duration Liverpool sent quotations Of
I'D decline in long and short ribs, and Cd
down for lard. Offerings became very heavy
and prices gradually weakened. January pork
closed 1212c lower at $40; January lard 1218c
lower at So. s5QS Sta January ribs sc lower
at IS. go. Estimates-Wheat, 112 cars; corn,
$50 cars hogs, 81 900 head.
The leading futures ranged as follows: