The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-05

CHICAGO, Oct part of the large long
line of wheat held by the bull clique went
over today. The selling of it caused weak
market, but the strong foreign situation as
serted itself sufficiently to cause the market
to close at substantially unchanged prices.
other grain and provision markets were re-
markable chiefly for their du.lness, corn
closing Ac higher, while oats and provisions
were unchanged at the close
The opening was quiet enough and some
strength was shown. December, which closed
Saturday at S914@S9ssc, starting today at from
S91b to S9%c But ten minutes after the
opening the market was treated to break
which for a few moments put traders on
the verge of a panic. The price slumped
nearly &c in so many minutes. 1t came 50
suddenly that the trade convinced that
Saturdays curb stories of put purchases
Of 5000 900 bushels, had some foundation in
fact, and that the leading bull interest was
getting ready to liquidate. These rumors mad
the effect of precipitating general selling, De-
cember dropping like a plummet to S77sc.
From this point it rallied quickly to S8Ac,
and soon after gave indications OF settling
down around SS$sc, or cent below the open
ing price.
While the opening Liverpool cables noted
decline of &c from Saturdays closing,
there had been a sharp little rally there
later. There had also been reduction OF
225 900 bushels last week in Liverpool ware
house stock of wheat, and there was very
sharp advance in the stock market at New
York 1t was these influences that made
the comparative strength at the outset
though receipts at Minneapolis and Duluth
were large at ISIS cars, against 1,42T cars
last week and / $50 last year. The weather
man also showed that the drought was par
tially broken in the Northwest by showers
which covered the three big spring wheat
states The worlds shipments OF wheat last
week are again large at 9,244,0O0 bushe-s'
against 1907 900 bushels a week previous and
9O4S0 900 bushels for the corresponding week
last year. Thomans October report, reiter-
ating his former estimate of a total wheat
crop of $50 COO, coo bushels undoubtedly as
sisted in increasing the pressure on the mar
ket during the early break. The visible
supply increased 1861, 600 bushels Tor the
week.
AS the day advanced it became more and
more evident that large holdings Oh lohs
wheat were being thrown on the Market
and that the early surmise OF the trace
was substantially correct. The market was
moi on every little rally by so much prop
erty that it quickly dropped again. During
the last hour, however, the market gave
the offerings The break had evidently slim
ulated lively foreign demand, for before
O'clock. ST. Louis had reported 100000
bushels of cash wheat sold abroad, While
New York was reporting sales Of AZ boat
loads there. The closing cables showed an
advance of I'D, and Paris was also strong.
Late in the day when New York shipments
swelled the exports to Go boatloads there
was stampede among shorts who had over
sold on the break, which carried the price
almost UP to opening figures. The closing
was steady at $3.50 bid
Corn was disposed to follow wheat. The
market was strong at the outset, on ac-
count of firm Liverpool cables and the con-
tinued dry weather. Prices declined when
wheat took its plunge. but soon recovered,
and after that the market drifted along IN
the wake of wheat. Trading was narrow
and fluctuations as a consequence were mar
row December ranged from 295s to 291sc
closing at 291a 3299sc. Oats followed wheat
and corn. Elevator interests sod quite free
" on the early decline, about the only bust
ness of importance of the session. Towards
the finish the market gradually rallied and
closed where it left off Saturday. Decem-
Der ranged between 1891 @3sc, closed at 1880.
Outside of the selling of January product
by few of the leading packers, there was
very little business done in provisions. The
market was weak early on the yellow FEVER
news. but fiTmed up later on the recovery
in grain and on a slightly improved de-
mand Closing prices were unchanged from
Saturday. December pork $50; December
lard. S455@45715, and December RIBS, S4;tS
Estimates receipts Tuesday: Wheat, S9o
corn, SIC; oats, 400; hogs, 10000 head.
The leading futures ranged follows: