The Saint Paul globe., 1897-10-13
BOTH SIDES BEARS
FREE LIQUIDATION THE FEATURE
IN ALL THE CHICAGO SPEC
ULATIVE MARKETS.
LARGE VISIBLE INCREASE,
AIDED BY WEAK CABLES, 1T DE-
PRESSED WHEAT MORE THAN
A CENT.
GRAINS AND PROVISIONS LOWER.
All Around the Close Was a Little
Better Than the Days Bottom
Level.
MARKET SUMMARY.
FINANCIAL

CHICAGO, Oct. 12-It was day of Hquda-
ton in all the grain and provisional mar
kets. The government crop report es-
pecially prominent. Weak cables and a large
visible increase also affected wheat, which
closed at a 11sG1Ac decline. Corn lost &c;
oats &c, and provisions, which had d!scour-
aging yellow fever news to contend with, de-
clined zoe for pork and 5@10c for lard and
ribs.
Wheat was quite weak at the opening
December, which closed yesterday at 91%@911 Y
starting today at 903s090Bc. The government s
statement in its October report that the
estimate of area and condition of wheat was
withheld pending special investigation, was
given very bearish construction by the
trade. 1t was taken as notice that the pre-
vious estimate of area was to be increased.
This and the weaker tone at Liverpool, which
market opened 5s@&d lower, and the local
decline in corn made the trade bearish. De-
spite the weakness in Liverpool, the French
markets were firmer and there were indi-
cations of continued French buying at the
seaboard The Northwestern receipts showed
marked falling off. Duluth and Mime
apolis received 1267 cars, against 1869 cars
week ago, and 1,4S3 cars the corresponding
day last year. Notwithstanding the bearish
temper of the trade, the market declined very
slowly. 1t even sold up a trif1e shortly after
the opening, December advancing to 90B@91c.
By IL O'Clock it was selling around 9Oc. AS
the day advanced, however it became decid-
edly unpleasant for holders of wheat The
Bradstreet statement showed an increase in
the worlds visible of S,212000 bushels for
the week, where an increase of not over
3,0000 900 was expected. This caused renewed
selling, December declining to S97sc under
decidedly free liquidation. The Liverpool
closing was $461d lower than yesterday, and
the Continental markets, which had been
strong at the outset closed at sight declines.
There was nothing in the days record of
wheat movement to discourage the holders.
Primary markets received 1319,O0O bushels,
against 154O,0O0 bushels a year ago. The
Atlantic exports equaled 1900 bushels. New
York reported export engagements of fifty
boat loads After the effect of the Brad
street statement had been spent the tenor
of the news seemed to change There were
denials that the Argentine drought had been
broken and renewals of the assertions of
damage by locusts Very strong local buying
attended these bullish reports, and a gradual
recovery in prices ensued. December was
bringing 90Lc at the close.
Corn was very weak account of the
government crop report. This indicated total
yield of 1928 coo 900 bushels, or fully 100 000,
U00 DuSneIS more than the trade hdd estimated,
and severe liquidation was the consequence.
The shipping demand showed improve
ment, notwithstanding the break IN prices.
Liverpool cables were 1a@%d lower, an addi-
tional depressing factor. Receipts were S17
cars There was partial rally late in the
session in sympathy with wheat. December
ranged from 2S12 to 2734c, closing &c lower
at 287s629c In oats the government report
was the most influential feature and was
mainly responsible for the decline in prices,
A yield of 1920 1000 is expected. That, to-
gether with the weakness of wheat and corn
caused liberal selling by professionals. Of
ferings were quite readily absorbed. The
market experienced a slight rally when wheat
made its final recovery. Receipts were 427
cars. December ranged from 1872 to 1899 and
Closed sc lower at 19c bid.
Provisions started strong in sympathy with
an advance in hog prices, but the slight ad-
vance disappeared at once under free selling
by English houses, who found it difficult to
dispose of their offerings. Discourag!ng yel-
low fever news and the extreme weakness
of the grain markets caused the market to
rule weak until near the close when prices
recovered little. At the close December
pork was zoe lower; December lard, &c low
er, at $4.2212 and December ribs, 71Rq10c
lower at $40. Estimated receipts Wednes-
day: Wheat, 175 cars: corn, AIS cars; oats,
275: hogs, 10000.
The leading futures are as follows: