The Saint Paul globe., 1897-10-16
MARKET SUMMARY.

CHICAGO Oct. 15.-It was day of action
and reaction in wheat, with the bulls having
the better of it in the end to the extent OF
a &c advance A feature of the days news
was the renewal of drought reports, which,
coming so late in the season, had no small
influence in the closing strength. Covering
by shorts caused advances of about Ac in
corn and oats Provisions were dull, but
firm, and closed 5G1212c higher.
Wheat opened firm, December starting at
from 905sc to 9O7sc, compared with yes
terdays closing price of 9012Q9O5sc, with
buyers decidedly in the majority. Liverpool
opened at declines of only 14QAd. New York
reported that the export engagements there
yesterday had aggregated 5000 bu and at
out ports had rached $4,000 bu. This was
rather unexpected, as yesterdays reports in
dicated falling off from the phenomenal
figures of the day before. Drought damage
reports, especially from Kansas were once
more in evidence Hot winds were reported
throughout the Southwest accompanied by
dust storms stopping seeding operations en-
tirely These reports served to keep the
market firm during the early morning on a
narrow amount of trading, and the market
within an hour from the opening had ad-
vanced to 91Ac for December.
The Northwest receipts were liberal at 1912
cars, against ,126 the corresponding day last
week, and 9S3 last year Chicago receipts
were 1S2 cars. A prominent Northwest mill
ing man was quoted as saying that he did
not believe there was enough wheat left in
the Northwest to keep the mills running the
remainder Of the year. 1t is estimated that
Duluth stocks during the current week have
increased 900,O 900 bu and Minneapolis 1,100,0 900
bu. This increase of z, 900, 900 bu at the North
west points is expected to be largely offset
by good decreases here and at the seaboard,
and it is estimated that the visible supply
increase for the week will not exceed /, $50, 900
bu, against $500, 900 bu for the corresponding
week last year. Primary market receipts
for the day were 900 bu, against 1,O30, 900
bu for the corresponding day last year.
Extreme dullness prevailed in wheat during
the greater part of the forenoon In this
interim the trade became quite bearish, be-
ing largely influenced by the absence of gn-
eral buying on the part of the public Di
Tectly before noon there was a sharp and
sudden break, December dropping from 901a
6D902sc, to which price it had gradually de-
clned, to 90@901sc. The rumor current
that the Modern Miller, which issued par
ticularly bullish summary of the situation
last week. had greatly modified it's views
since the recent rains This was given one
of the reasons of the sudden slump. When
the report came out its purport to
be as fully bullish week ago, and the
reaction was sharp and sudden. New York
reported export engagements of 80 boat loads,
with more working. The days cearings were
equal to 657, ,OOO bu. December was bringing
913s@9112c at the close.
Corn started weak and at a 1S03sc decline
because of the decline in Liverpool and the
large local receipts-900 cars. The weakness
was extremely short-lived, as the large shorts
began buying freely, and it evident that
the market had been largely oversold during
yesterdays decline A large amount Of
changing December contracts to May was
done during the day. Reports were current
of large cash sales at yesterdays decline
Shorts were active bidders all day and the
12d lower. December ranged from &c to
2619c and closed &c higher at 26Ac. The
market for oats, in its essential features, was
very similar to corn. 1t started weak
through sympathy with that market, but buy
ing by shorts and the firmnesS of the cash
market turned the market in the opposite
direction and kept it that way. Trading at
time was heavy. Receipts were 33S cars.
Cash business amounted to 100000 bu. De-
cember ranged from 1SAQ1S7sc to 1SAc, clos
ing A@3sc higher at S9s@1S34c.
In provisions continued good buying by
brokers representing English houses made a
strong market early, and was a feature
throughout. Outside of this buying there
was LITTLE of interest to the market. Hog
receipts were less than expected and yard
local packers. At the close December pork
was 1214c higher at $4.S71a December lard
DC higher at $4.321h, and December ribs about
&c higher at 81. Estimated receipts Sat
urday: Wheat 200 cars; corn, $50 cars; oats,
800 cars; hogs, $4,000 head.
Tho leading fUtureS raO0ad