The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-09-30
MARKET SUMMARY.
FINANCIAL.

CHICAGO, Sept. 29.-Wheat, after climbing
q cent during the morning, went all to pieces
on the enormous visible increase figures
and closed at a decline of 1A@1asc. The be-
lief that the proposition to make NO.
spring contract grade would be defeated,
which belief was subsequently shown to be
well founded, was the bull factor, but 1t
was completely lost sight of when the Brad
streets figures were received. Other grain
and provision markets trailed after wheat,
corn declined 1kc; oats &c, and provisions
closing unchanged to 212c lower.
Wheat started firm. December, which
closed yesterday at 903sc, opened today at
9O1a@9O5sc, and after a little dip to 9O3sc,
started on a gradual, though steady, climb,
which carried it to 912sc, about two hours
from the opening. Better cables than expect
ed from Liverpool and Paris contributed to
the strength. 1t was principally due, how
ever, to the general belief in the defeat
of the amendment to the rules, being ballot
ed on, making No. 2 spring one of the
description of wheat delivered on contract.
Some part of the frmness may have been
due to a falling off in the Northwestern re-
ceipts. Minneapolis and Duluth reported 824
carloads, against S53 the corresponding day
of the week before. and SS1 a year ago. The
Chicago receipts were 2S6 cars of which II
were No. spring; but there was not car
of wheat that could be delivered to fill
sale for December delivery. Baltimore re-
ported acceptances from London Of good
quantities of -four offered yesterday by cable,
and the sale of a cargo of No. 2 red wheat to
France was reported from st. Louis. Ex-
port clearances from Atlantic seaboard cities
were 229, 653 bu, of wheat and 523 bbls of
flour.
Two circumstances that came to light about
IL o'clock knocked the underpinning from
the market and caused it to come down with
a crash on the heads of it's previous sup
porters. The first was the closing quotations
from continental markets. Paris was found
to be 4Oc lower for September and 15c
lower for November and February, and Ant
werp Csc lower for all descriptions of Ameri-
can wheat. That started the decline and
Bradstreet's figures of the world S visible in
crease making it $4,000 bu, gave wheat
it's coup de grace. The market subsidized to
90bc the cables, but twenty minutes
after the posting of the visible figures, De-
cember had been driven down to SS5sc Then
the market steadied again. The belief that
there was bug in the Bradstreet's figures
somewhere grew rapidly. Shorts, too, seized
the opportunity to cover, and the market
slowly recovered from it's fright. December
was bringing S9@S91sc at the close. The vote
on the amendment to the rules, which was
announced after the close, showed an over
whelming majority against the proposition.
There was very little to corn except sym
pathy with wheat. The market showed
strength early, affected by the dry weather
and the falling off in receipts, but after that
it followed the fluctuations of the major
market The dullness of trade prevented
more that 1ac decline, however when wheat
made its sensational dive. Receipts were
422 cars. The visible showed an increase of
2,22S,G0O blu. December ranged from 291a to
2S12c, closing 12c lower at 2S5s@2SAc. Sym
pathy with wheat and corn, liquidation and
larger offerings generally were the cause
of the weakness, and lower prices in oats
Business was quite large, but of no i'm
portance, as regards individuality. Receipts
were 1853 cars. The visible increased 297, O0C
bu. December ranged from 1886 to 1870
closing &c lower at 19Ac.
Provisions were very dull and prices ruled
shade lower, due to sympathy with grain
There was some October liquidation, but
as rule the trade was merely changing
Cudahy continued to sell January products
Shipping demand was fair. At the close
December pork was PFC lower at $S.171a
December lard unchanged at 81 4712, and De-
cember ribs 212c lower. Estimates for Thurs
day: Wheat, 290 cars; corn, 375 cars, oats
$50 cars; hogs, %, 600 head.
The leading futures ranged as follows: