The Saint Paul globe., 1897-10-08

CHICAGO Oct. 7.-Indiference to extreme
bullish news and caution n operations OIL
all kinds characterized the wheat trade today.
The market has its intervals of strength,
but the weakness of course grains and a be-
lief that the drought will soon be broken,
caused a heavy closing and 1c decline
from yesterday. Corn and oats were weak
from the start and closed at declines OF
from &c to &c and &c respectively. Provisions
closed 10Q15c lower.
Considerable disappointment was shown by
traders at the opening in wheat over the
Liverpool and Paris cables, the advances in
these markets amountingsto only about half
of the gain here yesterday. Trade also took
cognizance that the price has advanced &c
here in the last three days, and it seems to
be the general opinion among spectators
that a reaction was due. They had the courage
Of their belief. December wheat closed yes
terday at 925sc, opened today at 91B@92c and,
under persistent hammering, soon sold down
to 9115c. The arrivals at Duluth and Min
neapoIis were 1,056 cars, against 1,O19 a
week ago, and 1,15O last year. The figures
contradict yesterdays advices of a falling off
in farmers deliveries. Chicago receipts were
331 cars December rail- ed to 9224c on the
statement of stocks of wheat and flour in
the United Kingdom. These showed wheat
stock Oct. 1, Of only 519 900 quarters, against
stocks July l Of Jos, coo quarters, and flour
stocks of only 245,000 sacks Oct, 1, against
455, ,O0O sacks July l. This, accompanied by
reports of good export buying, kept the mar
ket firm for some time. There was no break
in the drought in the winter wheat section,
and clear weather was predicted for the next
thirty-six hours. There were signs, how
ever, of a breaking up of the prolonged dry
SPELL and the market during the latter part
Of the session was remarkable for the con
servatism of traders, apparent y from nothing
more than these vague fears of rain. Argen-
tine reports were more discouraging than
heretofore, and predicted no exportab!e sur
plus. Exports were large. Primary market
receipts were smaller at 1065.0C0 bu, against
1,169 900 bu a year ago. There was a good
business reported in cash wheat. Duluth tod
of sales of 250 600 bu, while there were local
charters of vessel room for 300 900 bu, with a
probab ,lity Of 100000 bu more here, in the
near future. The market was very quiet
and heavy toward the close. The weakness
in corn, which continued even when wheat
showed strength, had depressing effect or
traders, and helped in the gradual decline
which took pace. December finally got dowr
to Size and closed at 915sc.
Corn was quite weak Elevator people were
liberal sellers, indicating an increasing coun-
try movement and there was apparently nc
improvement IN the demand. Large specu-
lators followed the elevator people in tbs
selling while the only demand came from
shorts. Receipts were 479 cars. C-earances
were 47S000 bu. The continuance of the
drought seemed to be entirely ignored. De
cember ranged from 297s to 29Ac, closing q
@%c lower at 29Ac Speculative trade il
oats was small and for the most part fiUc-
tuatons followed the lead of corn. Elevator
people, who were the principal sellers re
ported increased offerings IN Illinois and Iowa
New York operators bought some December
Receipts were 3l4 cars, clearances $4,000 bu
The market was at its weakest toward tn:
c-ose. December ranged from 1890 to 1880
closing $sc lower at 1890.
Provisions were weak from the start. There
was 10c decline in yard prices, and yellow
fever news was Of more serious character
That started the market lower, and liberia
sell3eg by English longs and local profes
sionals kept the market on the decline, The
deci he revived the demand for cash meats
At the close December pork was 171a@z0
lower at $7.S5; December lard 10c lower a
$4.2712, and December ribs 1Oc lower a
$4.5212. Estimated receipts Friday Wheat
$50 cars; corn, $40 cars; oats, $50 cars; hogs
24,0G0 head
The le7ilng futures ranged as follows