The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-27

CHICAGO, Oct. 26.-Depression in foreign
wheat markets today and liberal domestic re-
ceipts caused heavy liquidation here. Prices
experienced a severe setback; December
closed Use lower. Corn is unchanged. Oats
advanced 1sc Pork and lard are unchanged.
Ribs declined z32c.
The early Liverpool cables showed that the
wheat market had gone to smash, as De-
cenber had lost equal 10 SAC per bu from yes
terday'S close. Paris was also lower, Wnlle
British consols were strong at an advance
OF 11-l6 telling plainly the story OF I'M
proVement in the political situation abroad.
The opening price OF wheat here was from a
to l1sc a blu lower for December than yester-
days closing quotations. Traders, however,
had a lurking idea that the foreign calm
migat only be the precursor of another storm
When later in the session, a further ad-
vance in cOnsols was announced, and there
was an addition OF Id TO the opening heaVy
decline in wheat at Liverpool, the feeilng mere
became more pTOnouncedly bearlsn ana prices
of wheat dropped through the barrier OF
puts that had previously been stopping the
way. Domestic receipts we're liberal IN the
aggregate, although Chicago got only 81 cars
against 100 expected, Minneapolis and Duluth
received $50 carloads, compared with 1,oVo t1@
corresponding day year ago. Total primary
Western market receipts amounted to 1,5S7,OOO
against ,109 600 bu the corresponding day last
year. Atlantic port clearences OF wheat and
flour were equal to 5O1, 600. The market ruled
heavy the greater part Of the session, but
had numerous slight reactions, due TO taxing
profits by shorts. New York reported some
acceptances of last nights offers from this
side Notwithstanding the depression in the
foreign markets. Prices rallied In the last
ten minutes, due largely to prudential pur-
chases by shorts who had profits. Various
other reasons were assigned, such as the
taking Of some wheat in New York for Rus
sian shipment and a report that cargo nao
been worked at seaboard for Austria. De-
cember opened at 67$s9671ac up to 679sc, de-
clined to 661zG665sc, then rallied to 671s9
67Ac, the closing figure
deVelODed Q6clQ-
edly firm undertone in corn. The severe
storms throughout the West restricted the
interior movement and everywhere receipts
were light, only AT cars being inspected here.
Continued wet weather also gave rise to
great deal of talk of further damage to
the crop by rotting, as in many instances
the conditions were such that the grim could
not be properly cared for. This caused good
buying for the investment account by prom
inent professionals and as the offerings were
limited prices were forced up. A good cash
business also helped to maintain better
prices. but the market finally yielded to the
nearly all lost. December began 31s@32c,
advanced to 3214@323sc, then reacted to 1925
632A the close.
Oats acted inpedendently, prices ruling
higher on light offerings and scattered buying
by the crowd generally. There was a soft
spot early, but at no time was there any
appreciable decline Receipts were 126 cars.
May opened 1sQAc lower at 241sQ24Ac, ad-
vanced to 2455q24fsc, and closed at 243s4
241Ac.
Provisions were barely steady, suffering
very small decline in view of grain weak
ness and lack Of speculation. January pork
opened PFC lower at $40, rose to $9.15, de-
clined to S907@, then rose to $9.1212 buyers
the closing price. The fluctuations were Of
the narrowest kind in lard and ribs.
Estimated receipts for Thursday: Wheat
1875 cars; corn, 800; oats, no. hogs, 80, 900
head.
The leading futures ranged as follows: