The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-13

CHICAGO, Oct. 12.-Heavy realizing sales
during the last hour of the session today over
came an avalanche of bullish news from all
directions and caused a decided slump in
wheat December, after an advance of Bc,
closed Sc lower. Corn left off unchanged.
Oats lost &c. Pork advanced 715c lard de-
clined PFC and ribs up 212c.
Opening transactions in wheat were on a
larger scale than the Sit has seen in month
The strength at Liverpool and the enormous
cash grain business done here yesterday were
the all-imDOrtant conditions. The Liverpool
advance was nearly twice as great the
rally here yesterday, and the seaboard started
in by reporting further large export engage
ments. Before the opening crush had sub
sided the trade was apprised OF nifty boat
loads taken at New York. To add to the
strength which the market displayed there
were English cables reporting 1t probable that
Russia would prohibit exports OF cereals.
Though these were promptly denied the trade
had plenty of other bullish news to stimulate
1t on the buying side Minneapolis put her
sales Of -four yesterday at $4,000 bbls
BroOmhau cabed that the Australian crop had
been damaged by drouth, and there was wet
weather in the Northwest, which promised to
cut of 10 some extent the arrivals in that
center. With all of this the temper Of trade
was skeptcal. Some OF the important inter-
ests here seemed ranged on the selling SIDE
and there was fairly free selling from St
Louis. Local exporters were bearish and
claimed that the advance here had carried
them out of line, so far as exports from Chi
cago were concerned. The actual clearings
for the day were Az 900 Blu. Primary market
receipts were 1,47200, against 1857 90 a year
ago. Arrivals here were 159 carloads. against
163 last year. and Minneapolis and Duluth re-
ceived 1,1S5 carloads, as compared with 1,010
last week and 800 a year ago. Though sales
OF December were made early around 600
$3.50 an advance over last nights close Of
5000 there was a baCkset to 64%c before
noon. Directly after that time reports Of
20 loads and 81 Of corn taken for export at
Vnr cfa Cd he o~fa n I'm
The weekly as well the daily calls were
in this vicinity, and considerable opposition
was experienced. During the closing hour
the reports of export business at New York
were swelled to 100 loads with an accompany
Ing total of 112 loads of corn. The resulting
excitement was intense enough to carry De-
cember wheat up to 6512c, where 1t met
by the offerings Of numerous people who had
good profits and were willing TO take them.
Though the New York stories were supple
mented with reports of $50 900 bu cash wheat
and over l. 000 600 Blu of cash corn disposed of
here, 1t did not tighten the load of those on
whom the property had been dumped, and in
their efforts to shift the weight the market
was slumped down to 6414c for December, and
the close was at 6414 064$sc. Another depress-
ing feature near the close was a decline Of
112c per bu at Budapest today and sc in the
past three days.
An enormous export business and higher
cables caused a strong feeling in corn at
the opening. There was a temporary weak
spot early, however, on account of very lib
eral sales by tnOSe VINO nad prOntS IN Slgnt.
New York reported thirty boat-loads engaged
for export before the opening here. and this
total was swelled to 112 loads in the course
Of the day. That threw the old bull crowd
into the breach and speedily developed
strong market which continued until wheat
came to disaster when corn traversed the
same road. December began 1s@2sc higher, at
S09s @3o7sc. declined to 3012c, advanced to 30A
oslo, then reacted to 3012c, the closing figure.
\ scattered demand from scalpers and shorts
improved oats early. December was compar-
atively very much stronger than May the
spreading being narrowed by sc. There was
good shipping demand, and cash prices
showed as much of an advance as did Deem
bea Tho market finally yielded however
with the Stump in wheat Receipts were 274
cars. May opened unchanged to nc higher
at 2S1sG23hc, rose to 2S3sc, then fell off to
&c at the close
More reassuring yellow fever news from the
South and an advance in the price of hogs
at the yards strengthened provisions at the
start. There were large receipts of hogs at
the principal Western points. and some d1spo-
sitiOn on the part Of packers to sell. but
prices were advanced on heavy buying of
ribs by houses with European connections.
Near the end however the market felt the
decline in wheat, and the advance was nearly
all lost January pork opened at 1886, de-
clined to 1921, then to $40 and set
tied back to $9G21a at the close. The range
in lard and ribs was narrow.
Estimates for Thursday: Wheat 1907 corn
SIS; oats, 2S5; hogs, %, 900 head.
The leading futures ranged follows:
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