The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-05
WHEAT LOSES GROUND
WEAKENED BY BIG INCREASE in
WORLDS VISIBLE SUPPLY
Market Starts Out With a Fair De-
mand Owing to Unexpectedly Light
Reeeipts-When Turn Comes Selling
Pressure Is Heavy

CHICAGO, Oct. A big increase IN
the worlds visible supply weakened
wheat at the close today. Liberal re-
ceipts in the Northwest emphasized
the depression. Compared with last
nights figures. December closed at 70
@Mc lower. May is off q @7sc.. De-
cembere corn is up 1sc.~ Oats show a
gain of Nc Provisions are down &c
to 15c.
Owing to smaller local receipts than
expected there was a. fairysdenand7 for
wheat at the opening. Offerings were
comparatively light. In consequence, a
steady tone manifested. December was
a shade lower to a shade, higher at
.$113h to $1.13A May opened Is % &c
lower to "a shade higher at $1;1374s to
$1131a For the first two minutes pit
traders and commission houses were
moderate buyers, December selling up
to $1.131s and May to $1.13% @1.lSas.
Liberal arrivals, however, in the
Northwest soon. caused active selling
Of the December delivery. s A reaction
followed, December declining to $1-121s
and May to $1.12M. Later the pit
crowd bought back much of the wheat
sold earlier IN the day. The market
assumed a firmer tone on an advance
of about 1hc from the low point being
registered. :. Additional advices in re-
gard to reported. record breaking sales
of flour in the Northwest and advices
from Australia indicating poor crop
prospects had considerable influence IN
bringing out the renewed demand.
Quick reversal in sentiment came,
nevertheless, with announcement OF an
increase of 10000, 900 bushels in the
worlds available stocks, the market be-
ing slumped, and the feeling at, the
close was weak, prices being at the
lowest point of the day. Final quota
lions on December were at $11212.
May closed at Slips.
CIearanees of wheat and flour were
equal to 27,700 bushels. The worlds
visible supply, according to Brad
streets, increased 100000. Primary
receipts were 100000 bushels, COM
pared with 1887 900 bushels a year ago.
Minneapolis, Duluth and Chicago re-
1882 cars last week and 1,194 cars
year ago.
Corn Goes the Other Way
A decrease of so per cent in primary
receipts compared with last year coun-
terbalanced the weakening effect of
lower prices of wheat, creating firm
tone in corn. Local receipts also were
smaller than estimated. and this fact
aided the bulls in an effort to support
the market. December opened &c to
u G higher at Sis @51A, sold UP to
51%c and closed at 51Bc. Local re-
ceipts were 166 cars. with IA of con-
tract grade.
Oats were firm on good buying by
cash houses and on covering by shorts.
The strength of the cash article was a
help to speculative prices. December
opened &c to 1s@Hc higher at rs q
31Hc sold between Biz and 3114c, and
closed at BIZ @317se. Local receipts
were 232 cars. Small receipts of hogs
and higher prices at the yards caused
a firmer tone in provisions early in
the day, but the market weakened lat
er on selling by brokers, supposed to
be acting for local packers. There was
also some profit taking by outside hold
ers. At the close January pork was
off 121s @15c at $13.45@13471s. Lard
was down 1870 at $7.55. Ribs were sc
lower at $6.97h.
Estimated receipts for tomorrow:
Wheat, SO cars; corn, 81 cars; oats, 134
cars; hogs, $4,000 head.
The board Of trade will be closed
Saturday, Chicago day.
Range of Quotations
The leading futures ranged as follows: