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 Fair De-
rnand Owing to Unexpectedly Light
Receipts-Wben Turn Comes Selling
Pressure Is Heavy

CHICAGO, Oct. IA 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 Is
a &c lower. May is off X a &c. De-
cember corn is up &c. Oats show
gain of nc. Provisions are down &c
to 15c.
Owing to smaller local receipts than
expected there was a fair demand 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
$113A to $1.13A, May opened - q a c
lower to a shade higher at $1.f3 Il to
$1131b. For the first two minutes pit
traders and commission houses We're
moderate buyers, December selling up
to s1.131A and May to $1.1S34 @1.137s.
Liberal arrivals, however, in the
Northwest soon caused active selling
of the December delivery. A reaction
followed, December declining to .$1.12k
and May to $112% 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 1sc from the low point being
registered. Additional advices in re-
gard to reported record breaking sales
of -four 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
tons on December were at a$1.121R.
May closed at Slips.
CIearances of wheat and -four were
equal to 27,700 bushels. The worlds
visible supply, according to Brad
streets, increased 10000, 900. Primary
receipts were 100000 bushels, COM
pared with 1857, 900 bushels year ago.
Minneapolis, Duluth and Chicago re-
ported receipts Of 1922 cars, against
1892 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 a 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
Nc higher at 51B@51A, sold up to
51%c and closed at 51Bc. Local re-
ceipts were 1855 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@Ac higher at $40
BIG, sold between 311s and 311sc,a and
closed at 31A @313sc. Local receipts
were 232 cars. Small receipts Of hogs
and higher prices at the yards caused
a f1rmer 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 12K@15c at $1S.45@13.471z. Lard
was down 121ac at 1856. Ribs were sc
lower at $6.971k.
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
Tho Iodine f1It11rac roppad nc foIIoUa.