The Saint Paul globe., 1905-01-04
INCREASE IN
VISIBLE SUPPLY
A Strong Opening, Closing
Rather Heavy-Corn Weak
on Liquidation

CHICAGO, Jan. 3.-Unconfirmed reports
OF an excessive increase in the visible sup
ply formed the basis of a break of 11sc
today in the price of May wheat. There
was reaction, but the market closed easy
with May q C off, compared with Satur-
uay s ngures. Corn is down ss@%c. Oats
snow Ac loss. Provisions are unchanged
Wheat
The greatest strength of the wheat mar
Ket was at the immediate opening. Initial
quotaUons on May delivery showed a gain
OF "a at $I15@L15A. The principal
source sou OF strength lay in the weekly statis-
bushels smaller than for the previous
week. Furthermore the quantity on ocean
passage decreased 2,736, 600 bushels. In
aodltlon the weather in Argentina was un-
IaYoraDie to harvesting operations being
wet IN all four provinces. The domestic
SITUATION also was construed as favorable
for the bulls, the arrivals in the North
west being much smaller than those of
last week. When trading began shorts
and commission houses were active bid
ders. The demand, however, was quickly
sellers. There was considerable selling by
houses with st. Louis connections. This
selling was partly attributed to the ex-
cellent condition of the winter wheat crop
as shown in report by a Cincinnati trade
Journal. Claims were u ade that latest
reports regarding the condition of the
plant during the past few days of warm
rainy weather indicate that the growing
plant has suffered less from the effect of
drought than was generally feared
with increased offerings, some conces-
ket declining a trif1e from the opening
flgures- Later in the day rumor that
the visible supply had increased nearly
5000, 600 bushels caused a decided COM
motion IN the pit. For time offerings
We're much in excess of the demand. The
result was sharp break in prices, May.
dropping to $1.135s. Official figures, how
ever failed to confirm the sensational re-
port, the Increase being estimated at only
9Gl,000 bushels. The market recovered
a portion of the loss in consequence of fair
aspect of the statistics. The undertone
was further strengthened by reports from
minneapolis stating that flour was in good
demand there: The market, however,
closed easy, with May at 81. IA.
Ciearlngs of wheat and flour were equal
to IL, 500 bushels Primary receipts were
$4,000 bushels. compared with 2,269, 600
bushels a year ago. Minneapolis, Duluth
and Chicago reported receipts of 652 cars,
against ,061 cars last week and $50 cars
a year age.
In consequence of the bearish character
OF weekly statistics the corn market ex-
hib1ted considerable weakness. Trading
was fairly active, but offerings were too
liberal for ..the demand Several promi
The visible supply increased 2,369,000
bushels and worlds shipments were large.
Strength of wheat was an early factor.
Sioy OpSuSQ SIldue TO 1Sc n1Sner at 40 "a C
to 45A @453sc and sold off to 441hc, where
1t closed Local receipts were 781 cars,
with . of contract grade.
Oats
The decline in corn had a depressing
effect on the oats market. prices showing
a slight loss, notwithstanding considerable
decrease in the visible supply. Trading
was very quiet. May opened shade
higher at 315sc, sold off to 31Ac and
closed at 3134 @31asc. Local receipts were
107 cars.
PROVISIONS
Considering a decline of 10c in the price
of hogs the provisions market displayed
moderate firmness. The volume of bust
ness, however, was extremely small and
prices showed only slight fluctuations. At
the close May pork and lard were un-
changed at $3.50 and 81 021s D7. .O5, re-
spectively. Ribs were a shade lower at
$3.50.
Estimated receipts for tomorrow:
Wheat, 50 cars; corn, 5S6 cars; oats, 81
cars; hogs, A, 600 head
The leading futures ranged as follows:
Omen / IJjph o,U Cloco