St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-21
CHICAGO.
lsnecial TELEGRAM to the O.

| pointers IS to the future Wheat attracted
most attention and closed lower, but fluetua-
tons were confined to moderate range.
Corn was nervous and ruled rather lower,
and oats were moderately active and showed
some improvement i'll prices. Provisions
were quiet and ranged lower for the leading
options. Closing quotations on the after
noon board were: November wheat
&c lower at 725Sc, November corn &c lower
at 1870, October oats &c higher at 251zc,
year pork Sc lower at S11.70, November lard
| 21E lower at 81, November ribs zoe lower
at 81.
Wheat opened easier all around in the
face OF large receipts and the prospects of
! 1900, coo bushel increase in to-morrow's Wis
IDLE supply statement King & Co., of To
| ledo, estimate still higher and fix the figure
at 3, 500, 600 bushels. Liverpool had down
ward tendency with Mark Lane quiet and
very dull. The weather in England was
cooler, but in the face of these depressed ad-
vices American RED winter off coast was re-
ported from 106d per quarter higher. Our
receipts were large for both kinds of wheat,
| the spring car lots showing an increase of
about eighty from those of Saturday. New
| York early was $lc lower on December, while
st. Louis was only &c OFF. Private dis
patches from New York over the wire of
Geo. G. Eldridge 81 Co., contained intelli-
gence that a good deal of buying
to cover shorts was being done
on that market and more solid houses were
investing in wheat, believing that bears on
it had reached the end OF their rope. The
dispatches contained also information that
| prospects of better export trade during the
week were favorable, and made or the
authority of respectable house, which
vouched for the same. The statement that
large contract was made there to-day to
ship wheat there from Chicago via the West
Shore line, at &c per bushel. The
regular rate by rail is about zoe
per 100 pounds. The West Shore
route is by lake to Buffalo, which is a some
what cheaper means of transportation, and
this contract referred to being special one,
the same opportunity is probably not open
to other shippers. Early in the day there
was an attempt made here by some of the
larger houses to put wheat up enough to scare
the shorts into covering. They confined
their efforts principally to the December OPP
ton, and when they had lifted it from 751Ec
to 76c and 761sc without producing
any visible effect on the shorts,
the scheme was abandoned 1t is
thought that the short interest in the worth
named is quite large, and that should its
owners become once thoroughly frightened
the market would need no other bolstering
up. To-day the bulletin boards displayed a
short line OF quotations. November wheat
opened 4 C of at 74c, went up &c in sym
| patty with the bulge in December, settled
back and waiyered between the opening fig
ure and 1850, closing at 73Sc. No. 9
spring in car lots was offered more freely,
and sales were at 73@731lc.
No. 8 sprin G declined ~ and closed at Soc
| No. 2 red winte declined 1@14 and
closed at 73S4074c, and No. at 656651Ic
| ''The fact is says Lndblom, that receipts
| of wheat are too large, and legitimate and spec
| ulative buyers are all holding back. Two weeks
ago / said that October was usually bad month
! for the bulls because receipts of spring wheat
come on market already fed with winter
wheat, and events have proved this
to be true at the low prices
| prevailing apathy fairly describes the wheat
/ market. Large and small buyers are alike dis
| gusted and zoe freely talked of as the
| probable price. The sooner we get there, or
! even lower the better for all concerned. If
/ there Is any bottom 10 this wheat let Us have H.
The visible supply will be large again next week
ana everybody is preparing for it. 1 believe zoe
would make some bulls take decided stand on
the long side, and we need something like
| that TO create confidence. Ii is well
| enough TO say that the supply and demand regu-
late values, but there is nothing to indicate when
| wheat is cheap at G4c or S1.25. IL is largely a
| question of sentiment and sentiment m
! is regulated by speculative movements, Ii no.
! body but the millers and brokers bought wheat
there is no telling how low it would CO. They
will never check the decline. Excessive carry
! ing charges have been bar 10 any bull opera-
tons so far. but We will get Into winter storage
| by November 10. and the election will then be
over, and look TO see speculation revive by that
] time, if not BEFORE
Corn was very nervous, the average of
| prices being lower than on Saturday. Offer
ings on near options were smaller. Some
good parties were liberal buyers of long fu-
lures. Receipts were larger, shipments also
being quite large. There was good demand
for rejected, with some enquiry for the better
grades on eastern account. The movements
Of the clique are still a mystery, but it is now
the opinion Of conservative and we'll
posted men that during the later part of
September, when nearly all spectators
suddenly became very bullish on October and
November, and while but few short sellers
could be found everyone believing that the
strong statistical position of those months
would insure squeeze like that in Septem-
Der. The clique sold these options against
their cash corn through brokers, and thew are
practically out of the market. The course of
I-af
certainly give the impression that this is the
fact, as the tailers were nearly ell shaken
out by the time November reached soc. The
manipulators of the September deal we're
men who thoroughly understood their bust
ness, as they have had abundance of ex-
perience, and the history of corners in grain
show that it is an unwise policy to attempt
to corner an article for two successive
months, but some bulls still claim that the
clique have not sold out, giving
as reason for this opinion
that the market would not at any time take
their holdings, and they also point TO the
fact that the CLIQUE have not delivered 4
bUshel OF their cash corn this month. The
last is certainly true, bat. as for the first.
the market, during the last few DAYS of Sep
TENDER, and first ten days of this monta.
wo1lG have taken three times the amount of
corn which they had to sell without showing.
Liverpool continued strong on corn, but
New York early was 15sc lower on
November, with feeling that
the deal h4d nov gos away
so far from the clique that they would not
be able to get it back again ST. Louis on
| the other hand, vas early sc higher Tor