St. Paul daily globe., 1884-10-22
The Early Rise in Wheat Almost
Wiped Out by the Demoral-
izatiOn Caused by the
Report.
Corn Also Declines Sharply-Oats Trift
Higher and Provisions Continue
Downward.
The Stock Market Very Weak Owing to
the Unsettled Condition of the
Passenger Tariff.
CHICAGO.
special Telegram to the Globe.

| produced by it on other markets knocked
things all to pieces. Wheat dropped
%@1c, though the close was still
higher than that of yesterday,
and corn dropped 15l@2c for near options.
/ Oats We're stronger and closed about &c
higher for the day. and the range in pro-
visions was generally downward. ribs being
the most notable exception, Closing quota
tons on the afternoon board were: Novem-
| Der wheat 55c higher at 734c, November
corn 24c lower at 441lc, November oats 3Sc
higher at 2615c, October pork 25c lower at
Sl5.75, October larl 21Ic lower at s7.1215,
October ribs 30c higher at 80. 721<.
Wheat Occasioned some surprise to-day by
| taking an upward course. This in the face
of much larger receipts and small withdraw
ais from store, unfavorable foreign advices
and an increase Of 2. 500, 600 bushels in the
visible supply. This last factor didn't count
for much, however, because it was less than
was expected, an increase OF 5000, 600 hav-
! ing already been discounted. The low
! prices has not proved sufIi-
cient inducement for higher prices.
in itself, but the bad weather of to-day
( seemed to add the stimulus necessary, and is
! the generally accepted cause for the improve
ment. At any rate it aided the plans of
manipulators for producing rally ON which
to make the shorts cover. Opening sales
were at a slight. advance over Yesterdays
close, and a slight advance was secured
early. but when the most anxious shorts
were filed q reaction to first figures came.
At this point buying orders came in more
freely. including liberal purchases on account
/ Of New York parties, induced by an in
creased export business at that point. As
offerings did not keep pace with this demand
| prices again started upwards and the last
! sales at p. III. showed an advance of I 1s5G1
! 1&c over yesterdays close. Under the de-
moralizing influence of the big Liverpool
! failure, however, there was a decline of 5E(0
1c in the afternoon, and at the
close the feeling was weak Novem-
| Der was rather slow. The opening
figure was 74c and the highest 755Ic, while
the close of the morning board was at 75sSc
and in the afternoon 7415c. December
opened at 75$Ic, and after repeated Auctua-
! tions, advancing during the last half hour of
the session to 7715c, and closed at 76Xc,
while in the afternoon it closed at 761l No.
spring closed at "A 115c for October, No. 3
591lc cash. No. ? red winter opened at
7414c, closing at 741z@75c. No. 8 closed
at Csc and rejected at 4Sc.
al shouldn't like to sell much wheat in the
| present condition of the Market" said Nat
Jones to day. '.W Wheat has not struck hard pan
yet, but there's no telling what the local shorts
may do and temporary rally wouldn't be any
thing surprising
Wheat in Toledo said Arthur Orr, s'is three
cents cheaper than in Chicago It is nearer the
scaJOard and has advantages OF storage and in
surance over Chicago Duluth is at a discount
as compared with markets, in fact Chicago
is the dearest market in the country. This con-
dtion of things cannot continue long. There
will be a readjustment Of values, which means
THAI Chicago prices which are largely specula-
tive, must decline.
'.The present oversold condition of the
Market said 4. NJ. Wright, coupled with bad
weather, promises 10 give operators for an up
ward turn the advantage, aud shall not be sur
prised 70 see further Slight Improvement in
| prices, but advise those who buy to sell on
small advances, there Is nothing apparent on
the surface to justify and sustain marked ap-
probation in quotations. Indeed, such a result
scarcely seems possible until. large shipping
demand develops for No. .
| Frank Kennett says: Lower prices are antic-
ipatcd for to morrow, but think It time to buy
on soft spots for quick turns"
Ailmine Bodmau q Co. say in their circular
tonight: ''Ne cannot see any good reason why
wheat should he worth as much money next Jan
uary as 1t is today. The freighis are unusually
low for the time ofyear and are certainly in IA
vor of The grain. In winter they will sarely be
higher, botr on land and ocean, and with
large stocks We cannot help thinking prices are
likeiy to rule lower. We see no relief for the
present depression except in a falling oil in
movement or a greatly improved export demand.
a think this wheat ha Dpupht oh 1,
Decem5er than now
Corn was favo-ably Influenced at the omen
ing by rain and general predictions OF bad
weather, which induced free buying to cover
shorts, but the receipts were large and in
Guided liberal percentage OF new that
graded contract, anu after early buying sub
sided weak feeling prevailed, followed bv a
decline Of 12sc on October, 11se on Novem-
Der and l4@S5e on year, but rallied and
closed 1{(d1sc over the lowest prices. There
was but little trading, however, in anv op-
ton. wholesome fear OF the Clique is stiil
pervading the minds Of operators
Nobody cared to bid the market
up by buyinr and no one wanted
% sell short at the bottom Of such marked
depreciation, and so, like liieawber Of Old
the ''b0ys' seemed to be waiting for some
! thing to turn up. Something did turn M
and with vengeance too. On tie afternoon
boari ii was the reported failure Of Liver
pool cotton firm for $40, goo, 600, and /
knocked the bottom out of prices with neat
, ness and dispatch. Tie session opeuel
fairly steady, but on receipt Of the new,
there was an effort TO realize bT holders
which resulted in sudden break Of &c pe
bushel. The feeling was almost paniekv. OF
ferines being large as the limits OF the M
merous stop orders were rapidly reached
st the close the feeling was un
settled ana nervous, although man
operators regard present prices as safe. Octo
Der opened on the regular board at zSIIc
: declined 10 47c and closed at 4T5Se. and or
the afternoon board at 451zc. Novembs
: opened &c higher at 1870, but weakened :,
: 45TSc, when the anxions shorts were filed
l closing at 46jz in the morning and at AZ,
in the afternoon Year closed at 40SSe +,
! tae morning and at sage in the afternoon
There is still some question as to whethe
the September clique made money or not. !
question as to this fact put to broker VIII,
had earned some commission out Of the des
received the following answer:
u don't know 20 certainty whether II did o.
not. II depends altogether how il bufied 10
corpse. an little ineIined TO think tbsi
stack 20 3nis iiitle TOO long and was Et.le n,
stiff. Nevertheless there was cefta!nlT no bi
money 10 stand. Probably sUne was made
! Corn now looks 10 me pretty reasonable II th
: weather continues bad the year opfion win =
Z likely 10 come dy pretty close TO November
r Oats were fairly active and prices range,
/, higher. the close being an \ hizher for os