St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-12
Wall Street Tells the Same Old Story of
Weakness and Depression.
CHICAGO.
lspecial Telegram 70 the Globo.l

the same cereal there was little of moment in
to day 8 markets, the general disposition being
TO settle up deals for the week. Wheat was
forced down a notch two. Oats about held |
their own and provisions were generally dull and |
lower. Closing quotations were: November |
wheat Nc lower at 78Ac; November corn &c |
lower at $3.50; November oats unchanged at |
27Kc; year pork 25c lower at Sl2.37H; Novem- |
Der lard % &c lower at S7.27h and Move mber
ribs unchanged at $3.50.
Wheat was decidedly dull, and ranged lower,
notwithstanding frmer Liverpool cables, and
material decrease in the receipts here and at
Milwaukee and Toledo. On the other hand, the
weekly movement indicated large increase in
the stock here, and the statement was current
that the next visible supply statement would
show an increase of 5000, 900 bushels. Scalpers
were trading moderately for hourly turns, but
there were no outside orders TO speak OF, and
the tendency was as usual on Saturday to close
up deals rather than carry them over Sunday
The market opened shade nnder yesterday
last quotations, and though it exhibited degree
of stubbornness that is somewhat surprising In
the face of increasing accumulation, 1t succumbed
TO the merng and Almost steadily settled y
a. &c and closed at the lowest figures of the day.
October opened at nc and went down to close
of 765zc. November opened at 1870 and after
gaining q closed at 7S1sc. Car lots Of No.
spring sold at 78X07715c No. spring declined
&c and closed at 621l 963Hac cash. No. red
winter closed at 1914 07914c and No. at &c.
1.-THE market to-day" said close observer Of
the course of this cereal, ''was merely an exhi-
biton Of determined grit on the part of heavy
holders to keep prices up against the persistent
attacks of sellers. 1t is the same battle that has
been going on for a week or two, and which has
cd in tba rlyat hiphpr
in proportion than at any other prominent point
The fact that our prices about &c a bushel
away from profitable shipping basis seems to
make no difference with the men who, for private
reasons, wish TO show their strength and power,
and who want, beside, to get out of deal entered
into at higher figures and from mistaken circum-
stances. Why it should be thought commendable
act to sustain a market at an umwarranted
and purely artificial elevation is a puzzle. So
far as actual business is considered, it would be
greatly benefited by letting the prices down to a
point that would cause free sales at home and
abroad, and It is very doubtful, to say the least
whether such will prove
to be kindness to the farm
ers who have wheat to sell, but who will
hold it as long as they see any chance of getting
higher prices"
Corn was the only article that attracted much
this was not due to legitimate causes. but to the
fact that the old clique began to show its hand
and frightened the grip on the October option,
and those parties who had about concluded that
there was more danger from the "liidden
hand IL. the deal found out their mistake. AS
indicated In former dispatch the decline Of the
last few days was an essential part of the game
10 lull suspicion and encourage the boys TO sell
short, which they did. The special drive of to-
day was in October which opened
&c higher at $3.50, and in hour
or more had advanced nearly &c
with rather lively buying by the shorts. Novem-
Der followed, but at a much slower pace, while
year and May remained quite steady under the
circumstances. Now that the weather has i'm
proved for drying corn, it may be that the clique
will conine their operations to the October option
and allow November to take its own course for a
time, as it might be dangerous to try to corner
November with present prospects. The mana
gers were helped along in their
work to-day by the tenor OF foreign
advices, which were 'strong" on corn,
with an advance OF pence per quarter at Lon
don. Our receipts here were light $50 cars)
and New York aud st. Louis were both a little
higher Unless all signs fail there will be music
in the air again before the close Of the present
house that in his opinion all options this eide OF
January were practically cornered. They re-
piled that in their opinion there wonld be enough
No corn to surprise the manipulators, that the
crop prospects were never better. and that corn
would be marketable early In large quantities
The highest point reached for October 81 \. C
-25s C above yesterdays close-and the close was
at 563a c-about PC above. November opened at
53e, sold up ic, and closed at
58%c, gain over yesterday of &c.
Year closed a higher at $3.50.
Oats ruled steady and firm for cash and flu
lures early IN the day, but closed up rather
easier for the latter. 4 New York house sent in
an order for $4,000 bushels OF cash for immedi-
ate shipment, but owing to the small quantity in
store the order could not be iiled. That guam
tity could only be secured by towing boat
around from house to house, which would in
volye too much expense. Closing figures were
15o lower for May at sos and unchanged on the
other active options.
Provisions were very quiet and trading lighter
than for several days past. Foreign dispatches
showed reduction OF Sd in lard, but other arti-
cles were unchanged aud eastern markets were
quiet. Prices here ruled easier and averaged
lower on ali the leading descriptions.
Year pork opened csc higher
at St2.67S, went steadily down to close OF
sis.571 Lard was inactive, opening sc lower
and Immediately taking a downward course,
which brought the October option to $3.50 81 the
close, decline OF l0e from yesterday, AMI the
November option 10 S7.a1s. a decline OF esHc
Nothing was doing in ribs and the October op-
ton closed stead at $3.50; November the same
NJ ST.62, aud January ssse lower at S6.57li.
Range cattle were in good demand aud the
Texans and westerns sold shsde higher.
Among the fresh receipts were los ears OF Tex
ans and westerns say about 1900 out OF 200
arrivals. The offerings were rsther heavier than
expected more than double the number OF last
Saturday, which would indicate that 4 big run is
due for next week. The general market was
fairly active for saturday with prices rather frm
considering the number on sale. The curren;
quotations are about as follows: Texans, SS.SOG
SIS; Wyoming and Montana Texaus, 50. SOG
400; Nebraska, Wyoming and Montana natives
S41CGS.25. The Northwestern Cattle company,
OF Montana, have marketed this week several
droves that made $ y. Western bulls and tail
ings make Ss.oOGS.6O; western COWS, $40 tC
S3.iO.
The hog market was fairly active. vet price,
were strong SaIOc lower on packing and me
dun sorts, while fancy heavy and Philadelphia.
sold equally ss hiEh sny day this week Iight
sorts were neglected and easier. Assorted skip,
were scarce and STEADY, a. everybody" As ths
saving is seemed TO want mixed and medium
The receipts were greater tha0 anyone iookes
for and would indicate big run for next week
with estimates running from 100000 TO flO, 600
Common and rough packers are selling az a rouns
shout 81. s015i0, good mixed and medium s. :,
SAs. 50. and the best heavy SS.sOG5.5N, will
Phasdeiphias and fancy heavy at IS .S0G5.so.
Reviewing the market. Hs1iu & Brine say
The past week hss been entirely devoid OF n,