St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-09
The Market Small Fry Do Most
of the Trading of the
Board.
Wheat Moves Crafty Up and Down
and Closes at the Lowest Price
for Many Years.
Corn Has Quite Boom of Activity, One Firm
Purchasing 100000 Bushels Of
The Cereal.
Quotations in Wall Street Go Down
With Run in the Last Hour of
the Session.
CHICAGO.
Especial Telegram 10 the Globe. I


be heavy under lack Of support, with trading
confined to very small class OF sealpers. The
principal grains were featureless and closed easy
for wheat, firm for corn and steady for provis-
ions. The leading options closed as follows:
December wheat "a c lower AZ 725c. December
corn unchanged al 3Tssc. May oats sc lower 81
S5sEe' January pork 7isc lower At SiI.25, De-
eember lard sc lower al $3.50, January ribs IN
changed at $3.50.
Wheat was destitute OF sustaining features.
The receipts were large and the shipments light.
and eastern and foreign adviees unfavorable 20
holders There was an absence Of outside buy
ing orders except 10 cover shorts. The majority
Of the crowd were sellers. and they succeeded in
forcing the price Of December
wheat down 10 72Se. The opening
price OF this option was 73sse, and the
close &c, showing 4 decline in twenty-four
hours OF sc. Large quantities Of wheat par
chased al the beginning Of the month by parties
having faith in Blaines election and It's favorable
effect on trade, unloaded the stuff to-day and
took what they could get out OF 1t. This was
certainly less than they paid the market to-day
touched its lowest point, not only for this
year but for many years. Advioes from New
York stated London was free buyer. evidently
thinking il a good time to replenish the low
generally sellers, and not al all sorry 10 see the
price going aud lower. On the
other hand heavy houses were
buying wheat, the argument that prices
had about touched bottom, Ed Bangs stood in
the pit for Lester and took in something over
1000 600 bushels for investment account. Lester
is an ardent Blaine man, but he don't seem 10
think the election OF Cleveland VIII interfere
with the consumption Of wheat. or in any other
way reduce prices very mnch, which are now
lower than they have ever been since railroad
communication established In this
country. Minnie, Bodman & Co. gavelevidenee
Of their faith in the stability OF a Republican
form OF government by buying wheat al every
change in quotations. The buying orders were
entirely from the east. November very dull,
opening At 72i4, sold at 72x, reoeded and closed
at Il sc, December was irregular, opening 81
733e, or &C under yesterdays close, declined
20 73Ssc, sold mp TO 74c, reeeded and closed At
5s5se. January opened at 741se. sold at 74Ee.
down to and closed at 7S5sc. No spring was
freely offered in car lots. II opened at 7Sc and
closed at 72iSc cash. No. 3 spring declined
2G2kc and closed al 56nc, No. 9 red winter
was y SIC lower and closed at 725SG7Se, and
No. closed at CSC.
1.-The decline of the pa 1t few days" said Geo.
W. Shepherd, "seems 10 have resulted from the
disappointment on the part OF holders who bad
bought largely, anticipating a boom after the
election settled, and who have unloaded
their holdings feeling that the prospect OF
change in party and policy will continue the in
disposition on the part OF investors and specula-
tors 10 make any new ventures for indefinite
period. 1 hope this idea may prove fallacious
one. The truth is, values In this market have
been too high compared with any other
market in the country, and an early and sharp
~
the confidence necessary to produce an increased
activity in business and healthy reaction in
prices"
G. s Everingham & Co. say: ''we could not
discover any good buying for long account. We
attribute the decline TO the extremely nervous
and unsettled state Of political affairs which in
duoed almost universal selling by longs, and the
usual amount OF selling and pounding by the
bears. There is an absence OF export demand,
and with the large movement from first hands
makes the situation a heavy one, and the pros
! pect for a lateral advance not hattering. OF
/ course we will hsve upward reactions and It lie
undoubtedly safer to be long than short at the
current range OF prices, but we would only ad-
wise purchases sharp breaks for . while until
we see how the political contest is settled"
A. NJ. Wright & Co, say: "In reviewing the
situation we fail 10 discover a single weakening
factor that was not apparent q week fort
| night since, unless we except the continued
stagnation and depression in foreign markets.
As regards the liberal receipts the existence of
wheat at the source OF supply was well known
TO every intelligent dealer. Hence the arrivals OF
Il this and other markets merely mean change OF
| location without increase in reserve. and in
asmuch as there no leading financial issues
before the country and no changes OF conse-
quence can be made in TINT respect no matter
which party succeeds, We regard il simply alb
surd 10 suppose that the election will have more
/ than a momentary effect On the prices Of any
article, and there are reasons 10 hope for revi-
val OF trade when people give up politics and
once more return TO business"
Corn had quite boom Of activity and some
quite large purchases were made. Those OF j.
,. Bryant, It is said, will aggregate 5OO,O
bushels for the morning session. Henry S.
Poole and o. II. Roche were also buyers. There
were many features Of 4 sustaining character,
including the limited receipts. fairly good de-
msnd for immediate consumption, and the low
percentage OF contract grades as shown by in
speetion, hat the bright weather, reports Of good
country TO IS and the general decentralization
that prevail in other articles destroyed conf
denoe, and Va les were irregular and somewhat
lower. Liven a reported corn with down
ward tendency, while our receipts were about IS
usual. New 70 and st. Louis were both lower
on corn. priyll. dispatch from New York
stated that year CON was soon to be put up in
that market and in Chicago. but the contractors
though, evidently they had better not begin the
job until next week. II is not unlikely. how
ever, that some such movement is anticipated
! in the near future. November opened at 39a{e,
sold at 3shc, advanced 10 40Hc and closed at
40c. December closed at 3Thc. Year opened
at 36z Gs6Sc, advanced to 375sc, and closed at
S7ssc. January sold at IS &c, up to 36ssc and
closed at S5Se.
Oats were quiet at about yesterdays figures.
W. S. Press says they have reached bottom
figure. Kammerer went short 100000 bushels
yesterday and bought them back to-day. De-
cember closed at s5ssc and May at 2sSc.
Provisions were fairly steady all day, but clos
ing figures showed a decline OF re on pork,
year closing Sl1.17h and January at Sl1.s5.
Lard also closed SC lower at $3.50 for December
and S6.S5 for January, while ribs were quiet and
unchanged,
At the stock yards Texans and western cattle
were quoted stronger. One Of the best sales Of
western was drove OF Montanas sold by Ing
wersen Bros. There were III head that averaged
l,lsl pounds, and sold for s5.75. Texans sold
around about IS. $500. IS, and westerns ~ from
Si.s505.75.
Hogs opened weak and at uneven prices. be-
ing lower in the Northwestern and Burlington
and higher in the Rock Island divisions, but to-
ward the close values evened up all around and
the general market closed 8 shade higher with
all sold. About all the packers. John P. Squire
and the other New England shippers were liberal
buyers and cleared the pens.
Hamill & Brine, in their weekly review Of the
market, say:
Grain and provisions have ruled duh, with .
declining tendency throughout the week. opin-
ions are somewhat divided as to the cause OF this
weakness, il being attributed by some TO a pos
| Eihla chanra I'm h. a