St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-10
COLLAPSING CORN.
Favorable Reports and Fine
Weather. Produce a Bovine
Stampede.
A Good Deal Of Unloading by
Heavy Holders of Corn
Options.
Wheat Goes Up and Down and Strikes
q Balance at Mondays
Closing Figures.
Provisions Rapidly Settling and Normal Con-
ditions-0etOber Pork Drops Back
Dollar.
Wall Street in State OF Stagnation-
Wall Street in a State of Stagnation-
Changes In Stocks Unimportant.
CHICAGO.
Especial Telegram to the Globe.I

POltS 1IOtu Tue TIptuluS CEOpj anu prices
were lower under an increased pressure to
sell, the long futures beyond October being
offered with more freedom than at any pre-
vious time this year. The situation regard
Ing the near deliveries was also aggravated
by heavy selling by tailers, who have been
trying to follow the heavy manipulators, but
becoming frightened by the fine weather and
| receipts and the general weakness in other
articles sold out. It is not thought, however,
that the strong bulls who were the promoters
of the advance have unloaded, and there
are good reasons for thinking that they
were anxious to see decline that would en-
| able them to secure larger line of shorts
for next mouth. Wheat attracted consider
able attention, but the arrivals were larger,
and advices regarding the harvest so far as
demonstrated by the threshing, were gener-
ally favorable to the realization of the early
estimates of large yield. These influences,
coupled with reported increase in the visi-
bic supply, and lower prices at all leading
American and English markets, caused a
rather heavy feeling. Oats were firm, but
weakened in sympathy with other grains.
Provisions were weak and nearly all specu-
|
October options were: Wheat 773Sc, the
same as yesterday; corn $3.50, decline OF
&c; oats 2514c, unchanged; pork SIC, de-
cline of 81; lard $40, an advance of 215c;
ribs $500, decline Of 15c.
| Wheat opened very weak, and under free
offerings by George c. Eldridge, Wheeler
& Gregory, Charley Singer and Poole &
Kent, declined1 1c from yesterdays close,
| but later, under a pres sure to cover by
about everybody who was short, the loss was
about made up. October opened at 1890,
about &c below the last sales yesterday,
reached to 771sc on covering by shorts and
| then again weakened under the pressure to
sell noted above and the disposal of a good
many lots on which the margins had ex-
pired, and after frequent fluctuations sold at
7615c, but rallied during the last half hour
on the regular board and on the afternoon
board and closed at 77a$sc, the same as yes
terday. November opened at 7S1zc, sold at
T7$l@775sc and closed at the latter. Walker
was liberal buyer Of October while it ranged
between 76$5c and nc, buying about l, $780,
| 900 bushels, mostly of short wheat.
| Said a commission man this morning:
u
car of low grade at 45c on which the freight
and charges amounted to 32c. That leaves
a margin of 13c for seed, raising interest on
money invested in land, implements, stock,
hauling to market, etc.,
Said Mr.. Chandler to-day: ''The opinion
| that the wheat crop of 1884 has been over
estimated is gaining ground, and the fact
that so large percentage of it is graded No.
8 and rejected is surprising in view of the
fact that not enough could be said of the fine
quality of the wheat before the shipping
commenced. During the past two months
the quantity of poor wheat received at Chi
cago, Toledo and st. Louis was 80 per cent.
greater than was expected"
A board of trade man, who watches the
markets very closely, said to-day: ''The |
large shorts in September and October have |
covered and the long stuff held now chiefly |
by 'tailers,' and unless some strong parties |
take hold of the deal the large premium for |
September and October is likely to disappear, |
but of course it being done on the inside, |
hence all is mere guess work.
Corn failed to show the buoyancy which |
has characterized it for nearly week past,
OUI COnllnuCo " Uc ilplOueu Dy the |
houses, who have have stood by it for some |
time past, and there did not appear to be
any disposition to let the prices down to the |
same old place. The opening was weak,
after which the market strengthened up
about 1c and then weakened again. 1t is |
claimed that large proportion of the Sep
tember shorts have covered, but there still |
seems to be large short interest out. There
was some heavy buying of September, Oc-
tober and November by Baker, Schwartz 81
Dupee and other leading houses. September
opened at 5535c, or &c under yesterdays
close, advanced to 561{c declined under a
strong selling pressure to 5555c, and finally
closed at 55%c. October was the most active
future and sold at 537s@54s5c, closing at
$3.50.
Oats were heavy and weak, with fuctua-
tions within a narrow limit, because of the
indisposition to trade by the crowd generally.
Wallace, however, who is supposed to be car
rying enough oats to break an ordinary
mans back, was a full seller. So, also, was
Stauffer, who put 100000 bushels of the
May option at 2s5Sc and offered any part of
a million bushels at 2S9Ic. October closed
at 25 &c and year at 24}4c.
Provisions were only lightly tradedi in, lard
attracting the most attention. In this arti-
Gle the trading, though less then yesterday,
was liberal, but the feeling was weak, unset
tied and lower. Based on yesterdays l
O'Clock closing, the price at the same hour
to-day showed decline Cof 75l@1Oc, with
the highest figures in the morning and the
lowest shortly after noon. On the afternoon
board, however, there was a reaction and the
closings were at slight advance, October
being 40 and November S7.07%. Pork
was quiet, with little trading in year, which
closed at S11.20 decline from yesterdays
last figures of zoe. September was nominal at
SIT, and October was offered at $3.50 and
claimed some attention for future delivery,
but prices were weaker and the closings Is
@20c lower at S9.70 for October, and $500
or November.
There were nearly 300 cars of Texas and
territorial rangers among the fresh receipts
of cattle, about 200 of which were through
Texans. Trade was dull and prices 1O@15c
lower on about all sorts, except prime na-
tives, which were scarce. Among the west
erns and Texans were some excellent droyes.
the quality as good, If not better, than the
fair to medium natives. Large droyes of the