St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-13
VERY LOW DOWN.
If Bottom Prices are Not
Reached in Wheat They
are Close By.
Chicago Never Had so Low Prices
With so Little Stuff in
Sight.
Corn Weaker and Still More Danger
Gus for Outside Spectators, with
Prices Shading Off.
Hog Products Only Sustained by the Tenn
porary Flrmness in Hogs-Cattle
Market Good.
Stocks OFF all Around, and the Talk of
Wall Street Generally Bearish
Except on Telegraph.
Hog Products Only Sustained by the Tenn
pOrary Flrmness in Hogs--Cattle
Market Good.
Stocks or all Around, and the Talk of
Wall Street Generally Bearish
Except on Telegraph.
CHICAGO.
Especial Telegram to the Globe


in this market. Oats were weak at lower
prices, and provision. were weak, business light
and prices lower. Public cables reported foreign
markets ''fat, slow, dull and easier,'' and New
York markets were very dull all dag. Winter
wheat markets were also dull, though the re-
ceipts were moderate. The best prices of every.
thing were current at or near the opening, while
the lowest Of the morning session were recorded
at the close with the feeling weak and depressed.
The weak feeling OF the morning continued on
the afternoon board, and wheat went down still
lower, while corn and oats were steady and pro-
visions dull and unchanged. The close of the
October options were: Wheat 76c, a decline Of
Ike; corn 50Xc, j decline of &c; oats 24Sc,
an advance of &c; pork $1,000, an advance of
soc; lard S7.15, decline of 12Hc; and ribs
$3.50, a decline of ~
Wheat was again dull, heavy and lower. There
was an entire absence of supporting features of
legitimate character, values at all leading
American markets being easier, and European
adYices as usual unfavorable. Private dispatches
from Liverpool again reiterated that prices were
cheaper there than in New York, reghrdless of
shipping charges, and thele was no considerable
inquiry from any class of shippers; and
with the exception of a faint rally i'm
mediately after the opening values almost
steadily settled to the close; the last sales be-
ing at the bottom also. As far as regards the
future there are really no hopeful signs apparent,
and 1t looks as il no improvement Of a perma-
nent character Is likely to occur until the legiti
mate shipping demand adjusts itself so nearly to
the supply as to absorb the offrings as they come
forward from the sources of production. The
market felt the influence of the fine weather and
the depressed condition of the trade at all lead
ing supply points, and opened weak at h0A
under yesterdays last transactions, and prices
Immediately started on the down grade. The
first sales of October were at 774c, from which
point it declined on free selling to 1850. The
break brought good many shorts On the mar
ket, who, having sold at higher
prices, were disposed to secure profits
while they were in sight, and their takings,
coupled with liberal buying by brokers, who were
supposed to be going long for a large operator,
caused rally to 773Sc, at which there was free
selling, and the demand not being equal to the
offerings, prices settled with slight fluctuations
to 76hc, and closed on the regular session at
769sc, and on the afternoon board at 76c. No
vember is rapidly becoming the favorite future.
1t opened at rec, sold down to 7s1sc, and closed
at 7S1ac on the morning board, and 77alc in the
afternoon. About the only important trades
were the purchase OF 5000, 900 bushels of Novem-
Der by Field & Lindley, and the sale by j. II.
Kitchen of an equal amount OF September, while
Lester, along toward the close took 100000
bushels of October at 76nc. Kent also took
considerable early.
Mr.. Arthur Orr, OF Irwin. Orr & Co., one Of
the heaviest shipping houses in the country,
being asked his opinion OF the wheat market to-
day said: 1.-The price Of wheat is low, but not
relatively Coffee, tea, sugar and all kinds of
manufactured articles are on cheaper basis than
wheat, which is the dearest article America has
to sell. The price of wheat is to be determined
this year more than ever before by the surplus
wheat which Europe wants from this country.
European crops have been above the average,
and, assuming that the estimate of the depart
ment of agriculture at Washington that 10000,
| 600 bushels will be required to carry Europe
through to the next harvest is correct it is also
true, in my opinion, that Europe will use up her
! own grain before purchasing abroad. As con-
sequence there is not now, nor ia there liable
| to be soon, q healthy export demand
| for American wheat. We have many million
bushels more than We want, and, as the price OF
our wheat must ultimately be determined by the
| European demand. which is not likely to be felt
| for some time to come, fail to see any good
reason for an advance in the price Of wheat To
be sure, manipulation or chance combinations
may boom prices few cents, but it will be only
temporary. The Chicago markets to-day are
relatively higher than other markets in the
country; higher relatively than New York. Toledo
or St. Louis, and for once Chicago buyers and
sellers cannot make the market. Europe holds
| the key to the American markets, but her wants
are limited and the markets of the world are open
to her. Wheat is low, very low, considered in
reference to prices formerly obtained. Still ]
would advise no man to sell short"
J. W. Rumsey said to-day: cat this moment
| the feeling is weak but the inspection shows the
quality of new spring wheat to be no better than
| the winter, and consider it suicidal to take
the short side at current prices, as when the
turn does come it will go up with rush, there
fore would buy and follow downward"
| Mimine & Bodman says: "There is no legi
innate or speculative demand that seems sufi
cient to sustain the market, and we think public
sentiment is leaning now pretty strongly to the
| bear side OF the deal; and If the large loca
operators should conclude to take the bear side
vigorously, we dare not say how much they
might sell it down. The low price is the only
thing in favor OF the bull side that we can see
II the stuff does not stop coming, we think it il
liable to break badly some of these days. We
have no faith in it and believe in selling it on
every bulge"
Corn was moderately active, but weak and un
settled, and further break in prices resulted
The arrivals were materially larger the weathe
fine for maturing crops, and the officials Of the
railroads traversng the belt stated that the1
expected good receipts for the balance of tn,
month. There was less demand by shorts, Will
the offerings by longs were more liberal, aud thu
! break came mainly from this October was tn
most active future and suffered the largest de
cline. The bears were encouraged to sell by thu
advices from the interior, many thinking that tn
new crop would be sufficiently dry to I'LL contract
4 for that month. 1t is not safe, however, Il
make sales on that basis, nor is it by any mean
certain that the clique who were running tn
deal have sold out. Receipts were large bot
by canal and rail, and Withdrawals frou
store were 5s 900 bushels contract and 73, 90
bushels rejected, while vessel room was take
for 210, 700 bushels. The offerings were large
including liberal amounts held by longs who wer
disappointed st the adverse course Of the market
and weak feeling developed st the start. No
, g sold at 5sHG54hc cash. September sold q
54Ic, down to SIC, and closed at 53hc. Octobe
opened sc lower at 51Hc, sold to 5OXc, an
back up to 51zc, but when the shorts wer
filed receded TO 501fc and closed at 50%C
Novemer sold at Az GAS &c and closed ct 44HC
, Rumsey & Baker bought freely OF the Octobe
option and were about the only friends corn had
Oats were slow and heavy with the bul