St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-18
Corn Continues Oh the Down Grade,
the November Option Losing
Over Three Cents.
Wheat Shows no Signs of Taking Brace,
and Meats Slump all
Around.
The Passenger Rate War Almost Precipi-
tates Panic on Stocks in
Wall Street.
CHICAGO.
Special Telegram to the Globe. !

- NbN AZ SOllS esb lIIN iOhSoI
OF TIN day. Wheat was heavy and weak
from the opening. Corn was vigorously
pounded, and everybody wanted to sell, and
oats were easier in sympathy. Provisions
were quiet with somewhat easier tone.
Closing quotations ON the afternoon board
were: November wheat, l. &c lower at 7424c,
November corn 3Bc lower at 4S1se, October
o'ts &c lower at 2511zc, year pork 15c lower
at Sll. 9219: November lard 10c lower at
10, and November ribs Zoe higher at
S7.35.-,
The large increase in receipts of wheat de-
moralized the bulls this morning, and the
offerings for account of holders were very
large. I Ter this pressure the market be-
came e, and gradually eased off until the
close, the latest prices being the lowest OF the
day. the great weakness shown in the corn
market tended to increase the depression in
wheat. Liverpool was ''slow'' and Mark
Lane dull and easier with a decline of l
penny per Genital on all kinds of wheat in
London. On the other hand, for American
red winter off coast there was a reported adj
vance of lac pence per quarter. Private
cables, however, were weaker than the public
reports. New York and st. Louis early were
both &c lower on wheat. The logic of the
situation has at last triumphed over pure
manipulation, and the slow decline in val
ues here is in accordance with this feeling
and the markets elsewhere. One fact is en-
couraging, and that is the increasing DISPOSE
ton in foreign markets to buy our wheat at
these reduced figures For example twelve
10 6ftaa,, IL toll for in
New York yesterday, and there were several
French orders which were not filed, solely
because of lack of freight room. OF course
everybody knows that our wheat is very
cheap at these prices, and the real wonder
is that more of it is not bought, but the very
fact that the demand does not greatly en-
large under these favorable conditions only
shows how utterly hopeless it would be to put
the market up for the sake of getting more.
If we can only sell little at these figures
how could we sell any If the price was &c
higher. The conclusion, therefore seems to
be inevitble that the present facts concern
| ing the current wheat supply do not warrant
any one in looking for material advance
until the demand becomes stronger. The
trading was usual of local scalping
character. In the language of wheat
broker, the boys had to make some money,
and as there was nobody in from the
country they had to make it off
each other. The fluctuations of
the day show there were ample opportunities
TO win and lose great deal of money on
quick turns. November opened &c off
from the last sales of yesterday, the first sales
being at 755Sc, from which point it declined
| to 75c and closed at 7516c on the
morning session. In the afternoon the
weakness increased, and the last sales
were at 74$4c against 76c yesterday. October
closed 1Hc lower at 731lc. December
opened at a, sold at 765s97735c and closed
on the morning board at 1890 and in the
afternoon at 76Hc. The offerings of car
lots of No. 2 spring were liberal. The de-
mand was mainly from operators who were
buying cash TO hold against sales for the fu-
ture, which continues TO command prem
ium sufficient to pay good carrying charges.
Sales were at 735s@7416c cash. No. 3
spring declined 1c, and sold at Coo. No. 2
red winter closed 1c lower at 764c and No.
3 at 66@661lc.
al look for lower prices" said Frank Kennett.
"though puts will hold the market faom day To
day and it will probably sag of slowly. There
is nothing in the present outlook TO encourage
| the bulls
parties sjill have confidence enough in the siiua-
| ton to be liberal buyers prices decline, and
VIC are inclined TO think that the short interest,
instead OF evening up to-day, was increased.
There is nothing TO bull the market on now
| cept the extremely low prices, and the large
| short interest The latter w. inclined 70
| think, will want TO cover at about these prices,
! unless there should be further increase In re-
ceipts.''
G. s. Everingham & Co. say: ''The decline of
the past few days should naturally stimulate the
| export demand, which has been checked OF late
| by higher ocean freights and the scarcity OF
| room. but a. long as the movement from first
| hands continues so free, not much, II any, adj
| vance in values can be expected. The receipts
| at the primary markets so far on this crop have
been larger than ever before for the same period.
| We think the result will show that a large pro-
| portion OF cur surplus will have been marketed
! by the close of navigation and shall expect to
| see largely decreased movement from the
| country during the winter months, with good
export demand and active speculation at better
| prices
Milmine, Bodman & Co. say: ''There was a
| good deal of quiet buying by one or two strong
parties. We think the long wheat held by weak
parties pretty well sold out now, and with the
least 1aNOI1Ole news IlOul 4uaEkeI HuOulu
expect to q sharp upTurn, yet after all we
see nothing to materially check the present de-
cline, and we think all markets must sink gradu-
ally 10 lower level of values We think X not
quite time to take the buying side yet. At about
75c for January we should regard purchases
favoTably."
Decentralization was the reigning feature
in the corn pit to-day. During the first
thirty minutes prices took a sharp tumble.
This preliminary break, however, was only a
starter. AS the day wore on the employees
of the old September corn crowd appeared in
the pit and offered corn for October in 25,-
600 bushel lots. There was not much taken,
but there was any amount offered, and the
sicker the market looked the more there was
for sale Baldwin. Nat Jones. Love, every
body, in fact, was there, aud lively time
they had of It. The small fry and scalpers
stepped in and pounded the market merci-
lessly and with all the pit selling
and nobody buying The different
options went all to pieces. The break, how
ever, only makes a worse mix of an already
badly mixed deal and the great question now
is, is the clique out of the deal or is it mere
" lying back for future spring. Its existence
seemed to be forgotten in the general and
reckless selling of the day, but after the heat
of the battle, prophecies as to the future
course OF the near options are scarce and all
hinge on the big ..If.'' Summed, up they
are about as follows: II the clique is out, it
is good nisr to sell, but II they are not it
is hi rCls. and the best thing to do
is 10 t..;.sc who regard speculation
in graz - nythiug more than bet the
best advice is to stag out until affairs are in