St. Paul daily globe., 1884-10-24
All in all the Day One Of
Great Rejoicing Among
the Bears.
Mr.. Walkers 120,000,000-Bushel
Wheat Scare Causes That
Cereal to Drop.
Corn Sympathizes With Wheat, and
Finds Itself Averaging Cent
Lower at the Close.
Oats Fall Away Trife and Hog Products
Hardly so Well off as on
Wednesday.
Tie Interest in Wall Street Centering in
New York Central and Lake
Shore Shares.
CHICAGO.
Especial Telegram to the GlObe.l

and slight advance, took
sharp drop and closed about l 4 C under yes
terlav Corn followed about the same course |
and closed 5SGl114c lower, while oats were |
&c lower Provisions were easier for all de- |
Iiveries and closed at the lowest figures of
The day November wheat closed at 744ct |
against 7515c yesterday; November corn at
4235c, against 434c; October oats 2555c, |
against 25Ic; No5ember lard Sc .971I,
against $7.071l; new ribs $40, against
S7.175I.
Wheat opened firm and advanced about
14c, but the outside demand was ligl t, and
when the more anxious shorts had filled and
the offerings became more free the market
broke badly and the down turn was
accelerated by the report that Walker,
the New York statistfcan, viii
in his next statement show the worlds sup
ply of wheat to 12O, 600, 900 bushels in excess
of requirements. OF course there is good
deal of guess work on the bull side about
them, but they had their effect nevertheless.
Another weakening influence was the report !
of a heavy bank failure in Washing gt0n. Liv
erpool reported wheat as steadily held, bu
Mark Lane said there were but few bids.
California and American red winter off coast
were 3 pence per quarter lower, and red win
ter for prompt shipment 9 pence lower, as
there is quite large quantity on passage.
Receipts seem 10 be falling off little at out
side points, such as Milwaukee, Toledo and
Baltimore, while here we had to-day
little more of winter and less of Spring.
New York early was steady on wheat and so
was St. Louis. Should the movement from
first hands siackcn up and become limited it
would undoubtedly put prices higher for the
time being. But, on the other hand, ma
terial advance in values would be likely to
check the export movement, which has been
pretty fair af late, and so the market hangs
between these two apprehensions. The talk
about getting up bull movement in wheat
at present is believed by very few, although
such a thing may not be impossible. Any
party, however, which should attempt 10
carry all the cash wheat and take all that
would be offered must be able to com mand
large resources and have a heavy financial
backing, bat if the farmers refuse to sell at
those prices and hold onto their wheat until
it becomes more plentiful, the only way to
bring it out freely is to offer more money for
it. II looks, therefore, as if the market
would be governed in the immediate future
very largely by this question OF supply and
export movement. The wheat must come
forward sooner or later at lower or higher
figurers, if the holders will not accept pres
ent prices. October opened at 7413c, sold
up 16c, and finally closed ut the lowest point
of the day, 73Tc, and full cent below yes
terday's close. November opened at 751$c,
went up sc and then de-
clined to 7414c, closing at 741zc
in the morning and at 7414c
in the morning. December was fairly active
opening at 7714c, from which it dropped
q and there rallied to the opening figure
and again weakened under increased realz-
ing, settling to 7G15c, and closing at that
figure on the afternoon board and ut 76 in
the afternoon. The demand for low grades
for shippers was fair, but No. = spring in car
lots WIS mainly taken to carry egainst sales
for December, and transactions were at 732{
Ol7435c, closing at 7313c. No. 3 spring
closed steady at 62@621lc cash. No. ? red
winter advanced shade and closed at 75%
6p16i5c. No. closed at 65GQj5j3c.
Speaking of Walkers estimate of 120,O 600
bushels surplus, Milmine, Bodman S Co. say
''Suilicicnt unto the day is the evil thereof.
There is no disputng the fact that present sup
plies are In excess of present requirements.
More than this il is not necessary for the INTEL
ligcnt operator to know, and il is generally taken
by him a sufficient pointer for him to sell the
market short on all bulges, and with this fact
steadily in view he has made money right along,
while buyers have lost. We think these tactics
will win so long the present volume Of receipts
continues"
4. NJ. Wright IL Co say: SIN glancing at the
future Of the market we fail to see any features
calculated TO change our previously expressed
opinions. That prices unprecedentcdly low
is beyond question, yet the visible supply is fully
mp TO the largest amount accumulated in
this country at the close of October. The ship
ping demand is down to a minimum, hence we
see nothing to change the situation of the mar
ket until after the end Of the current year, and
we advise those who wish 10 operate to buy ant
sell on quick turns
The Chandier-B Brown company: 'Wc can see
but little encouragement for the bull element Il
the immediate future, believing that the large re
Ceipts will continue 10 press the market, rs W,
are now higher than either Minneapolis or Du
luth, which will in all probability turn wheat tC
this market which would otherwise go to thes,
points
Bright cold weather and liberal receipt
enabled the bears to pound thecorn marke
pffectually, and the Washington bank failur
helped matters along as it did in wheat
There was not very much doing, and tn
only thing which kept up show of actlyit
was the unceasing efforts Of the crowd TO SCI
little lots of the long stuff without breaking
the market. in which attempt they were gen
erallv unsuccessful and the clos
showed decline from yesterda
of1aic in October aud 5sc in November
There was good deal OF talk on the subjec
of the cliQue's attitude, while some main
tanned that the October shorts were sure {
squeezed after the manner Of their prede
cessors Others claimed that the clique il
self was short and was playing big game c
bluff.
.,Thc clique are doomed said Frank Kennet
,rnlcss they have 4 big line OF November sold
II looks as though corn would 90 still Lowell
though we will doubtless have reactions and
i a sale on bnges. The new crop Is immens
aud corn will probably sell lower thun antir
pated. as wheat has done"
Another operator said at is still said that tn
.lione who run the September corner are hesvil
weighted with cash and near futures, and IL sue
is the case an early upward reaction is not uu
likely as they will use every means at comman
IN secure an advance on which to SELL
Stin another observed; ''It begins 10 look
though the clique had rather sold out their stu
n hirher figures and intend 10 deliver it out c
The Ist day Of November TO the unluoky parti,
~ .nticipatsd s?other deal and loaded u
eariy in preparation for that event"
October opened at 1870, showing 4,
cline of 1llc from the last sales yesterda,
sold down to 4asfe, and rallied und,
manipulation 10 the opening figure, but thei
being a lack Of support at this figure it brol
-: .sr-o e, II 81 or 3SSc below yf