St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-14
As Consequence of the Inactivity,
Cereals and Provisions Drop
Off Trifle.
The November Wheat option Declines Nearly
aCent-Corn Shows No Better
Front.
wall Street Opened Weak and Unsettled,
Closing Somewhat Higher on
Some Stocks.
CHICAGO.
Especial Telegram to the Globe. l

quent upon the transformation of specula-
tors into politicians. Wheat and corn could
not compare to-day with to-morrow's pros
something attractive to gamble on. There
fore the markets were left pretty much to
themselves, except in the case of the newt
able crowd of scalpers. The closing quota
lions on the afternoon board were: Novem-
Der wheat 7613c, decline of &c; November
corn 53c, decline of &c; October oats 27c,
decline of &c; year pork S12. Is, decline
of 2215c; November lard S7.2O, decline of
re; November ribs $3.50, a decline of
121Ic.
The wheat market to-day was heavier and
lower. Liverpool was reported as ''steadier''
on wheat, but New York was early 2lc off on
wheat and st. Louis &c, while our receipts
showed quite an increase Of both kinds win.
ter and spring, over those reported Saturday.
Farmers deliveries in England last week
were given at 70,OOO@75. 900 quarters.
Opening figures were only shade under
Saturdays close, but the general pressure Of
the situation was too much to be success
fully withstood and prices were forced to
yield. The shippers demand was light and
the weak feeling was increased by the sell
ing of some Of the heavy operators. Each
decline of &c brought out fresh lots that
were either held for weak holders whose mar
gins were out or on which stop orders had
been placed, and selling increased so rapidly
without meeting with a responsive demand
beyond the takings to cover shorts that it
was impossible TO secure any reaction, and
closing figures were at nearly the lowest of
the day.
1t is generally believed that Hutchinson
and several other heavy traders are long on
wheat to a large amount, and are doing all
they can to sustain the market and keep
themselves from loss. On the other hand
The facts Of the situation point to lower fig
ures. Which side will win in the end re-
mains to be seen. 1t is pretty certain now
that the movement from first hands is as
large this year or larger than it was last year
up to this time, while the exports for the past
three months actually figure up more than
they were for the corresponding months Of
1888. For the past two or three weeks, how
ever, the export demand has fallen off
largely, owing 10 the rise in prices here,
anu Tic duNduCe III OCEAN anu rail-
freights. December wheat showed itself at
first a little stronger than November, for
there are good many people left who be-
lieve that wheat at present figures is a good
purchase for investment and who act accord
ingly on every decline, but later it went
down with the nearer option. October
opened at 1890, Saturdays close, fell to 75c
and closed at sc. November opened &c
lower at 7Sc, and closed at 761%c, after fall
ing & c below that figure. and December
closed &c below Saturday at 7S16c. No. .
spring cash sold at 7515@75%c. No. red
declined &c and closed at 7Sc, and No. 8
closed at 66c.
Corn averaged lower and trading was light
compared with the business of the latter part
of last week, operators not being disposed to
sell short. There is not now any pressure
upon the market TO advance prices. If the
syndicate is still buying, it is certainly buy
ng as cautiously as it can and making every
effort to keep prices down. Any trader who
Knows anything of the market will admit
these premises, and to admit them is to ac-
knowledge that the bulls in this grain have a
remarkably strong position. The receipts of
corn are getting smaller instead of larger.
Last week was not favorable to the
hurrying along of the new corn to
market, Shorts and receivers are declaring
that there will be vast quantity of good
contract corn in here if prices are advanced
toward the close of the month, but October
has long been at premium over November,
aud at very great premium over Deem
Der, and unless the corn cribs were very gem
orally emptied the receipts would be larger
now. The demand, as every body knows. is
good. 1t is thought that vast uantity of
corn has been sold short by local and New
York spectators at under fifty cents for
October and 45c for November, and under
40c for year. All these options, as every
body knows are from sore higher, with
cash receipts, and with all this stimulation,
falling off instead of increasing. If holders
simply held to their purchases and did not
lend hand to the advance, prices, even
conservative commission men be-
heve, would be likely to touch
6Oc. But is it human nature for Spectator
With a tremendous advantage, with very lit
tie risk to gun, to keep their hands off, when
by using them they can squeeze their oppo-
uents and make bushels of moneyl Isn't 1t
altogether likely then that the longs, as de-
livery day approaches, will see TO it that cash
receipts are not bought too cheap, and that
the settling price is a good one. October
opened sc higher at 57bc, declined to
555Sc and closed at soc. November opened
at $500, declined to 52s4 and closed at that
figure on the morning board, but figured up
to 53c in the afternoon. Year opened at
1880, sold at 44lfc and closed at 4Sx.
The speculative market for oats was quites
active, but prices were lower, the closings
being and at 27c for November decline of
sc, and at 29sic for May, decline of 1c.
The increased receipts of hogs had de-
pressing effect on the market for hog pro-
ducts during the early part of the day and
prices ruled weak and lower on all leading
articles. Trading, however, was moderate
and mainly on local account. Foreign ad-
vices indicated a weaker feeling on lard.
Wheat was Cd lower in Liverpool, but other
articles were unchanged. Eastern markets
were quieter and prices easier. Pork was
rather weak for the deferred deliveries
and closed at S12I5 for year.
The shipments OF lard last week
almost divided the local stock in twain. An
other such weeks shipments and there would
not be left above 5000 tierces of contract
lard here. There are not so, 900 tierees of
prime steam in store now. a month ago
reference was made TO the very large pur-
chases and holdings of Geddes. His opera
lions have attracted very little attention
since, for stagnation in provisions hiss been