St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-19
The Market Continues in a
Depressed and Democrat
lied Condition.
Wheat Fails to Show any Life,
and Declines Half a
Cent.
November Corn Extremely Sick, No
One Seeming to Care to Move
1t Upward,
Oats Take Tumble with the Rest and Pro-
visions Slump off Trifle from Fri
days Closing.
The Ohio Election Doesn't Seem to Have
Given the Stock Market the
Predicted Boom.
CHICAGO.
lspeciaI Te!egram % the Globe. ]

ISpeclal Telegram 10 the GlOOe.I
CHICAGO, Oct. 18.-The feature on Change
to-day was the continuance OF the break in
corn, the October option of which fell to 4Sc,
decline of SIC from yesterdays last quo
tations. Wheat also fell off, but the decline
was much smaller, being about q half
cent Oats also continued on
the down grade and provisions brought lower
prices all around. But Notwithstanding the
demoralized condition of the market, and
the fact that IT was Saturday, trading was
quiet active. Closing figures were Novem
Der wheat 7414c, a decline of &c, November
corn, 47c, decline Of &c, November oats
251Ic, decline of Il year pork M low
er at s1L.75, November lard re lower at
$702H, November ribs 15c lower at 1920.
Wheat was heavy and lower, owing to a
number Of depressing influences, including
the weakness in Wall street
Unfavorable cables, fine weather, liberia
receipts and the prospect
that an increase Of three or four millions
would be shown in the next visible supply
statement. Opposed to these influences
there was nothing but the low prices prevail
ing. This fact, however, prevented a very
sharp break. and though the course was
downward the fluctuations were confined to
narrow limits. With the wheat market in
its present condition there is very little
chance for profits on either side. OF course
manipulation could take hold of the market
and put il up, but the operation would be
be both difficult and danger
GUS except for short, and
sharp campaign: On the contrary, prices
are so low now and so many people have
strong faith in wheat, that any great decline
in the market at present would be likely to
meet with resistance. ''The bulls have lost
all The nerve they ever had, as well as the
most of their money"
The gentleman who made this remark to-
day, as he watched the bulletin
board with its array of steadily
declining quotations, having himself
experienced change OF heart after a constant
bull career Of many months, was not averse
to showing up the horned beasts of the wheat
pit in their most pitiable light" ''They say
to-day" he continued, 'that large quanti-
ties Of December and January wheat we're
purchased by good houses, who are ready 70
10 vi Tue IOuB sue. QOH DtIlpYe LuPTc
was half million OF wheat bought to-day ex-
cept to cover shorts. Why, there is nothing
in the world to make wheat a purchase but
the price, and when that has dropped ten cents
below the cost of production, there is no
telling where it will stop. Ordinarily
when wheat has been quoted at a price for
which 1t can't be produced, there has been
some one to step III and buy it, but nobody
cares to touch it now.n November opened
744c. December opened at 7614c, receded
under free offerings to 755sc, and closed
at 757Sc.
Heavy lines were bought this morning by
Poole, Kent d. Co., CouDselman 81 Wheeler,
and Gregory IL Lester, who have been a bear
in the market, changed to-day and went to
buying. Hutchinson was most prominently
mentioned among the sellers. No. 2 spring
in ear lots sold at 722I@74c. Cash, closing
at 722I@7314c. The latter for strictly fresh
receipts. No. spring closed &c lower at
591Ic. No. and No. 3 red winter declined
1c, and closed respectively at as and Csc.
The decentralization in corn continues and
il really begins to look as though the bottom
had fallen out, The general impression
seems to be that the clique has laid down
and abandoned the deal, and as natural
consequence the holdings were thrown right
and left with reckless vigor, which so de-
pressed prices that the October option at one
time reacted 46l5c, or sc below the last quo
tatiou yesterday. There are good many,
however, who still cling to the belief that the
clique is only Lying low" and waiting
until it is worth their while to squeeze the
shorts. II this latter suppositon is correct,
they win have a glorious harvest If they can
carry the deal through, said member of the
board this morning: "The boys
think the clique is busted, and
are jumping into the market
for all they are worth" The bosses of the
old deal, however, looked as uncoucerued as
possible. They are probably well pleased to
see so much short selling, which will enable
them to give the shorts another whirl at the
end of the month that will make their heads
swim. Said G.. s. Everingham:
Il fully believe that this decline has been
only part of the policy of the clique, and
that now that outside holders have been
lANlNhSuiN SAAANtu Jul = oildI - duNauCt VIII
be the next important change in order"
''Isu't October dangerous option to sell
short!" was asked of Charley Schwarz.
"Daugerousl No. The corn deal is
,otteu to the core The plain facts of the
ease are that the clique cannot get the money
to continue the deal in the face of expected
receipts of new corn. No, the only question
which the clique is concerned with is how TO
save their own bacon
Il hear that a good deal of property has
been mortgaged to carry the deal, but it was
no good" said Hartman Spruauce
As had as the legitimate factors were
concerned there were none TO
support the market The receipts
were fair, including an increased percentage
of corn, number of cars of which graded
straight No. ,. Tue weather, also, continues
very favorable for the curing OF the new crop.
October opened at 5ltte, showing q decline
of half cent under closing sales yesterday,
declined under fair realizing and manipula-
tons of brokers, sold at 461Sc, when the
buviug by the shorts caused a rally to 4Sc
and closed at 47S4c. November opened at
4SI<c, receded TO $3.50, rallied TO a. Sc and
closed at 47c. Seller the year sold at 39ls
@40Isc, aud closed at 40 a 40isc
Morris, Rumsey * Love were the heaviest
sellers, the latter, who did business for
weare last month, Offering $4,000 bushel
lots.
Oats were moderately active, but prices
were alphabetically lower, and October
closing at 25I4c against 251zc yesterday, and
=. o. 81. ..rni,s aQc ,-..stcr,iav ChanE.