St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-21
CHICAGO.
lsneciaI Telegram to the Globe. !


most attention and closed lower, but 1uctua-
tons were confined to a moderate range.
Corn was nervous and ruled rather lower,
and oats were moderately active and showed
some improvement in prices. Provisions
were quiet and ranged lower for the leading
options. Closing quotations on the after
noon board were: November wheat
Is lower at 72%c, November corn &c lower
at 1870. October oats &c higher at 2511c,
year pork sc lower at S11.70, November lard
~ lower at 81, November ribs zoe lower
at 81.
Wheat opened easier all around in the
! face of large receipts and the prospects of a
1900, 900 bushel increase in to-morrow's Wis
ible supply statement. King q Co., of To-
ledo, estimate still higher and fix the figure
at 3, 500, 600 bushels. Liverpool had down
ward tendency with Mark Lane quiet and
very duh. The weather in England was
cooler, but in the face of these depressed adj
vices American red winter off coast was re-
ported from 1@6d per quarter higher. Our
receipts were large for both kinds Of wheat,
the spring car lots showing an increase of
about eighty from those of Saturday. New
| York early was &c lower on December, while
st. Louis was only &c off. Private dis
patches from New York over the wire of
Geo c. Eldridge d Co., contained intelli-
| gence that a good deal of buying
TO cover shorts was being done
on that market and more solid houses were
investing in wheat, believing that bears on
it had reached the end of their rope. The
dispatches contained also information that
prospects Of better export trade during the
week were favorable, and made on the
authority of respectable house, - which
vouched for the same. The statement that
a large contract was made there to-day to
ship wheat there from Chicago via the West
Shore line, at &c per bushel. The
regular rate by rail is about zoe
per 100 pounds. The West Shore
route is by lake TO Buffalo, which is some
what cheaper means of transportation, and
this contract referred to being a special one,
the same opportunity is probably not open
to other shippers. Early in the day there
was an attempt made here by some of the
larger houses to put wheat up enough to scare
the shorts into covering. They confined
their efforts principally to the December OPP
ton, and when they had lifted it from 7519c
to 76c and 765sc without producing
any visible effect on the shorts,
the scheme was abandoned. 1t is
thought that the short interest in the worth
named is quite large, and that should its
owners become once thoroughly frightened
the market would need no other bolstering
up. To-day the bulletin boards displayed a
short line of quotations. November wheat
opened &c off at 74c. went up re in sym
patty with the bulge in December, settled
back and waivered between the opening fig
ure and 1870, closing at 73Tc. No. 2
spring in car lots was offered more freely,
and sales were at 73@731@c.
No. sprin declined &c and closed at SOC.
No. 2 red winte declined 1@1H and
closed at 1871 974c, and No. at 65@6511lc.
1.-THE fact is,'' says Lindblom, THAT receipts
of wheat are too large, and legitimate and spec
ulative buyers all holding back. Two weeks
ago / said that October was usually bad month
for the bulls because receipts of spring wheat
come on market already fed with winter
wheat and events have proved this
to be true even at the low prices
/ prevailing apathy fairly describes the wheat
market. Large and small buyers alike dis
gusted and zoe freely talked of the
probable price. The sooner we get there, or
even lower the better for all concerned. IL
there is any bottom to this wheat let US have il.
The visible supply will be large again next week
and everybody is preparing for it. believe zoe
would make some bulls take decided stand or
i the long side, and we need something like
I that 10 create confidence. Ii is vel
enough to say that the supply and demand regu-
late values but there is nothing TO indicate when
wheat is cheap at 74c or Sl.25. II is largely
question OF sentiment, and sentiment as TO prices
| is regulated by speculative movements, Ii no
body but the miers and brokers bought whea;
there is no telling how low it would go. They
will never check the decline. Excessive carry
ing charges have been bar to any bull opera
lions so far, but we will get Into winter storag,
by November TO- and the election viii then b,
= over and look to see speculation revive by tina
: time, if not before"
: Corn was very nervous, the average o
s prices being lower than on Saturday. Offer
: ings on near options were smaller. Som,
5 good parties were liberal buyers of long fu
e lures. Receipts were larger, shipments ais
j, being quite large. There was good demand
{ for rejected, with some enquiry for the bette
grades on eastern account. The movement
of the clique are still mystery, but it is nov
the opinion of conservative and well
; posted men that during the later part Q
: September. when nearly all speculator
suddenly became very bGllish on October an,
>, November, and while bat few short seller
could be found everyone believing that tb
strong statistical position OF those month
. would insure a squeeze like that in Septem
Der. The clique sold these options agains
their cash corn through brokers, and they ar
: practically out of the market. The course O
the market for the past three DAYS woul
u certainly give the impression that this is tn
fact, Is the tailers were nearly all shaker
y out by the time November reached soc. Tn
: manipulators of the September deal wer
men who thoroughly understood their bus
ness, as they have had abundance of Ell
perience, and the history OF corners in graf
l. show that it is an unwise policy TO at.emI
- to corner an article for two suceessiy
g months, but some bulls still claim that til
s. clique have not sold out, givin
Z as reason for this cpinio
d that the market would not at any time tax
II their holdings, and they also point to II
1. fact that the clique have not delivered
ID bushel of their cash corn thise month. II
OF last is certainly true, but. as for the frs
lie the market, during the last few days OF SCI
tember, and first ten days Of this mOlti
e. would have taken three times the amount
tn corn which they had to sell without shown.
% Liverpool continued strong on corn, b,
ne New York eariy was Ike lower G
= November, with feeling tn
- the deal Eza now got aE.
~ so far from the clique that they woulhn
b, be able to get it back again. St. Louis {
the other hand, was early 5se higher f