St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-10
Wheat Moves Crafty Up and Down
and Closes at the Lowest Price
for Many Years.
Corn Has Quite a Boom of Activity, One Firm
Purchasing 100000 Bushels Of
The Cereal.
Quotations in Wall Street Go Down
With q Run in the Last Hour of
the Session.
CHICAGO.
Especial Telegram to the Globe. |

confined to a very small class of scalpers. The
principal grains were featureless and closed easy
for wheat, firm for corn and steady for provis-
ions. The leading options closed as follows:
December wheat 1l6c lower at 72%c, December
corn unchanged at 37j5c, May oats &c lower at
59sc, January pork nc lower at Sl1.25, De-
cember lard SC lower at $3.50, January ribs I'm
changed at s. 90.
Wheat was destitute of sustaining features.
The receipts were large and the shipments light,
and eastern and foreign advices unfavorabe to
holders. There was an absence of outside buy
ing orders except to cover shorts. The majority
Of the crowd were sellers, and they succeeded in
forcing the price of December
wheat down to 72%c. The opening
price of this option was 7S%c, and the
close re, showing a decline in twenty-four
hours of &c. Large quantities of wheat pur-
chased at the beginning of the month by parties
haYing faith in Blaines election and its favorable
effect on trade, unioaded the stuff to-day and
took what they could get out of it, This was
certainly less than they paid as the market to-day
touched its lowest point, not only for this
year but for many years. Advices from New
York stated London was a free buyer, evidently
thinking it a good time to replenish the low
store. In spite of this the New York crowd were
generally sellers, and not at all sorry to see the
price going and lower On the
other hand heavy houses were
buying wheat on the argument that prices
had about touched bottom, Ed Bangs stood in
the pit for Lester and took in something over
100000 bushels for investment account. Lester
is an ardent Blaine man, but he don't seem to
think the election of Cleveland Will interfere
with the consumption Of wheat, or in any other
way reduce prices very mnch, which are now
lower than they have ever been since railroad
communication was established in this
country. Milmine, Bodman 81 Co. gaveIevidence
Of their faith in the stability of Republican
form Of government by buying wheat at every
change in quotations. The buying orders
entirely from the east. November very dull,
opening at 7214, sold at 72H, receded and closed
at II &c, December was Irregular opening at
rage, or &c under yesterdays close, declined
10 735sc, sold up to 74c receded and closed at
721gc. January opened at 741ac, sold at 74%c,
down to and closed at 735Sc. No. spring
freely offered in car lots. 1t opened at 73c and
closed at 72l6c cash. No. spring declined
2Gl21l and closed at 56Hc, No. red winter
was ~ SIC lower and closed at 72h073c, and
No. closed at &C.
1.-The decline of the pa ST few days" said Geo.
W. Shepherd, "seems TO have resulted from the
disappointment on the part of holders who bad
bought largely, anticipating a boom after the
election was settled, and who have unloaded
their holdings, feeling that the prospect of
change in party and policy will continue the in
disposition on the part of investors and specula-
tors to make any new ventures for an indefinite
period. ] hope this idea may prove q fallacious
one. The truth is, values in this market have
been too high, as compared with any other
market in the country, and an early and sharp
decline may prove the needed remedy to inspire
the confidence necessary to produce increased
activity i'll business and healthy reaction in
prices"
G. S. Everingham e Co. say: ''We could not
discover any good buying for long account. We
attribute the decline to the extremely nervous
and unsettled state of political affairs which in
duced almost universal selling by longs, and the
usual amount of selling and pounding by the
bears. There is absence of export demand,
and with the large movement from first hands
makes the situation a heavy one, and the pros
pect for material advance not iattering OF
course we will have upward reactions, and it is
undoubtedly safer to be long than short at the
current range of prices, but we would only ad-
wise purchases on sharp breaks for a while until
we see how the political contest is settled
A. NJ. Wright & Co., say: ''In reviewing the
situation we fail to discover a single weakening
factor that was not apparent week or fort
night since, unless we except the continued
stagnation and depression in foreign markets.
As regards the liberal receipts the existence of
wheat at the source of supply well known
to every intelligent dealer. Hence the arrivals of
this and other markets merely mean a change Of
location without an increase in reserve and in
asmuch there are no leading financial issues
before the country and no changes OF conse-
quence can be made in TINT respect no matter
which party succeeds, regard it simply alb
surd to suppose that the election will have more
than momentary effect the prices of any
article, and there are reasons to hope for a revi-
val OF trade when people give up politics and
once more return to business"
Corn had quite q boom of activity and some
quite large purchases were made. Those of j.
.. Bryant, it is said, will aggregate 100000
bushels for the morning session. Henry S.
Poole and O. II. Roche were also buyers. There
were many features of sustaining character
including the limited receipts, a fairly good de-
mand for immediate consumption, and the low
percentage of contract grades as shown by in
spection, but the bright weather, reports of good
country roads and the general decentralization
that prevailed in other articles destroyed conf
dence, and values were irregular and somewhat
lower, Liverpool reported corn with down
ward tendency, while our receipts were about
usual New Y ork and st. Louis were both lower
on corn private dispatch from New York
stated that year corn was soon to. be put up in
that market and in Chicago, but the contractors
thought evidently they had better not begin the
job until next week. 1t is not unlikely, how
il the near future. November opened at 39slc,
sold at 391zc, advanced 10 40Hc and closed at
doc. December closed at 37hc. Year opened
at 36% @36%c, advanced to 37hc, and closed at
373sc. January sold at 35 e c, up to $3.50 and
closed at 35%c.
Oats were quiet at about yesterdays figures.
WIS Press says they have reached bottom
figure. Kammerer went short 100000 bushels
yesterday and bought them back to-day. De-
cember closed at % &c and May at 2S5sc.
Provisions were fairly steady all day, but clos
ing figures showed decline of 71.c on pork,
year closing $11.17H and January at $11.25.
Lard also closed SC lower at $3.50 for December
and So. SO for January, while ribs were quiet and
unchanged,
At the stock yards Texans and western cattle
were quoted stronger. One of the best sales Of
western was drove Of Montanas sold by Ing
wersen Bros. There were III head that averaged
1,1s1 pounds, and sold for 1918 Texans sold
around about S3.s504. S5, and westerns at from
$42505.75.
Hogs opened weak and at uneven prices, be-
ing lower in the Northwestern and Burlington
and higher in the Rock Island divisions, but to-
ward the close values evened up all around and
the general market closed shade higher with
all sold About all the packers, John p Squire
and the other New England shippers were liberal
buyers and cleared the pens.
The third meeting of the plenary council
occurred Yesterday in Baltimore. The names
of the chancellors, notaries and other officers
we're announced, but will not be made public
until Monday. The city is full of people
anrious to witness the opening of the coun-
ell, which is expected to be grand cere-