St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-12
POOR SPECTATORS.
Driven from the Stock Mar
ket to Seek Small
Chances in Grain
Deals,
Where the Game is Almost En-
tirely Between Profession
ais and Only for Scrub"
Stakes.
Nat Jones Says There's an Enormous
Over-PrOductiOn i'll Every
Department of HUI
man Labor.
And Wheat Producers, Having Glutted the
Markets Of the World, Must
Come Down in
Prices.
Big Squeeze in October Ribs Predicted.
The Hog Market Active.-Corn
Corners Played Out.
Big Squeeze in October Ribs Predicted.
The Hog Market Active.-Corn
Corners Played Out.
CHICAGO.
Tspecial Telegram to the Globe. I

Speclal IeleRram 10 the Glope.
CHICAGO, Sept 11.-There was considerable
activity on change again to-day, though after
the early feelings of strength in wheat the ten
dency was towards weakness. The principal
noteworthy feature was the desperate but futile
effort of corn to hold its own. Provisions were
active and weaker. The closings for October
options were: Wheat, 77Ac, an advance of sc;
corn, 51Ac, a decline of 1Hc; oats, 24hc,
decline of &c; pork, $3.50, unchanged; lard,
1874, unchanged; ribs, S9.57, decline of
71Ic.
Wheat showed the most strength among the
cereals, and opened at 76Xc for October, just
where it closed yesterday The bear raid inau-
gurated at the afternoon session yesterday
seemed to have spent its force at that time, and
this morning there was a little covering by
shorts which sent the market up to 77hc, butit
soon sold back to the original figure, then up to
77Kc again, at which the feeling was weaker,
and prices went down nc. The scalping crowd
was responsible for most that was
done, although occasionally heavy
operator, among whom may be mentioned
Jones, could be seen in the provision pit. Jones
was seller, while the majority of the crowd
were buyers. Hancock and Philips were indus
trious scalpers on the long side, and bid the mar
ket up when any came in to buy; and Lester
and R. W. Clark were heavy buyers. The ad-
vices from Europe were as heavy as ever Liver
pool being quoted as very inactive with fur
ther decline of Sd in American red winter and of
Id in spring. The receipts here and at other
points were not large and this disposition to hold
back supplies on the part of the producers was
all that prevented more vigorous selling. There
is feeling. too, that wheat is about low enough
for the present, and that IL it must go lower still
let 1t come further on. The market, therefore,
really hangs between two fires. There is no ac-
tual warrant in the situation for higher
prices. but IL the producers will no
sell at these figures they must
be raised in order to bring out the grain. In re-
gard to the crops in Europe, the agent there of
the department Of agriculture cabled to-day
statement that the crop would not be SO large as
anticipated and that 1S0 0000 600 bushels of wheat
would have to be shipped from other countries.
Mr.. Nat. Jones who has very large following
in both the Chicago and New York markets,
aud one of the shrewdest brokers in the country,
being interrogated to-day on the condition of the
grain market said: 'In my opinion wheat has
heretofore been speculative. We are now get
ting to permanent basis of values. Heretofore
1t has been assumed that Europe wanted all the
surplus wheat we could raise, and production
has gone on increasing on this assumption, val
ues in the meantime being maintained on mis-
conception of facts, until the English and
continental markets glutted with
American wheat which nobody wants at present
prices. England, commercial mistress of the seas
can draw her breadstuffs from India, from Russia
from Australia, from California and from the
United States east Of the Rocky mountains
The markets of the world are open to her, and
she will buy where she buy cheapest In
this year Of grace, however, England herself hss
an enormous crop of wheat The crops of the
continent are above the average. California,
Australia, India and Russia all have surplus
wheat, and the consuming centres Of Europe
are going to purchase in the cheapest markets
Europe will not import American wheat just
now but American dealers persist In sending
wheat to Europe, where it lies drug in
the market. Values are still to high
for healthy export demand and
they have got to go still lower, perhaps to
cents. In the face of the largest crop of wheat
ever raised on this earth. there Is nothing on
which to bull prices and values must decline
Whyits the same process that has been going
on In coffee, sugar and the various other products
and industries of this and other countries. Gram
ulated sugar is selling lower than ever before.
Coffee is way down, the iron industry Is para
lyzed and the product offered at prices never
dreamed Of before. The shrinkago OF values
which first struck stocks o couple Of years ago,
is simply becoming general. In word, there
has been an enormous over production in every
department of human effort and prices are ac-
themselves to the new condition
Of things"
Corn was weak and lower, October showing
ing thst the manipulators were at their
old tricks OF shaking ont the
tlmid and weak toilers, and at the same time Sc
curing better line OF shorts for that month
The heavy discount at which the distant futures
and especially those beyond November, have
been selling renders the bears shy about putting
out large lines, and it looks as though purchases
made on the breaks will give Q profit, and as
though short sales were dangerous, except in
sharp bulges. Prices averaged materially lower
and were very irregular. There was a fair ship
ping demand for all grades and the offerings were
only moderate. No. sold at 54H055c; Septem-
ber opened st55 sold up to So fc and then back
to sake and closed at 543<c, and October opened
at 53c and receded under large offerings by
brokers supposed to represent the bull clique,
declining to NC and closing at 51hc. Novem-
Der was less severely affected and sold at 450
45xc, closing at 45,sc, The leading sellers of
the morning were Champlin, Bliss, Canther,
Baldwin and Hewitt & Brine. and the buyers
were Baker, Rumsey, Schwartz Dupee, Poole,
Templeton and Mimine & Bodman.
1.-THE corn corner has collapsed" !" said prom
inent dealer to-day. 'sThe longs unloaded some
time ago and the tailers are just beginning to
find out that the market has no support. AS
result large amount of corn held by these
tailers was thrown on the market this morning
and prices went down under the load.'' There
are many, the majority, in fact,
who don't agree with this gentleman
entirely. Said G. 8. Everingham: ssThere is
OF course, great difference of opinion as to the
cause of the drop in the October option. Some
think It is only undergoing milking process
and will be forced up again higher than ever.
Other. say that the manipulators are out of it
entirely. From close observation to-day we are
of the opinion that the break was a forced one,
and we are now strongly convinced that another
sharp advance may be expected before the deali is
finally dropped. although it viii probably soil
close to SOC for October first"
Nilmine s. Bodmsn say: "Ths parties sup
posed to be managing the deal were idle. and the
supposition By many is that they want the crowd
to get short another large line. they will have
9 chance to give them q whirl later on. It looks
to Us, however, that the back bono Of the October
and September deals was broken,
and we think the November deal is likely now to
come to the front as the most important on the