St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-16
CHICAGO.
lspecial Telegram to the Globe

betting on the result in Ohio are now over
the specializing fraternity, in the intervals
between explaining why Ohio went Repub-
lican. turned their attention to betting on
wheat and corn. The course of the market
WAS generally downward, which rather ex-
plodes the theory that Republican victory
In Ohio would stiffen up the market. Octo.
Der corn led in the race for the lower levels
and was at one time sc below Yesterdays
close, but at the end rallied to within &c of
it. Wheat also declined sharply. Provisions
were irregular The afternoon market was
weaker and lower. The closing quotations
on the afternoon board were: November
wheat 20 lower at 7G55c, November corn
14c lower at 5159c, October oats &c lower
at 261lc, year pork 121lc higher at $12.10,
October lard Sc lower at 81 .25, and October
ribs sc higher at $3.50.
There was no encouragement for the bulls
on wheat in advices from other markets this
morning. Cables quoted British markets
fiat, cargOes of coast being Cd lower, with
French markets a shade dearcr. Receipts
were about an average. The opening was
4@$sc higher than the closing price of yes
terday, but there was an absence of legitimate
support Of any kind, and when the demand
from shorts which had caused the early adj
vance was filled, the market at once became
slack, and the attempt Of the longs, who had
bought on yesterdays break, to realize on
their purchases started prices on the down
grade. The first signs of weakness were fol-
lowed by heavy selling by a
few strong operators who were sup
posed to be putting out large
lines Of shorts, and influenced by heavy
offerings without any material demand ex-
cept to cover contracts in which in most
eases sellers had q profit, prices fell 1H@
1&c, when the bears bought more freely to
ill early sales, and under increased bidding
by such operators and buying by brokers
who thought the break sufficient to warrant a
scalp on 4 upward turn. Prices rallied IA
55c ana closed firm. 1t is claimed in the
neighborhood Of !, 600, 600 bushels of wheat
were sold here to-day, mostly on account of
New York spectators, while local trade was
also largely Of a selling nature. The most
prominent houses noticed TO be on the bear
side were those Of Clifford " Lester. num-
Der OF brokers sold on account of houses
whose identity was not learned.
1t was altogether a hard day
for the bulls, and they all
gave politics the credit Of it, The imports
into the United Kingdom last week were
20, 00O@325, 900 quarters of wheat and 49,
0004l5000 0 barrels Of -four. Receipts OF
grain here and at other points continue
large. New York & st. Louis early were
both heavy and about &c lower. Private
dispatches reported wheat in London lower
than public cables. There is no doubt that
good deal of wheat was brought yesterday
on the decline at New York, Baltimore and
san Francisco by shippers and millers who
feared q sharp upward movement to-day. 1t
was reported that freight engagements were
made yesterday for PCS, 600 bushels in New
York, 24O 900 bushels in Baltimore, and 1911
600 in San Francisco. Aillers also are
said to have bought Is, 900 bushels in New
York, while $1,000 bushels were bought and
put in store. The New York visible supply
statement is about 900, 600 bushels less than
ours, but that is easily accounted for by ig-
noring 81. Paul, Minneapolis and Duluth
rs primary points Of storage.
October opened at 76l4c, and after
advancing iicsold down to 75c
and closed at 15lic against 16 & yesterday
November opened at 7755c, went up Sc
and then down to 1850, closing at 7655c.
December sold at 7SCG79c and closed at
7si4c. No. , spring sold at - l5@7+l5e.
Cash No. 8 closed q g lower. No. red
winter closed unchanged at 7715c and No.
at 6615c.
Hutchinson sold 10000 bushels of No
vember wheat, and Wright IL Gillett were
buying against sales made yesterday
\ leading commission merchant said to-day:
There has been great deal Of misrepresentation
respecting the movement OF wheat from farmers
hands during the past two months. II was cur
reutly reported and believed that farmers were
Withholding their wheat from buyers in conse-
quenCe OF the very low prices prevalent, aud one
Of the city papers openly advised them to refuse
10 market il NJ current prices, it would result
inloss TO them on ever bushel sold. II appears,
however, that this advice was not followed The
receipts of wheat Tor the nine weeks Just past,
at the interior markets Of St Louis Peoria. Mil
Yankee, Duluth, Detroit Toledo. Cleveland and
Chicago ending September 10, amounted to 20
GOO bushels: same time in 1855 %. 45O, 600 bush
els; in 1882, 24,Sl4OO0; IN 1881 Il, 034 900; in
1850, ls.3O000O; in 1879, SO,75S,UOO.
The receipts Of wheat are lately
showing an increase at various interior points
and to-day the visible supply is reported at over
SJ,0O0,1o0 bushels, being an increase for the
past week OF about 5, 400, 900 bushels. This ac-
tive movement, as shown above, from first hands
II, such low prices is unusual the history of
the trade, the receipts being larger for the same
period than for several years past"
Prices are low said Frank Kennett, ''but
75c Tor December next week Is the talk, and 4
further ddc.ine would not surprise me"
y. NJ. Wright * Co. say: LAS regards the
future the situation fails to show any improve
T,as-f 10,
is 10y far the largest ever held in the United
States At this season OF the year. Millers are
also reported 10 have good full stocks Farmers
hold more than customary mId-agtumn reserves
and the markets OF the old world show by the
indifference with which they buy even At current
prices that they are not in want OF large lots"
SSid aG export broker: Your people show
that you are not disposed TO buy our goods, and
my people are growing Indifferent 10 trading
where the exchange is not mntusl"
The corn market was much more dissp-
pointing and unexpected in its character
than that of wheat. The selling movement
in the wheat pit reached over into the corn
crowd.
The clique kept themselves perfectly hid
den and allowed the boys to have their
own way according TO their inclination and
desires. and a vigorous throwing of stuff
followed. October opened sc higher, but
went rafting off to Ole and reacted to SIC.
The decline in November never stopped
until drop Of 2s4c had been scored, while
YEAR. January and May followed suit at =
little slower pace. Year dropped to 42Llc,
and then reacted q trife. January was par
,icularlv weak and active, after being quiet
for . long time. Liverpool said ''frmer'' on
corn. while our receipts were not large, and
m. yo-l, s,,5 :, Toufs were early tron Z