St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-20
y I'LL y UDCiDllVO.
The Market Continues i'm 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 a Trihe from Fri
days Closing.
The Ohio Election Doesn't Seem to Have
Given the Stock Market the
Predicted Boom.
CHICAGO.
lspecial Telegram to the Globe.

a decline of $40 from yesterdays last quo
tations. Wheat also fell off, but the decline
was much smaller, being about a 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-
her wheat 74Ac, decline of &c, November
corn, 47c, decline Of &c, November oats
2o52c, decline of &c, year pork 17115 low
er ct S1l.75, November lard 7115c lower at
S1.O239, November ribs 15c lower at ST.20.
Wheat was heavy and lower, owing to
number of depressing influences, including
the weakness in Wall street
Unfavorabie 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 very
sharp break. and though the course was
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 it 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 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 quaint
ties of December and January wheat were
purchased by good houses, who are ready to
go on the long side. don't believe there
was half million of wheat bought to-day ex-
cept to cover shorts. Why, there is nothing
in the world to make wheat 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 price for
which it can't be produced, there has been
some one to step in and buy it, but nobody
cares to touch it now.' November opened
at 7424c, declined to 741Sc and closed at
744c. December opened at 7614c, receded
under free offerings to 755Sc, and closed
at 75%c.
Heavy lines were bought this morning by
Poole, Kent 81 Co., Co1nselman & Wheeler,
and Gregory IL Lester, who have been bear
in the market, changed to-day and went to
buying. Hutchinson was most prominently
mentioned among the sellers. No. 2 spring
in car lots sold at 722(@74c. Cash, closing
at 723497314c. The latter for strictly fresh
receipts. No. spring closed &c lower at
5913c. No. and No. red winter declined
1c, and closed respectively at rs and Csc.
The decentralization in corn continues and
it really begins to look as though the bottom
had fallen out. The general impression
seems to be that the clique has laid down
consequence the holdings were thrown right
and left with reckless vigor, which so de-
pressed prices that the October option at one
time reacted 1870, or SC below the last quo
tation 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. If this latter supposition is correct,
they will have glorious harvest if they can
carry the deal through, said member of the
board this morning: 1.-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 unconcerned 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:
81 fully believe that this decline has been
only part Of the policy of the clique, and
that now that outside holders have been
thoroughly shaken out sharp advance will
be the next important change in order.''
isn't October a dangerous option to sell
shorts" was asked Of Charley Schwarz
''Dangerousl No. The corn deal is
rotten to the core. The plain facts of the
case 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.''
II hear that a good deal of property has
been mortgaged to carry the deal, but it was
no good" said Hartman Spruance.
As bad 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. 2. The weather, also, continues
very favorable for the curing of the new crop
October opened at Size, showing decline
of half cent under closing sales yesterday,
declined under fair realizing and manipula-
tons Of brokers, sold at 1910, when the
buying BY the shorts caused rally to 4Se
and closed at 47%c. November opened at
4s1zc, receded to 452lc, rallied to 475zc and
closed at 47c. Seller the year sold at 3955
@4015c, and closed at 10 a 401Ic
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 2514c against 251Ec yesterday, and
Nay at 2S5[c against 2oc yesterday. Chand-
Ter, Brown & Co., who got tired of carrying
some 100000 bushels, were among the
heaviest sellers, and it is said that W. G.
Press has let go 954, 900 bushels within the
last two days.