St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-16
The Rruin Brokers Ruled in
Chicago Grain Pits Yes
terday.
A Decided Slump in Corn Re-
suited, Only Partially
Recovered.
Wheat Stubbornly Resisted
All Onslaughts and Closed
Higher.
Much Foreign Buying and a
Resulting Advance in
Wall Street.

CHICAGO, Oct. 15.-The bears were on top in
the grain pits this morning. The news was
all in their favor, and they improved their
opportunities to slug prices especially in
corn, with the result of decided slump in
the value OF that article, though there was a
partial recovery later, while wheat reacted
and closed higher. At no time during the
session was wheat as weak as corn, and every
onslaught was stubbornly contested. The
surprising thing is that, with the load OF bear
news in the early trading, there was not a
more marked decline.
Cables were weak and lower both in Great
Britain and on the continent New York
opened weak and lower and continued to
weaken, while Minneapolis and Duluth were
off 1l2c, and eli were Sellers in this market
on the improved weather in North Dakota
and the published statement that the dam
age to wheat in that state had been grossly
exaggerated. The weather there to-day was
clear and cold, with the early resumption of
threshing expected. The receipts both here
and i'll the Northwest were larger than were
looked for. Reports from the Southwest
were also encouraging, the late rains having
expedited the fall seeding. The state reports
of Michigan and Kansas indicated q total
yield OF l.00J, 900 bu more than that given by
the government crop report.
The Cincinnati Price Current had bulls
article, saying the recent rains in the South
west had led to much fall seeding during tn
past week, and that the general situation
was much improved; that farmers were not
delivering freely, but that millers were re-
strictiDg their purchases that the worlds
deficiency in breadstutfs was about equal to
the European rye shortage, and that extreme
prices were unlikely. On the weakness in
the situation the longs began 10 unload, and
short sellers were greatly encouraged. Not
only the local longs, but some big lines held
Nv ntSl6 mr. fah lt- go Natry VAr
the market while Pardrdge, Mitchell, Ream
and Cudahy were heavy shorts sellers. A
New York dispatch reported that most of the
foreign houses there had selling orders. and
that the tone of that market was weak.
Logan, Milmine-B odman and Schwartz
Dupee were also leading sellers here, Ken
nett-Hopkins sold freely.
December, which closed yesterday at
98 l zoe. just touched that figure around the
opening and gradually sold off 10 9sc re-
acted to 9SAc, remained steady until near
the close, when dispatch was received from
London saying that Russia had prohibited
the export of maize, to go into effect tomor-
row. This gave the stubborn bulls the up
per hand, and In the last few minutes they
put the price up to 95isc, at which 1t closed
firm.
Corn was fairly active and decidedly weak.
The receipts were little above expectations
and included eleven cars of new corn. The
weakness in wheat, the falling off in the
shipping demand, aud the fact that the new
corn was apparently DeSlnnlng to arrive
freely, Slapped the confidence of holders,
and the long corn was offered literally, but
there seemed to be very little demand for it,
the short interest being apparently very
small and the decline was sharp. PAT
ton Bros. were thought to have been
the most active sellers. though Bartlett
Frazier were also credited with having sold
more or less. At the send-off there was
few transactions as high as 54Ac for October
against 5&s4c at the close yesterday but there
was no backing and the price plunged at
once to 53c and finally to SIC. There was
then reaction to 52s4c, a recession to 524,
around which the market held for a time bur
there was rally toward the close with
wheat and the last figures were Spa. Oats
were dull and steady. with fluctuations with
in very narrow limits.
Farmers are marketing their hogs freely
fearing lower prices. AS Consequence the
receipts here. at Kansas City and at Omaha,
were heavy and prices lower In spite of
this. however, and in the face of the weak
ness in corn, hog products were strong and
higher. The recent heavy reduction in
prices has created very considerable short
interest which looks for a reaction and is in
clined to cover The close shows an advance
of 25c in pork, i0c in lard and 10c@12ls
in ribs.
The leading futures ranged as follows: