St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-15
A DECIDED DECLINE.
The Course of Wheat Pulling
to Traders on Chicago
Change.
A Strong Opening Peters Out
and Over a Cent Is Lost
on the Day.
Corn Also Declined From a
Quarter on May to Two
Cents October.
The Bear Trading Element in
Control on Wall Street,
and Little Done.

CHICAGO, Oct.14.-The wheat market opened
strong and higher this morning, but soon
weakened and scored a decided decline
There was a halt i'll the downward progress
Tor time, but the weakness was renewed
and the closing prices were the lowest of the
day and about lac under yesterdays best fig
ures. The market opened higher on the re-
newed reports of serious damage to the I'M
threshed grain in the fields of North Dakota
and on indefinite reports about the prohibit
ton OF wheat exports by Russia, but the lat
ter proving to have no better foundation than
previous reports of similar tenor, and the
signal service reporting the weather clearing
in the Northwest
The crowd seized the opportunity offered
by the advance to load up the people who
had buying orders at the start. Linn Bum,
Ream, Cudahy. Partridge, Clifford, Poole and
the commission houses with New York con-
necuons were all heavy sellers. December
opened at 81 .0014. against 99S4c at the close
yesterday. 1t declined. without any reaction
10 speak or, in the course of the first two
hours to $3.50 There was halt on the down
turn due to buying against the puts but that
was overcome by the superior weight of the
offerings. and from 992sc to 9S75c the decline
was rapid.
For time there was liberal buying by New
FORK and on Northwestern account and the
local shorts covered freely and the local
bulls were good buyers. But 1t soon be-
came evident that there was plenty of
wheat for sale and the buyers became less
greedy. Then New York aud the Northwest
began to weaken, and word came that eX-
porters there were reselling. A rumor that
BradStreet reported an enormous increase in
the available supply helped the down turn
very materially. Firm closing cables caused
rally to 99lsc, but weakness followed ana
there was another recession, this time to
9sl2c, at which the market closed
Corn declined most of the day and shows a
loss at the close of &c in October, 34c in No
vember, and Ac in May. There was no news
TO affect the market except that the weather
was favorable for the maturing of the
crop The short interest in October
seems to have been pretty we'll
covered and the lack of support from
the bull contingent seems to have been the
main feature iii the exceptional weakness in
that future. Otherwise it should have been
strong, as the receipts continue extremely
light. For the rest, the weakness was PROP
ably in sympathy with wheat October
opened at SIC, broke to 5534c rallied slightly
weakened sold off 10 54l2c and closed at
54s4c. against 55s4c at the close yesterday.
Oats were quiet and steady to firm. The re-
ceipts of hogs were heavy with prices lower
and the liquidation in hog products con-
tinued. The result was that provisions were
weak in the early dealings, but there was a
rally later and the close shows insignificant
changes except in ribs, which are 5@20c
lower.
The leading futures ranoed nc follows.