St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-20
BEARS HAD The FLOOR
An Active Selling Pressure on
Chicago Change From
the Start.
Wheat Opened Below Satur-
days Price and Went
Down Further.
Corn Gained a Little, But
Trading Was Slow and
Quiet.
Small Volume Of Business on
Wall Street by Profess
SIGNALS Only.

CHICAGO. Oct. f9-The bears in wheat had
the best OF the situation to-day and i'm proved
their opportunities to further prices. In this
they were assisted by tired longs, who were
strongly inclined to throw ooer their hold
ings for fear of further loss. Cables quoted
the English market lower, New York showed
a sharp decline, and Minneapolis and Du-
luth were both lower and weak, with other
domestic markets on the down grade. Local
receipts were about 100 cars above the esti-
mate, and the arrivals in the Northwest were
reported at 2.130 cars-the heaviest so far
this season. The weather throughout the
Dakotas was all that could be desired.
There was some talk of dry weather in
some parts of the winter wheat belt retard-
Ing the seeding, but it was overlooked in the
general bearishness of the situation. Gen
eral Manager Mahler of the Great Northern,
was on the. board in the morning. He said
the reports of wheat damage III the North
west from rain were grossly exaggerated and
that the loss would not amount 10 more
than per cent. The selling pressure started
with the tap of the bell and continued
throughout most of the session. The market
was weakened at the start by the pressure of
the wheat put during the last two days,
and the sales to-day against Saturdays puts
as soon as II became probable that the mar
ket would break through the put prce.
htIHett-uOpkllS, SCHWaItZ-Dupee MlilulHe-
Bodman, Mitchell and Partridge were all
liberal sellers at the start and followed the
market down to near the bottom then there
was some covering, which caused a slight
rally, but the market then eased off and held
tolerably steady.
The bulk of the business was during the
first hours trade, then became very dull ana
continued so during the balance of the ses-
sion. During the last hour there was some
recovery on better cables and reports of fair
business at the seaboard for export. which
induced further short covering. December,
g7iSc. touched 97l4c, then sold off to 96lac,
rallied 10 96s4c, broke 10 96c reacted to 96ssc.
went off to 0Gl8c. advanced to 965ac, but
broke quickly TO 96l8c, again rallied, and
closed steady at 96ss.
Corn was very quiet but generally weak.
The receipts were fifty cars in excess of esti-
mates, while the weakness in wheat was also
bearlsh factor. Offerings were liberal with
very little demand. and trade was slow with
weakness the rule. Long corn came out
freely. md short selling was free. November
opened at 47I2c, sold to 1850. declined TO
4.ssc, advanced to 47s4c, and sagged to
4lssc,, but during the last hour sold up
sharply on the heavy decrease in
the visible supply. going TO 4SI2c,
weakened to 4SlSc, but strengthened again
and closed steady at 4sssc. Oats were dull
and steady with narrow range Hog prod
ucts were weak, partly in sympathy with the
weakness in the wheat pit and partly from
the pressure to liquidate long stuff. Nearly
everybody seemed to have some for sale with
little on demand. During the last hour the
market strengthened some in sympathy with
corn. and on the report that the Italian gov
tons OH American pork. The changes at the
close in comparison with Saturdays figures
were insignificant.
The leading futures ranged as follows: