Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-09
REVrEW OF THE CHICIGO GRIN
IND NEW YORK STOCK MARKETS.
The Effort to Compromise the July Deal
Unsuccessful-A Corner Assured in Both
Wheat and Oats-PrOspects of the Apple
CrOp-A stronger Feeling in Stocks and
Considerable Advance.
CHICAGO.
Especial Telegram to the Globe.

morrow for the purpose OF arranging !
compromise with the longs. The shorts
do not expect to ask reduc-
ton in price, but will request
that no proceedings be taken against them
till after the courts pronounce upon the
injunction cases now p ending.
THE MARKETS
were generally frmer under a reaction
from the terrible bear onslaught of the
past week. Wheat was steady and higher.
McGeoch is a heavy long, and his enemies
will try and force him to sell. He is a
man of wonderful tenacity of purpose and |
has a long purse, and the contest promises
to be q warm one. To-day McGeoch went |
up to the wheat pit and hearing no mem
ber bid at $3.50 he cried out, Il will take |
any part of million bushels of Novem- !
Der wheat at 9315c." Nc one replied. The |
dealers stood aghast, and for once silence |
ruled in the wheat pit: ''935s &c for November |
wheat" shouted the Milwaukee millionaire.
No one replied, and the buffer passed out
with smile. Immediately thereafter
November wheat fell &c. Red winter
wheat is now only &c premium over
spring wheat, whereas it usually is at a
premium of from 3 to &c. The trade in
wheat is at rest. No one comes to sell
for fear of a squeeze. and the shorts are
waiting for somethi2g 10 turn up. An
exporter states that the weakness III the
past week in wheat is marked by
PECULIAR FEATURE,
if not caused by it. Parties who bought
wheat at much higher prices are now
offering it fre ely in western Europe at
prices which are barely equal to 81 per
bushel in New York. Of course export
orders here are out of the
question while this state of
things continue. English operators bought
while bad weather there threatened their
own harvest. and fears of a general war in
the old world added to the inducement to
buy. Now that good crops in western Eu-
rope are assured and the war cloud seems
to be a small one, there are some
doubts in regard to financial strin
gency in the old world, which
may make wheat paper Z. hard thing
to hold. The weakness there is undoubt-
edly made worse by the exaggerated esti
mates of the yield which have been sent
over the water from this side. There are
only three letters in the word six and four
in the word five. Hence it is really easier
to write six hundred millions than the
smaller quantity, which is probably much
nearer to the truth. English people are
widely possessed of the idea that the
United States wheat crop of this year ag
gregates fully 600,0O0,000 bushels, and
some of them are already writing learned
disquisitions about the impossibility of
such tremendous quantity being got rid
of at any price.
Corn was active and irregular, declining
from 38 to nc OH all the options. David
Dows holds October and September. No
vember is said to be good purchase, be-
ing now from to sc under October,
whereas the difference should not be
greater than or cents. Year corn was
weak and May strong. A good straddle
would be to buy May and SELL year.
The oats market was strong, cash stuff
being taken readily. The deferred fu-
lures were slow.
The provision market was specially ac-
tive, and prices were unsettled and irregu-
lar, but sold lower on pork and lard,
while meats were held firm, and short ribs
sold little higher for October. There
was little business done mainly in futures
of pork and lard. There was very fair
shipping demand for meats. but offerings
light. Receipts of hogs light. Will be about
10000 tor the week against 123OOO the
same week last year. Hutchinson bought
| October and November lard. Meats were
dull, and nearly all descriptions continue
scarce. There were severel orders on the
market, but generally at lower prices than
asked. Prices were nominally unchanged
on near delivery. ALI descriptions were
held strong and all scarce. Consider
able interest is manifested in regard to the
apple crop this year, and as reports have
been circulated by some Eastern parties
which are likely to greatly mislead the
public, the GLOBE correspondent en-
tion regarding the probable crop of the
year of 1882. 1t is generally admitted
that New York and Canada will have a
light crop, Michigan will vary
from a quarter to half a crop,
while Illinois and Missouri will
probably have the largest and hsst crop of
apples gathered for many years. While
} the East may have only light crop. it
must not De presumed that there will be
no apples to ship. Ashort crop in nine
cases out of ten ia greatly under
estimated. However, allowing there
!, will be a.. short crop, the liberal
crop in Illinois aud Missouri will no doubt
make up the deficiency. Besides, other
Western states which do not ship apples
will have good crop for their own use
) and there may not be SO urgent demand
) from interior ports as usual, and the pres
ent outlook warrants dealers in making
, the statement that the public need not
fear very high prices for apples the com
: ing winter. The foreign crop of apples, il
l is reported, is almost failure, and reports
from abroad intimate that large importa
tions of American apples will be required
This will tend to enhance the value of ap
pies to some extent, and good trade viii
no doubt exist during the fall and winter
\ - II