Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-10-23
A Reduction OF Several Points From
Fridays Prices Recorded.
THE FLOUR MARKET STEADY.
Pork and Lard Fiercely Assailed and
Prices Broken.
PACKING OPERATIONS RESUMED.
Probability Of a Large Decrease in the
Hog Harvest.
Especial Telegram to the Globe. |

lower to-day. There was no exception.
At the opening firm feeling prevailed
and it looked as if the upward march was
to continue, but under the influence Of lib
eral offerings bad break occurred. Corn
lost all it had gained. Whea. went off
badly, and provisions fairly trembled.
Corn. which had started up like rocket
yesterday, and for which short operators
got down on their knees, led in the break,
and went begging at far lower prices. At
the opening OF the days business. the feel
ing was considerably unsettled,
and prices irregular within a
higher range, but outside prices were not
maintained. Trading was active on spec
ulatiye account and offerings free. The
receipts were moderate, and the market
advanced. Advices from other points
were encouraging. The market opened
strong under an urgent demand, and
prices were from Is to 1c higher for the
various futures than the closing figures on
the call board yesterday. AMI this advance
was quickly followed by a further slight
improvement. The advanced prices. however,
brought out free speculative offerings, IN
der which prices declined about 11a@ &c,
fluctuated and finally closed about the
same as yesterday for cash 1ac lower, for
cash &c lower. for November: l.;c for year,
&c lower, Tor January and 1c lower for
May, 5sc compared with the closing fig
ure on the board yesterday. AS compared
with the prices prevailing Friday afternoon,
the difference is considerably greater. A
prophecy as to the condition of this mark
ct on Monday has little value. Opinion
DIVORCES widely. AS a general rule the
markets begin new week with the same
feeling that prevailed at the close of that
preceding. But in the present unsettled
condition of affairs, and of corn in
particular, all precedents and signs fail.
It is believed that corn must advance
during the next ten days, but various in
huences are at work.
The efforts of the packers to bear hogs
through the pro duce market must have a
more Or less depressing effect on corn.
Again, no body knows three daysIrunning
who are the bulls and who are the bears.
The big operators are continually chang
ing base this month. Within the past few
days there has been a very general chang
ing about of position. Houses that pooh
poohed the idea of Is cent corn for
November have become as rabid as the
bulls they were themselves only little
while ago ridiculing. On the other hand,
some of the traders who have been talking
higher prices for fortnight have sold
their property and were prophesying a
break yesterday. ''The stampede" said a
commission man, twas, think, rather I'M
expected. Thursday the figures wavered a
little, and the fellows who are short an
ticipated break. The break didn't come.
On the other hand New York, st. Louis and
the foreign markets advanced. good
many of the men who have been on the
wrong side became utterly discouraged at
this, threw up their hands and
ordered their sales covered.
There was good deal of buying in on the
call especially. To-day this demand fell
off sharply, and prices followed, Monday
it may begin again.
Wheat sympathised very strongly with
corn, and the bulls suffered sharp. but
they claim temporary rebuff. Notwith-
standing the fact that receipts were light
| the offerings were liberal. At the Begin
ming of the day this market commanded
higher prices, but this was of brief dura-
ton, although it continued fairly active.
1t became decidedly weak, and at
the close October was about &c
lower than it closed at o'clock yester-
day, November 111sc lower, December &c
lower and year &c lower, Early sales
were at some advance on the closing
figures at o'clock yesterday. ruled toler-
| ably steady for a time, and then be-
came very heavy under free
offerings and broke about
| 1Lc afterwards fuctuated within mode
rate range, and closed rather easy at the
changes from yesterday, above noted. The
| decline when compared with the prices on
call yesterday, when gain of 11a@ &c was
scared over board prices, is very consider
able. Winter and spring both were quiet
and lower. A lot of spring wheat was sold
in Milwaukee last THU sday at SLIP 1t was
being sent from Chicago because $1.O4
was the best figures that could be obtain
ed here. This may help folks to account
for the fact of small receipts here.
A prominent commission merchant
here, identified with the export trade in st.
Louis. said this week that the current
wheat shipments from New Orleans are
badly damaged by weevil. A
large load of 10000 bushels ON its arrival
at New. Orleans ten days ago was alive
with them, and over 1000 bushels
of weevil and the behring's were
blown out of the cargo.
The grain was loaded at Cairo in perfect
condition.
McGeoch expects to appeal from the de-
cision of the special arbitration commit
tee in regard to the delivery of mixed re-
ceipts for wheat.
The flour market was quiet. and trading
lighter, the higher askings discouraging
shipping, still the tone OF the trade was
firm. Shippers bought low grades rather
freely, and bakers and family brands were
bought by home dealers.
Oats opened firm, but under the influ /.