Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-07
AAllLL VI NOJ H..
The Chicago Markets Pursue Their
Devious Way.
CEREALS GENERALLY STEADY.
Corn Suffers q Decline on Account Of
kumors Of Large Receipts.
FUTURE OF THE DEAL IN DOUBT.
Operations Of the Financial Magnates
on Wall Street.
CEREALS GENERALLY STEADY.
FUTURE OF THE DEAL IN DOUBT.
CHICAGO.
Especial Telegram to the Globe.l

That cereal took a decided tumble. AS
predicted in the GLOBE of Sunday, its ten
dency to day was governed by the re-
ceipts, which, being liberal and promising
to be large throughout the week, caused
the market to ease off very considerably,
At the opening corn sold higher than it
has for some time, but before the day was
over it had fallen to the lowest point
reached by it last week. What started the
break was a rush by recent buyers to
unload on receipt of news of weak
Eastern markets, and of four
hundred cars of new corn alleged to be at
Kansas City awaiting shipment here. This
amount is beyond doubt greatly exagger-
ated, but enough new crop will come strug-
Cling in this week to demoralize the mar
ket, keep the longs panicky, and insure
lower and weak prices. As a result there
will be reaction toward the close of the
month, when, in the face of actual large
receipts, prices will advance in the present
months delivery, because of the prepon-
derance of sellers. Everybody has been
selling November and buying year, and
the nearer delivery is now very
largely oversold, to the extent of five or
six million bushels, it is calculated by some.
The scalpers are going to reap harvest
before the month is over.
Wheat to-day closes about where it did
Saturday, shade better. perhaps, in some
deliveries, but only shade. All other
grain markets were quiet and dull; oats
opening in some demand but closing Gull
and easier; rye in request for cash deliv-
cry, but neglected in the future, and
barley dull and easier.
The provision market was unsettled and
irregular, but the general tendency was
downward.
On change the demand for corn was
very active on speculative account, and
the offerings, particularly of new ear corn,
more than usually large. The fluctuations
in this market we're wide, but after the
opening the tendency was steadily down.
ward. Prices became decidedly lower, and
at the close cash No. was about PIC low
er than it closed Saturday, November 214c
lower, year 111ac lower, January %c lower
and May 10 lower. The market for the
speculative futures opened considerably
higher than Saturdays closing,
but soon weakened, and finally
full Sc on month; &c on year: 1890 on
January, and 4c on May and clsoed
weak. High mixed was occasionally a
trife over &c, but generally the same
.rice. Rejected closed at about 661ac.
The break in the corn market was due to
decline of 3@4c in New York, the large
receipts here and at Kansas City, and re-
ports that a large amount of new Kansas
corn before referred to was on the way
here, and in a condition to warrant the be-
lief that it would grade No. 2. In the af-
ternoon another slight rally oc-
Cured. On the call board there was
a good demand and prices advanced
I@15c, but, afterward on the curb part of
this strength was again lost.
The attention of shippers of corn,
especially those engaged in forwarding tho
new crop, is called to the following rules
Of inspection which will account for the
larger percentage of rejected reported:
New mixed corn may be less than three
fourths yellow, of any age, and shall be
reasonably dry and reasonably clean but
not sufficiently dry for No. 2. All damp,
dirty or otherwise badly damaged corn
shall be graded as rejected.
Regular wheat was rather quiet and
prices were comparatively steady, the
changes of the session being only about
&c on December, and on Janeary, and
at the close the month was about the same
as it closed at o'clock Saturday; Decem-
Der the same, January 11sc better, and May
very nearly unchanged. The market
opened rather firm, and ss@Hc higher
than it closed on Saturday, but soon fell
about 1ac, then recovered to nearly the
opening figures, afterwards eased off &c,
then changed slightly and closed tolerably
steady at the changes from Saturday above
noted. In the afternoon, under slightly
improved demand, prices advanced a small
fraction. Winter ruled dull and lower, but
was a trif1e better in the afternoon.
Spring was inactive and easier in the low
or grades. In this market during the
week past there was only moderate basi-
moss, and prices were comparatively
steady, the whole fuctuation of the week
having been only 111c on November, 21Sc
on seller December, and 20 on January.
At the close November was 1c lower than
II closed the previous week, December 1c
lower, and January 1c lower. During the
early part Of the week business
was fair, and there was q
slow but gradual appreciation in
values, the highest prices having been
reached on Thursday. But the weather
continuing fine and the receipts being lib
eral, exceeding those of last week by about
zoe, 1000 bushels, while the shipments showed
little change and were over 100000 bush
els less than the arrivals, caused weak
feeling on the part of spectators, and
there was growing disposition to sell,
under which prices soon weakened and de-
clined during the last two days of the
week, 1Ac on November, 21sc on Decem-
ber, and &c an January, closing easy at the
decline.
The -four market was slow to-day, and
trading was to light quantity
with buyers hardly looking at