Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-10
IN ADVANCE IN CORN AT CHICAGO.
Wheat Remains Tolerably Steady at
Nearly Fridays Prices.
A BEAR RAID IN WALL STREET.
The Changers Remain Firm, but
Nor thern Pacific Depressed.
CHICAGO.
Especial Telegram to the Globe. !

1rOSLS Lne SnOrCS covered freely, causing
an advance of 258c on November corn
from prices current late yesterday, but to-
ward the close an easier feeling set in and
about Bc of the advance was lost. Should
we have mild weather next week present
prices would not hold, but on the contrary
a cold spell, as now seems most probable,
is certain to increase prices. The weather
from now on is of the utmost importance
in guiding prices.
Wheat has been influenced by corn, and
acted in sympathy all day, although there
were some prominent parties buying on
the merits of the property. Foreign
markets were better in tone, and eastern
markets held steady and firm. There is
evidently good deal of local scalping on
big scale, and for the time being the
market is controlled by it. Receipts con-
tinuo large, with not much ship
ping demand, and it does
not appear the time has arrived
for a successful bull movement. The cold
wave made shorts in all departments of
the provisions market anxious buyers, and
yet the opening prices were about at the
top notch, giving away later and closing
about the same as last night. The packers
do not seem to be changing their attitude,
evidently wanting more outside buying
before turning actively bullish. This
morning at the opening there was no.
ticeable increase in the outside buying
orders, brought out by the cold night. All
the orders from country points seemed to
be to buy in short grain. From the
amount bought by leading short houses it
would seem probable that few shorts now
remain. Lindblom and other well known
longs, however, were free sellers of wheat
all day. A rather more active movement
of currency to the country is reported to-
day in banking circles. It was the opin-
ion of one prominent banker that the
frosts reported were SO slight that the re-
ports would have no bad effect on general
business.
The clearing house will begin opera
ations Monday under the new rule. All
trades after they are rung have to be re-
ported to the secretary's Office, who will
collect and pay all differences in trades,
thus saving a large amount of running and
annoyance as under the old system.
Peter McGeoch was on the floor to-day
talking with his old friends. He expects
to begin business Monday. The firm will
be composed of himself and Sumner Ever
ingham, and the name will be as OF old,
McGeOch, buckingham & Co.
Two car loads Of new spring wheat flour
ground from Minnesota wheat are ex-
pected from Minneapolis next week. The
samples exhibited are Of unusually fine
quality.
The call board will resume its afternoon
sessions on Monday.
On the board to-day the wheat market
was active, the feeling unsettled, and prices
ruled higher, but the full advance was not
sustained. Shorts were free buyers.
The offerings we're also quite liberal,
quoted firm and New York higher. The
market opened at about the closing fig
ures of yesterday, rallied $8c, then de-
clined PC, rallied under sharp demand
re, again became weak declining &c,
fuctuated and closed the same to 18c
lower than yesterday.
Trading in corn was very active on spec
ulative account, and the feeling bullish
during the session. Prices ruled very
much higher, fluctuations we're frequent
and very rapid, and so sudden that it made
it unsatisfactory for merchants to exc
cute their orders, especially so in the fu-
lures, year and May, where the trading
was not so general as in October and No
vember. Large buying orders were re-
ceived, and shorts covered freely, cooler
weather and fears of frost making oper-
orators anxious to buy. Shippers bought
only moderately, and some
were out of the market on
account of advanced prices. The market
opened from C to lie higher than closing
figures yesterday, rallied to a point &c
higher for Oct, 215c higher for Nov. and
Sc higher for year and May, declined 20
&c for the various futures, and finally
closed &c higher for Oct, 14c higher for
Nov. and &c higher for the year and May
than at o'clock yesterday. No. was in
good demand and sold at 50A@5O34c,
closing at a medium figure. In oats spec
uIative trading was brisk. At opening
demand was urgent, market under some
little excitement, advancing 4@Bc over
yesterdays closing. The excitement in
corn was somewhat instrumental in bring
ing about this improvement. The feeling
later was more calm and there was a
slight reaction. A steady market was,
however maintained, because there was not
much disposition manifested to sell.
Sample lots were fairly active. The
demand was good and sellers were favored
With about ~ advance in prices.
Rye was A@1c higher. Trading was
mainly on speculative account. A good
outside demand is reported.
The market for sample lots of barley
vas dull. Common off color barley could
not we'll be sold. The several buyers on
the market bought only sparingly, and
took only the best and brightest lots. Con-
signments are coming in more freely, and
there were liberal offerings with a good
deal of the barley little off in color. The
in store market was firm for mere specu-
lative orders. Large buyers seemed TO
prefer buying ahead rather than take IN