St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-16


place TO q more settled feeling anu further
interference with business from this cause
is now regarded as highly improbable. There
has been a somewhat better feeling In grain
and provisions. and we note some improve
meut for the week over quotations current
at the date Of our last. The close to-day,
however, shows some decline from the ex-
treme figures reached, with less confidence
on the part of holders, some Of the heaviest
Of whom have been free sellers. The gen.
eral situation has undergone no material
change, there being still little or no shipping
demand for our wheat, while for corn and
oats there has been sufficient inquiry to
again slightly reduce stocks in store. Pro-
visions are almost without quotable change.
Early in the week prices receded somewhat
on wheat, but later there was a marked
change in tone, with considerable activity
resulting in an advance Of about &c from the
lowest figures reached. The demand was
chiefly from short sellers, but there was also
some buying by parties who considered
prices attractive. The former having pro-
vided for good share of their outstanding
contracts, the withdrawal of support of a
large short interest was at once felt and under
liberal offerings from holders the market
declined lie to-day, closing barely steady.
The announcement Of heavy failure in the
breadstuff trade in London to-day also added
to the general weakness. Receipts still con-
tinue heavy, showing no important decrease
anywhere during the week, while the demand
for consumption and export has been insult
fcent to keep down the visible supply, which
shows a further increase Of over 1,000,0OO
bushels. The prevailing feeling in specula-
tive circles we think favors the buying side
Of the market, and should encouragement
from any source be afforded this element we
should look for a sharp advance in values,
even if only temporary. We can ourselves,
see nothing in the situation to warrant Sc
riOus change in prices, and beyond the pos
sible recurrence Of such moderate advance
as above noted, the outlook seems for. the
present at least to be devoid Of special fea-
ture.
Corn ruled very quiet for the first half of
the week, but considerable life was later on
impaired by brisk demand for November
from short sellers. This resulted in an ad-
vance OF 51<c per bushel for this delivery,
more than half of which, however, was lost
Apprehension OF manipulation became for a
short time very general, and while not now
altogether alsyed, is yet regarded by the
majority OF operators as improbable. For
delivery during the current month there ex
lists at the close to-day premium Of 41zc
over the current price Of year delivery, but
this may be attributed to the stock Of No. 2
corn being in the hands of scattered holders,
who offer sparingly when the demand for
short sellers appears urgent. The withdrawal
of this demand leaves the market very dull
and almost nominal, while its recurrence
results in corresponding strength and re-
stricted offerings. We can see no evidence
so far OF concentrated purchasing for this
months delivery, but believe the market is
yet considerably oversold- This, with fair
stock in store at the close Of navigation, is
not regarded as more than usually hazardous
in the absence Of manipulation.
Oats have ruled very steady, with no i'm
portant feature to note. The feeling was
quite in sympathy with the depression exist
ing In other grain. December oats closed
at 26c.
There has been good outward movement
in provisions and prices to-day are almost
without change from those current week
ago. There has been more speculative activity
during the past than the preceding week, and
fluctuations, although not violent, have been
frequent. We note increased receipts of
hogs, although the total, compared with the
corresponding two weeks of last year, shows
falling of OF shout $4,000 Product still
remains below the price of the material,
which may account for the slowness with
which some Of the packers have prepared for
active work. The feeling is yet quite unset
tied, many operators believing that product
for near deliveries cannot be provided at
current prices, while nearly all the trade feel
that with the present large corn crop, nothing
like serious advance can be expected, and
that the prevailing tendency will be towards
q lower range.