St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-10
The Trading Mainly Done by
the Scalpers and Other
5.a Small Fry.
Id
Wheat See-Saws Up and Down,
and Closes a Trifie
Higher.
The Spectators in Corn Troubled
- With an UnwOnted Degree Of
Timidity.
Oats Manifest Considerable Life, and Pro-
visions Close the Day Somewhat
Higher.
Shares Continue Weak Throughout Most
OF Inc List, Manitoba Being Con-
spicuous.
CHICAGO.
Especial Telegram TO the Globe.1

~
doing business On change claim to be in danger
Oh starving to death. Quite a prominent one
was heard to remark to-day, that for week past
ne mad filled but two orders, and that the sum
totals of his earnings would barely amount 10
S25. He spoke of this to illustrate the inactivity
OF the speculative markets. The fact is geuer-
ally commented upon that seldom has there been
such dearth of speculation IN grain in the
market. Just now corn is deemed a risky thing
to handle and wheat is pursuing very peculiar
course. Under circumstances which have ordi-
narily made scalpers very cautious in their buy
Ing and ready at any time to unload all their
holdings, they now favor the long side systemat-
lcally and are not scared when the planest evil
dences of weakness are TO be observed. Hutch
nson is said to be large purchaser of wheat
and is credited by some with possessing q suf-
nclent quantity of the article to entitle
him to no little distinction in consequence. Such
a notable example may account for the apparent
recklessness of the small fry. Harry Phillips is
named as another large buyer Altogether the
amount of wheat absorbed every day leads oper-
ators to keep q serious lookout for the DISPOSE
ton made of it, it is a common remark in the
alley that there is nothing but the price of wheat
to make it a purchase, and the belief is that the
present low price is apparently too low for ex-
port Oats were active and strong and reached
the highest point of the season. Provisions were
stronger and higher. Closing quotations on the
afternoon board were: November wheat &c
higher than yesterdays close, at 1850; Novem-
Der corn 1 &c lower, at 515S October oats &c
higher, at 27Ac; year pork 1Oc higher, at
S1s.7O; November lard 71ac higher, at $7.42H,
and November ribs 15c higher, at S765.
Wheat opened A@2sc easier, but the decline
fn-f fltr,l ,aaI A.
&c and was held pretty steady to the close of
the morning board, while in the afternoon there
was sharp rally of 9s@Hc and the close was
higher all around. Some called it a scalpers
market, as the range of quotations was
comparatively narrow and the only way to make
money was to effect quick trades and accept
small profits. Outside buyers were few and for
eign markets easier, Liverpool being reported as
quiet with markets off coast dull, which was also
the condition of the leading American markets,
The receipts here and at most other western
markets, especially at Duluth and Minneapolis,
were heavier, and our shipments were small and
chiefly of low grade. In spite Of these
facts the market stubbornIy resisted the
efforts of the bears to depress prices,
Hutchinson being The most conspicuous bull, and
owing to his recent heavy purchases of Novem-
Der made the shorts anxious and caused an adj
vance where decline was to be expected 1t is
not thought that Hutchinson is trying to run
corner, but that he will unload on a cent or two
advance. At the close of the forenoon board the
feeling was strong, and on the afternoon board
good inquiry from short sellers caused further
advance. October opened at 76%c
and ranged at 76A@774c, closing
finally at 771sc, an advance over
yesterday of &c. November opened at 7sc. sold
at 7TS q D7S1Gc on the morning board went up
to 7SA in the afternoon and closed at 78Kc
December opened at 794c and closed at soc on
the morning board, and at SO2s in the afternoon.
No 9 spring, in car loads, sold at 76l@7716c
cash. No. spring was in moderate demand
and car lots sold at 63c. No. 2 red winter was
sparingly offered and the demand was moderate.
closing 4 C lower at 79Ac. No. red was also
easier and closed at &c, rejected do at soc.
The imports to the United Kingdom the past
week were 1,72O,0 900 bushels of wheat, and TO-
900 barrels of flour less than the previous week,
while the amount passage to the United King
dom and continent decreased during the same
time 100000 bushels of wheat and 100000
bushels Of corn.
at looks said operator to-day, "as
though the parties who are long on wheat some
of which was bought at higher figures, are trying
their best to put the market up so
as to get out even. A short time
ago there were some reasons for
expecting higher price and better foreign de-
mand for our wheat, but the reasons do exist in
some force to-day, and If the market was left to
take its natural course it would 20 down without
doubt. But this would not suit the bulls at all
and so by combined effort, the declines which
have thus far set in are stopped, and figures
are put back near the old place as they can be-
This makes slow market, within narrow range
of prices.'
j. W. Rumsey & Co. say: "New York re-
ports weak market and export orders, but
we hold very steady, as good, strong local par |
ties who have 'been there BEFORE are buying !
literally. and saving up for rainy day. We |
can't be dubbed into selling good wheat at these
prices
A. NJ. Wright & Co. say: "Sellers on the
bear side, while they fail TO see any substantial
for sustaining values, are rendered shy |
about putting out large lines and standing on |
them By the current low figures, and as a rule |
operate on the scalping principle, selling on |
slight upward bulges and buying back on small |
breaks, and the numerous fluctuations during the |
session were largely due to that system Of trade
On the other hand many who think that prices |
will ultimately rule higher, see nothing in the |
immediate present on which to base purchases |
Hence they prefer waiting to greater signs OF
healthy activity in the shape Of a free shipping |
movement based on actual demand from CON |
sumers, and for the present we only advise |
buying breaks and selling on small upward /
reactions"
The mystery in which the corn doal is shrouded |
thickens, and nobody knows exactly what to |
lock for. 1t Is not, however, easy to keep up |
the interest in deal for sixty or nineLy DAYS: |
consequently the interest in corn, which was ex-
ceptional last month is just little tagging now
This course gives pleasure rather than pain to |
the clique, for all the talk and gossip is Just 80 /
much more encouragement 20 the farmers to shin /
q NOT dos fradl
bulls Receipts are now dropping pretty /
low again, there being only 1865 /
cars in Gil to-day, only about one-third |
being contract grades, which would indicate 4
that as soon as extraordinary pressure to I'LL |
contracts at the high price is over there will be |
very little old corn to come to market. Liver !
pool reported slow, while New York was |
unsettled and a little lover. The principal trad
ing to-day IN the November option. II /
opened at SAG bot became very Irregular |
later. It Immediately dropped TO 52sc, with |
possibly sale at 521 recovering again TO 531lc, !
which was the highest point. Before noon the /
bears began pounding the market vigorously /
and selling quite freely, which broke the market |
of TO Size, and the close at
Size, though it frmed up to /
appeared to be selling November and buying the
May option, which has been quite steady hereto
fore. to-day took sharp turn upwards, opening /
at 4O5se, and rising with lively trading to 42c, |
then sinking back 70 close or 4lc on the morn /
ing board. and declining &c more in the after
noon. This activity Of the long futures is
mainly due to the action Of many OF the largest |
brokerage firms, who, wing to the liability of /
near futares to manipulation. decline to receive |
buying or selling orders for such delivery. /
as they wish to save customers |
from the chances of vexatious |
complications and losses. October opened at /
551lc, advanced to 56Ac, rapidly receded. and.
after various fluctuations, closed on the regular
board at SAC, the lowest point, ard on the after
noon board at SAC. Year closed at 42xc, de- |
cline OF 4 C from yesterdays close.
s'Before next January said broker to-day, |