St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-15
Corn in Need of More Activity to
Drive it Upward, Closing But
a Trifie Higher.
Oats, Pork and Lard Go Down Peg and
Ribs Get Boost of Five Cents.
The Stock Market Strong to Few Min
utes of the Close, When There
Where Slight Reactions,
CHICAGO.
Ispecisl Telegram to the Globe.l

the most notable exception being wheat,
which, notwithstan ding a week opening on
the enormous increase reported in the visible
supply, closed about 1c higher. Corn closed
about at yesterdays figures, and all articles
of hog product with the exception of October
ribs closed lower. The last figures on the
afternoon board were: November wheat 1c
higher at 771Ic, November corn &c higher
at 53115, October oats re lower at 26Mc,
year pork 171zc lower at 1917, October
lard Zoe lower at $3.50, October ribs sc
higher at 1886
To-day's statemen showed an increase of
3,70O, 900 bushels in the visible supply of
wheat. 1t was generally remarked on change
that this was the largest increase ever known
for any one week in the supply of wheat.
Still, it is acknowledged that the receipts
of wheat have not been so large by consid-
cradle as it is usual at this time of the year.
The only cause. therefore, is the remarkably
sluggish outward movement Of the article
Large as is the increase, however, it had
been anticipated nearly all the week, and
fully discounted, so there was nothing sur
prising in the fact that prices suffered only a
oman htSbhC pun IIlC OBSERVATION-DISCLOSURES vi biiN
actual figures. The wheat market could really
have been called strong, nearly all the op-
tons closing at an advance over yesterday 8
close and holding quite firm. The depressed
condition noticed yesterday WAS a reaction
that had been anticipated, but it was hardly
thought that the previous frmness would so
soon be regained Taking into considera-
ton the large increase in the supply and the
item Of the days large recepts-569 cars
The operators on 'chauge think it worthy Of
comment that prices should advance. There
small amount of outside speculation that
emphatically favors the bull side, and the
loca! crowd were as generally buyers to-day
as they were sellers yesterday. The DEAL
however, was mainly scalpng one, and
no individual operators were large
enough to be commented upon.
Still, Notwithstanding undated political ex-
element, this desutory trading in wheat was
considerably better than for several days
previously. Liverpool was reported inactive,
with the weather in England milder with
three pence decline in California wheat Off
coast and six pence decline in American red
winter and California on passage. Private
cables also gave an easier and lower tone to
foreign markets. The former are now sell
ing their wheat TO a considerable extent,
whether it Is wise or not. The policy of
borrowing money to pay current expenses
with large stock of understandable grain
on hand, was too absurd to be entertained
for any length of time, and although we now
have over 30, 900, 600 bushels of wheat in
sight the future will no doubt sec that the
amount is considerably increased. Novrm-
Der opened at 7614c, sold up TO 7G2lc, then
down to 1910, and closed on the morning
session at 769Ic, the close being firm. In
the afternoon additional strength was i'm
parted by reported good export inquiry in
New York, and there was a further advance
of %c, the close being at 771{c. Decembe
opened at 7Sc, fell to 775sc, and advanced
20 a close of zoe on the after
noon board. Car lots of No.
. spring sold at 744@75s6c
cash No. 3 spring was moderately active
on shipping account, and declined a shade.
sold at 61&{t062c, and closed at 81 &c cash
No. ? red winter declined 1G@%c, and
closed at TA@7719c. No. 8. red was in
fair request and steady, closing at 6606615c.
John Rumsey, Hutchinson, Boynton and
host of others were buying on tho argument
that the worst had been heard from on the
bear side, and that after the Ohio election an
advance would set in.
A. NJ. Wright & Co.. say: "As the weak
holders are about all sold out and the offerings
are likely to be less urgent for 4 few DAYS. we
think those who buy for q small scalp on an up
turn stand fair show for broft, but fail to
Ia -
maneut advance, but on the reverse the stats
teal situation Is being steadily weakened by &C
Cumuatng stocks at all markets and an absence
of any considerable shipping demand from con-
suming points. Hence we look for scalping
market on which quick turns must be made to
insure profits.
Mlmrne, Bodman & CO., say: aThere is
disposition to short the market at present low
figures. but at the same time investors hesitate
taking hold while receipts are SO large and
stocks accommodating all around We see 9TH
Ing yet warranting an improvement in values
We look for a dragging, dull market and light
trade until after election i over. We think We
will be able to buy this December wheat under
T5c before the holidays"
II ever there was a muddlcd and prepexcd
set Of traders in grain 1t is the present crop
OF grain men by the necessities of the situa-
zion they are compelled to stand and operate
between two fires from day 70 day. On the
one hand, there is the mysterious, hidden.
administrative, but vet powerful clique,
who can do with the market Just what they
please, ana at any time they please, and on
the other hand there is this cool, dry, hard
cnlng corn weather, which is every day has
teuiug the period when the new supply will
begin to grade No. ?, and what course TO
take they do not know. Should the clique
conclude not to run another corn n. the
present price of corn must inevitably
give place to lower figures, and SO it is haz-
arious to buy. Should the clique conclude
10 start mother deal it would be equally dan
gerous to sell, and so the most OF the traders
jump in and out OF the market, make quick
turns and take small PROFITS or losses, for
this is about all they can do under existing
circumstances. The prevalent hesitation ana
uncertainty displays itself most forciblv in
the November option, October being let
severely alone except by those who
have previously become involved in
It. During the principal part Of the session
November kept bobbiug up and down within
the range Of &c as one party or the other
Cained temporary asceudcncy. The trans
actions in October were few and far between.
Year and May were also steady and not very
active. The visible supply of corn showed
decrease Of about 325, 600 bushels during the
week; white wheat was piling up so rapidly.
But an increase Of old corn could hardly be
looked for at this tme Of year. October
opeued unchanged at SOC, sold at $3.50
56JSc. and closed whore it opened. Novem-
Der opened unchanged at 5sc, sold at 525S