St. Paul daily globe., 1884-11-26
Corn Stronger Than for Several Days
and the November Option Closes
Considerably Higher.
Ehe Interest of the Provision Pit Centers in
Lard, November Sliding Up the Scale -
to the Extent of 40c.
The Bulls Get Control of the Stock Mar
ket and Force Prices Up to the
Close of the Exchange.
CHICAGO.
Especial Telegram to the Globe. I

frmer and higher and held its strength
much better than wheat, November being
nominally 7sc higher at the close, while
year was unchanged and May $5c lower.
Oats were fairly steady, closing &c lower for
November and &c higher for May. Pro
visions were irmer pork closing 5@10c
higher and ribs sc higher. November lard
took quite a squirt and at the close was 4Oc
above the last quotations yesterday, while
other options were 216@5c higher. The
closing figures of the principal options on
the afternoon board were: January wheat
7456c, year corn 355sc, May oats 2S1Sc, Jan
uary pork S1O.s91S, November lard S7.1712,
january ribs $3.50.
The wheat market opened strong and
maintained good deal Of its strength dur
dng the greater portion of the morning, not
twithstanding large local receipts and an in
lcrease in visible supply Of 100000 bushels.
I'm fact, these adverse features were fairly
balanced by the smaller arrivals at st. Louis
land other winter wheat points, by fair de-
tmand from continental Europe and by
stronger British cables, which reported an
advance of Id per GENITAL on all kinds Of spot
wheat. Good parties were buying early, more
for the purpose of bulling the market, it is
thought, than because they wanted the wheat,
and outside orders, though not SO
numerous as on yesterday, were
still quite numerous. This Influenced the
timid shorts to cover. The scalpers shipped
I'm freely, and from opening at about yester-
,day's closing figures prices advanced s6915c.
tAt the advance the scalping fraternity turned
around and began selling their short wheat;
and realizing sales were large. Two or more
large bear firms also increased their lines,
and their combined influence broke the
market about 1c, and it might have gone
even lower, had not the brokers who had
sold privileges commenced bidding against
such contracts, and succeeded in rallying
prices 3s(01zc, from which there was a fur
ther reaction on the afternoon board, closing
prices being not far from the lowest of the
day. The talk on 'change this forenoon was
that Lester, backed by New York capitalists,
was trying to bull the wheat market. His
brokers have been in the pit for the past two
days buying steadily. If such were the
cease, they were satisfied at the result
early in the day, for the brokers, who made
sales aggregating 100000, gave it out on
fhe afternoon session that Lester was their
principal. November wheat ranged at 731l
I(07415c, closing at inside figures and 14c
Fbelow Yesterday December fell off re from
yesterday, closing at 74c, and January
hopened at 1890, sold up TO 755sc, down to
E7451c and closed at 7455sc against 755sc yes
pterday. May closed at S15sc, having previ-
sously sold as low as S11Ec. No. 2 spring In
Ecar lots was bought at 74(0745Sc to hold
against January sales, and No. was in fair
shipping demand at 5S@62c. No. 2 winter
CLOSED 15c higher at 7515c, and No. 3 at 63
@64c.
''It was felt that the present advance Of about
SC bushel was enough to bring on a little reac-
ltion," said speculator, seven if the bull move
mentis to continue with great power in the future.
and then some old game of selling to the country
lis likely to be played over and over whenever a
good opportunity is offered. Our advance of &c
a bushel has called out a responsive advance of
i1Kc at Liverpool, and il the foreign markets
continue to follow our lead all will be serene
but there no fear but that Chicago operators
can keep ahead OF the foreigners in putting up
prices when both parties get fairly started at the
business
''It is generally conceded by enlightened and
conservative capitalists" says A. NJ Wright,
.'that wheat is cheaper than nearly any other
speculative article. Hence it offers more induced
ments to investors who have capital to buy and
hold through the winter, yet large stocks ane
prospective free deliveries here and at other
spring wheat markets for some time to COM
will be handled by the bears in their efforts to
depress values, and with these facts in view
advise conservatism, and think purchases should
not be made on sharp bulges, but think it safe
TO buy on soft spots.
Milmine, Bodman & Co., say: ''The advance
the past two days seems to have been engineered
in tho iutar fOfN Nary Xarl- H.
result has been active and large dealings between
the two markets, causing both to be very un-
settled, but outside operators are not attracted
to any extent by this little furry, and we think
the market is likely to relapse into dullness
again. The experiment proves that the shorts
scare easily at present low prices, and the mar
ket can be advanced, but it is proved also that
It is impossible to work off any considerable
quantity of stuff on the bulges. AS we have be-
fore remarked, we think it safe to sell short for
q turn in these sharp bulges We see nothing
in the general situation warranting a material
advance just now, At the same time, il large
spectators had the nerve and money to run the
market strong for a few days, sc advance could
easily be obtained temporarily. We are just ap
preaching the holiday season and do not look fol
10 material advance until after the turn of New
Year
The corn market was quiet, fluctuations
tbeiug in sympathy with wheat, though the
November option took an independent stand
land managed to close nearly 1c higher a
1890, without any trading to speak of hav
ling been done in it. Year opened &c higher
and went up another in sympathy with tn,
early strength in wheat, but fell off &c late
tand closed at yesterdays figures, 35%c
May opened sc higher at 3715c, but fell to
close of SIC. The corn situation still de
rpends upon the freeness of the movemen
from first hands and that In a great measur,
upon the weather. The posting of the visi
eble supply showed small increase of 5000
bushels from last week, but this is the frs
week we have had any in
crease for long time. The probabilit,
is that the tide of receipts has now com
menced tolow in sufficient volume to NEE
all demands and have weekly surplus lef
over to be credited to the visible supply ac
count, and there is need enough of it-abou
3. 500 600 bushels Of corn in sight and owe
Al SOC, 900 of wheat makes suggestive an,
striking contrast. However, late experience
has shown that estimated receipts form
very uncertain factor to base speculation
upon.
Oats we're steady at a little higher range
which was maintained to the clese, the las
figures being sc higher at twenty-eight an
.one-eighth. November, after selling at 26C
fell off Ac and closed 7s lower than on yes
terday.
Provisions we're fairly active and frmer
averaging higher on all leading descriptions
Under the influence of smaller receipts o
.1,ora and elt,,IsIz, adxroncad nrinea IN tha