St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-11
And, After Slight Fluctuations in the
Afternoon, Closes Considerably
Higher Than on Saturday
Corn Makes an Appreciate Gain on Ae-
count Of Clique Buying. and PrOsi-
sions Move Forward Somewhat.
The stock Market Becoming Interesting
Again and the Whale share List
Climbs Triiic.
CHICAGO.
Isperl.l Telerram % be co.. |


fifteen minutes Of the regular board IL
seemed as II every prominent broker in the
corn aud wheat pits had unlimited buying
orders, and the wheat market was jumped
one full cent quickly, closing at the highest
point. II Is surmised ~ be IN organized
bull raid on the croEd tWnom they thinE 10
catch largely short, as they doubtless arcl,
and make cent or two ont OF them, which
they can easily DO. Tue boom began in the
corn ring by McHenTy and Baldwin. the old
clique brokers, taking ali offerings at almost
any price, which frightened the shorts badly,
aud November corn was jumped quickly
from 4OjSc 10 4ae At the close. 10 the after
noon wheat was stronger and higher for Il
while, hui settled back at the
close 10 / o'clock figures,
which showed a net gain OF about &c. Corn
also advanced 3i@1Hc, but settled bael. 10
sc lower for November and re higher for
year. Provisions we're dull early, but lrmed
up later, and at the close showed an advance
over Saturdays last figures OF lO@25c on
pork, sc on lard aud 7lE0lOc on ribs Clos
ing figures Eere: December wheat 12c, No
vembrr corn 435Se, May oats 29e, gain Of
&c, January lard 925Se, January ribs 1896.
The large increase Of receipts and the de-
preston and lower prices quoted from Otehr
markets gave wheat a weak feeling at the
opening this morning. There was no change
in the tenor Of foreign adyicrs. Liverpool
was duh, Mark Lane inactive and Paris
easier. California wheat of coast was quoted
6(d9 pence per quarter lower, while the same
wheat on passage vas 8 pence OF. American
red winter was pence down and so was
American mixed corn. The market
broke early &c, but the break caused free
buying to cover shorts, and the depreciation
was soon recovered and as quickly lost by
free realizing by scalpers who bought early
and were anxious 10 secure profits, but the
buying increased as the day advanced, in
GLIDING the execution of moderate outside
orders. Covering by shorts and fair takings
by strong local operators, who seemed to
think that values had touched a safe buying
point for at least q scalp in an upward direc-
ton, and during the last half hour of the
morning session quotations steadily moved
up, the advance being materially stimulated
by better tone in the stock market and an
unlocked for strength in corn, and the last
prices were 154@1Ssc over the inside figures
OF the session, and &c higher than Satur-
days last sales and the feeling strong. In
the afternoon there was 4 further advance Of
%@1<c, but free offerings at the top
caused a reaction, and the ad-
vance was lost. November wheat
opened at 711[c and sold at 7OIk6731<c,
closed at 72c. December sold at 725S@72JSc,
closed at 1889. January opened at 1880,
sold at 731lc, advanced to 743sc, and closed
at 745Sc. Car lots of No. 2 spring sold at
7I5<@725Ec, and No, at SEC. No. 3 red
winter was scarce and closed at 726722<c,
and No. 3 at 81 1<@62c. E. P. Hart, Z. A.
Driver and Hancock bought large lines Of
wheat. Leopold Bloom appeared to be on
the bear side of the market, but didn't get
rid Of much stuff. The Adamses were also
reported to be buying, while Crittenden &
Harvey and a large following sold.
People who know nothing Of the mysteries Of
grain speculation" said Dillingham;, ''have seen
in the newspapers that wheat was selling at about
70c bushel. They remember when IL was going
at si.5O, and they raised their hands in surprise
and asked how any western farmer can pay
2Oc bushel freight on his grain and afford 70
sell for sOc aud pay besides elevator charges and
commissions, and oftentimes demurrages be-
sides. BAIL Why, one-haf the wheat that is
received here fails to grade and sells not az zoe.
not even al COO, but at from 45c TO 55c per
bushel, ont OF which has 10 come the zoe 70 25c
freight, and the commission, and the elevator
charges and the demurrage, as often rs the rail-
road can find an excuse for imposing Il. Now,
with this information, how do the laity-ihe
people, strange 20 the grain pits-feel for the
In oua-ha1f he wheat I'D h.
farmers net say SOC bushel, and on the other
half say soc bushel. Striking an average the
men who raise the grain and who bring IL here
for sale, and who have to support
their families upon what they get
good lsud, and succeeds in year IN raising 1850
bushels Of good wheat. has left, 70 pay for his
help, his time, and feed his cattle, and sup
port his family, just $1,000 magnificent
turn. The price OF wheat doesn't any longer
depend upon speculative influences. Traders
whose ideas are not altogether limited by the lit
tie boundaries OF the grain pit, admit this now.
II half the people in the country set 10 buying
wheat II the strongest syndicate possible 20
imagine formed a conspiracy TO corner the
market no permanent advance could be en-
gineered. Cash wheat would come here as fast
and faster than il was bought. The only result
would be the filing up of the elevators to their
tops, q temporary advance perhaps. and then 4
crash. which would leave prices lower than ever.
No. the price OF wheat is not 81 all 10 be
affected by speculative influences. When some
OF the growers OF wheat are starved OF their
farms or driven into raising some other crop,
when the number OF wheat growers Is Al least
decimated by the dying OF the driving out
process, then there will begin 10 be little i'm
provemert in the situation FOR the survivors who
are left tilling their fields and for the impover-
ished speculators who have foolishly but ten
arinue1V afurE ~ the huU sfda If wheat -
A. NJ. Wright & Co. say: "Nhile we fail TO see
anything likely 10 Cause and maintain material
advance in values until consumers show their
appreciation Of wheat by free buying, we think
prices too low 70 warrant selling short except on
sharp upward spurts, and think purchases and
breads are likely to result satisfactorily when
properly handled
whatever the final result OF Democratic as
tendency may be-" said Lindblom. s'the imme-
diafe effect viii be 10 create distrust and impair
values. This Is fully demonstrated the past few
days. When the first disappointment Is over. We
shall probably settle down to our old wsys, con-
fdent that no real harm viii be done 10 the com
try. Our receipts here are good, but AZ winter
wheat and interior points a steady falling OF Is
noted In another weak the decreased move
ment will be seen here. With this new element
introduced into the market ;t is possible that val
ues VIII have TO be Tearrnnged, and the bottom
may be somewhat lower down than was supposed
week ago. When the accnmulations cease,
prices vii! attract the attention OF capital, and
with storage charges removed, as they win be
next week, We ought 10 have rally from long
depression, now everybody Is bearish and don't
believe that everybody can be right"
In the corn pit there was quite furry,
which is claimed by some as a November cor
ner in its incipiency. At the opening this
option was rather quiet aud ruled duh for a
time, but as offerings we're light the market
advanced rapidly on very moderate buying