St. Paul daily globe., 1884-11-23

business transacted, indicating 4 renewal Of
speculative activity and partial recovery
from the apathy and indifference noted In
almost all the quotations. OF week ago,
while corn, oats and provisions are lower,
with the last transactions a. about inside
prices so far reached this season. The near
approach Of the close of navigation has had
no effect in stimulating shipments, those of
wheat remaining almost normal, while for
corn aud oats the demand has been below the
supply, and some addition 70 our stocks in
store Is noted
During most of the past week wheat has
ruled quiet, temporary strength aud weak
ness aiterna ating with great regularity, while
fluctuations were confined within q range Of
about le per bushel. Short sellers have, we
think, on the whole shown more anxiety
than holders, and under liberal buying 70
cover short sales, influenced to-day by
slightly better fereign news, prices have i'm
proved and the close is rather strong with
the advance maintained. The main fsctors
IN permanent advance, however, seem to
be yet wanting, and until largely reduced
farmers deliverenee, better export demand
ana some improvement In the general busi-
ness Of the country become settled features,
We cannot expect serious advancement of
value. II is contended by some
prominent operators thar the signs of these
favorable conditions are not wanting and
they cite the fact Of decreased receipts at six
primary western points Of about sou, 900
bushels for the past as compared with the
preceding week. They also regard as some
Offset to tue many bears arguments which
have been for some time past effectively ad-
vanced, the alleged fact of decreased acreage
in the winter wheat sections aud the re-
ported dam age to the new crop from drouth
in some sections and Hessian ly in others.
None Ofthese things, however, have as yet
had any material influence upon investors,
who have up TO this time either kept entirely
aloOi from the market or unIoaded their
holdings upon the first appearance of
weakness. With visible supply of 4O, O0O,-
600 OF bushels material advance seems un-
likely until bull arguments are actually veri-
ned, while at tn; current abnormally low
prices short sellers viii probably continue TO
experience great nervousness and anxiety
Wnen values show any upward tendency.
We regard farmers deliveries as the KEY tn
the situation at present, aud, should they
continue to show any marked decrease, be-
lieve that a commencement will be made to-
ward permanently higer range OF values.
Tue advance noted last week for November
delivery of corn has been entirely lost, and |
although the premium OF cash corn which
has Tor some time existed, is still continued,
all fear OF serious manipulation seems TO
have been dissipIted. There are many lots
of contract grade, however, still held of the
market on account of scattered parties who
believe in the possibility of a squeeze aud
that sellers, who desire 10 cover contracts Tor
tbis month, have to do so In the face of very
light offerings. Without concentrated pur-
chases there seems TO be no Sen founded
reason to expect an important advance, and
unless shippers should relieve the market at
the advanced Rates demanded Tor No.
corn, We think prices for November anu
December will later ON in the month
come nearer together. Year delivery has
been freely offered. aud prices show de-
cline Of &c on the week. For January. Feb
ruary and May the shrinkage has been about
the same. Current prices for the deferred
futures are regarded By many as low enough,
but the prevailing feeling is one of weak
ness, and should receipts largely increase,
as are generally expected, somewhat lower
prices seem probable. The trading Is almost
altogether local and speculative, there being
little or no offerings from the corn sections
of the west This. however, will probably
change when the new corn commences 10
grade No ?, although the western farmer
may not oe a very anxious seller on the basis
of current prices for the deferred futures.
Oats have ruled dull and lower and we
note decline of 1c as compared with the
closing prices Of week ago. The decline
in corn has induced some free selling OF
May oats, and with the decline for this deliy-
cry all others have sympathized. The de-
mand for shipment has been less urgent and
stocks show some increase. December oats
closed at 25c.
Provisions have ruled quite weak, aud
values of all products show considerable
shrinkage. Receipts of hogs were heavy for
this as compared with last week, and
prices have been weak and lower. There is
considerable disparity, however, between the
value of product and the raw material which
causes packers to limit their hog buying to
the minimum capacity of their houses. This
results In many hogs being daily left over,
and low priced material is an absolute nee
essity when product is lower. We look for
the adjustment of prices this year to come
from decline in the value of the hog. The
close to-day is at the lowest figures vet
reached this season for all product aud the
prevailing tone is one Of depression.