St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-29
THE GOLDEN GRAIN
Just at Present is Found i'm
the ShreWd Farmers
Corn Crib.
The September Option Climbs
Rapidly Up to Eighty
Cents Again,
AndsCIoses but One Cent Lower. Indi-
eating That the Manlpulat0r's
Grip is Still Firm.
Wheat Strong and Slightly Higher - Pro-
visions Heavy and Prices Gen.
orally Lower.
Share Trading Dull and Feature1ess,
Many Stocks Affording but
Few Quotations.
CHICAGO.
Especial Telegram to the Globe. 1

again to-day, as If to indicate that the corner
had not yet lost its grip. At the opening the
deal was weak and not very interesting, but
it did not remain so long. In less than an
hour 1t had reached nc and before II
O'clock it had arrived at the highest point,
and only dropped off 1c at the close. In
wheat there was good deal of strength and
gain of a cent, which was maintained to
the close. No one was specially prominent
in the pit and the general disposition to buy
was the early marked feature. The provi-
sion trade was dull and heavy, and prices
generally lower Closing quotations for the
October options were: Wheat roc, gain of
1c; corn SIC, unchanged; oats 255Sc, IN
changed; pork 81, unchanged; lard $40,
12c lower, and ribs 5000, unchanged.
Wheat opened steady at about the closing
prices of the day before, the encouraging
features being the strong eastern and foreign
advices, prices being quoted higher in New
York and cables reporting London and Liver
pool markets firmer. Foreign markets were
no doubt Influenced by the fact that their
imports and farmers deliveries, like our
own, are rapidly decreasing, being /, 300, 900
bushels under last week and $50, 600 bushels
less than the corresponding week last year.
The amount afioat for Europe has also fallen
OFF 2,2S0,OO0 bushels, showing that the world
has got tired giving its wheat for nothing,
the American farmer alone continuing to do
so. The shipments from India have de-
creased over 60 per cent. in the past few
weeks. Russia is shipping very little Chill
and New Zealand have completely stopped
and Australia is shipping very spar
ingly. California has shipped about
3,5OO,O00 bushels TO date of her new
crop, and will likely continue, but none of
that arrives before New Year, and until then
we are their only source of supply. Yet, in
the face of these facts, some of our dealers
insist on giving our farmers wheat away and
expect the farmer to pay them for doing so,
and that it is absolutely given away is shown
by very simple arithm example. The
exports of all grades for the week aggregate
1000 bushels. The average prices for the
week were, No. 2 red winter 79c No. red
winter Csc, rejected winter SAC, no grade
winter SIC, No. spring 76c, No. 3 spring
63c and rejected spring 45c, and at these
prices the 720, 900 bushels of wheat received
SAB, 800, or an average price OF 652Ic per
bushel. Now, from careful investigation we
find the average freight and expense of sell
ing it to be, from Kansas, Nebraska and
Minnesota, 25c per bushel; Iowa and Wis
consin, zoe per bushel, and Dakota,
Csc per busheL We thus find that the Kan
sas, Nebraska and Minnesota farmers re-
ceive 40c, Iowa and Wisconsin farmers 45c,
aud Dakota farmers 3715c per bushel for all
the wheat they sold this week; and as the
average yield is not over fifteen bushels per
acre we find the farmers are receiving from
$3.50 to SO per acre Tor wheat, which every
authority in the country admits costs them
fully IS per acre to raise. There was not
much doing during the first hour but later
the demand improved and there was an ad E.
vance of &c. When the first demand was
filled there was raid by the bears and they
were successful in securing decline of 9Sc
but there was steady buying, including an
increased number of outside orders, and
prices steadily advanced and closed at
the outside figures of the session.
hutchinson was persistent buyer all the
early session, and that part of the buying
demand that came from the scalpers was in
great measure due to this October opened
about yesterdays close, 9Sc, and closed at
79c. November was the favorite future. 1t
opened at 79Isc, and under a big demand
from sealpers, and a free distribution of
pointers that it was purchase, went up aud
closed at 795sc. No 2spring was firm and
closed at 7S4@7SXc. No. closed at CSC.
for
from shippers. No. ? advanced lie and
closed at sic, and No. was higher and
closed at j766Sc.
- nis advance seems TO have been caused al
most entirely by the strength exhibited by for
e'gn markets. said G. s. Everingham .sThe
export movement from the seaooard the past
week has been small, and it Is estimated that the
next statement OF the visible supply win shov,
an increase OF about 1000, 900 bushels. While I
believe IN ultimately higher prices for wheat
would advise caution in buying on advances as
any increase in receipts at the primary markets
would cause some reaction, but prices are still
low, and farmers may only be encouraged by the
stronger tone 10 hold back their wheat for still
higher prices. The political outlook in Europe
Is quite unsettled. The advancing tendency OF
foreign markets is pro badly due only to the fact
that values have been below q legitimate basis.
and the trade is beginning 10 realize Il he de-
preston has worn itself out: that thes, NAV be
"u"''om rs Well rs top to prices. The only
advantage that We can now see
Tor the short seller is the carrying charges, which
may bring him out on long pull, but we have
seen many large advances when full carving
charges were paid, and heavy declines when I'm
lures We're at discount. In fact, this has been
the rule rather than the exception
our strongest houses are conspicuous buv-
srs' SAID Frank hennett, land IL the outsiders
come III fGrther advance Of or f0c will result
take no stock in the talk about European COM
pheStons, but think the low price will greatly
increase the consumption Of wheat, and that il
Is purchase on its fnerits''
Miimine Is Bodman say: "The shorts are
getting very uneasy, and we do not think thew
Nlu care 10 night an advance at these low prices.
out are more likely To cover up and take the long
sue anu san along with tue current An al
vance OF lie" cents might esfly come about in
,hls way nut We have very little faith in its be-
ing maintained 4 the present volume OF receipts
keeps up II begins 10 look tribe buIlish.
J. W Rumsey * Co say: s.Pr1vxte c.blss
chow very marked improvement and rsn,,-. \
good demand 81 higher prices. This viii we
taInk, bring IN the outside operators who hava
been waiting for months TO buy when sbo.to,n,
hal been reached, and we think We are NV IN
sooG shape Tor considerable OF an advance
". H. Minor 4 Co. say: "Our views a-e still
uoehsnseu, ana we are confident that we shan
sec several cents advance yet before we get
much OF break
Corn was in brisk demand for time ON
September account, Tie maniuulators .orcipc
that opiion up to soc, Sc above the opening.
Win view to forcing the sho,ts in, but thar
cikSE were anrou--,c..s - -