St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-28
And Closes but One Cent Lower. Indi-
eating That the ManlpulatOr's
Grip is Still Firm.
Wheat Strong and Slightly Higher = Pro-
visions Heavy and Prices Gen.
orally Lower.
Share Trading Dull and Featureless,
Many Stocks Affording but
Few Quotations.
CHICAGO.
Especial Telegram to the Globe I

GRAZ way StTOuScT. CepIen Der SOU up 10 QUO
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 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 roe, gain of
1c; corn SIC, unchanged; oats 255sc, IN
changed; pork s17, unchanged; lard $40,
12c lower, and ribs S10.2O 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 750, 900 bushels
less than the corresponding week last year
The amount afloat for Europe has also fallen
off $3.50, 900 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 go 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
$500, 900 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 arithmetical example. The
exports of all grades for the week aggregate
120, 900 bushels. The average prices for the
week were, No. 2 red winter roc, No. red
winter Csc, rejected winter sac, no grade
winter SIC, No. 2 spring 76c, No. 3 spring
63c and rejected spring 45c, and at these
prices the 720, 900 bushels Of wheat received
in Chicago this week realized the sum of
$473, 500, or an average price of 65Mc 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 busbel, and Dakota,
CSC per bushel We thus find that the Kan
sas, Nebraska and Minnesota farmers re-
ceive 40c, Iowa and Wisconsin farmers 45c,
and Dakota farmers 371lc 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 Sc 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 adj e.
vance Of &c. When the first demand was
filed there was raid by the bears and they
were successful in securing decline of &c,
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 4 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, 7Sc, and closed at
zoe. November was the favorite future. 1t
opened at 1890, and under big demand
from scalpers, and a free distribution of
point RS that 1t was purchase, went up an d
closed at 79Bc. No spring was firm and
closed at 7S14G07S1Sc. No. 3 closed at Csc
Red winter was scarce and in good deman d
from shippers. No. advanced 156c and
closed at sic, and No. 3 was higher and
closed at 67G6Sc.
This advance seems to have been caused al
most entirely by the strength exhibited by for
eign markets" said c. 5. Everingham 1.-THE
export movement from the seaboard the past
week has been small, and il is estimated that the
next statement OF the visible supply will show
an increase OF about :, 900, 900 bushels. While |
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 TO hold back their wheat for still
higher prices. The political outlook in Europe
is quite unsettled. The advancing tendency Of
foreign markets is probably due only to the fact
that values have been below legitimate basis
and the trade is beginning realize that the de-
preston has worn itself out; that there may be
bottom well as top to prices. The only
advantage that we can now see
FOR the short seller is the carrying charges which
may bring him out on 'long pull but we have
seen many large advances when full carrying
charges We're paid, and heavy declines when fu-
lures were At discount. In fact, this has been
the rule rather than the exception
''Our strongest houses are conspicuous buy
ers," said Frank keunett. land IL the outsiders
come in a further advance of or i0c will result
take no stock in the talk about European COM
pications, but think the low price will greatly
increase the consumption Of wheat, and that it
is a purchase on ITS merits"
Nilmine & Bodman say: 1.-THE shorts arc
getting very uneasy, and we do not think they
will care 10 fight an Sdvance 81 these low prices
hut are more likely 10 coverup aud take the long
side ana sail along with the current. An ad
vance Of a few cents might easily come about in
this way, but we have very little faith in its be-
ing maintained II the present volume OF receipts
keeps up. Il begins TO look trihe bnllish.''
j. W. Rumsey Is Co. say; Private cables
show very marked improvement and report
good demand at higher prices. This va we
thiuk' bring IN the outside operators who have
been waiting for months to buy when bottom
had been reached, and we think we are now in
good shape for considerable OF an advance"
W. II. Minor X Co. say: "Our views are still
unchanged, snd we confident that we shall
see several cents advance yet before we get
much OF break"
Corn was in brisk demand Tor a time on
September account, the manipulators forcing
thatoption up to soc, Sc above the opening,
with view to forcing the shorts in, but thSt
class were encouraged by the increased re-
oeipts and the prospect that from 1900 to
I.S00 cars will be in Monday, and were not
disposed 10 make terms, the result being
comparatively light trading. Towards the
close there was decline OF 1e to 79c, at
which this option closed. The clique, how