St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-05
DESPERATELY DULL.
That's About the Condition of
the Leading Stock and Pro
duce Markets.
The September Squeeze in Corn
at Chicago Supposed to be
Closed Out.
But An Immense Short Interest Asserted
to be Still Dependent on the
Old Crop.
The Cattle and Hog Markets Steady, with
Some Novel Features-Stocks Nom
inalIy Firm.
CHICAGO.
Especial Telegram to the Globe.

features-the receipts being larger, and eastern
seaboard and foreign advices quoted dull mar
kets and lower prices. Shipping grades were
neglected by shippers and the prospect for
marked increase of values at an early day by no
means fattering. Yet the danger of selling
large lines short and standing on the trades is
enhanced by low prices. Corn again firm
and higher and the strong shipping demand
coupled with the small supply of corn available
for market is decidedly favorable to higher
prices for this and the next month as trades
made for such delivery must be filed from the
present meagre and daily decreasing stock
of old corn. The risk of selling
any option for this year Is enhansed
by the uncertainty of the weather, as there is
still large amount that will require until at
least Sept Is, and many fields till the Goth, to
carry them beyond damage by frost, and even
then dry fall will be necessary to insure any
considerable receipts of contract corn. Nor
should the fact be lost sight of that the chances
Of low prices based on large crop have already
been anticipated by the heavy discount at which
November and seller the year are offered below
this and next month. Oats quiet and steady,
and provisions duler than at any previous time
in at least ten years. Despite the small receipts
of hogs the feeling in all articles OF the product
is weak. October options closed as follows:
Wheat 801sc, 16c lower than yesterday; corn sic,
1ac higher; oats 26c, 1sc lower; pork $3.50,
steady; lard 81. so, sc lower; ribs S1O.O5, un-
changed.
Wheat has ruled dull all day, even the custo-
mary temporary rally having been omitted.
There were free sellers at the opening at slightly
under yesterdays close, among them being
Hutchinson George Eldridge, Nat Jones and
the Adamses Sales were largely of realizing
of waiting for advance. There was also some
disposition to sell short and several round lots
were reported as having been sold for foreign ac-
count, while from the spring wheat sections
there some orders to sell November and
December, the premiums now being paid for
these months being to some extent attractive
Among the buyers were noticed Field, Landley
Lindblom and George Stewart. while the slight
frmness exhibited in October wheat was by some
attributed to buying by Cudahy
and Stevens Liverpool dispatches quoted
spot wheat weak and dull, while floating cargoes
for near and future delivery showed decline
equivalent to 119@2Ac per bushel. The leading
Atlantic markets we're adverse to Sellers and
week, dull feeling prevailed generally in specu-
lative circles. October opened weak at SIC, de-
clined to S0l4c, and closed on the morning board
at S025QS0l4c. but grew weaker in the afternoon
and closed finally at S04ac. November, which is
rapidly becoming the favorte future, opened at
S2Ac, sold at $3.50, and closed on the morning
session at 629sc On the afternoon board it
closed at sec, at which figure there was a great
demand for it. No. 3 red is in moderate ship
ping demand, but closed &c lower at S1Hc No.3
red is in fair request for Shipment and closed at
7lAc..
Mimne, Bodman & Co. say: tThere seems
m ha usjd 1t,aot IN,
scalpers that comes out freely on any little bulge
of the market. There is no real strength in the
market and it says easily of its own weight.
Really, we see reason why wheat should be
worth more here in November than now. This
was the history of the deal last year. The oper-
ators who sold the long futures and stood still
were able to buy cash wheat to fill at less prices
than cash was when the sales of long futures
were made. 1t looks if those buying the
long futures at the present large premium stand
good chance of losing at least just that much
money"
Corn was the strongest and most active article
on the speculative list to-day, but the feeling
was nervous and prices irregular. There was
nothing of an encouraging character in the
Liverpool dispatches and the weather was all
that could be desired, but there was an active
demand for all shipping grades Shorts for this
and next month were rendered uneasy by free
outward movement and in their anxiety to cover
big prices up &c ON September and cash, and
q on October. In this connection one of the
big bulls on corn, and there are number of
them despite the heavy yield, said; ''How can
you expect the price of corn to go down when
there are 80, 100000 of shorts here and not more
than SOC, 900 bushels in store 1t is all very well
to talk about prices for corn, but you don't want
to be in too big hurry for them 1t is estimated
that during the early hours of this mornings ses-
sion at least 1000, 900 bushels of September corn
was purchased, practically terminating the
September corn squeeze. w. T. Baker, Hutch
inson and Kenosha party are reported to be the
holders of nearly all the cash corn while cur
rent receipts are either taken or shipped east
After the short interest had pretty we'll covered
the price of September corn declined 1c, The
query still agitates good many of the operators
however, as to whether the squeeze may not be
carried over into October. September opened at
53hc and sold to $3.50, but the advance induced
free selling by parties who were taking profits
previous purchases and under liberal offerings
prices fell back to $3.50; bu. as the demand alb
sorbed the offerings values again sallied and
closed on the morning board at sac and on the
afternoon board they declined to $3.50. Many
of the large sellers of September
opened at 5O1lc, sold at 51Ac
broke to 5O%c and closed at sic
In oats a dull, quiet market just about like
yesterday was again experienced, and there was
no material fuctuaton or change in the prices
October closed at 29c, 3sc lower than on yester-
day.
Very little was doing in the provision market
and there was no particular change to note in
prices. Spectators doing very little and
shippers were favored with few orders. Foreign
advices indicated an easier feeling in pork, but
lard and bacon were steadier. Eastern markets
were comparatively steady and receipts and
shipments were both moderate. Offerings Of
lard were fair but the demand small, and prices
at the close showed decline of sc on October,
which closed at $3.50, and of 75lc on November
which closed at S7.42. Nothing Of consequence
was doing in ribs and prices were unchanged.
Pork the same.
Good native cattle ruled strong and a shade
frmer, second class steady. Range stock 10@15c
higher There were about 140 cars of range
stock among the fresh receipts, 100 of which
were through Texans. About one-third (say
2OeO) of the receipts were natives, and there
were but few lots that wer, first class. There
was good demand for such natives shippers,
and the dressed beef trade could use, the best
making St. .GOM7, but medium and second-cass
natives and grsssy stock were slow at former
nrices. Grass natives sold at S4.5005.25, and
medium natives, part corn fed, S5.5006.25
stockers S3 .5O@4; breeders S414.50. Range
cattle are selling at about the following Texans
g.. .eOl4. so; Wyomings 81 .25@5. Is; Nebraskas
s.. 5O@4 20; Colorados S4@4. 10; Montanas $40
4.5o; half breeds Si.5o@4. IS; Texan COWS $3.50.