St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-04
FRIDAY ON 'CHANGE.
The Fine Italian Hand of the
Manipulation Grasping
Corn Again,
And Indications Point to Another
Deliberate and Awful
Squeeze.
Some Signs of Life in Wheat, But the
Cereal Finally Closes
Lower.
In the Provision Pit the Major Part of the
Attention of Spectators Centered
on Cash Lard.
Almost Absolutely No Trading in Wall
Street-Neither Side Caring to
Transact Business.
CHICAGO.
Especial Telegram to the Globe.

were generally higher, wheat alone closing
shade lower owing to free offering on the after
noon board. Corn was irmer and higher, oats
shade higher and provisions quiet but strong.
The closing quotations on the afternoon board
for the November option were: Wheat S014c,
decline Of y compared with yesterday corn
5oGsc, an advance of &c. Pork closed at S16.50
for October, gain OF soc; lard at S7.25. an ad-
vance of 21sc, and ribs at $3.50, advance of sc.
Wheat has ruled rather weaker all day, although
al one time prices reached within &c of the
highest point recently touched. Foreign advices
were frmer and were favorable, an advance of
@7d being quoted from Liverpool and the interior
markets were also strong. Receipts here and in
st. Louis were somewhat freer and good de-
mand for money from the west and northwest
lndlcatesa more active movement from first bonds
in the near future, although advices do not show
that the movement has actually COM
menced. The market was stronger and
higher at the opening and good
deal of business was transacted early in the day,
but the increase of receipts and the small with
drawal from store induced some of the bulls to
sell their holdings, and this pressure sell soon
told on the market, prices gradually weakening.
The decline amounted to 140hc, aud after the
first hour the market was quiet, the bears not
buyers for an advance being anything but nu-
meroCs. The moderate export movement at
current prices does not indicate that European
wheat dealers regard the present situation
OF the market in that country
or the prospective demand such as to warrant
| sending more than ordinary buying orders for
their market, and such as come are greatly ham
pered with restrictions as to prices freights and
Oth ~ Uh laid tha ofLa
side of the Atlantic. Yet the ease with which
values react upward when buying demand ap-
pears, the selling pressure is removed, induces
a large part of the operators to think that every
downward reaction justifes purchases for a scalp
or an upward turn. The demand and
offerings of October wheat were equally
light. The opening was at 1850, &c above
yesterdays close and the highest point reached
was 79lEc early in the day. From that it declined
to 79c and closed on the morning board at 79Ac
and in the afternoon, when all options were
weaker, it declined to close of 7Sssc. Novem-
Der was in fair request by shorts and operators
who were anxious TO realize scalping profit. 1t
| opened at 80 Z and sold up to 81 &c, from which
point it dropped off with slight fluctuations to
| S0Hc, closing on the morning board at S04c.
| In the afternoon the feeling was weak and u
| further decline TO S0hc was submitted TO-.
December ranged at S2@89c, closing at
inside figures. No. spring 79079%c, cash
| closing at 79c. No. was in moderate shipping
| request at CO. Red winter was weaker and
closed at 191H,c lower at 81iic. No. 8 met a
good shipping demand, the offerings were mod
crate and prices advanced, closing at 69H @70c.
| The shipping demand was mainly for lower
grades, car lots of No. as usual being taken by
capitalists who were selling futures at pre-
MUM over spot, and carrying cash wheat to
make charges
Milmine, Bodman s. Co., say: .'The market
was controlled by the same influence as for
some days past, few prominent houses bulling
the market, with the scaping crowd following
them. but we think they only figuring for q
scalp of &c or so. The market has real
strength beyond what comes from the scalping
business. There is no good determined buying
yet to carry the market away from the scalping
element, who still able to lead the market
either way easily. We think the bull side is
gaining strength daily, and is liable to come to
the front now and advance the market. We dc
not see anything to warrant material advance
and believe sales on the short bulges compare
lively safe"
Corn is getting more active, and it now looks
as though 1t would again be the center OF attrac
ton, manipulation or no manipulation. At any
rate transactions showed increase in volume
to-day. Receipts were moderate, amounting tC
but 241 cars, and this fact telegraphed to outside
points brought in free buying orders, especially
from New York The clique brokers were buying
again this morning Billy McHenry stood in the
corn pit and quietly took in all the October anC
November corn that the crowd wanted Il
SELL Several other brokers it is claimed ar,
buying for the clique, and some of these pleas
ant Indian summer days it is predicted corn vii
] ood 81
be repeated in October. The opening was stron,
at soc for November, or sc higher than yester
days close, and advanced to 51I4c under gooc
demand, decreased receipts, and the belief tina
late heavy rains throughout the west and south
west would retard the drying out of the cereal
This latter belief was strengthened by buyin
orders for year from country operator
whofeel safe on counting on very light receipt
of No. in that time. On the other hand Their
are many operators here who believe that ther
will be plenty OF new corn in the market an
they are waiting sales with the view OF film
them with these arrivals. Such course, how
. ever. is a very dangerous one. The statemen
was pretty freely passed around on change to
. day that the provision crowd are big shorts i
corn. and that many of them covered very freel
TODAY. which may have had something to d
with the increased strength. October opene
, at 5sxc &c above yesterdays close, and sol
ND to 59c 1t was steadily held the greater par
Of the morning session and the large holder
were said to be working of thei
stocks quietly, but before the close the short
, withdrew. and the advance of 1c gained early wa
= lost at the close, which was at 5sKc. The in
press;on is growing that the clique will carry tn
, corn deal through this month unless the short
: soouer cover, the best posted operators beIn
convinced that the stock OF old corn in the ccun
e try il smaller thar for many years. and that th
| recefuts this month under any circumstance
. | cannot eoual the amount received IN September
4 The statement that the receipts here during Ii
+ last seven days in September Of this year wei
azO coo bushels less than the corresponding day
Of 1893 il significant, In view Of the extra incel
tive there was this year to rush the corn forwar
A fair speculative business was done in oat
with prices about y over yesterdays elosin
quotations in spite Of larger receipts. Sever
brokers had orders to buy May al zoe, but wei
unable TO I'll them, less than 1900 bushels b
ing sold under 2oxc. The close was at 265 c I,
october and 29zc for May
The feature Of the provision market was Il
unusual demand for cash lard. over 5000 tierc'
~ xbieh were taken. In future trading y
vemberl lard and year and January pork led
the former the feeling vas strong although the
was no actual advance, and at the close Il
: ro.-cet stood about the same a. on yesterda
yesrrork advanced 2Oc to S12.10 and Janua
1z1ze to sfs-ssH Short ribs were quiet, b.
quite strong, closing 81 the lowest point OF Il