St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-04
CONTINUED QUIET.
The Bears Afraid to Sell,
and the Bulls Don't Dare
to Buy.
Ind Both Parties Keep on
the Safe Side by Doing
Nothing.
Scalping Each Other Evidently Grow
ing MOnOtOnOuS.
Tall Street Afraid of Stocks Until Move
ment Of Crops is Inaugurated.
Wall Street Afraid of Stocks Until Move
ment of Crops is Inaugurated.
CHICAGO.
Especial Telegram to the Globe !

disinclination to trade. Wheat exhibited the
same apathetic movement as yesterday and
despite falling off in the receipts, the bulls
seemed to have lost courage at the continued
absence of outside attention, while the bears. be-
ing disappointed at the shrinkage in markets
were equally shy about selling and those who
ventured on the short side covered on the slight
est fluctuations. Even the most courageous, Of
that party showed a caution that plainly indi-
Gated that they were not assured as to the cor
rectness of their position. The fact, however,
that the present low prices fails to stimulate
the shipping demand, offers strong presumptve
evidence that dealers in the chief markets to
which we must look for outlet for our large
surplus are equally deficient in faith in
terial advance in the near future as our home
operators The fine weather also contributes to
weaken the chances of an improvement By en-
abiing farmers in the spring wheat section to do
their threshing and stacking. Corn, however,
attracted considerable attention, and when the
moderate character of receipts are considered,
coupled with the small stocks, good shipping
demand, and the almost certainty that the old
stock will be exhausted before any supplies of
merchantable new can be looked for, the sit
uation looks more promising for better prices in
the near future. Oats are quiet and steady, and
provisions dull, ,and present fail to offer any
inducement to legitimate buyers to touch them.
Speaking of this market Bn operator said: 81
was over the pit several times to-day but the
place was deserted. l don't believe there was
half dozen trades made in the entire list
Closing quotations on the afternoon board for
the October options were as follows: Wheat
S11s, gain OF 1s corn 501sc, gain of &c;
oats 2716, loss of 1sc pork $3.50, gain of
20; lard 81. gain of 2Ic; ribs $1,000, yes
teri1ys last figures.
Wheat has been very quiet all day, with little
Guctuation. Outside orders continue very scarce
and the trading is chiefly on account of local op-
orators who are not disposed to sell short except
for quick turns There was no special indica-
tions as to tendency, the general feeling being
that material change from present values will
be to a higher range, while dullness is the pres
ent ruling feature with no sign of increased
activity in the near future All this is liable to
thange at any time but the safest policy Tor the
present by all odds is to buy weak spots.
Walker, the New Yorl. compiler, makes the in
crease in visible supply 135, 900 bushels, which
statement had u good deal to do
with holding the market here,
and then there a large line of calls on
October wheat sold yesterday at S1% which was
bar against any material advance Outside
business, notwithstanding 10 almost nothing
to-day, has increased materially within the last
two weeks but comes largely from eastern opera
tors, the interior spectators having long since
drawn out of the field, so that speculation has
fallen into the hands of professional operators at
the principal centers and they working on
the principle of quick scalps. There is
nothing of the investment character in
their dealings at any place and hence
the frequent fuctuation and very uncertain char
al
likely TO continue as long as prices remain so
low. The legitimate situation, however seems
growing a little more encouraging to holders and
they can take some comfort out of the larger ex-
port movement and the falling off in the receipts
of winter wheat, together with the slow move
ment of the spring wheat crop.
''Wheat has lluctuated within range of &c,
and corn within range OF &c and the market is
about as featureless as an alkali plain" said an
operator to-day he spread himself out on the
edge of the wheat pit for snooze. 'If some
of the boys would only make little more noise
to scare the flies away 1 think could enjoy a
nap for an hour two and not lose anything by
it."
September opened at 79B, went down a 4 then
up to 1s above the starting figure, and closed
where it opened. October did precisely the same
thing at Sic, while November varied the monot-
ony by closing "a lower than the opening, the
last figure S276.
In regard to the probable receipts in the near
future L. Eyeringham says that from sS7 reports
received by him from winter wheat points 26G
report farmers selling and G21 report them hold
ing.
said j. W. Rumsey: 81 think prices are drag
ging on the bottom, and look for more activity
and better prices. Good parties disposed tc
,Jx;,,r
will, think, be equal to the supply"
Frank Kennett says: ''Would advise buying
on all weak spots. Either wheat is too low OIL
too high"
"There seems to be nothing in the situation tc
warrant the expectation of any important change
in values either way at present, "said G. S.
Everingham this afternoon" " ''but prices sc
low thst short sellers are easily frightened ant
an improvement in prices frequently occur;
when least expected"
In the corn market a little better condition of
things existed and there was quite a brisl
demand from the start which coupled with
willingness on the part of the longs to sell made
quite an active market. The bright, warm
weather was all that could be desired for matur
ing the crop, and this, together vita the fair re
ceipts encouraged the bears to make earl!
raid on all the futures beyond this month and BY
persistent hammering October was pressed J!
and the long futures &c O 1c, while
the strong demand from shippers and the cover
ing bv shorts had a reverse effect cash anC
September, resulting in an advance of I@4c OF
the former and u @1a q C on the latter. September
opening of 524c, advanced TO $3.50, closing a
53JIc an advance of sc over yesterdays close
October opened at yesterdays close, 50Ac, ant
and closed J. higher, and November closed a
45c, loss of asc. The largest local buyers spo
ken of were Poole & Kent. There was consid
cradle comment on the report that Moses Frobl
was large buyer to-day to fill his shorts. Frob,
will be remembered as the gentleman who came
from st. Louis to bear corn clear way down tt
rock bottom, but got badly left. 1t is said tina
of late he has renewed his bearish attacks, ant
the report to-day. if true, indicates that he ha
been again forced to abandon his scheme.
Said Chas D. Hamill to-day: ''With no stool
Of the contract grade in any seaboard or interio
market except Chicago, and with cash No. 2 witt
q premium of 4c over the option for the curren
month in New York there seems to be nothin:
to encourage short sales.
Miimine. Bodman s. Co., in their ci1cula
lssued tonight, say: 'There is evidently con
siderable shortage in the September deal, and i
10 susnected the deal is being worked for
soueeze. but the guilty party has not yet beef
exnosed. If September should suffer squeez
- will no doubt be felt by October also. W
-eqard November corn at the large discount as
good purchase.
Mfr Fairbank, speaking of the prospects o
tba corn crop, said to-day: "In Kentucky ant
Tennessee the corn crop has suffered more o
less from drouth and only an average crop ma
ne expoeted. In the southern portions of Ohio
Ind;.na and Illinois the crop has also been inter