St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-14
Corn Moves Upward Half a Cent for
the Day and Closes Strong for
Near Futures.
The Provision Pit Devoid of Noteworthy
Characteristics-Pork Higher, Lard
Lower and Ribs Unchanged.
Shares Manifest Tendency to Go Down
The Wisconsin Floods Affect
st. Paul.
CHICAGO.
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other markets. Cables were especially heavy
and rather lower. Ream's advices from New
York were that cargoes we're heavy and taken
slowly at decline The close was about steady
all around, with corn showing greater recovery
from bottom prices than any other grain
Closing prices for October options were, wheat
IA C, decline of &C. corn 81 4c, gain of &c,
oats 25Ac, gain of &C; pork Sic. rs, gain of
15c lard ST.10, O loss of &c, and ribs $3.50 I'M
changed.
There was fair volume of speculative trading
in wheat, and the weakness heretofore noticed
was further developed. Prices opened 1sc under
the closing quotations Of yesterday, and the
market was heavy throughout the entire session.
There were no features of a supporting character,
the receipts being fair and the weekly movement
indicated an increase of about 100000 bushels,
besides the other leading American and European
markets were lower The situation was further
aggravated by the absence of shipping or outside
speculative demand, and the strong local
buyers who have on other occasions given
the market their support, were entirely absent,
many of them having already suffered too seri-
eusly to attempt to bolster up deal that has for
months brought nothing but disaster for those
who were courageous enough to buy. Every
one who had wheat seemed DESTROYS OF throwing
it over, and each decline of 1sc brought out re
enforcement to selling orders, the only buying
being by shorts. Prices closed at the lowest
figures OF the day, and there is no reason to hope
for permanent improvement while the receipts
continue to exceed the legitimate wants
The old theory that it is safe to buy article
like wheat because it is unusually low seems to
be entirely at fault on the present occasion,
and those who base purchases on precedent
Elc1v tO hos tha
case for weeks past and signs for an early change
for the better are not Gathering The receipts
to-day were 2S3 cars against 264 yesterday, and
Withdrawals from store were las bushels of
winter and freight room was taken for $4,000
bushels. The market opened weak and KO%c
under the last transaction of yesterday. October
opened at 20 &c, made a feeble attempt to ad
vance and did go up &c, but weakened under in
creasedselling, including large lots of long grain, ON
which the margins were exhausted and grad
ually settled to 74Sc, at which it closed. No
yember opened at 777sc, sold at 76A 07796c,
and closed at the inside figure. No. red de-
clined &C and closed at 76c. White No. was
lower and closed at &c. prominent opera
tor said at the close that he believed this was
low day, but thiss prediction has been made at
every recent decline, and up to the present time
has failed to prove true. The fact is that the
unprecedented decline has completely nom
plussed the Oldest operators and they have got to
a point now where nothing would astonish them.
Those with bullish tendencies have to keep
whistng to keep their courage up. The break
refuses to be guided by precedent and operators,
now that this fact has been thoroughly drummed
into them by numerous losses, are completely at
sea.
A. NJ. Wright said this morning: 81 think
wheat is cheap, but it is bound to 60 lower
less farmers stop sending to market. The
grain eenters flooded with wheat, for which
there is now no demand. / think, however. the
present low prices will have the effect to check
receipts in which case a rally OF q few cents
may be expected
Milmine & Bodman says: ''Outside holders
have mostly realized, and we think the market
is now well evened up and in condition to be
forced lower easily. We have not changed our
opinion on this wheat, and believe it must sell
lower IL farmers continue TO force
their surplus 10 market so freely. This market
is relatively the highest in the whole country by
about Sc We cannot advise purchases Of this
wheat now at the large premium current for the
long futures. We think they should really sell
at a discount. We have faith in it, and con-
idently expect to see it sell to lower point and
/
run into panic ere we catch good, solid bottom
and healthy condition OF the market"
Corn was active, but the market was erratic
| and surprised all classes OF traders. The re-
| ceipts were fair, shipping demand only moder-
ate, the weather splendid for the maturing crops,
/ and foreign advces Infavorable to sellers The
market opened heavy, at 46;sc under yester-
/ days last sales, but the decline induced free
I buying to cover shorts in which the sellers had
profit, and large buying from the bull side
! quickly followed. October, which was the IA
vorite future traded in, rapidly advanced I%c
! but reacted slightly when the shorts
/ had covered, and closed weak 1t is
thought there is still a large short
interest in October and November, and the
amount Of old corn yet to arrive is very uncer-
tain. The long futures were freely offered and
were depressed by the fattering condition Of the
crop, which may now be considered practically
out OF danger from frost. Receipts were 4O3
cars. Two hundred and eighty-nine thousand
bushels were withdrawn from store, and freight
room was taken for 90, 600 bushels. September
opened at 5314c and advanced to a close OF 54c
November opened at AZ &c, sold up to a. c, and
closed at 4414c. On the curb the feeling was
I weak and all options were 1fGAc lower, though
the trading was light. P. Il. Wearc was a very
| heavy purchaser ana MS lead WAS fol-
lowed by Stanley, sherman, Baker,
Nat Jones, Templeton, Rumsey,
and Seymour. At the top Nat. Jones began to
sell, and among the others letting 90 were
Booth, Carr, Field & LindIey. Mead Il Beach,
Baldwin, Wheeler & Gregory, and Pickering.
''The country lambs who bought at 81 and SIS,
said an operator this morning, shave all been
shaken out and the market IS now in the hands
Of the professionals sgain, who are at liberty to
advance it & few cents and give the large short
interest which has crept into the market IN the
past three days, squeeze"
Oats opened heavy al q decline Of Ac IN near
options, but slightly higher for remote deliver
les. The demand was again limited, the receipts
being free and operators not caring to load up
very heavy at the present time. The desire was
rather to SELL and Nat Jones was again in the mar
ket, putting out about $50, 900 May at 2s5.c. The
close was easy at 25 &c for October and 24slc for
yeer, substantially ihe lowest point Of the day.
Provisions were ra,he- quiet, except lard, and
somewhat easier feeling prevailed.
Pork was dull and irregular within q
narrow range, October closing at sl6.15,
slight advance and year AT slI.15, decline
of 1Oc. Lard wa. active and weak for January
owing TO selling orders, while the deliveries were
quiet and easier, with good shipping demand al
October prices. The close was at $40 for oc-
tober and s7.021z for November. Ribs were
dan and steady, and closed al the same prices a.
on yesterday.
The bulk Of the cattle on sale were Texas and
territorial rangers. In fact there were but
few loads Of natives and they of the common