St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-01
The Bottom Drops Out of Corn and the
November Option Scores Loss
of Three Cents.
The Near Futures in Oats Fall Away Con-
NEUTRALITY-SUSPICIOUS. Continue Hope
lessly on the Down Grade.
Wall Street Trading Somewhat Irregular
The Omahas Lower-Rest Prices
at the Closing.
CHICAGO.
[speeial Telegram % the Glohe. I

/ =
the contrary, went up &c. Oats were &c
lower for November aud unchanged for
May. Provisions went steadily down
ward for want OF support,
and pork closed 75<aI25zc lower, lard 75c
lower for November and SC lower for Jan
uary and ribs DC lower Closing quotations
were: January wheat 7455c, November and
year corn 3535c, November oats 255Sc. jan
uary pork s1O.s75l. January lard s675,
January ribs $500.
! The ticker carried the markets this morn
ing as usual, Notwithstanding the fact that
the contest between the Western Union
! Telegraph company and the board Of trade
was yesterday terminated at the request Of
the latter. The marine grain and stock ex
change made the directors and officers OF
board defendants with the Western Union
company, and il is thought that these Off
cials will be arrested for contempt Of court,
which offense they would have committed In
case the quotations were stopped before
decision is rendered in the injunction case.
1t is thought that the quotations will be sent
as usual and the bucket shop are in high
feather.
The wheat market opened firm, as is usual
of late, with January &c higher at 755sc,
and during the first hour fluctuations were
confined to &c either way. About that time
large number Of kilograms were received
on Change from Minneapolis, stating that
the mills at that point had decided 10 shut
down. 1t was claimed that the elevators and
all available storage room at Minneapolis
We nd hot I
standing on the tracks almost blOckading
the railroads. This wheat, it has been de-
cided. will be Immediately shipped TO Chi
cago, where il will be stored for the winter.
Under the influence Of this news the wheat
market was very heavy and most Of the oper-
ators wanted to sell. Lester was in the wheat
pit, buying presumably for New York ae-
count. The local sentiment, however, was
all on the soft side, and in spite of q stubborn
resistance on the part of the bulls, the mar
ket was sold off 1c from top
figures on all options, recovered
&c and closed &c below yesterday
at 1889 for December, 74a5c for January
and 81 sc for May. Private dispatches stated
that there had been light fall of snow all
over the winter wheat region of the south,
and this has assisted in weakening the mar
ket. Liverpool was reported strong with an
9th er advance of penny per GENITAL for Cal
ifornia club, and 2 pence per GENITAL for red
winter and American spring, which makes
a total advance there of about sc bushel for
our wheat during the past week, but receipts
here have kept up surprisingly and also at
other receiving points, and, as long as farm
ers are willing to sell at these figures, there
is no encouragement for putting them
higher, especially as ocean freights continue
to advance and the export movement is not
heavy, even at present prices. 1t is not
surprising, therefore, that the market fell of
New York early was steady, and st. Louis =
axe higher, but both markets declined later
in the day.
Referring to the firm opening, which has
been the case with wheat for a good many
days, a well-known hrm said: ''This firm
ness cuts no figures. 1t is entirely due to
influence brought TO bear by small traders.
who sell at the first evidences of break.
There is too much wheat, and nobody is go
ing long on it who has the stamina to stay
long long enough t. induce any permanent
reaction. You can hardly find buyer who
does not sell out before the close. There is
nothing of bull nature in that kind of trad
ing. 1t influences slight advance at the
opening and depresses il again at the close.
No one need expect a permanent advance
in the price of wheat until some of the
heavy operators have faith enough in the
market to lend it their support by buying it
and holding it.''
To-day Clifford, Bloom, Comstock and two
thirds of the crowd were buyers of wheat,
and they we're also sellers whenever there
was an opportunity offered TO scalp point or
two, but generally it was poor day for scalp
ers, owing to the very limited range Of .fuc-
tuations.
The scalping gentry. who favor corn as the
medium for the qualification of their ruling
passion, filed the pit about half full this
morning and waited more or less patiently
for something to turn up. After awhile their
patience was rewarded in very moderate
degree by the entrance of Crittenden, who
sold few small joys of November and
broke the market point or two. small
trade sprang up in year corn, and such
traders as Kammerer, Love aud Champlin
expounded with occasional illustrations their
bearish theories. Samuel Adams varied the
monotony somewhat by buying
in $4,000 or $4,000 bushel:
of short corn, which action was about The
only evidence during the session that any.
body imagined it was not quite safe to sell
the stuff short. The November deal ended
to-day, and when the few remaining holder:
of that option, who had stuck TO it 10 the last
in the delusive hope that a squeeze in thi:
option might develop at last, saw the fallacj
of that belief, they dumped their loads
which resulted in a break to 351sc, or 10
below year, from which there was a SUISSE
quent recovery of nc. This decline bad
much to do with the weakness in the wear
option, which closed &c lower than yester-
day at 355sc. Orders for cash corn
from New York were said to be
on the floor this morning on the
basis of Arc a bushel, laid down there
which would be about zoe bushel here
OF course they were not filed. Our receipt:
were much larger, but they were for two
days and the proportion was about the same
as heretofore. New York early was steady
on corn. 81. Louis was &c lower for No
vember. Towards the end of the session
there was quite 4 little sir over the advent Of
Nat Jones, who bought l5O, 900 bushels or sc
of january corn at 343se. Shortly afterwards
he sold about 100, 600 bushels OF year L
Culver at 35c. Samuel Adams continued
his purchases Of short corn up to the close
Otherwise the situation remained about the
same that it was early in the day, with
generally bearish feeling all around.
Provisions were weak under heavy re.