St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-29
Spectators in Corn and
Wheat Twist These Cere-
ais Up a Little.
A Favorable Visible Supply Re
port Causes the Latter to
Advance.
Corn Higher in Sympathy with Wheat,
but the Natural Tendency is
Downward.
Oats Trifie Better, Likewise Pork, Lard and
Ribs-Cattle Tending to Lower
Prices.
Wall Street Weak and Unsettled, the
Vanderbilts Tame and
LifeIess.
CHICAGO.
lspecial Telegram to the Globe

/ change was relieved by a little boom in wheat.
/ 1t wasn't much of boom, to be sure, but there
was increased activity and higher prices and
even those the wrong side voted it better than
nothing. 1t was based solely less increase
/ in The visible supply than was expected, and this
! goes to show that ali that is needed to start the
market into life again is few favoring factors
which, however, are tardy in coming, The close
was about Is higher than yesterday. Corn also
! showed more strength and closed "a a 2sc higher
for the active options.
Oats followed suit with an improvement of
H@&c.
! Provisions generally were shade stronger,
/ year pork showing an advance of 22Kc, Novem-
/ Der lard of Sc, October ribs of sc. The October
option of lard remBined unchanged, aud Novem-
Der option CT ribs fell iOc. The closing quota
tons of the afternoon board were November
wheat $3.50. November corn'4 2Ac year OATS
29Ac, year pork 81. 271z November lard So 81 z,
October ribs $3.50.
Wheat was tame enough early in the session,
! but about 1850 the state of affairs changed
terially for the better. The immediate aud direct
reason of its strength was posting of the visible
supply. which only showed an increase of little
over 100000 bushels, whereas it
had been confidently expected and predicted
that this increase would be over
S,OOO0O0 bushels. Upon this announcement the
shorts began to I'll and longs to buy, and the
market as a al consequence soon went up
z of a cent. At this elevation the sellers were
in the majority and the market declined little,
but afterward recovered and in the afternoon
went up still higher. Liverpool was quiet and
| Mark Lane was every inactive" The weather
| in England was wet and warmer. The arrivals
of wheat off coast were small and of coru none.
Our receipts flor Two days. were proportionately
the same OF winter, but less of spring. Reports
from New York said that French dealers at
Marseilles were largely buying our. wheat
futures. The New York market
early was &c higher on wheat but
St. Louis was steady The exports from India
this year are only about half as large as last
year. There is no wheat on passage to the United
Kingdom from the Black sea or Danube Chill
has not shipped cargo of wheat since August
o. The northern ports of Russia will close in
about week. These are points which will bear
hard in determining the future price OF wheat,
aud, if continued long, we think prove & good
basis for a material advance.
Jim Love and Billy Lynn active buyers
all day. as was also the house of j. T. Lester 81
Co. Lester is said to be an avowed bull and
to own considerable wheat. He had two brokers
in the pit. Bangs, who is best known of the
two in connection with the business of that
house, was prominent as a seller, but there is
every reason to believe that his sales were asig-
nifcant compared to the purchases of Johnny"
Moore, Testers other broker. Though consd-
cradle trading was done it was not learned that
any broker in the pit had outside order to fill.
October opened at 7ah, ranged between that
point and 747s and closed on the afternoon board
at 744, against 1885 yesterday.
November opened at 74Z, sold st 74XQ751s
| on ne rnoruinU hoard 1T
IS, and in the afternoon frmed up
to a close of 75s. December, which
is the favorite deal, developed far activity
The opening was at 76lsc, and from that it adj
vanced to re, closing the morning board at
76zc, and on the afternoon at rise. There were
liberal offerings OF car lots of No. ., and sales
were made at 741l Qs75c cash. Q No. 3 spring was
taken by shippers at an advance of AQ1Hc aud
closed at 81 G61 &c EsNo. red winter was spar
ingly offered and advanced 1G1Ac, closing at
76c. No. was steady at Csc ana rejected at 10
assoc.
Said a close observer OF the market situation
to-day: lit would not be strange if there was
not very soon increased irmness in the wheat
markets of this country and better prices, and
it is barely possible that we have seen the
low point Of wheat for the season. Should all
the dying reports about damage to the crop IN
Russia and India prove to be correct, there would
be an immediate advance, but if these have been
manufactured and sent abroad for purpose. any
such advance would be sure to bring on disas-
irons reaction. The chances Of the future, how
ever, at present. in favor of an upturn rather
than further decline 1.-The fact is eaid G.
). Everingham, ''the speculative element in the
trade look upon prices low enough, and the
more thoughtful dealers put little faith in talk Of
an overproduction that has been much in
dulged in of late, considering the
low prices due TO the collapse in
falsely inflated railway securities which has pro-
duced general depression in all mercantile bus
mess and lack OF confidence on the part OF
capitalists. The crops are good, and the coun-
try is full OF unemployed capital All the con-
ditions favor general improvement in business
and increased activity in speculation soon as
the political crisis has passed, and any
increase in legitimate bu siness in speculation
: can only mean an improvement in values, as
, prices too low to expect much profit on the
bear side of the market"
Minimize Bodman 81 Co.: s'While we are
not bullish on the general stu
alton, and see no reason for any great
; advance this year, we shall have reactions from
the extreme low prices aud the feeling to-day is
in that direction Sick cables. lArce receipts and
light export fail to get the December much below
: 76c and we may look for 4 little improvement,
: with, perhaps, some good places TO sell on.
I, Those who bought ali day yesterday and early
this morning seem 70 be holding on, though not
q, increasing their line At the advance. The scalp
eTs anu ring crowd generally the most bullish,
snd while they power in the pit our friend:
know that it viii not do to follow them too long -
Corn, Ike wheat, was weak during the early
part OF the day, but the advance in the latter
/ cereal and large engagements for shipment ere
7 Rted a armer feeling in the afternoon and there
: was 3 slight advance. TIE natural tendency Of
4 The market, however, is 6ownward, owing 10 the
expectation that new corn Of contract grade vii
7 soon be received here in large quantities, aud
: there Is consequent pressure to sell, so that
2 barring manipulation, the outlook Is for lower
prices. Very little new corn has been received
as yet. and to-day's statements showed decrease
of 100000 bushels il the visible supply, which
> was rather surprise TO those bears who were
q last week predicting that we lad seen tue
i last decrease for this year. Concerning the new
i crop J. A. Kills & Co. to-day publish the follow
Q ing report made By representative OF the firm de
: tailed to made trip Of inspection through Ii.
: belt:
= after having made q careful examination oi
the com crops Of the states Of Missouri, Kansas
Nebraska aud Iowa I submit the following re
port:
: NY calculations IS 70 the pTO5s5Ie time o.
: grading are based entirely On anticipated good
; weather. Missouri cuts bat small 6gare in thu
, examination. most Of the corn raised in tina
!, state VIII be fed 70 hogs and cattle / WI
= merely state that the condition. quality and
quantity Is abont The sane IS n E.uSas-