St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-05
CHICAGO.
Isnecinl relegram 70 the Globe. |

ness, especially in wheat, which was not only
auller but lower. Corn was higher, under
the influence of light receipts and rain, the
November option recording sharp advance,
while October closed the same as on yester-
day. The remaining articles on the list were
about steady. Closing quotations were for
November wheat zoe, q drop Of Ne: NOvem-
Der corn 53c, an advance of 2Tc; November
oats 2624c, an advance of re; October pork
$3.50, unchanged; October and November
lard S7,22H, decline of 215c; October ribs
unchanged at $3.50.
Wheat opened steady and substantially
unchanged from yesterdays close, and for
some time ruled steady on stronger cables,
but New York values tended quite steadily
downward, which exertcd depressing in
fuence here, and large receipts at western
points, which created the impression that the
visible supply statement next week would
show an increase of 1000, 900 bushels and
had bearish influence. Withdrawals from
store consisted mainly of low grades not de-
liverable on contracts, ard shippers seemed
unwilling to take No 2 even at current low
quotations. In consequence Of these infiu-
ences a feeling of weakness set
in after the first hour, accompanied
by an average decline of about 1c and an
absence of speculation either on local or
outside account. October was dull, opening
at 7S14c, and after ranging at that figure
a short time prices gradually settled off to
close of 7714c for November, for which there
was light demand to cover shorts. 1t
opened at S04c, sold up &c, and then under
moderate selling and the unfavorable reports
noted above fell off, and closed at zoe. De-
ccmber opened at SIC and closed at 80%c.
No. 2 spring was weak and lower, the only
demand being from operators who were sell
ing November and buying car lots
to carry against contracts. The
opening was at about 7SHc, and the close at
7715c, decline from last sales yesterday of
1Mc. No. 3 declined lie and closed at 62@
621lc. No. 2 red winter was 1@11lc lower,
an closed at SO@SO1lc, and No red closed
al 69c, decline of 112@2c.
A. NJ. Wright said to-day: "a careful
survey of the situation fails to disclose any
prominent features calculated to stimulate a
large advance in the near future. On the
reverse the outlook indicates that little more
than a scalping market can be expected for
mated increase 10 stocks for next week
prove correct it may be difficult to sustain
present prices"
81 expect to see some further decline next
week or until the statistical position shows
some change" said g. s. Everingham. ''It
is unreasonable to look for continued strong
markets until the present conditions are
modified. We cannot increase accumula-
tions 1000, 600 week and maintain con-
tinued advance in prices. i think, how
ever, that the one cause of the light export
movement from seaboard has been scarcity
of freight room, and with increased arrivals
of vessels next week, we will have increased
exports and much more decline will prob
ably check farmers deliveries. Therefore
We advise purchases on a much further de-
cline.n
The corn market has been nervous, ex-
cited and generally stronger all day. The
weather west and southwest continues I'M
favorable for the early movement or early
grading Of new corn, and TO this fact, to-
gether with strong British cables and the
eVvr-present menace of manipulation, is
due the strength exhibited. The adverse in
nuences we're liberal receipts and an almost
complete stagnation in shipping, the latter
being due mainly to the advance in east
bound rates. Pointers have been going the
rounds for a long while to buy November
and year corn. They were started when year
corn was at SOC, and it is now going at 44c.
Suppose that the September clique has large
amount of cash corn on hand, IT would
not care to sell it for October, for the mar
ket would at once break away. There is n
small stock OF corn in all the visible supply
points outside of Chicago, and the demand
is good. The outlook is that II the market
is not disturbed by the selling out of q big
jag Of cash corn here, the price of this grain
will naturally advance considerably, perhaps
to coo. Then the clique will sell out its
cash holdings and slip out comfortably and
with a big profit. The clique brokers
bought November and year corn all the
morning, and bid up prices from see to $3.50.
1t is now claimed that there is a short interest
in those two options running away up into
the millions, and nothing but the
timely arrival of heavy receipts of
new corn of contract grade can
prevent repetition of the September
squeeze. The advance caused free selling,
but when the demand was filled prices re-
ceded sharply, but closed 21sc above yester-
days last sales at 53c. October huctuated
between 5S18c aud 59llS, and closed at the
inside figure, the same as yesterdays close
The high price of corn is stifening up the
price of oats somewhat and they ruled steady
and firm the greater part of the session, and
closed unchanged at 2614e for October and
Re higher at 26s+c for November.
Provisions were rather slow, the volume of
trading being light, but the feeling was COM
paratiyely strong and there were no decided
changes from yesterdays prices Pork was
unchanged from the near deliveries, but &c
higher for year at s1e.1Tj5 and loo higher
for January at S12.35js. Lard was held
steady during most of the session, but
closiugs were exc lower at s.. 22t< for Octo-
Der aud November and S7.25 for January.
Ribs were qgkt and closed unchanged at
$3.50 for October and So. 40 for January.
Reviewing the market Hamill Il Brine
say: ''We have to note very active markets
during the past week IN grain and provis-
ions. Wheat ruled steady and firm until
within the past day or two, when weak
feeling set in, ending up with sharp de-
cline to-day. Corn was greatly excited early
in the week, the September deal going out
on Tuesday afternoon with 81 per bushel bid
for cash delivery. Since then values for the
clrrent month and also for more deferred
futures have improved, especially so for No
yember delivery. Provisions show some de-
cline from prices current week ago. Wheat
has been quite active, the improvement
noted in our last having been maintained
s.--o,,s ,;,xs Rut under the free offarir GO