St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-15
CHICAGO.
IspeeIal Telegram % the elobe. !

oAcA seat Inc former cereal ruled very
steady, and at the close prices we're about
&c higher. Corn, on the contrary, broke
badly when il was ascertained that the de-
mand from shorts Was not urgent, and at
the close November was of &c as compared
with the last figures yesterday, and year was
OF &c. Oats about held their own and
provisions were very steady. the last quota
tons not varying more than 2 1zc from those
Of yesterday. Closing figures on the after
noon board we're: December wheat 725ke,
November corn 4Sc, May oats csc, January
pork SlLS75l, January lard $500, January
ribs S5.s5.
The feeling in wheat among the local
crowd is quite bullish, as was shown by to-
days operations, but whether this is a mere
temporary feature, caused by the timidity Of
large part Of the crowd who have gone
heavily short during the last few days, or the
commencement Of that activity which all
have been hoping for, it is difficult TO deter
mine, The bull influences this
morning were stronger foreign advices
aud smaller receipts, and these caused a
firm opening. A little later, however, free
offerings Of long wheat by parties who pur
chased during the decline Of few days past
caused weakening Of about 1Ee. This in
turn was checked by good supporting orders
and some heavy buying by local bulls, who
were anxious 70 keep the price up, and there
was an advance Of &c from the lowest flg-
ures. Eastern markets, which at the open
ing had shown no improvement went up
with ours, and at the close the feeling was
strong and the figures but sc under the out
side figures OF the day. November oP.ned
at yesterdays close, 72Ac, and closed at
72Zc. December opened nc higher at
1899, sold at 731I@7414e, and closed at
74Bc. January ranged at 745S@755sc, and
closed at 75c. No. spring sold at 72S{@
73I4c cash. No. sold at 57Cd5Sc. No. .
red winter sold at 7SsS@7S5<c and No. at
6o@61Hc.
Said = trader in the weat pit this morning:
1.-THE crowd is bullish because = majority Of the
traders want 10 buy. There Is 10 improvement
In the situatiOn. Wheat is arriving at the rate
Of about 800 cars per day, and the stock in Chi
eago already is nearly 5000, 900 bushels. Navi-
cation will soon close and stocks win, after that
event. accumulate rapidly. No. there Is no
reason for bull market in wheat except the
temporary one that the Chicago market has been
sold short by spectators.
1.-The advance was due chiefly" said A NJ.
Wright, Ito the efforts OF q local combination,
who have worked the market for some days
with a view to securing an advance on which to
unload. The fact that the bulls were enabled to
hold prices indicate that they will try 10 put
them higher ere the throw their load over. That
they must do the latter before long seems inevi-
table unless an unlocked for shipping demand
springs up, or some other supporting feature,
which at present seems unlikely, is speedily de-
Yeloped hence il is well TO watch sharpythe bulges
and sell on them"
AT the current range Of values" said Geo.
Brine, 1.-THE market will naturally be nervous and
liable 10 some huctuation, as IL Is conceded by
every one in the trade that wheat Is very low and
short sellers provide for outstanding contracts
promptly on receipt OF any favorable news
Geo. Shepherd thinks: 1.-THE strength is due
to anticipation of lighter receipts and 4 general
feeling that the present low range Of values
can't last
"What the wheat market needs" said Bod
man, ''is some good, strong buyers, who viii buy
the stuff and stay by IL through these temporary
declines There have been several attempts of
this kind Of late, but the operators have lacked
the nerve 70 hold against weak spots and sup
port the market, and until we get public senti-
ment that viii support this kind OF buying there
is not much use taking the bull side Of this
wheat"
Under the influence Of brilliant weather
and more liberal receipts the corn boom Of
the past few days gave way. These infiu-
ences allayed the anxiety Of the shorts TO
cover and increased the anxiety of the longs
to unload, so the result was a sharp drop in
in prices, unaccompanied, however, with
much excitement, and with comparatively
light trading in view Of the proportions Of
the break, Still the feeling was very nervous
and it would not have taken much to have
checked the decline.
suppose said a trader. al had IN order to
buy 10000 bushels Of November corn. What do
you suppose the market would dot'i
"That's not large ORDER" suggested the
writer.
"No.'' was the reply, ''but it's larger than
anybody could I'LL in that pit, quiet as il looks,
without advancing the price from &c TO 5c.''
lis there any considerable alarm over Novem-
ber!''
"Yes, I think there is The advance OF nearly
sc a bushel in November on Monday brought the
shorts TO pretty lively sense OF their danger.
They are acting as coolly as they know how. but
IL anything occurs to disturb their serenity away
the market viii 60, aud then there will be a
scramble and the price OF November viii 20
skyward"
''The parties controlling the deal" said an
other, lido not seem disposed to force the mar
ket when advances take place, which makes the
deal very uncertain one and good thing 10 let
alone. November corn is really not worth more
than cent or cent and half more than year"
The opening was firm at about &c under
yesterdays close for November at 442<c, but
the demand was light and prices declined
11[c, but recovered little and closed at 44c
on the morning board. In the afternoon
the feeling was weaker, and after opening at
4s5<c and touching 43Xe, the market sold
down and closed at 43c. Year was the most
active future traded in, and opened un-
changed at 395sc, sold up &c, then down to
close Of 3Ss<c on the morning board, and
3s1ze in The afternoon, Nat Jones tried to
sell a bid OF year, but was unable to do so as
the market gave too quick.
Very few trades were made In oats. The
market was about zoe for May and irregular
and sc lower on the near options. The re-
ceipts are improving, owing to better local
demand and small stock in the elevators.
There was a moderate business transacted
in provisions, and there were only slight
changes in prices. Liverpool advices showed
no change except in lard, which was Sd
lower and eastern markets were quiet and
steady. Pork was little irmer during most
Of the day, but settled down to close of
S11-371z, or 21<c less than yesterday. Feb
ruary was unchanged at s11.50- Lard was
moderately active and prices ruled 25<@5c
higher, but closed at yesterdays figure,
1926, for November, and axe higher at
$500 for January. Ribs were dull and
prices trife steadier, closing unchanged at
$3.50 for January and 25<c higher at
SIS. 925< for February.
"a 81