St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-12
The Leading Grain in an Unsettled
State. and Liable to Go Either
Way on Slight PrOvoeation.
Spectators In Corn Very Uneasy. and Ell
peeting Somebody to Build Another
Huge Corner.
a Great Deal OF Selling OF Shares, the
Brokers Doing Most OF the Trading
Quotations Steady.
CHICAGO.
Especial Telegram 70 the Globe.

much as the advance did yesterday, that the
market is still a scalping one and liable to go
eirHer up down point or so without much
reason for IT, Wheat to-day fell of t9Sc,
corn x91ke and oats &c. Provisions were
easier in sympathy with cereals, and pork fell
OF zoe. November lard closed unchanged and
January 71fe lower. and ribs closed so Zoe lower.
Closing quotations on the afternoon board were
December wheat 51lsc, November corn 4ssse.
May oats 2sSc, January pork Sli.e5, January
lard S5-s5. January short ribs $3.50.
Wheat had little to sustain it and numerous
weakening factors, including an increase of over
2.250,OOO bushels in the visible supply
which now makes the amount
in sight 3s,343,is7 bushels, nearly
1900, 900 bushels higher than the highest amount
reached last year. Receipts generally were
liberal and foreign markets continue dull, while
the New York mar-et was very weak, showing
the lowest figures for the season for No. red
winter. Despite, however, the presence Of
these unfsvorsble factors a strong effort was
made to sustain prices, and, slthough the open
ing sales were shade below yesterdays close, the
loss was soon recovered, and for short time
maintained, but the failure to receive encourage
ment in the shape Of outside buying orders and
the continued realizing. compelled the bulls to re
tire. and closing sales were at about the lowest
figures Of the day, and notwith
standing the apparent eheapness, there
seems 70 be nothing on which to base buying
for good advance until shippers show dispo-
sition to take the property and forward IL TO con
sumers. The mere fact OF unprecedented cheap
ness amounts 10 little so long az the supplies are
ample, and other wheat producing countries are
disposed to sell as low or lower than We are do
ing. November was dull and did not huctuate
more than &c either way from the openinr
figure, which was re, the same as yesterdays
close. the final figures being n nc. December
opened sc lower than yesterdays close at 73 &C.
sold At 72aG73xe and closed at the inside
figure. January opened al 74e. sold up q c, then
down to sc, at which il closed. No, 2 spring
sold at 72S G72a(c in car lots for cash, closing
at the inside figure, and No. sold up little and
closed at 55d57nc, according to location and
date Of receipts. No. . red winter closed az 73c,
and No. az 81 = G62Kc.
''The local feeling Is rather bullish on wheat"
said George W. Bacon, ssand prices rally easy 20
. moderate extent from all depressions, but no
permanent advance can be expected until the
large accommodations show signs OF decreasing
The large amount OF surplus funds held by the
banks Of the country and the constant influx OF
gold from abroad must in time lead TO increased
speculation with such low range OF values in all
commodities. The natural result must be better
prices on any increase OF business"
Trading was rather light during the greater
part OF the morning session in the corn pit, but
a good many anxious shorts are keeping their
weather eye open to what is going on in the corn
crowd, The stock Of corn in Chicago has been
reduced to about 100000 bushels Of contract
grade. The arrivals OF new corn OF contract
grade would amount 10 nothing in big deal, and
10 karc al -
old corn in the country. The impression on
change Is that the old September Clique have
got hold Of corn, but are not quite ready to show
their hands The advance of yesterday was ow-
inc TO q stampede of shorts, but with at least
10000, 900 bushels OF corn sold short for Novem-
Der delivery, and only SOC, 600 bushels to i'll up
the short interest it is claimed that the lines OF
the short seller will not fall in pleasant places
particularly il he waits until the last Of the
month before covering. Sixty-ave cent corn foi
November and 20 cent. corn for December are
among the possibilities which operators are Sc
riously discussing.
"a man with little money and solid nerve
said John Ramsey this morning, as be stood on
the edge OF the corn pit and su veyed the
crowd, 'could take hold of corn, ship out all the
corn in Chicago elevators at a profit, and still
squeeze the year fellows for 10c a bushel."
To-day's markets were iivelier early, especially
for November, and the opening figure was that
Of yesterdays elOse-4SEc-whileT Year corn.
though not 80 active, was &c stronger than the
last prices yesterday. Opening at s9Isc, but
offerings were liberal, and, after an advance Of
z6Se the shorts began hammering the market
and prices went of IhG1ac and closed at
nearly the lowest figures OF the day. November
opened at 43Se. sold up TO axe and down to
42ssc, closing on the afternoon board At 42Xe-
Year opened at 39hc. sold up &c, and then
down 10 a close Of 3ske.
Speculation in oats was limited, bat the feeling
was fairly strong until the decline in other grains
when oats were alphabetically lower, and al
the close showed a decline Of &c from yester-
day, November closing at 25xc and May at
2sSe
Spectators in the provision pit were not in
elined to do much business. and the feeling was
unsettled, prices Anctuating considerably within
a comparatively narrow range, Pork declined
l502Oc on the whole range, the chief specula-
tive interest centering in the January option.
which opened at yesterdays close, S1i.55, and
sold down to Si1.35. February followed the
same course at premium Of 10c. Lard was
fairly active, with the same irregulsrity. Nov
ember opened At IS s25s, and auetuated between
that and s., and closed at Ss.95. January opened
at $3.50. went exc higher and closed at the low
est figure, $685.. Ribs were quite inactive and
at the close showed q decline OF sc to S. 80
for January. and OF 1Oc to S5.95 for February, as
compared with yesterdays close.
Inthe cattle market the supply seemed con-
siderably below the demand, and the general
market ruled active with a slight advance on
best sorts Of natives. Westerns and Texans
were scarce, and sold at strong prices. One car
OF the Floweree & Lowrey Montanas averaged
1888, and sold for s. so, and big drove Of the
Stuart, Kohrs & Co., Montanas, averaged 1857,
and sold for $50. A drove OF the Clay s. For
est wyOmings averaging l,lS6, made s4.65.
Texans, such as suit the dressed beef and ship
ping trade, are selling high.
The hog market opened active and 5010c
higher, few loads OF fancy heavy making 81. s5
G5, but later there was a falling OF in de-
mand and the market closed rather weak, with
the advance Of the morning almost lost The
main cause of the advance was the large ship
ping orders on the market on New England &C
count One OF the Boston shippers bought
heavily and Of the best on the market. There
was little or no demand for light and prices are
entirely nominal. The alleged cause of the
weakness toward the close was the fear that the
receipts would largely overrnn the estimate. as
Tuesday is known q "long day." hogs arriv-
ing from morning until night.