St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-25
STILL INTERESTING.
Corn, Though Declining, Con-
tinues to be the Cen
ter of Attraction.
The Price Put Upon 1t Owing to
the Quantity De-
sired.
The Big BOvines Create Lively Suspi-
ciOns by Loading Up in Spite
of the Decline.
The Wheat Pit Getting the Cold Shoulder
While the Main Excitement is
Elsewhere.
Wall Street Depressed, and the Outlook
Affords Little Encouragement
For the Future.
The Wheat Pit Getting the Cold Shoulder
While the Main Excitement is
Elsewhere.
CHICAGO.
Especial Telegram to the Globe. !

speculative way, and on the morning board
the course of everything except lard was
downward, with continued nervousness and
considerable irregularity in grain and an un
satisfactory condition of trade generally.
Corn, though still the leading deal and an
object of anxiety to large portion Of the
members, lost considerable of its strength,
and wheat, in spite of good many favoring
factors. was weaker. On the afternoon
board September corn broke still more, but
wheat, under the influence of better foreign
advices, recovered itself and finally closed
about &c better than the last figures yester-
day. Lard and ribs also recovered them
selves, and at the close showed a gain for
the day. The closing figures of October op-
tions on the afternoon board were: Wheat
T711z, an advance of &c; corn 5619c, a de-
cline OF 13lc; september closed at 7115
decline of 4115c); oats 255Sc, a decline of &c;
pork s16, decline of 81; lard $3.50, gain
of 2255c; ribs 5000, an advance of 171ac.
AS far as actual trading is concerned
! wheat was the leading article on the list 1t
was, however, only moderately active, and,
in spite of favorable cables and threatening
weather, was weak. This was mainly due to
less encouraging reports as to prices in New
York, to the absence of outside buying sup
| port and to the reports of heavy receipts at
Minneapolis and Duluth. The opening was
firmer and higher, with the bulls on the
aggressive and the shorts covering freely.
But about the time the timid ones had filled
the statement OF visible supply, as compiled
by the New York statistician, was received,
showing an increase of over 10000 900
bushels, and as no one wanted to buy the
market became weak and some heavy sell
ing was done by parties who had bought at
lower prices. Among those buying early
were Nat Jones, n. B. Ream, Bliss and
small crowd of brokers who have been set
down as among the most prominent bears,
| while the heaviest sales were made through
the Adams brokers. The receipts aggregated
165 cars, against 44S yesterday, and the with
drawals from store were SO, $50, against 101,-
600 bushels yesterday. October opened sSc
higher at 7714c, receded to 7615c, and closed
on the morning board at 765Sc, but was
active in the afternoon, upon favorable re-
ports from France, and went up 1c, closing
at IKE. November opened at 791{c, went
down 1c and then up again in the afternoon,
and closed at 1890.
report comes from Buffalo that dealers
interested have shipped by rail in the last
forty-eight hours about 55, 900 bushels of
wheat, consigned to parties in Chicago. 1t
is designed to help out the shorts for Septem-
ber delivery.
ssThere is nothing in the legitimate situation, -
, said Frank Kennett, ''but the low price to tempt
/ Int ha fcro
to put wheat up or 10c, and 1t looks as though
a combination had been formed to do it,"
Milmine & Bodman say: 1.-The buyers of late
are quick to jump at any profits that may appear
on their holdings. No one seems to have faith
enough in the stuff to hold it against weak
markets. Ordinarily at low prices spectators will
5 buy markets down, adding to their line and re-
ducing their averages, but this season all dealers
seem ready to run at the first signs Of weakness
from any quarter. Wheat must get More con-
fdent feeling behind it, IL we are to have any
material or permanent advance. 1t looks very
: weak still and we think 1t liable TO sell lower"
, Corn was very nervous and business was
: comparatively light, operators being afraid
to do much, as the belief seems to,be general
, among them that the September deal is about
closed up, and they were evidently awaiting
further developments. 1t is not easy, how
ever, to guess the plans of the manipulators.
= If they were through squeezing September
/ it is not likely that they would be standing
, in the pit paying high price each morning
for upward Of 200, 900 bushels of cash corn.
There must certainly be large shortage-a
| very large shortage-or this process would
not pay. Judging from the uarrowness with
which certain large houses watch the con-
I duct Of the cash corn corner and the patience
with which they stand around eyeing Me-
Henry, it is likely that the situation
is like this: The big shorts argue
that this buying of high-priced cash
corn is expensive and that anybody is likely
d to grow tired of it. They live in hopes thai
: so much corn may come in that the clique
l may get tired and drop the deal. 1t is evi
e dence, however. that the men in contro
either feel very sure of their position, or are
e showing weak 'front.' for they offered Sep
: teuber down from 76c to 73c, and there wa.
e one sale of 5000 bushels late in the day a
). IKE. There was but little done publicly
: the purchases being all in 5000 bushel lots
e and whatever was done privately with tht
i ring is of course impossible 20 learn Nc
q Henry was on hand as bland and as good
II natured as yesterday. Pretty nearly all tn,
faces seen yesterday we're there this morning
Schwartz & Dupee had just as full a repre-
sentation, rather giving the lie to the stor
Yesterday that they had settled their shorts
Pope was there, too, and Hobbs man an
Bliss again. It was marvellous how panick
traders were, and how wide a differenc
there was between cash corn Fl
- 5000 bushel lots and corn in car lot:
White. Pope & Davis were persistently bid
d ding zoe for 5000 bushel lots, a receiver wa
= jus. as persistently Offering car lot at 73e
= Tuere was this other particular that the crow
= stood out on. Little McHenry offered Ser
tember seller the month at 73c. The crow
did not want it at this figure. It wante
cash, spot cash, but Mr.. McHenry did NJ
~ want to sell spot cash. He wanted to sell u
corn for September that would stand chaDc
'e Of being put back to him The buying va
g principally done in the morning by WheeIt
& Gregory, McCrea, Rumsev, Baker, Poole
weare, Burns and Pope & Davis, but late
in the day there was considerable selling
= led BY Cauther, Bangs, Ksmmerer. Mead
Beach, Dwight 6 Gillette, McFarlane, Culv'
& Templeton. September opened at a
sold up to 75c, then down to final close
= IKE. October opened At 5sc, and aft
Of going &c above that joined in the gener
downward movement and closed at 565<