St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-19
Cereals Cast an Anchor to
Windward and Pro
visions Go Slow.
The Price of Wheat Quarter OF a
Cent. Higher Than on
Monday.
The November Option in Corn Mani
tests a Good Deal Of Life and
Gains Over Cent.
Oats Continue Steady and Hog Products,
After Fluctuating Slightly, Close
Trife Lower.
The Earnings of the st. Paul show an In
creasr While Those OF the North
western Show Falling OF.
CHICAGO.
Especial Telegram to the Globe. |

the market was well nder way, and al the
close wheat as compared with Yesterdays
last prices was &c higher, corn 114e higher
for November and &c higher for year, and
oats about steady. Provisions ruled easier
and closed generally lower The last quota
tons on the afternoon board were as follows:
December wheat, 722lc; November corn,
41Ic; May oats 255Sc, January pork sll.lO,
January lard S6.771Z, January ribs s.. 721S.
Wheat possessed few Legitimate features Of
a sustaining character, receipts here and at
other points being larger Our shipments
are small and stocks here and at other
leading markets showed a liberal accu-
mutations. The British quotations
were reported weak. dull aud prices on spot
and futures lower in Liverpool. st. Louis
advices were unfavorable. There were also
rumors of failures in Liverpool, and during
the early part of the regular session there
was unusually heavy selling by shorts and
realizing by tailers, the latter being discour-
aged by the general outlook. Despite, how
ever, the numerous unfavorable features the
market developed a marked stubbornness,
and the most vigorous pounding was only
able to secure decline of 14@%e. About
noon there was largely increased buying by
strong parties who were supposed to be TAX
ing wheat off the market to hold for an in
vestment. This frightened the shorts who
had been such free sellers at the opening,
into covering their trades, and prices
rallied 19(0Xc, and closed at the outside fig
ures of the session, and H@55c over the last
transactions of yesterday. In the afternoon
the feeling was weaker, but prices were not
materially lower. The visible supply, ac-
cording to the Chicago statement, shows an
increase of 1,560, coo bushels, and is now
80, 909, 81 bushels, against 81, 405, 247 bush
els last year, but this years statement in
cludes 3, 423 900 bushels at st. Paul and Min
neapolis, and these points were not included
last year. There is another disagreement
between Chicago and New York on the visi-
bic supply, the latter making the increase
only 962, 900 bushels. December opened at
721@c, sold at 727sc, back to 724c, rallied,
and closed at 722<c. January is rapidly be-
coming the favorite future. Opening sales
were at 73Hc, ranged at 730735zc, and
closed at 1870. February was quiet open
ing at 735sc, sold at 732[@749sc. and closed
at 74}6c. No. 2 spring sold in car lots at ~
@721lc cash, and No. at 5515c. No. 2
winter sold at 7s11@7SAc. and No. at
60@6O4c.
''There' is apparently a growing disposition
among the capitalists to buy wheat as an invest
ment said A. M. Wright. "Such parties not
only think it cheaper than any other article of
food, but they agree that the imrenumerative
prices at which the current years crop has sold
will curta production. hence they reason that
prices will advance next spring, when il is fully
understood that the acreage is to be reduced
Whether such buyers will hold their stocks in
the face of a small shipping demand and increas-
ing supplies is question that time alone can
settle"
Receipts continue liberal at all primary mar
kets, said Geo. Brine, A" but the trade generally
incline 10 the opinion that this feature of the
situation will undergo a marked change.
This may or may not prove correct, but unless
the markets all around are relieved very soou
from the continuous pressure of heavy daily ad-
dtions to the already excessive stocks, do not
expect any permanent improvement of import
anCe.h
There was slight increase to-day in the
receipts of contract grades of corn, and the
opening was quite weak, with increased Of
feriDgs for November delivery. The market
dropped fraction below 40c, but the de-
mand improved and holders withdrew. This
resulted in an advance of 2Lc on very light
trading, when, with somewhat more anxiety
to sell, prices dropped nearly lie and the
close was almost nominal at 411%c against
4OHc yesterday. Year corn exhibited con-
siderable activity, but the fluctuations were
not SO wide. The range was between 37@
3794c, with the close at 3756c against 37Lc
yesterday. heavy movement in corn is
expected to commence soon, and the fear of
this discourages buyers for the long side.
The early buying was caused doubtless by the
posting OF the visible supply, which showed
decrease of over 100000 bushels
during the last week, making the amount
OF old corn in sight for the whole
country about $500, 600 bushels. Under
ordinary circumstances that would send the
market skyward at lively rate, but traders
seem to stand in mortal dread of being
caught long when the new crop begins TO
move, and to avoid this difficulty they let the
market alone except when they chance to get
In and out quickly and make what thew call
little scalp" Thus the market continues
10 hang along from day to day without any
very decided feature, everybody waiting to
should refuse to increase at these pricesl The
argument that corn aught to be lower because
wheat is so cheap will not avail If farmers
refuse to sell.
bacon q Sheperd say: sThere is quite an
alnoun. SOFA Tor November not yet delivered but
II Is dlihcut TO determine the extent of the short
line Tor this month The next few days sbould
snow an advancing market in oar opinion. but
te pears point to the increasing receipts and ex-
Pect an improvement in grading, which they
claim must result in lower prices
Mimne, Bodman & Co. say: ssThe Nover-
Der deal seems to have subsidized and we do NOT
Ihlhk there Is shortage enough left in the market
now TO force prices materially, but it is liable 10
sen OH 70 within l0l 1ac Of year corn The wear
IS the most active option. If this fine weather
lasts corn will be grading No freely In q e.
days. We expect large receipts the iasf hslf 90
December and in January. and we think this
May corn may then sell down to about 3ac and ho
good purchase. We do not advice purchases
just YET
Oats were steady and more literally traded
In. November closed &c lower at 255Sc.
and May was unchanged at 2s5Sc-
In the provision pit there was more life
than has been seen in some time. but the
feeling was easier and prices for The leading
speculative articles ruled lower. mairlv in
consequence of the liberal receipts and lower
prices of hogs. Foreign advices, too. were
less favorable to holders and the eastern
markets were weaker. Pork was fairly active
and prices fuctuated considerably. the gen-
eral course being downward. Jann.rr
opened SC lower at s11.3O. went down 70
$l1.0711 and closed at sll.1O. Febrnarv
ranged at s1l.17h@11.4O, and closed At
$11.20. A good speculative business was
nsacted in lard. but the feeling was ,,nol.