St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-03
AN EASY MARKET.
The Volume of Business
Large, but the Fluctua-
lions not Serious.
Wheat Again the Center Of Activ-
ity, but Prices Sag a
Irifie.
Operators in the Corn Pit Continue to
Watch Each Other With
Suspicion,
Lard Claiming Most of the Attention of Trad
ers in the Provision Pit.
The Stock Market Favorable to the Bears
and Was Weak All Day.
Lard Claiming Most of the Attention of Trad
ers in the Provision Pit.
The Stock Market Favorable TO the Bears
and Was Weak All Day.
CHICAGO.
Especial Telegram to the Globe I


ders from outside points to buy were more
liberal than they have been of late. Corn
was firmer than wheat, but ranged lower
than on yesterday and the trading was
lighter. Prices, however, recovered some
what on the afternoon board and closed
shade higher. Sellers were more numerous
than buyers, but the existence of a corner
is still generally acknowledged. Said mem
Der of the crowd to-day, briefly explaining
the status of the speculative market: ''The
crowd went home long last night expecting
bulge. She didn't bulge, so they go home
to night short expecting break and leaving
the market weak under the weight of the
stuff they unloaded to-day" Oats ruled
steady and provisions were generally quiet,
lard and October pork closing somewhat
lower. Closing quotations on the afternoon
board for November were, wheat SO4c,
decline of 5sc; corn 1890, unchanged; oats
263sc, sc lower; lard 1925, decline of sc;
and ribs unchanged at $3.50. October
pork closed SOC lower at SIG.
Wheat was irregular and active, with free
offerings and an easy market early. New
York private advices were bullish, with re-
ports of heavy purchases by strong parties
who were confident of further advance
Liverpool reported more inquiry and an adj
vance of Sd per quarter on floating cargoes.
These advices, with fair buying, strengthened
the market and caused an advance of 1505sc,
but offerings increased with the advance,
many scalpers being anxious to secure pro-
fit, and as the demand was not equal to the
offerings a decline set in and the market
became weaker as the day advanced,
the close being about 1c below the highest
point of the day and $4@5sc below yester
days close. The failure of the shipping de-
mand to increase is causing considerable
disappointment among operators on the bull
side, and not few were heard to express an
opinion that the top. prices had been reached
for the present, as it will be difficult to sup
port quotations without a material augmen-
tation in the outward movement October
ranged at 7S1@0791fc closing at the inside
figure. November opened at S0%c, sold at
S0Mc, then up to close of
s01c. December opened at sage, went up
2 spring sold at 789l@7919c and closed at
7SMc. No. was higher and closed at 62@
63c. No. red advanced 1c and closed at
S21lc, and No. 8 red closed at 6915. There
was better shipping demand for low grades,
which constitute the bulk of the offerings,
No. being chiefly called for for speculative
account.
| Mccormick, Kenneth & Day say: ''Outside
business is improving and the general sentiment
is bullish, but exporters are again out of the
market and decline OF or &c more would not
surprise us. Low grades have advanced seve raj
cents. We look f9i much higher prices ulti-
mately and would Tdvise buying on the soft
/ spots"
! Milmine & Bodman say: 1.-The late advance
has been purely speculative, engineered largely
| by the local operator here. We DO not think
the advance can be carried much further without
more outside help. 1t gets frothy' very easily,
but there is no denying the fact that the market
is all the while gaining strength In q speculative
way. We anticipate falling off in receipts, and
| the drift at present being upward a further ad-
vance is liable to take place from any exciting
| cause"
| Uncertainty still prevails in the corn
pit and the operators are watching for the
temperance Of the late ring masters. Octo-
Der opened at 5716c, sold up to 5S1lc, back
| to 5737c and closed at SIX on the regular
board, but was stronger in the afternoon
and closed at 5Sc. November opened at
1890, sold down to 1890, then up to 5O4c
and closed on the morning board at 4S1Sc,
and in the afternoon at 1900. tits claimed
that this month is being bulled by the clique
brokers who recently engineered the Septem-
Der corner, with the object of inducing free
buying of October and thus enable the
clique TO unload the cash corn it took in
during the past three weeks. The settlement
Of the September deal is progressing as
rapidly ascould be expected. The clique
makes no concessions, but demands the full
| SIC Of the defaulters. Nearly all have settled,
| though some were unable TO raise the money
and their notes were taken in settlement.
As the corn futures stiffen the impression
gains grounds that the deal will be carried
into October aud November, and possibly
the year. This latter option is getting to be
quite active. It opened at Acc, sold down 10
411<c, up to 4235c and down to a close of
42c. Receipts we're lighter, BOZ cars
against 534 yesterday, and the warm
damp weather is unfavorabIc for preparing
the new crop for market. New York and St
Louis were higher early aud foreign adyices
were strong. In view Of these factors and
the danger Of manipulation there was nc
disposition among the shorts to stand out,
but all rushed in to cover at once. The bulls
also added to the uneasiness Of the former
by increasing their bid for rejected corn ,theii
object being 10 strengthen the price Of No.
for future delivery,by creating an impression
that the low grades were wanted fol
shipment and the stimulus thu:
given, in connection with a show o.
bidding by clique brokers for this
and next months deliveries, caused the ad
vance noted, but when the anxious shorts
filed up and the tailers, who bought becaus
they saw others doiag so, had got their load
the demand, was not equivalent to the pressure
to realize and prices rece ded and closed a
about the lowest figures Of the session. II
the afternoon. however, there was increased
strength and all options ruled higher.
Oats were steady and in good demand, re
eeipts were smaller and shipments fair
Speculation was fairly active and the closing
prices were 2635c for November and 295Sc 70
May, the former being a decline of &c AM
the latter an advance Of re.
Provisions were only traded in moderately
lard showing thu greatest animation. Tie
feeling, however, was strong on the morning
board. Pork was stronger and higher 70
year aud January, and unchanged for octo
Der during the morning board, though in til
afternoon there was a drop Of SOC in the LAT
ter, which closed at GIG. Year closed a
s11.90. Lard was fairly active, especial
for cash. and prices averaged stronger mos
Of the day, though the close was sc lower, a
S7.221< for October auds7.25 for November
Short ribs opened zoe higher at 81
!. ! T.. noE-Lo- clc-scd = L.