St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-09
Corn Still the Center of Attrac-
ton Among Chicago Cereal
Spectators.
Operators in Wheat all Turning
Bears and Allowing Prices to
Fall Away Gradually.
The Provision Pit Showing Signs of Weak
ness, the Whole List Dropping
Down Peg.
CHICAGO.
[special Telerram to lhe Glohe.l

lSpecl2i Telegram 10 The Globe
CHICAGO, Sept. S.-There was fairly ac-
tive speculation in grain futures on change
to-day, but the feeling was nervous and values
irregular. Corn again led the list and at
times developed considerable strength The
receipts were fair, but failed to show any i'm
proyement in the percentage of contract
grades. The outward movement was also
liberal and the fear OF 4 corner on this and
next month was strongly apparent, as dur
ing the closing half OF last week the ner-
yousness Of the shorts being increased by
rumors that large and strong operator.
who is better known Tor his propensity in
manipulating prices than legitimate dealings,
has large lines bought for September and
October, and early in the day sharp adj
vance was secured, but the shipping demand
was less urgent and the advance was checked
by free realizing by longs who, not being in
the combination, were disposed to take fair
profit, 90 out and take their
chances for buying back On
breaks, and the offerings by this
class OF holders prevented prices for near
delivery from touching the extreme figures
of Saturday. As to future sales there seems
to be lack of anything of 4 legitimate char
acter on which to base short sales this side Of
November, and despite the splendid weather
for maturing the crop it looks unsafe to sell
except on bulges contingent on dry weather
during this and the next two months.
Wheat continues on the down grade, and
even the most sanguine operators on thel
bull side, or those who would have stood
there heretofore, look at each otherin amaze
ment and ask, where will the decline stop?
There are, in fact, no encouraging features
for an advance. The receipts here and at
all other leading western points show ma
terial increase, tie gain in spring
here and at Milwaukee and Duluth being es-
pecially marked. There was also q material
decentralization at all points, shippers buying
sparingy and contning their purchases al
most entirely to low grade winters, leaving
contract spring to be taken by operators who
are selling long futures at premium over
spot and carrying cash to make charges.
Oats were dull under increased receipts and
prices declined. Provisions were neglected
and all speculative articles on the list were
lower. The closing prices of the October
options were as follows: Wheat 77$5c, a
decline of 155c; corn Size, gain OF 1Zc;
oats 2514c, decline of ne; pork $17,
decline Of 81; lard S7.O71l, a decline of
30c; ribs 1915, decline of zoe.
Wheat has ruled weak all day, closing
quotations showing decline of nearly &c
per bushel from those Of Saturday. Fine
weather, depressing foreign news and ex-
tremely weak and declining seaboard mar
kets are the principal causes of the break.
The opening was slow and easy at decline
of 14@15c from Saturdays close, and under
the influences broughtto bear there was a
general disposition to sell, the offerings be-
ngliberal and the takers few. What demand
there was came from pa<ties who had sold at
higher prices and could cover at 4 profit The
down turn was also helped by the throwing
over by brokers of considerable long stuff
uponwhich the margins had become exhausted
October opened at 7S5sc, settled with slight
fluctuations to NE and closed on the reg
ular session at rye, and on the afternoon
board, where trading was dull, at 7735c
November opened at S0%c and after fire.
quent fluctuations sold down to 7935c. at
which figure it closed. Lester, Charley Sin
ger and Lindley sold October freely in the
day, but bought in again at somewhere near
the bottom of the decline.
Corn was active and unsettled. Cash was
less urgently called for by shippers and
prices for spot failed to exhibit as much
buoyancy as those for futures. The opening
showed more strength than any other grain.
and for the first hour or two was in brisk
demand; September advancing &c, October
135c and November re, the buying
being done by the crowd gen
orally, with sales made on
the bulge by Milmine & Boiman, Poole.
Carr, Hancock, and Baker, the latter being
probably the heaviest seller. At every show
of weakness, Rumsey, said to be acting for
Hatch), came in and supported the market.
Schwartz & Dupee traded on both sides.
Canther sold considerable. The heaviest
buying was done by Wheeler, Gregory and
Counselman. The 'longs' were all sellers
at top prices, which slumped OFF the market.
Said close observer of the course of the
market: ''Was there ever fall when the
corn pit was not upset by the discovery that
N&-N NV VI tAlA4e-SStAA udu SO4sl 1t
a very low figure, corn for September.
October and November, which they did not
have, which they never expected to have.
and which they had sold, anticipating big re-
ceipts: 1 do not recall any September
when there was not such a discovery
or when, as a consequence, the price of corn
did not advance very rapidly and q sort of
natural ''order'' result. The annual exper-
fence is being gone through with now The
receipts of grain have fallen off. They al
ways do, as the old corn crop is pretty well
exhausted anyhow. There are unquestion-
ably many millions of bushels of old grain
remaining in the country, and if the grow
ing crop natures all right this old corn will
come. flowing in here later in volume to
astonish the spectators who know nothing
of the habits OF the farmers. But there is
no more old corn left now than would be re-
quired by the families themselves if the new
crop should meet with mishap. The farmer
is now holding off to await developments.
This is the thing he does year in and year
out and experienced corn cribbers and
shippers understand it. There are some
hundreds OF ill-informed grain speculaters
who are to-day short on the market and
wondering az the marvelouslv small receipts