St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-15
Corn Moves Upward Half Cent for
the Day and Closes Strong for
Near Futures.
The Provision Pit Devoid Of Noteworthy
Characteristics-POrk Higher, Lard
Lower and Ribs Unchanged.
Shares Manifest Tendency to Go Down
The Wisconsin Floods Affect
st. Paul.
CHICAGO.
rsnecial Telegram to the Globe |


other markets Cables were especially heavy
and rather lower. Ream's advices from New
York were that cargoes were heavy and taken
slowly at decline The close about steady
all around, with corn showing greater recovery
from bottom prices than any other grain
Closing prices for October options were, wheat
74%c, decline OF &c, corn 81 4c, gain OF nc,
oats 25Ac, gain of &c; pork S16.15, gain OF
15c; lard $40, loss of &c, and ribs $3.50 IN
changed.
There was a fair volume of speculative trading
in wheat, and the weakness heretofore noticed
was further developed. Prices opened 1sc under
the closing quotations of yesterday, and the
market was heavy throughout the entire session.
There were no features of a supporting character,
the receipts being fair and the weekly movement
indicated an increase of about 100000 bushels,
besides the other leading American and European
markets were lower. The situation was further
aggravated by the absence of shipping or outside
speculative demand, and the strong local
buyers who have on other occasions given
the market their support, were entirely absent,
many of them having already suffered too serl-
ously to attempt to bolster up deal that has Tor
months brought nothing but disaster for those
who were courageous enough to buy. Every
one who had wheat seemed DESTROYS or throwing
it over, and each decline of &c brought out re-
enforcement to selling orders, the only buying
being by shorts Prices closed at the lowest
figures of the day, and there is no to hope
for permanent improvement while the receipts
continue to exceed the legitimate wants.
The old theory that it is safe to buy an article
like wheat because it is unusually low seems to
be entirely at fault on the present occasion,
and those who base purchases on precedent
are likely to suffer. AT least, such has been the
case for weeks past and signs for early change
for the better are not hattering. The receipts
to-day were 263 cars against 264 yesterday, and
Withdrawals from store were 145 bushels OF
winter and freight room was taken for $4,000
bushels. The market opened weak and h05sc
under the last transaction of yesterday. October
opened at 75hc, made feeble attempt to ad-
vance and did go up &c, but weakened under in
creasedselling, including large lots flong grain on
which the margins were exhausted and grad
ually settled to 74Sc, at which it closed. No
Yember opened at 77Sc, sold at 76% 0774Sc,
and closed at the inside figure. No. red de-
clined &c and closed at 76c. White No. was
lower and closed at 61hc. A prominent opera
tor said at the close that he believed this was
low day, but this prediction has been made at
every recent decline, and up to the present time
|
unprecedented decline has completely non
plussed the Oldest operators and they have got to
point new where nothing would astonish them.
Those with bullish tendencies have to keep
whistling to keep their courage up. The break
refuses to be guided by precedent and operators,
now that this fact has been thoroughly drummed
into them by numerous losses, are completely at
sea.
a. NJ. Wright said this morning: 81 think
wheat is cheap, but it is bound to 90 lower un-
less farmers stop sending to market. The
grain centers are flooded with wheat, for which
there is now no demand. l think, however. the
present low prices will have the effect to check
receipts, in which case u rally of a few cents
may be expected"
MilmIne IL Bodman says: "Outside holders
have mostly realized, and we think the market
| is now well eYened up and in condition to be
| forced lower easily. We have not changed our
! opinion ON this wheat and believe it must sell
! lower if farmers continue TO force
their surplus to market SO freely. This market
is relatively the highest in the whole country by
about sc. We cannot advise purchases OF this
wheat now at the large premium current for the
| long futures We think they should really sell
at a discount. We have no faith in it, and con-
fdently expect to see it sell to lower point and
think it possible that this decline may eventually
run into q panic ere We catch good, solid bottom
and healthy condition Of the markell
Corn was active, but the market wss cratic
and surprised all classes OF traders. The re.
ceipts were fair, shipping demand only moder.
ate, the weather splendid for the maturing crops
and foreign slyices unfavorable TO sellers. The
market opened heavy, at 4G7sc under yester
days last sales, but the decline induced free
| buying 20 cover shorts, in which the sellers had
profit, and large buying from the bull side
quickly followed. October, which was the IA
vorite future traded in, rapidly advanced Il &c
but reacted slightly when the shorts
had covered, and closed weak 1t i:
thought there is still q large short
| interest in October and November, and the
amount OF old corn yet to arrive is very uncer
tain. The long futures were freely offered and
were depressed by the fattering condition Of the
| crop, which may now be considered practically
out Of danger from frost. Receipts were 20;
cars. Two hundred and eighty nine Thousand
bushels were Withdrawn from store, and freight
room was taken for 81, 900 bushels. September
opened at &C aud advanced to close Of SIC
November opened at 44Sc, sold up to AK {, and
closed at 441sc. On the curb the feeling wa.
weak and all options were 5sGltc lower, though
the trading was light P. II. WeaIe was very
heavy purchaser and his lead was fol
lowed by Stanley, sherman, Baker
Nat. Jones, TempIeton, Rumsey
and Seymour At the top Nat. Jones began to
sell, and among the others letting 90 were
Booth, Carr, Field IS Lindley, Mead & Beach,
Baldwin, Wheeler 6 Gregory, and Pickering.
1.-THE country lambs who bought at 81 and SIS,
said an operator this morning. 'shave all beer
-. f-,- o-I fha- - IN,
OF the professionals again, who are at liberty t.
advance it a few cents and give the large shor
interest, which has crept into the market in th,
past three days, squeeze"
Oats opened hesvy at decline OF &c IN nea
options. but slightly higher for remote deliver
les The demand was again limited, the receipt,
being free and operators not caring to load NJ
very heavy at the present time. The desire va.
rather to sell and Nat Jones was again in the mar
ket. putting out about 1906 900 May at sc. Tn.
close was easy st 255sc FOR October and 24slc 70
yeer, substantially the lowest point OF the day
Provisions were rather quiet, except lard, an,
= somewhat easier feeling prevailed
Pork was dull and Irregular within
narrow range, October closing at s16I5
slight advance and year II SII-I5, declin
Of lOc. Lard was sctive and weak FOR Jaauar1
owing 10 selling orders, while the deliveries Wer
quiet and easier, with good shipping demand q
October prices The close was 81 $40 for DC
tober zad S7.Os5s for November. RIBS wer
dull and steady, aud closed At the same prices 3
on yesterday
The bulk Of the cattle on sale we're Texas ant
territorial rangers IN fact there were bu
few loads Of natives and they OF the conno
and Medium sorts There WIS = barely sur
Gent number among al the fresh receipts I
make = mzrket, but the sales shows slight ed
. vance with the week closing active trad
aud IN advance OF = strong 2SGS0c per hundrs
: N hn.h ratires and ran-ars Al acrlra a.-n.-f