St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-06
Saturdays Chicago Specula-
tiOns Centered in Near
Futures in Corn.
The Signs Become More and More
Marked that Manipula-
ton is Abroad.
The November Option Makes Sus-
picious Jump of 2 1-8 Cents to
30 1-8 Cents.
No Bull Movement Seems Materially to Affect
Wheat, and Prices Continue
Downward.
The Leading Stocks Show Gain Tor the
Day, and Encouragement in
the Horizon.
CHICAGO
Especial Telegram to the Globe. /

CHICAGO, ILL.,, Oct. 1.-The markets to-day
presented the usual Saturday aspect of dull
ness, especially in wheat, which was not only
duller but lower. Corn was higher, under
the influence of light receipts and rain, the
November option recording sharp advance,
while October closed the same as on yester-
day. The remaining articles on the list were
about steady. Closing quotations were for
November wheat roc, a drop of &c; Novem-
Der corn 53c, an advance of 218c; November
oats 262lc, an advance of 14c; October pork
$l6.50, unchanged; October and November
lard $7.2215, a decline Of 21Ic; October ribs
unchanged at $3.50.
Wheat opened steady and substantially
unchanged from yesterdays close, and for
some time ruled steady on stronger cables,
but New York values tended quite steadily
down. ward, which exertcd a depressing in
luence here, and large receipts at western
points, which created the impression that the
visible supply statement next week would
show an increase of 1900, 900 bushels and
had bearish influence. Withdrawals from
store consisted mainly of low grades not de-
hverable on contracts, and shippers seemed
unwilling to take No. 2 even at current low
quotations. In consequence of these influ-
ences a feeling OF weakness set
in after the first hour, accompanied
by an average decline of about 1c and an
absence of speculation either on local or
outside account October was dull opening
at 7S19c, and after ranging at that figure
short time prices gradually settled off to a
close of 7714c for November, for which there
It'll t.
opened at S014c, sold up &c, and then under
moderate selling and the unfavorable reports
noted above fell off, and closed at roc. De-
cember opened at SIC and closed at S0%c.
No. spring was weak aud lower, the only
demand being from operators who were sell
ing November and buying car lots
to carry against contracts. The
opening was at about 7S4c, and the close at
THc, decline from last sales yesterday of
14c. No. 8 declined 1c and closed at 620
621Ic. No. 9 red winter was 1C0113c lower,
and closed at SO@SO15c, and No. 3 red closed
st zoe, decline of 11l@2c.
A. NJ. Wright said to-day: ga careful
survey of the situation fails to disclose any
prominent features calculated TO stimulate a
large advance in the near future. On the
than scalpiug market can be expected for
some weeks to come and should the esti-
mated increase in stocks for next week
prove correct it may be difficult to sustain
present prices"
81 expect to see some further decline next
week or until the statistical position shows
some change" said G. 5. Everingham. ''It
is unreasonable to look for continued strong
markets until the present conditions are
modified. We cannot increase accumula-
tons 1900, 900 week and maintain a con-
tinued advance in prices. | think, how
ever, that the one cause Of the light export
movement from seaboard has been a scarcity
OF freight room, and with increased arrivals
OF vessels next week, we will have increased
exports and much more decline will prob
ably check farmers deliveries. Therefore
We advise purchases on a much further de-
cline.n
The corn market has been nervous, ex-
cited and generally stronger all day. The
weather west and southwest continues I'M
favorable for the early movement or early
grading of new corn, and to this fact, to-
gether with strong British cables and the
eVer-present menace OF manipulation, is
due the strength exhibited. The adverse in
1uences were liberal receipts and an almost
complete stagnation in shipping, the latter
being due mainly to the advance in east
bound rates. Pointers have been going the
rounds for long while to buy November
and year corn. They were started when year
corn was at soc, and 1t is now going at 44c.
Suppose that the September clique has large
AMOUNT of cash corn on hand, it would
not care to sell it for October, for the mar
Set wonld at once break away. There is
small stock of corn in all the visible supply
points outside of Chicago, and the demand
is good. The outlook is that IL The market
is not disturbed by the selling out of big
jag OF cash corn here, the price of this grain
will naturally advance considerably, perhaps
nGQes Then the clique will sell out its
citsh Bcldings and slip out comfortably and
with big profit. The clique brokers
bought November and year corn sill the
morning. and bid up prices from SIC to 53$Ic
H-ts INV claimed that there is a short interest
in those two options running away up into
the millions, and nothing but the
timely arrival of heavy receipts Of
new corn of contract grade can
prevent repetition of the September
squeeze. The advance caused free selling.
hut when the demand was filled prices re-
eeded sharply, but closed . &c above yester-
days last sales at 53c. October fiuctuated
between 5S}zc aud 59llS. and closed at the
inside figure, the same as yesterdays close.
The high price of corn is stifening up the
price OF oats somewhat and they ruled steady
And firm the greater part of the session, and
closed unchanged at 26l{c for October and
nc higher at 26Sfe for November.
Provisions were rather slow, the volume Of
trading being light, but the feeling was com
paratiyely strong and there were no decided
changes from yesterdays prices. Pork was
unchanged from the near deliveries, but &c
higher for year at Sl2.l7{ and 10c higher
for January at Si2.S1Is. Lard was held
steady during most of the session. bu,
elosings were axe lower at 81. 295< Tor octo-
Der and November and s7.a5 TO. January.
Ribs were quiet and closed unchanged al
$3.50 for October and So 40 for January.
Reviewing the market Hamin & Brine
say: ''We have 20 note very active markets
during the past week IN grain and provis-
ions. Wheat ruled steady and firm until
within the past day or two. when a weak
feeling set in, ending up with shsrp de-
cline to-day. Corn was greatly excited earl,
IN the week, the September deal going out
on Tuesday afternoon with 81 per bushel bic