St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-17
CHICAGO.
Especial Telegram TO the Globe. !

leaQlDg arIlcleS, aILDOugH LneTe was DuI Il 1dIT
amount of speculation. The improved feel
ing was started by the visible supply state
ment, which showed about a million bushels
less of an increase in wheat than was autici-
pated, which caused the shorts to become
frightened. and cover literally, with cense-
quent appreciation in values, though there
was slight falling off when this demand
had been filled. Another feature that had
some innuence.was the statement that some
foreign shorts in wheat were covered to-day
In New York This information was eagerly
swallowed by the bulls here as an indication
that Europe was fast getting ready to take
our wheat at our own prices. On the
authority Of the bears the large
short interest in Europe was maintained by
an exact knowledge as to the condition of
the home supply, and not until that supply
got pretty low would they attempt to cover.
This Information, together with the slight
advance in prices, made the bulls more hope
full. Provisions were quiet and nominal as
to near operations in pork, but fairly active
and little stronger as to lard and ribs. The
closing quotations Of October options were:
Wheat 7G15c gain of &c; corn 5115c, a
decline Of &c; oats 2535c, unchanged; pork
$685. unchanged; lard 57.221E, gain of
71Ic, and ribs $500, an advance Of sc.
Wheat exhibited a good deal of activity.
Prices were higher, and at times the bidding
was energetic. The strength on yesterdays
afternoon board was followed by further
appreciation Of prices to-day, and though
the fluctuations in prices were rapid, there
was stronger undertone, and the closing
prices were at the outside figures of the day.
The strength exhibited was a surprise 10
many operators, as the receipts ware larger,
the Withdrawals from store less than half
these OF yesterday, and the leading western
markets weak. Liverpool and London
cables quoted the British markets dull and
weak, at decline of Cd per quarter on float
ing cargocs, while advices from New Orleans
reported exporters there Offering. to resell
cargoes of No. st. Louis in the former city
at SOC +. 0. b. The same dispatch says No. 2
Chicago could not be used at better than Csc.
The visible supply, as com piled by the Chi
cago board of trade, also shows
an increase In the visible supply
since the last report of 200, 600 bushels, but
as calculations had been made on an in
crease of 100000 bushels, this was hardly
demoralizing feature. The chief support
ing influences were the higher prices in New
York and the report mentioned above OF
covering 10y British shorts. AS will he seen
the advance was based on covering by shorts
and the manipulation of parties who wish an
advance on which to sell, and there really
seems to be nothing in the future to justify
n large and permanent advance, as the croI
returns indicate that even should Europe
draw the entire $50, 600, 600 bushels which it
Is istemated to require for the next
twelve months bread supply, we
could easily furnish it without re-
ducing our stocks below healthy surplus.
This conclusion is supported by the fac
that for the export year 1S79-S0, when our
crop was considerable below 400, 900 ,00C
bushels, we exported 1877 900, 900 bushels.
The receipts to-day were $40 ears, withdraw
ais from store 5ut 1000 bushels and no
freight engagements were made, many buy
ers of winter being unwilling to pay the
price asked and the cost OF tran sportatiou
being increased by rise OF 80 per cent. In
the rates of Marine insurance. October
heavy buying on the announcement of the
visible supply, Hancock leading and Adams,
Nat Jones, Field IL Lindley and Stouffer buy
ing long lines, portion for investment, but
the greater part 10 cover short sales
Milmine u Bodman were heavy buyers OF
November. Wall street parties then came
in through Schwartz Il Dupee and Lester
aud began selling freely, and the result wa:
decline to T5Rc. After this demand hat
been filed there was 4 rally and the close or
the morning board was 56c aud on the after
noon board 76b November was active
opening at 751sc and selling mp TO 77}Sc, a
which it closed on the morning board, Will,
in the afternoon it was sc better closing
at 7Sc. No. . spring closed at 7414@7434C
as to receipts, and September at 143c, No
8 a. 5Sc and rejected at 44lsc. No. ? rec
winter advanced " and closed at IKE
while No. 3 closed 1c higher at 62isc an,
rejected at 47c. A private cable report Wa
received in this city to-day summarizing
the condition OF the wheat crop in
France, Great Britain, Italy, Turke,
Austro- Hungary, Asia Minor, Russia, Ger
many, Switzerland, Belgium, Spain, Tuuis,
Morocco aud India. In all OF these countrie:
the crop is reported TO be an average one, o.
above the average, except in Spriu, Tuni
and Italy. The crop in Russia is said to h,
late and probably under the average.
Said Frank Kennett to-day: 1--WE ma
not get permanent upturu until after tn
election. But in the meantime it is safe t
scalp on the long side, using a little judg
meut 70 get in on the breaks"
Corn was less active and irregular, aud tn
indications are that those who are running
the deal will continue the milking process:
until the close OF next month. Baker an,
Rumsey, as buyers, kept this fact before the
minds Of the crowd generally, and as al
evidence OF the manipulated condition Of th
deal it may DC mentioned that No. ? easl
corn sold to-day al SAKE and rejected a
s3lsc. As No. is only worth about SC NOR
per hushel than rejected, the Sc shows t
about what extent the market is manipulated
Shippers win not take No. at this prie
when rejected win answer their purpose a
well. and can be bought at lie less, but 1t /
easy to be seen that 54j<c will bring to tn
market good deal more corn than 46i{
would. Here, according to the general Be
lief, Is where the manipulatoTs are doin
some tue work. II they Gun absorb al III
old No . corn in the country this montl
they eau gut October where they please