St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-13
No Good Indications That the Higher
Prices Point to Anything Like
a Boom.
The Actions Of the Clique in the Corn Pit
Sufficiently Suspicious to Bear
Watching.
Share Speculation on the Stock Exchange
Apparently Waiting for the
Oficial Count
CHICAGO.
Especial Telegram 70 the Globe.

Z.
time for an upturn and the grain market
promptly responded. wheat at the close being &c
higher, corn le higher and oats lSGsse higher.
Provisions didn't respond as readily, and though
there was not much Of a decline. the feeling was
easier al day, pork closing sc lower, lard about
25se lower. and ribs 5GIOc lower In accounting
for the dull condition OF speculation the majority
OF traders point TO the general lack OF activity in
other branches Of trade, and advance the opinion
that until there is geene raj improvement in
business the speculative situation viii remain
about the same rs u Is now. The rapidly in
ereasing visible supply Of wheat too, they con
slider bar to great activity, as, while such heavy
supplies continue to pour in from all directions,
no capital Is willing TO risk money in a bun
movement, which is regarded as necessary to re.
store confidence.
The chief feature Of interest in the wheat nit
was unusually heavy transactions on the part Of
the seElpers, as they show more disposition to
trade as the prospect for a speedy and quiet set
tement Of the presidential question increases.
The opening was about al yesterdays close, and
under good demand from shorts and some re-
ported long buying, prices advanced Il a Z c dur
ing the day. December wheat under 73c seems
10 find buyers, and on general principles perhaps
il ought TO, for the price is certainly low enough
STILL the situation calls for low figures and there
appears to be no factors warranting an early al,
vance, except that the market will probably be
stimulated by the Official announcement OF who
Is TO be president Foreign markets are about
as sick as they can be, and the same report comes
day after day of Liverpool dull and Mark Lane
dull and neglected. To-day Liverpool was re-
ported very dull, which means probably
an intensifeaiion OF the long contin-
ued stagnation. 1t wonld seem
however, that those foreign markets must wake
up and advance some time before the next crop
becomes due. Although the existing measure
Of supply is such that no great change will be
likely to take place until after the new year
opens. California was penny per Genital lower
in London New York early was q loWeH with
more hrmness al 81. Louis. Our receipts were
less OF winter and more OF spring, with less al
Milwaukee and Toledo. About noon Wilmine
and Poole were large sellers, but failed to break
prices, and later McHenry aud Hepburn became
large buyers, causing sc advance in a few
minutes. At the top figures offerings became
free and the close OF the morning board was
easier, while in the afternoon there was de-
cline Of &c, but this still left prices at the close
&c above those yesterday. November opened
NJ 71Isc, ranged between 71kc and 7skc, and
closed az &c. December was the favorite option
1t opened At 72xc, ran ged between T2Sc and
73He, and closed at 7ske. January closed
at 74c.
"A great many operators want wheat badly"
said ;. W. Bodman. at is not question of
intrinsic value that Is putting wheat up, but
general desire 10 even up the market
"Priees in other markets." said Shepherd,
are governed entirely by the demand for cash
wheat and they are not likely TO come into line
with us until the speculative demand becomes
more general. The temper Of the local opera
tors Is bullish and they are keeping a sharp look
out for anything in the situation tending in their
favor. When this ocenrs this market will quickly
take the initiative in starting general advance.
Prices are too low TO be in the bear favor and
they react easily and rapidly from all depres-
sions."
There was even livlier sealping in the corn
crowd than among the local manipulators Of the
wheat pit. The big majority seemed to be on
the short side, but not very DESTROYS Of staying
there. The good demand strengthened the m ar
ket considerably and the light receipts helped the
feeling Of hrmness, the result being an advance
of nc. Half of this was again lost by free
sales for all deliveries but later the demand was
better, and at the close the market was a full
cent..aboye last quotations yesterday. November
ranged at 4sas @42Ss, and closed at 435sc. Year
ranged at 3S "a 4>S9lc and closed at 39kc Jan
uary was quiet at 36H G37c and closed at 36Xc
I'll think somebody will get hurt in November
corn" said John Bensley. ''You see there are
not above 100000 bushels of contract corn in
store here and Il is being shipped out at rapid
rate. OF all the $50 cars Of corn received to-day
only six OF them graded contract. The same
crowd which held the corn in September holds il
still. Very little OF il is going around and very
little Of il will be left 10 20 around here AZ the
end Of the month";"
On the contrary Milmine. Bodman & Co. say:
''We advise sales Of long Move nber corn on the
hard places and do not think there are. shorts
enough in the market 10 base an extraIlinary
advance upon, The year corn looks like Spretty
safe sale az 39Mc- Receipts are liable to in
crease materially we judge"
The Chandler Brown 60. says: "Were there
any large short interest in November the small
ness OF the visible supply would almost insure a
sharp advance later in the month, but we are OF
the opinion that hut few operators have any out,
as the very light receipts for six weeks past
have discouraged short selling excep: in a scalp
ing way However, in view OF the exceptionally
strong statistical position, we would advise our
friends to take small losses on sales OF Novem Der
and year
Speculation in oats was unusually light but
notwithstanding this the feeling was frmer and
quotably went up in sympathy with other grains.
the close being sc higher for November Al 2ec
and Is higher for May AZ s9c.
The provision pit was adversely affected by
he liberal receipts of hogs and the lower prices
~ which they were quoted. Foreign adviees
were also unfayorable to sellers, while eastern
markets were unchanged. The demand was
moderately active, however, and though prices
were somewhat lower the market ruled fairly
steady At the decline. January pork reached
sII. IS, at which figure it is asserted the sellers
lose, money. The close was SC higher February
The last fgnre was Sl1.4O. Lard was firmly
held. and At the close was unchanged ut S. SIS for
January. while November was only csc lower
than on yesterday ut So. sss.. Ribs wei re little
more active than usual, but the feeling was
easier and prices ruled 50IOc lower, closing at
$3.50 for January and S.. 80 for February.
At the stock yards business continues fairly
active. Receipts OF cattle are considerable ahead
OF last week At this time, and there has been
large increase in the arrivals OF hogs to-day the
number reaching nearly old time receipts. There
was good demand for cattle, and prices gener-
ally ruled steady. Western cattle, Of which there
were seversl droves among the fresh receipts,
are selling At profitable prices. There we're sew
eral trains Of prime Montanas and Wyomincs on
the market that made from s. eOG5.3 IS. The
Sudduth & Fratt Moutanas averaged close 10
1900 pounds, and sold for s5.75. The Harry
Sieber MOntanas averaged 1905, and also sold
for S5.s5. and the K0hrs Mon;anas averaged
LASS and sold for s5.s5.
There a brisk demand for hogs, as there
are now thirteen or fourteen packing firms oper-
ating. the new International, successors 10 Denny
& Sons, being the latest addition Prices on
hogs were a strong 10 cents lower all around.
CHICAGO FRY NCrar