St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-07
Oats. Although Making No Material
Advance, Continue to Manifest
Firmness.
Noticeable Bull Feeling Growing in Year
Pork, the Gain for the Day
Being soc.
Il Slight Bull Movement in Stocks. which
However, is Only to Scare in tho
Small Bears.
CHICAGO.
Especial Telegram to the Globe. |

centerS. Oats were without material change,
but exhibited an undertone Of strength, and
provisions were strong and higher, with
good business doing. The closing quotations
on the afternoon board were: November
wheat 79Ic, gain of &c over Saturdays
close; November corn 541lc, an advance of
l19c: October oats 264c, unchanged; year
pork S12. 7219, soc higher; October lard
s7.3713, an advance of 121lc; October ribs
1895, gain of sc.
In the face of considerable bull news this
morning the wheat market opened lower,
and the feeling continued weak during the
early part of the day. Tables quoted foreign
markets firm with an improving demand.
The expectation that the weekly statement
will show an increase in visible supply to-
morrow led to some free selling on the part
of local operators at about bottom figures.
However, at 7S19c for November, there was
some liberal buying by strong parties, Civ
ing the market a irmer tone, which grad
uaily improved to one of strength late in the
day. The improvement was helped by re-
ports that fifteen boat loads Q20, 600 bushels)
had been taken for export in New York.
wheat and a little less in corn.
New York early was re lower on wheat and
st. Louis &c. The strength and activity in
corn may have kept wheat from going lower,
although foreign advces were strong enough
to have caused quite sharp advance, if
much dependence had been placed upon
them. There is an impression gaining
ground that daily cable dispatches do not
mean all that they imply. One would think
from the strong and confident tenor of these
dispatches for a week or two past that wheat
must have advanced rapidly in price,
while the fact is the whole advance during
that time is covered by about &c margin.
This is a fine illustration of the old proverb
about "a good deal Of talk and very little
cider" Wheat has gone up here about Z
cents a bushels from its low point, and the
acts of the situation do not seem to warrant
any further at present A great many, how
ever, are expecting higher prices, and are
laboring to bring them about, with what sue
cess the future will determine. October
opened at 7714c, sold down to 76%c,
and up to 7711, at which it closed on the af-
ternoon board, where the feeling in this &C.
real was stronger. November was moder-
ately active. 1t opened at zoe and receded
early to 7S15c, but tirmed up and advanced
to 794c, but closed On the morning board
Ne lower. In the afternoon it again reached
794c and closed at that figure. December
ranged at sO4@S11sc, closing at the out
side. No. spring was 2@3c higher, and
closed at 641lc. No. spring opened at
Csc, and reacted to soc. The freight en-
gagements were for 10000 bushels. The
New York Produce Exchange Weekly now
4S5, 900, 600 bushels, or 100000 600 less than
their earlier estimate.
Mr.. Charley Schwartz, of Schwartz & Dupee,
said to-day: 'In my opinion wheat is cheap.
There's no use predicting which way the market
will go, but L had rather buy than sell just
now"
A NJ. Wright & Co. say: "The feeling was
weak and many predicting still lower prices
ere a permanent rally is secured, and we confess
that we little in the present situation to pre-
vent such result unless better shipping de-
mand than at present prevails Immediately de-
veops, as stocks continue to increase more rap
idly than is consistent with a healthy market.
The situation is further aggravated by the apa-
thy which customers, to whom we must look for
an outlet. show about BUYING
Mmne, Bodman Co. say: 'There has
been some good buying and the scaping element
tr ed hard 10 bull prices, hut without effect. !
The export demand is still very light, and we do
not see how there can be any ma erial advance
in values with such trihing export movement
and increasing receipts. We think the money
lies on the short side by selling right along on
al bulges.'
The Chandler Brown company say: "Our ad-
vices indicate slightly freer movement OF wheat
from first hands in the past few days. We don't
think this is caused by the slight Improvement
which has been secured in prices but believe
sales are made to meet Obligations which have
been STAYED off as long as was possible in hope
Of better prices, but which now have to be met
under any cir umstances."
Corn showed greater activity but also more
nervousness, and though prices we're at one
time forced up 21lc above Saturdays close
for the November option, extreme figures
were not maintained and closing was but
11Ic higher. Liverpool was penny per CEN
tai higher on corn, and Mark Lane was firm
Receipts here have been steadily growing
smaller since the day that 1,500 cars came
in, and to-day there were only about 230
cars New York early was 16c higher on
November corn, and &c on October, while
St. Louis improved &c on November. In
reality there is no telling what will be done
with corn during this month and next. Most
ANYTHING can be done with it that the
operators choose to. There is so very little
old corn remaining in the country that it
can be manipulated quite easily, and If it is
manipulated as the steady buying Of cash
aud November by clique operators would
seem to indicate there will be great and rapid
advances, alternating With limited declines
until the new crop becomes available, which
NAV not be until December or January.
October opened strong at 5914c, but sold
down &c, and closed'at 5s2lc, an advance
for Saturday Of &c. November opened &c
higher at 595Ic, and after selling upto 5514c
cloased on both boards at SAGE. Options
for year were active at 43H@4425c and
closed at 43Xc.
G. T. Everinghsm SAYS: ait is difficult. to read
the trading in this msrxet but II seemed today
10 be controlled By 'scalper-' transactions, and
not By manipulation, 'sh ,rts" still beng very
nervous and competing with each other in bid
cling prices Up any show OF streng h. St.
LOU sreports enc car OF new corn received to-
day. grading rejected, and more on the way with
prophecies Of an early movement, but we could
not advise short sales based on these advicts,
- there - stili eniy OK time 10 make the seller
suffer before much new corn can be received
Dillingham; says: The corner for september
being past, it i now in orthodox fashion to look
al il and try. the ministers do, 10 find bless
ing in il. IL was, then, splendid thing for Mr..
Armour. II gives him rest for q little while,
at any rate. IL wheat should even
90 up or oats, for instance,
OF even corn or some other commodity, before
turning around with one accord and declaring
that Armour IL running corner" The crowd
will now IN all Hkihood look about first for Mr..
simmons, or Mr.. Blair, or Mr.. Wesre, or Mr..
Somebody Else. Secondly-This has been
remarkable advertisement for some very clever