St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-27
MOVING UPWARD.
ALI Cereals Gain Strength as
the Net Result of the
Day.
The Rumor Getting Abroad That
the Corn Corner Will Soon
Collapse.
Spectators at q Loss Which Way
to Jump to Make Money on
Wheat.
Oats Close a Little Higher-Pork Ad-
vances Round Dollar, Closing
-.
Wall Street in State of Weakness and
Uncerta:nty-New York Central Con-
spicuously Bearish.
CHICAGO.
Especial Telegram to the Globe. |

of the morning session became quite strong,
the strength being continued on the after
noon board with 4 further advance in grain.
The Septem Der corn deal was fiat and unin-
teresting at the opening, and though the
price advanced &c, closing firm at 73c, there
was no excitement and very little comment.
1t is asserted by responsible parties that the
corner operators are making use of every
opportunity to sell, and that to-day consid-
cradle Of the cornered article was disposed of.
Wheat was strong aud closed at about the
highest point of the day, and oats were quiet
and triie stronger on the afternoon board.
Provisions ruled dull early, but improved
later and the close was steady all around.
Closing quotations on the afternoon board
for the October options were: wheat 7Sc, a
gain of 1c; corn SIC, gain of Nc; oats
255s, gain of &c; pork s17, gain Of 81;
lard 1856. decline of sc, and ribs 5000,
decline of 10c, as compared with yester-
days closing figures.
Wheat opened frmer and advanced
1c during the day. The improve
-ment in the foreign markets of the past few
days was more marked in this mornings
|
obtained on some grades of wheat. Receipts
here were fair compared with the average of
week or two past, but there was
furthur falling off at western points. The
firm opening was somewhat of a surprise to
the bears, who expected that the break late
! yesterday afternoon would not only have a
depressing effect on foreign markets, but
would cause an increase in selling orders
from other points, and when they found that
this was not the case they commenced cover
| ing and bid up prices as noted. New York
and winter wheat markets were also higher,
and late in the day advices were received
from the former point that more than 200,-
900 bushels had been taken for export there,
while it was reported that fresh export orders
had been received here, which were limited
to price slightly below the market. There
was an effort during the day to
bear the market by clique
who had sold call lots yesterday
afternoon on about 1900, 900 bushels, but il
was only successful to the extent of prevent
ing possible heavier advance than was re-
corded. Hatch, it is said, sold nearly 1,000,-
600 bushels, and Clark, Eldridge and
McHenry 200, 900 to 400, 900 each. October
opened at 7735c, advanced &c and then
receded to 7715c, from which point it ad-
vanced under moderate demand to 77%c,
at which point 1t closed on the morning
board. In the afternoon board there was
increased strength and advance to 7S16c,
while the close was strong at 7Sc. Novem-
Der opened at 7915c, sold down to 79c and
then up to 1890, closing at 79%c in the
morning board and at 1890 in the after
noon. No. spring closed firm 1l@%c
higher at nc, and No. 3 at 63c. No. 2 red
winter advanced 1c on good demand ant
closed al 79Lc. The most prominent
seller was Nat Jones and the buyers were
many. Individual purchases were not large
G. s. Everingham says: II belive the indica
tions point TO gradual recovery in prices, will
increased activity in the markets of the country
all advices agree that the planting OF winte
wheat has been largely decreased this fall TIL,
first bull movement of the new crop of the worlC
has had its depressing influence on values and al
contingencies of the future will favor furthel
advance, rather than any decline from the low
prices prevailing
A NJ. Wright & Co. say: ''The fact that
prices have recently stood up under the severe
hammering OF the bears and the various othe
adverse influence and that every depression
il followed by an upward reac
tion which in most instances exceeds
the decline is doing much TO increase the con
fdence OF dealers and outsiders who think tn
present low prices are more likely to be followe'
by upward than downward movement; henc,
majority of outside traders are more dispose'
to buy than sell, and while we are conservative
about giving advice we are free to admit that W
feel favorable to buying on Breaks
Said Geo. s. Brine: ''There seems to be in
, creased confidence in the future of wheat, an
although usual fluctuations may be expected
there are indications that the tone Is improving
and that any revival of outside business wouil
result in somewhat better prices here
hilmine, BOdman d Co. say: 'sThere Is
good deal of bull talking going around now, bu
New York says exports so far this week hav
been less than 100. coo bushels and there will b
1000, 900 bushels OF No. . red in store there b
Saturday night. This, taken in connection wit
the continued liberal receipts al around, pre-
vents rs from taking the bull side of wheat jus
at present. We think lower prices probable.
Corn opened easy for September and othe
futures under unusually heavy receipts, tn
option opening Age lower than yesterday
close at 71c, and the market wore tire
look ali day, notwithstanding the fact tha
the demand was such that offerings were a
: taken and the price advanced &c. The sam
operators who have been prominent in th
corn crowd for the past week were ther
a again to-day, but those who were nc
: specially interested in the deal devoted thei
attention mainly to wheat. October opene
at 5655c, reached 575lc and closed at 57C
The only feature of option-trading was heay
selling of October by Seckel.
: There is no DOUBT said broker who ha
D spent the entire session on the floor, That NJ,
, Henry operates for the corner, and Love an
: others, who were heavy sellers OF Septembe
Il corn to-day from 73c down 20 71e, gave il OF
: that their sales were on McHenrys account, At
: 1 am equally sure that some large sales by Seek
y were for Weare, 50 you see there is pretty goo
evidence that tEey haven't got corn cornered Il
:, the fun Of il or with the expectation OF gettin
i more than probably sc for it,
2 Frank Kennett said ~ look for lower price
I. in n the near future even IL the clique Il
tends to squeeze October and November uli
: mately, which is doubtful
Oats were quiet with the usual amount o
\ business There were no special features
\ note except possibly the falling OF recent
o in shipping demand, but no decline of i'm
q pOrtance from current prices is looked for
y October closed at 255Sc and May at 2o55
: s gain Of 1sc on both options.
Trading in provisions was a little sIov
lard claiming the most attention, but ii
volume Of business aIl around was on
moderate PORK was quiet as usual. sell
the year and January monopolizing VII
little attention was bestowed upon this pr