St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-21
An Impression Gaining Ground That
Certain Stock Operators Will
Soon Invest in Wheat.
Corn Does Little Collapsing and Winds
Up the Day with Net Loss of
ThreeQuarters of a Cent
Northwestern, st. Paul and the vanderbilts
Move Ahead of tn. Other tocks
of the Wall Street List.
Chicago.
Especial Telegram to the Globe. /

most of the leading articles. Wheat. which was
pretty well sustained during most Of the day,
closed rather heavy and about "a c lower than
yesterday. Corn dropped &c on the leading
options. Oats remained stationary, and provi-
sions generally slightly higher. but fell OF
later and closed weak at a decline OF nc
pork, about 2Hc on lard and 5@71c on ribs.
Closing quotations on the afternoon board we're:
December wheat 72Hc, November corn 4OAc,
May oats 2SHc, January pork Sll O5, January
lard S6.77H, and January ribs S. 20. The
general feeling at the close was weak and IN
settled
In the wheat market there was fair degree
of activity among the scalping fraternity. be
opening rather quiet at about yesterdays
close, but under some buying by short sellers
advance OF about ac effected, but at the
top realization commenced and fresh lines Of
shorts were put out at the higher prices and the
market tax ng down turn, sold off steadily to
the close of the morning board and in the after
noon the desire to realize increased and further
de line was scored, SO at the close prices were
&c I'M Ter yesterday Receipts at primary mar
ket showed decrease to-day of 100 600 bushels
compared with yesterday and with the same
day last week This, however, is of small i'm
portance unless it is indication of perma-
nent falling off in farmers deliveries.
tinuance. In the present temper of
the trade and the general depression in all specula-
tive circles, some radical and well established
change is necessary induce anything like good
buying. The report that Armour had been buy
ing wheat quietly for day or two past. could
not be traced to any reliable source, but, for all
that it may prove true. There is a general
feeling that the market ought TO go higher, and
there mas been good deal OF miscellaneous eff
fort to put it higher. but without any great de-
gree of success. The situation has lacked leader
ship of a bold and positive character, but IL the
''bg fellows now take hold of the rope, the
machine will move forward without any doubt.
The dullness of trade has cen really getting
serious and something had to be done to stir up
a measure OF life and enable the 'boys'' to make
money enough to cover their election bets, at
least Liverpool is reported not much in demand.
and Mark Lane was steady and inactive. The
weather in England was milder. There are on
passage to the United Kingdom 1880. 600 quar-
tiers of wheat. Liverpool said that supplies from
India and Russia were soon to be reduced, In
Mark Lane said the offerings were TO be greater
instead of less. The time is coming undou tedly
when the present excess of wheat supply will
disappear to some extent, and that time may
not be very far away. Still, there are few signs
of its approach now visible. December wheat
opened at 72Ssc, sold at 72h a. 1914 c and closed
at 72Mc. January was the favorite
future sand was most largely dealt in
1t opened at 49, &c, sold at 73A@73Kc on the
morning board, and down t. a close of 73bc in
the afternoon. No. spring in liberal sup
ply and sold at 725s arse cash, and No at 500
SIC. No. winter sold at 1073Ac and No
3 at 81 062c. A. X Bliss and 4. NJ Baxter
bulls for a short turn, and bought large lines
of January wheat to-day aud Milmine, Bodman
d Co. bought 100000 blshes of the same option at
73%@73Hc. On the other side Charley Hancock
sold this option at 1870 for a scalp, and''Hutch'
sold January and May to the extent of 100000
bushels. Lester bought generally. S. Tauffer
prominent among the sellers. Outside orders
are about as scarce they have been all along
since July.
broker remarked: s'But there is a feeling
that they will begin to come in pretty soon, and
the boys are feeling little better about it, but
if they don't come l don't know what we are
going 10 do about it, We've got each other
pretty well chewed up, can tell you
"Despite the failure OF the bulls to hold an
advance" said A. NJ. Wright lit is daily be-
coming more apparent that there is a growing
belief that wheat is cheaper than nearly any
other article and capitalists who have idle funds
are regarding the market with increa sing inter
est as they are anxious to employ their money
where it is likely to be most securely invested
and at the same time bring them a fair return.
The reckless manner in which a majority
of the leading railroads are man
aged is also inducing many conservative
stock operators to examine the wheat situation
closely, and should this class of spectators be-
come large buyers it would require very little
effort to secure a considerable advance, yet the
best informed and most reliable dealers predict
that, without some unlocked for developments,
no very marked appreciation is likely until after
she first Of next year.
Minimize Bodman g. Co.: 1.-THE scalping ele-
ment is trying hard to bull the market, but they
get no substantial support from large operators
There is no perceptiOle increase in outside buy
ing orders. The larger operators are still in
,lned to work the markets from that side There
ls more talk to-day about damage to the crop
In Kansas and Missouri by the fly
and other insects, and damage from this cause
may eventually create alarm and bring in
some liberal buying orders. Well, it will require
some such extraordinary circumstance, we
think, to advance the market materially. The
market, although pounded severely the last few
lays, is holding its own, leading to believe It
will not omuch lower at present. We think
purchases on weak spots now will make some
money if carried through. In any event one
could not lose much. We believe the market
can easily be bought down to the. bottom now,
and those who have been watching for chance
10 buy we think might safely begin now taking
On part ogtheir load, reserving sufficient margins
TO buy the market along down to the bottom.
We think receipts must show some falling of
now"
Corn was less active than wheat. The open
ing was steady but the receipts for the day
showed some increase, with the promise of
still flu rther increase, and the firm tone of the
first hour Of the session gave way TO weakness
and depression. The offerings of all deliveries
except November, were heavy, aud prices show
adeclne for the day of about Nc. For Novem-
Der the business doing is very light and prices
within small range are governed by the mr.
gency of either buyer seller. There are
hardly, at any time. except while actual transae-
tions are occurring. any definite quotations OBJ
tainable, the last trade being regarded as the
market until the next one is made. According
10 the Washington bureau the average consump-
ton of corn in this country is about 1000, 600
bushels monthly, but in December the amount
is five to ten times as large as in June, hence IL
supplies should be liberal in December
the demand would also be. 1t would be useless
to look for any great improvement in prices,
however, unless all markets participate in gen.
eral advance November opened 4 c lower at 41c,
and after ranging at 40H@41%c, closed at 40xc
Year opened at S7Ac, ranged at SO 4 oar &c and
closed at 36Hc. John Kanter and Poole, Sher-
men & Co. were doing little ostentatious buy
ing. but failed to affect the market while Jim
Love and Ed. Partridge have great faith in an ad-
vance and were liberal buyers
What. in your opinion, will be the legitimate