St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-29

Spectators in Corn and
Wheat Twist These Cere-
ais Up a Little.
A Favorable Visible Supply Re
port Causes the Latter to
Advance.
Corn Higher i'll Sympathy with Wheat,
but the Natural Tendency is
Downward.
Oats Tri1e Better, Likewise Pork, Lard and
Ribs-Cattls Tending to Lower
Prices.
Wall Street Weak and Unsettled, the
Vanderbilts Tame and
LifeIess.
CHICAGO.
IspeciaI Telegram to the. Globe. |

/ Change was relieved by little boom in wheat
( 1t wasn't much of a boom, to be sure but there
was increased activity and higher prices and
even those the wrong side voted it better than
nothing 1t was based solely & less increase
in the visible supply than was expected, and this
goes to show that all that is needed to start the
market into life again is a few favorng factors,
which, however, are tardy IN coming, The close
was about 3 higher than yesterday. Corn also
showed more strength and closed u 03sc higher
for the active options.
Oats followed suit with an improvement of
H@&c.
Provisions generally were s shade stronger,
| year pork showing advance of 22Hc, Noyem-
Der lard of sc. October ribs of sc. The October
option of lard remained unchanged, aud Novem-
Der option of ribs fell 1Oc. The closing quota
! tons of the afternoon board were November
wheat 759sc. November corn 42l4c, year oats
2914c, year pork 81 .27h November lard ST. s21.,
| October ribs $3.50.
Wheat was tame enough early in the session.
but about 1880 the state of affairs changed ma
teriay FOR the better. The immediate aud direct
reason of its strength was posting of the visible
supply, which only showed increase of little
over 100000 bushels, whereas it
had been confidently expected and predicted
| that this increase would be over
100000 bushels. Upon this announcement the
shorts began to fill and longs TO buy, and the
market as natural consequence soon went up
| q of cent. At this elevation the sellers were
in the majority and the market declined little,
but afterward recovered and in the afternoon
went up still higher. Liverpool was quiet and
| Mark Lane was every inactive" The weather
in England was wet and warmer. The arrivals
| OF wheat off coast were small, and of coru none.
Our receipts (for TWO days. were proportionately
! +bo lint 81
from New York said that French dealers at
Marseilles were largely buying our wheat
futures. The New York market
early was &c higher on wheat but
St. Louis was steady. The exports from India
| this year only about one half large as last
year. There is no wheat on passage to the United
Kingdom from the Black Danube. Chill
has not shipped cargo of wheat since August
9. The northern ports of Russia will close in
about week. These are points which will bear
hard in determining the future price of wheat,
and, il continued long, we think prove q good
basis for a material advance.
Jim Love and Billy Lynn were active buyers
all day, also the house OF j. I. Lester &
Co. Lester is said TO be an avowed bull and
to own considerable wheat. He had two brokers
in the pit. Bangs, who is best known of the
| two in connection with the business of that
house, prominent a seller. but there is
every to believe that his sales were insig-
| nifcant compared to the purchases of johnny
! Moore, Testers other broker. Though consid-
| cradle trading done it not learned that
any broker in the pit had an outside order to fill
October opened at "a, ranged between that
point and 74S and closed on the afternoon board
at 74sl, against 1855 yesterday
November opened at 74A, sold at 74S 075k
on the morning board, closing at
rs, and in the afternoon frmed up
to close of 75s. December, which
is the favorite deal. developed far activity
The opening at 1850, and from that it ad-
yanced to nc, closing On the morning board at
| 76alc, and on the afternoon at 773s C. There were
liberal offerings of car lots of No. 2, and sales
were made at 74H 975c cash. Q No 3 spring was
taken by shippers at an advance of 1<01 nc and
! closed at 61Q61 &c. .zNo red winter was spar
ingly offered and advanced lake, closing at
76c. No. was steady at Csc and rejected at 10
95Oc
Said q close observer Of the market situation
to-day: 1T would not be strange if there was
not very increased frmness in the wheat
markets of this country and better prices and
it is barely possible that we have seen the
low point of wheat for the season. Should all
the flying reports about damage to the crop IN
Russia and India prove TO be correct, there would
be an immediate advance, but if these have been
manufactured and sent abroad for purpose, any
such advance would be sure 10 bring on disas-
irons reaction. The chances of the future how
ever, at present, in favor of an upturn rather
than a further decline' 1.-The fact is" said G.
S. Everingham, ''the speculative element in the
trade look upon prices as low enough, and the
more thoughtful dealers put little faith in talk of
an overproduction that has been so much in
dGlged in OF late, considering the
low prices due the collapse in
falsely inflated railway securities which has pro-
duced a general depression in all mercantile bus
mess and a lack OF confidence on the part of
capitalists The crops are good, and the coun-
try is full Of unemployed capital All the coz
ditons favor general improvement in business
and increased activity in speculation as soon as
the political crisis has passed, and any
increase in legitimate bu siness or in speculation
can only mean an improvement in values, as
prices too low to expect much profit on the
bear side of the market
Milmne, Bodman Il Co.: "While we are
not bullish on the general stu
alton, and see no reason for any great
advance this year, we shall have reactions from
the extreme low prices aud the feeling to-day is
in that direction. Sick cabl:s, large receipts and
light export fail to get the December much below
76c and we may look for little improvement,
with, perhaps, some good places to sell on
Those who bought all day yesterday and early
this morning seem to be holding on, though not
increasing their line at the advance. The scalp
ers ring crowd generally are the most builish
and while they are power in the pit our friends
know that it viii do to follow them too long
Corn, ike wheat, was weak during the early
part Of the day, but the advance in the latter
cereal and large engagements for shipment, ere
zted armer feeling in the afternoon and there
was slight advance. The natural tendency OF
the market, however, is downward, owing to the
expectation that new corn of contract grade will
soon be received here in large quantities and
there is consequent pressure 20 sell, so that
barring manipulation, the outlook Is for lower
prices Very little new corn has been received
as yet, and to-Gay's statements showed a decrease
OF 100000 bushels in the visible supply, which
was rather surprise 10 those bears who were
last week predicting that we had seen the
last decrease for this year. Concerning the new
crop j. A. Ellis L Co. to-day publish the follow
ing report made by representative Of the firm de-
tailed 10 made 4 trip OF inspection through the
belt:
After having made careful examination Of
the crops OF the states OF Missouri kansas
Nebraska and Iowa I'suhmit the following re-
port:
My calculations as to the probable time Of
grading are based entirely on anticipated good
weather. Missoari cuts bet small figure in this
examination, IS most OF the corn raised in that
stAie VII be fed 10 hogs aud cattle. 1 viii
merely state that the condition. quality and
quantity Is abort the SINE n ;, E.r-,.