St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-11-04
Spectators Spend Their Time Even
ing Up Deals and Placing Few
Dollars On the Election.
Wheat and Corn Trihe Higher, Oats About
Steady, Pork and Lard Advancing
and Ribs Quiet.
Wall Street Brokers Doing but Little
Trading, and Betting Their MONEY on
the Result in New York State.
CHICAGO.
Ispecial TeIegram % the Globe. |

politically. Corn was frmer and &c higher
for November; but, beyond a few 5000
bushels trades, there was nothing doing.
Wheat was steady and closed g higher, and
oats were a shade better. Provisions were
frmer and higher, pork advancing 15c, lard
1919 and ribs remaining about steady.
Closing quotations were: December wheat
1890, November corn 1890, May oats 29Ac,
January pork 81 20, Decem Der lard S6.971E.
January ribs $6.025S. The afternoon board
was given over to politics entirely. There
was no trading and consequently no changes
to note.
Wheat receipts were liberal, and with the
exception that prices for cash and November
were quoted &c higher in New York, there
were no sustaining influences. Foreign
cables quoted dull and easier markets in Liv-
erpool and London, without any continental
demand TO speak Of, and there are predic-
tons that the visible supply to be published
"Wednesday will show an increase OF 2,000.-
900 bushels. About the only buying was by
parties who had outstanding contracts to
close up and be even until after the result OF
the election is known The local scalpers
and some of the large commission sell priv
ileges on wheat each night and stand on the
edge of the pit during the day. They do just
trading enough TO protect the puts
and the calls they have out. This
little trading against privileges eonsti-
tutes the entire business nowadays
about the wheat pit commission men would
at ordinary times be ashamed to be caught
at it. They plead now lack of commissions,
20 e.
the board might as well adjourn until after
election. There are no orders from the
country. New York is tired of waiting for
action in wheat and is dabbling in corn. To
the thousands OF commissions who must
therefore get living out of the wheat pit,
the chance to make picayunish $50 off OF
privil sc on 5000 bushels Of wheat, even II
the risk is far out of proportion to the re-
turns, is God send. November opened at
7414c, and ranged tn rough the morning SEES
sion at 741S9741lc closing at 749sc. Deem
Der opened at 7615c, ranged beween 76c
and 761Ic, and closed 76s5c. January
ranged at 7659977Ic, and closed at n &c.
There was scarcely any shipping demand Tor
No. 2 spring, and sales were at 764@745sc
clsh, No. 3 closed at 6OH@6O}4e, No 2
winter at 7515@759<c, and No. 3 at 63@64c.
I'm two weeks" says Lindblom. ''we will be
trading in winter storage, and the actual carry
ing charges will only be nc per month. This
should induce speculative purchases, and prob
ably will, partic uarly il the visible supply should
stop growing. Prices are low enough TO suit
anybody, but we need basis for speculative
hopes. 1t may be found ia the fact OF decreased
acreage. and later o n in apprehended damage to
crops. In view OF the low prices, this would
PROBABLY start boom. There are no official re-
ports in regard TO acreage. Indiana reports a
considerable decrease. Northern Ohio has sown
the usual quantity, and Southern Ohio had de-
crease which might be made up with favorable
weather in October. Unofficial reports from
Kansas predict large decrease, and the same il
true in regard to Dakota and Minnesota, but IL
is safe TO say that the esti-
mates re. someW hat exaggerated. There will
be decreas : no doubt, sufficiently large to
speculate on but nol large ems u "a to seriously
curtail supplies, unless poor yield should also
be added. We all know that speculation runs
rampant and when the sentiment is once strongly
formed it takes but little TO iDhame it and start
it on a wild career. Something like this will
surely happen to the wheat market. Often the
long and serious depressions and decreased
acreage here and abroad there will be bull
argument that can be appreciated by the most
obtuse operator, and enlarged at pleasure The
old bulls have sold out and the shorts have
bought IN. The wheat is now owned by scatter-
ing parties who have bought it for investment
and who will keep it for some time yet. Nearly
everybody is ready 10 buy wheat when they can
see anything to do it on. but those who wait for
that will likely not buy at all prices will be too
high to meet their yiews."
There was but little trading in corn. The
wheat pit on change was thin enough, but
the corn pit was much thinner. Liverpool
was firm on corn and half penny higher,
but it was a suggestive fact, in connection
with the stock of corn at Liverpool Novem-
Der 1, that the amount of Danubian corn
was over five times as large as american
mixed. This shows that the Danubian corn
growing provinces had been pushing their
product into the market quite lively before
the American new crop had time to get there.
New York and st. Louis early were both so
&c higher on corn, and what few sales were
made here tended in the same direction.
There is most certainlya very large shortage
IN November corn. 7 he September crowd
still have the cash corn. They did not de-
liver it out in October, as people supposed
they would when it was generally accepted
that they had sold out. They did not deliver
short Saturday. The delivery declare
that not above 1o0,0o bushels Of
this went round on the 1st. 1t costs the
holders of this corn not less than 81, 900 q
day to keep it. Now what in the world ar
they hanging on to it fora Pretty dear fun
certainly, if it is motionless. Novembe
opened at 412l@15Sc, advanced to 424c
and closed at 1890. Year opened at 3914c
sold at 391lc, and closed at 99Ac.
Oats were without material change, but thu
feeling was frmer and prices were a shad
higher. November ranged at 2514@253sc
closing at the outside figure and &c high
than on Saturday. May went through tn
session unchanged at 29Ac.
Provisions ruled strong and higher owing
to the smaller receipts of hogs. Foreign adj
vices showed no material change
and eastern markets were quiet
Little was doing in pork but
prices ruled higher. January opened Is,
higher at sl1.7o, ranged 21zc either way and
closed at the opening figure. February
opened 121Sc better at $11.77%, huctuate,
between that and Sissy and closed a
s11.sO. Lard was also quiet, but prices
ruIed frmer, and November went up 71SC
from an opening of 1896 and closed at 81
1o1<e above yesterday. December opene
1Oc higher at $685. and went up axe to tn
close. Ribs are nominally unchanged.
The cattle market was rather slow an,
nr;ces on the whole quoted lower. Anon,
tho receipts were $50 cars of range stock, 10l
of Texans and $50 of westerns. All sorts Q
range stock may be quoted strong 10
lower There was not sufficient business il
stockers and feeders to make
market but prices generally were re