St. Paul daily globe., 1884-11-29
CHICAGO.

Va SPSSuiatife uaulnS ana cOusl1craolc IT.
regularity as to price. Wheat was the irm-
est article on the list and closed near the
highest point Of the day and about sc over
the last figure Wednesday. November corn,
after a rally Of &c, broke of sharply SIC
from highest prices and 2I{e below Wednes-
day. Other options we're 5s@9se lower in
sympathy. Oats were steady aud closed un-
changed, and provisions, after a show Of
strength early, eased of and closed 5Ca7IIc
lower for pork and lard and at about Wrdnes-
days figures for ribs. Closing quotations
on the afternoon board were: January wheat
75c, November corn 3s14e, year corn Soc.
May oats 2Sl4e, January pork SIO.95, Janu
airy lard $3.50, January ribs 1896.
! Considering the du.lness in eastern mar
kets and the liberal receipts here, wheat has
been quite 6rm all DAY and the close was al
nearly the highest point reached. Trading,
however, is almost entirely confined to the
| local crowd, outside orders having again fal-
len of, and the market is at the mercy Of a
few large spectators, who, at present, seem
inclined TO bull il for profits OF 14@1<c, let
ting values decline when they have realized
and then putting them up again. Sealpers
and small dealers tail on, but the feeling
among them is nervous, and it is no un-
common thing for them 10 sell out their
holdings shortly after getting them at the
same price for which they bought them, still
the general belief seems to be really that
higher prices will prevail, and it is a recog-
niZed fact that at the present it is much
easier to manipulate prices up than to mani
puiate them down, so the tendency is to make
the most of all the faVOring factors, and as
10 the adverse factors they are the same that
have stared the longs in the face for the past
month or two, aud have, from this fact and
the further belief that they have affected the
market about all they can, lost much Of their
potency. This being the case, the strong
foreign adyiees to-day were used for all they
were worth. Liverpool cables reported more
inquiry and another advance Of Id per
GENITAL on all kinds OF American wheat,
which makes total advance there within a
week Of about 21zc per bushel. Mark Lane
reports wheat quiet and steady with an ad-
vance for California wheat, of coast aud
nearly due, OF about 11ze per bushel. The
advance in Liverpool is regarded by the
bulls as increased evidence Of returning
confidence in foreign markets, and it is on
this and the decreased acreage that they
mainly base their hopes for an advance,
though the prospective decrease in receipts
is an argument also used. This factor. how
ever, is very uncertain one to count, and,
in spite Of all predictions of an early falling
off, the receipts continue to come in lib
orally. Though it is true that
the general tendency is bullish, the
fact is undisputed that the bears form pretty
strong minority, and, backed by the enor.
nous available supply, they stubbornly com
bat all attempts 10 force the market to a
higher range, and their strength is such and
influence pro and con so nearly balanced
that it is only by hard fight that prices can
be put up. Experience has shown that the
tendency Of spectators Is 10 discount ex.
pected influences on the market, particularly
so when they are adverse, and it seems tC
the writer as If this had been thoroughly
done as to the enormous visible supply, and
while the market may not 60 much higher al
present, it is extremely improbable tnat Il
will go much lower, and the chances are that
before many weeks it will go upward with
something Of boom. To-day the opening
was firm at an advance ol
4@%c, and shortly after the
opening Baker helped matters along by
taking $50, 600 bushels Of January at 74cs<,
and Billy Comstock, Lester, Dupee, Warner
and Linn also bought with such good effect
that the option named soon stood at 751sc
Here, however, a reaction set in, and the
price dropped back to the opening point, in
iuenced partly by the realizing Of the scalpers
and largely by such operators as Adams,
Milmine & Bodman and Trego being OBJ
served as rather heavy sellers. The former
was eonspicuously bearish and great degree
of the responsibility of the markets fall i:
laid at. his door. On the afternoon board
prices went up again L9J6c on the whole
range on reports of higher quotations in New
York and an Increased export demand, 2OO,.
600 bushels having been taken for export
there, and the close was &c higher than on
Wednesday at 744c for Decemb.r, and go
higher for January and May at 75c and s2C
respectively. Trading in the February option
is gradually increasing, and May is fairly
active.
Corn was rather quiet to-day except fol
the November option, in which the main in
terest centered. The expectation of manipu-
lation in this months delivery seemed finally
dissipated to-day, and those who had chung
to their holdings in the belief that there
would be sharp bulge towards the close OF
the month exhibited considerable anxiety tc
get out of the deal as best they could. The
demand from shorts, on the contrary, was
limited, and foreign advices were unfavor-
able to holders; American mixed corn in
cargoes being reported from London a:
99lS per quarter lower, which means
decline of SIC or more per bushel on an
average. Liverpool corn was said TO bt
firmly held, The lowest point here to-day
for the November option, 371<c, was the
bottom figure at which it has sold this year,
but there was an advance Of nearly 1c to-
wards the close, followed by another decline
Of IL in the afternoon, the closing price be
ing 3sAc as against 4O5<c Wedn esday
Other options are comparatively too cheap
but if receipts continue liberal the cash ar
ticle win probably fall to its proper position
below them, its present price being, in 1
great measure, forced by the demand couse
q1ent upon fears of manipulation in the nea
future.
Oats were quiet and steady, Novembei
ruling all day at Wednesdays close, s5s<c,
and May huetuating between 2s5sc anC
2S$c,. closing unchanged at the forme
figure The bulk of the speculative trading
was in the latter option.
Provisions opened firm and ruled rathe
strong early in the day, with a fair degree o
activity. Pork advanced 71<c early in tn
| day but hrnke off Izl<c Tor Iannarv an.