St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-11
WHAT WILL WHEAT DO
The Grain Market Was Puzzle to Both
Longs and Shorts All Day
Yesterday.
Wheat Moved but Slightly in Either
Direction, Closing Firm at About
Opening Figures.
Corn for November Advances GEM
increasing Interest in Pro-
visions.
A Quiet Day in Wall street, the 0iose
Being Near the Best Figures
of the Day.
Chica o.


Special to the Globe,
CHICAGO. Nov. 1O.-Wheat was nervous
to-day. The market opened strong ON Chi
cago and New York visible supply state
ments, the first showing an increase OF less
than 500. coo bushels and the latter
less than $4,000 bushels. The opening
was &c above yesterdays last quotalons
and another advance of &c was scored
Then the market became weak and deemed
re. 1t looked very, very sick and the 1ur-
Their prices dropped the Sicker 1t seemed 10
get. When December struck size, and
January SS15c, there was apparently no
hone for wheat About the time the
government report came which was
shortly after II o'clock. there was rally
and prices climbed steadily up to the open
ing scale. Brokers bought with the great
est freedom, and under the leadership OF
Fralev and Carter, the professionals gave
the market a boost. The crowd has been
led to believe that strong operators may De
in wheat for an upturn. and the first signs
tending to confirm the suspicious are sig
mai for scrambing. No reason IS gwen Tor
the spurts. but the trade is i'll nervous
trem0r most of the time. The volubie
little st. Louisan has worked the wheat
crowd into thinking that he may be backed
by the millions at the command OF Armour,
Ream. Hutchinson and Kent. They do not
know. of course and While half believing
that he is just having
"LIrric Fun WITH THE BOYS"
They are on theloob Tor bigger game. The
/ O'Clock closing was within re of the
top. Nothing was said about wheat in
The general report for November. and that
could have nothing to do with the late
strength. On the late board the market
was firm and slightly higher. Heavy pur-
chaseS at the bottom, supposed for account
OF local spectators, turned the market,
and prices advanced to opening figures.
The close was firm. New 7 ork reports
nothing taken for export. Adyices regard
inc the movement of wheat from first
hands are conflicting but 1t has undoubt-
edly decreased some, although it can still
be called free. and we believe it will con-
tinue so, at least through the month. The
local crowd are generally working on the
bull SIDE Said Charley Brown:
I'VE believe the short interest is small, and
while bulls have the &! eater part of their
wheat bought from parties carrying the cash
property, the outlook is hardly favorable to
higher prices. Cables contain as little en-
couragement as at any tilne within the past
two years.
B0dman says:
''Thc market will not absorb any large lines
now without breaking. \ quite genel al
opinion prevails here now that We have seen
our last increase III tine visible report, ana
that for the balance Of the season 1t will
begin TO show Il falling of from week to week.
We 0pnc not. for with favorable weather
we think tie movement in the Northwest will
increase, and if we get no increase in export
movement (and we see no prospect Of it, we
shall expect the visible supply to show an in
crease each week until after the close of navi-
CATION, say the lst proX. Speculation seems
to be on the decline again, and unless it i'm
proves materially think the market liable
to sag of its own weight
TIE DEMAND FOR CASH CORN
still keeps up. and while the rush to buy it
is probably not as great as two or three
DAYS ago. offerings are all absorbed as soon
as thrown on the market The bulk of it
goes East. To-day the price was steady,
opening at 4514c. selling up to 45Mc, and
reactng to 455sc. The government report,
ont to-day, says The present crop, grown on
an area Of Is COS 600 to "a, 900. 900 acres, is
Slightly above the average of ten years, or
264 bushels per acre. The highest was
3615 bushels in Nebraska and Ohio Three
corn-g growing states produced per cent. of
the crop, Illinois, Iowa and
Missouri. Each averages several
bushels less than in the census
year. Illinois 81. Iowa 50, Missouri 80,
Utah SO, Massachusetts, Connecticut and
Colorado So, Michigan SO, Wisconsin % and
Kansas 81. The Southern states make an
average yield. The quality Of corn is very
good in the East and South, medium
in the central part of the West
ard somewhat deprecated in north
ern border from Michigan to Da-
kota. On the short afternoon board the
price of November corn passed 45c. and the
bulls began to talk soc as the figure before
the close of the month. The latter figure
is likely enough 10 be reached. The stu
alton is ali the while growing serious for
the shorts. and already the advance has
been as much as some Of the weaker ones
can stand. The talk is now that there may
be just as serious time in store for shorts
in year as in November. Receipts continue
SURPRISINGLY SMALL.
Oats were 1{c higher and quiet Novem-
Der closed at 26Ic and May at 304c.
Rye ruled dull and steady.
Barley was steady, and the demand was
almost exclusively for the best grades.
The large receipts of hogs caused pork
products to open away off from the prices
that ruled yesterday, pork being 15M25c
lower and ribs T1a@15c lower. lard holding
up well. The market hardened as the day
advanced. pork closing at 10 o'clock I'M
changed for cash, November and December,
and re lower than yesterday for January
and February. Ribs were within sc of
yesterday and fairly firm. Lard was the
easiest article on the list. Speculation is
getting into hog product. The packers
still continue to talk and act bearish, but
the provision list is getting more and more
sensitive to the little advances which all the
while are occurring.
''You will notice. said stock yards man.
''that the shipments of hogs East are nearly
double what they were last year. Then there
is a new trade opening up which outsiders
know nothing of, but which disposes largely
of hogs arriving. The shipments of fresh
loins have been growing enormously. While
the receipts of hogs at this point are liberal
they are not excessive, because of the new
demand
There were As, 600 new hogs at the yards
yesterday, and 5000 left over from last
night. The day in all the speculative pits
was dull and uneventful.