Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-08
BEARING 1HG MARKET,
4 DOWNWARD TENDENCY TO CHI
C4GO GRIM SPECULATION.
All staples Fall Several POints-Indica-
ci'iohs OF Huge Corner in September
Corn = Railway Stocks at New York
buoyant-Heayy Transactions in Lead
ing Northwestern Shares.
CHICAGO.
Especial Telegram to the Globe.l


July wheat committee continues to be the
principal topic of discussion on Change.
To-day eleven more injunctions were is
sued against the board, making seventeen
in all.
Attn opening of the morning session a
call was read numerously signed by COM
mission houses asking for meeting to-
morrow of all parties interested in the
July wheat transactions. 1t is understood
that an attempt will be made to com
promise with Messrs. Kershaw 81 Armour
on basis of about $1.3O. Mr.. Armour
stated, however, to a GLOBE representa-
tive to-day that he did not favor conven-
lions to decide matters already decided.
The price had been fixed in accordance
with the rules of the board of
trade, and the disgruntled
shorts would have to
succumb eventually. In court of law"
said Mr.. Armour, they will not stand a
shade of shadow of a chance"
THE MARKETS TO-DAY
were decidedly brisk. In fact bear
mania is prevailing ON the board Every
product is now heavily oversold, and shrewd
ones begin to predict that some one will
learn dear lesson within the next three
weeks. Wheat opened with
good deal of activity, but almost
immepiately declined sharply and heavily
on all the deferred futures. September is
| steadily sustained and is now at premi-
un of &c over October. Whereas, only
four days ago these options were quoted
| together. It is an open secret that the
long account in this option is held by Nc
Geoch. This worthy appeared on the
board to-day and is quoted as saying
while he clenched his fist defantly If
any one supposes that I am going to sell
September wheat for less than it cost me.
they are doggas tedly mistaken"
he is reported long five to six million
bushels.
Wheat receipts have been light of late,
and good share of the wheat arriving is
contracted for shipment east. The deIer-
red futures are panicky. and declining IN
der the reports of al immense crop of
superior wheat, which is said to be ready
to move at any moment. Spring wheat is
III good demand, but arriving slowly The
| weakness that has prevailed for some days
past. not only i'll wheat, but in other spec
| uiative articles, caused good many longs
to throw their property OH the market,
while the exhaustion of margins also
brought out a good deal for sale and under
the offerings prices fell 1870 on October
and November and 1 &c on year. Then
recovered 4 and 28c; afterwards huctu-
ated with a moderate range.
Corn has attracted good deal of specu-
lation Of late. Orders have been received
| from every hamlet in the country to sell
corn. So great has been the rush to sell
this product that it is estimated that
corn is now oversold 5O.OO0,OO0 bushels. or
nearly half crop. There is scarcely a
million bushels in the elevators here, and
| the receipts have dropped off heavily of
| late. Still the orders come in to sell corn.
1t was intimated to GLOBE representative
| to day that there is now
| POOL FORMED
which is quietly picking up all the long
corn that can be got hold of. The corn
crop is in a very critical condition at
present, and frost is not improbable at
any time.
1t is a noticeable fact that the most of
the outside orders to sell corn come from
| the South, where corn is already out of
| danger and a fair crop is assured. To-day
the market was generally weak, though ac-
tive at the close. Cash or September was
about 1c lower than it closed at 1 o'clock
yesterday; October about &c lower, No
vember about ] &c higher, the year about
&c lower, and May about 3ac lower.
Yesterday afternoon there was
a heavy break, and this morning.
and first sales were at lie decline from the
| closing prices on September at 1 O'Clock
yesterday, and &c on October It sold up
some, then became slumpy and fell &c
| September, PIC on October, 1870 ON No
vember, and &c on year. 1t afterward be-
came firm and sold up &c on September
| 112c on October, and &c on November
| The receipts of oats have fallen off very
greatly since the close of August. The
price has fallen considerably too. The
cash demand continues good, and specula-
ton is active, no manipulation interior
| ing with the price. The
! market broke down heavily
to-day and for the most OF the session
| there was quite pressure to SELL with a
fair call for cash, but speculation was fol-
| lowing other markets to lower range of
prices. Still, just at the close firm feel
ing was noticed, and a partial recovery
| Samples were in only fair supply and GO
ing fairly and at good prices for the better
cars of white.
Barley was held up quite well and there
was more than the usual demand III the
speculative feature of the trade.
The provision market was thoroughly
demoralized, and at times panicky. The
weakness of the last two or three DAYS
brought considerable property on the mar
ket that was being carried on margins,
and the offerings were much in excess of
the demand for time, business holding
back, as they saw this policy would result
fayorably to them.
Pork dropped about SOC per Dbl, lard
40c. and ribs 2Oc.
Later therewas some reaction, the shorts
evincing disposition to cover, and the
market closed more steady. Shipping de-
mand was good, and spot meats sold at
large premium over the options. Receipts
Of hogs light and prices easier. The
trading in provisions was SO irregular that
neither buyers or sellers could execute their
orders!f satisfactorily. Hutchinson and
the Jew element of the board
OF trade credited with