Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-04
THE BUSINESS WORLD,
Great Tergiversation in Produce on
Saturday.
A "BREAk" THAT WAS UNUSUAL
And an Explanation of How 1t all
Came to Pass.
REVIEW OF OTHER TRADE.
The Chicago Stock Exchange-Chang-
ing the Rates ON Lumber.
| "BREAK" THAI WAS UNUSUAL
REVIEW OF OTHER TRADE
Especial Telegram to the Globe.

of the current month the markets have
generally been bearish with the exception
of provisions, which have steadily advanced
under a heavy demand and an exception
ally small stock on hand. The markets
were weak yesterday. 1t was one of the
weakest days known outside of breaks on
the collapse of corners. Markets have been
known to tumble more extensively from
points where they have been supposed to
be sustained by speculative squeezes, but
it is very seldom they have fallen on what
the bears would CALL their own merits SO
generally and so far as they did yesterday.
The ball was opened by corn. That
market was little firmer at the outset.
Certain local parties who had sold near the
top on Thursday and filed in near the bot
tom on Friday, thought it was good time
to sell again and they unloaded all that
was wanted to fill orders and then had a
lot more to sell after the buyers had
got through. This was the signal for
another downward raid. The moment
the market looked to be weakening further
there was vigorous calling of margins by
the shorts, to which the big longs respond
ed freely, while good many holdings were
sold out because the margins held on ac-
count of outside customers were nearly
or quite exhausted, and the commission
men did not dare to risk it to wait for
further returns. 1t was remarked by per-
sons in the trade that there was
general scramble of little hold
ers to sell. This invited other
selling orders from outside, and again the
market went down. 1t reacted little,
turned off again and closed rather tame,
only to weaken further in the afternoon
under big offerings on the irregular board
in the alley. The total drop of the day on
October was about 215c, while May de-
clined &c on change. The longest futures
were the weakest yesterday, as they had
been we'll sustained during the greater
part of the day by fair shipping demand;
but that fell off later, though September
corn closed at premium of about 1910
over the price for next month. 1t was re-
marked that ST. Louis was very weak ON
corn. The spot market was quoted down
to 6615c for October, and 52c for May.
These prices were so very much below ours
that it was remarked that there was q right
smart chance of Chicago getting all the
corn there is in ST. Louis, as it would pay
well to buy what they had there yesterday,
and sell it here for delivery on arrival 1t
was reported that good corn was selling
from the wagon at 4Sc a bushel on the
streets of Nashville, that st. Louis and
Kansas City were menaced with more corn
from the south than they could possibly
take care of, and that Texas was going to
ship large quantities to New Orleans to be
sent around the continent to New York to
compete for the supplying of New England
points with Chicago, in addition to sending
Liverpool and London all that might be
wanted by Western Europe as usual at
such times.
The rumors went around thick and fast,
and all the more freely as they were prob
ably made up out of whole cloth, with the
single exception of the one regarding the
selling of corn in Nashville.
The market for oats was also very weak
here, and declined I@14c. There are
large offerings, including some cash lots
held in store by parties in the trade. The
weakening was supposed to be rather in
sympathy with corn than otherwise, as the
chief dependence of the oats crowd recently
has been the fact that oats were cheap as
compared with corn, and would
meet with a very large eastern
demand for consumption. With corn
dropping so rapidly this argument would
be wanting. unless oats should decline at
about the same rate, there being no doubt
the crop of oats is magnificent one, and
ready to move just as fast as the railroads
can move it in. The trade was very bear
ish, and the discount on the year was near
ly abolished curing yesterdays trading.
The wheat market was very low, ex-
cepitng that there was fair shipping de-
mand for red winter. Shippers don't
want spring wheat, except that peculiar
kind of it which is technically known as
hard. The pit in which they deal in fu-
lures was nearly deserted during large
part of the day, the greater number of the
operators being attracted into corn and
provisions.
Ino IOrelSu ud1hetS were reported
steady on wheat and our receipts were
smaller, while there was some talk about
diversion southwark from points which have
recently been supplying Chicago. Late in
the session, however, the market turned =
to &c in sympathy with corn, and in the
afternoon broke again rather badly, with.
free selling on Milwaukee account. Ge-
tober wheat closed at about 96c, which Is
134c below the latest price on Friday. The
provision market was moderately active,
and the tone seemed to be much the same
as in wheat.
Pork was quite strong early. the publica-
ton of the stocks in hand at the close of
| the month showing rather large decrease,
| including about 10000 barrels supposed
to have been taken for stripping
during the past month, besides
what was sent to other cities for the same
purpose. Later, however, the market
turned down following the lead in corn.
| The lard market was weak throughout.
1t tumbled badly at the outset and during
the first hour, there was a pretty heavy
selling of the rather near futures by a gen.
tleman just returned from Europe. He