St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-21
European Markets Demoralized
By This New nisturber
in the Trade.
corn ana Oats Continue Stronger and
Higher Both at Home and on
the Continent.
Provisions Quiet, the Principal Attention
Being Given to Futures in Lard
and Short Ribs.
Wall Street Believed to be in the Hands
of Manipulators-St. Paul Leads
in the Advance.
CHICAGO FINANCIAL.
lspecial Telegram 10 the clone. /

CHICAGO, Aug. 20.-The better feeling in
New York late Yesterday gave rather strong
opening on Change this morning, and under
good buying early the market advanced and
remained firm and higher to the close on all
grains except wheat, which closed a shade
lower than on yesterday, and the depression
in this article was caused by late private ca
bles which reported dcmoralized condition
of the market abroad, owing to heavy offer
ings of Australian wheat Trading was con-
siderablv more active than it has been for a
week. Foreign markets early were again
quoted dull and heavy on wheat and strong
on corn. The Walker report OF
the visible supply made in New
York to-day makes the increase for
the past week 600, 900 bushels in wheat and
100, coo bushels more in corn than the Chi
cago statement gave, but the weak feeling
which these influences gave spectators was
overbalanced by further decrease in the re-
ceipts Of wheat and corn here, and Of wheat
at other points. Eastern markets were
quoted strong and advancing on wheat.
September wheat opened at yesterdays
close, 791Ic, went up 5s and closed at 79c.
closed at 315c, a gain of &c from yester-
day, while oats went up &c, closing at
2555c for the same month. Provisions were
firm and closed steady on all articles except
lard, which was re lower, closing at S7.621@
for September.
The wheat trade, while not so heavy as
that of corn, was still active and was slim
ulated early by the small receipts and by
few scattering orders from the outside. The
opening was shade under yesterdays close,
but advanced under favorable New York in
fuences, and there was some pretty liberal
buying. Counselman, who was backed by
Seckel and Crapser, took large quantities
and marked the market up few points, but
about noon it became evident that the top
for the day had been reached and selling
became general, as the crowd were long
rather than short. Carr got out with big
lot of stuff on the top and good many small
lots were thrown, weakening the close down
to the lowest point of the day. Among the
heavy sellers on the break were the Adamses.
September ranged at 79@79$4c and closed
at 79c.
81 wouldn't like to be quoted as saying
So" said speculator to-day, "but I've got
good reasons for believing that New York
stock men are buying wheat to-day. 1t is
generally believed that some of Lesters
customers are short a good deal of wheat, and
that an effort was made to buy it in to-day.
Bangs, Lester's head broker, was in the
wheat pit to-day Offering to sell December
wheat. He kept at it so steadily that l con-
cluded he was trying to hold the market
down while somebody covered the shorts.
George Eldredge was buyer, and so was the
foreign elemest,
''What do you mean by the foreign ele-
mentE'
'Why, Sam Eldredge, George Murison and
s. II. Woodbury.. They have been over to
Europe Il couple of months and by some
process of reasoning think wheat is sure to
go up. So the boys call them the foreign
element.
September corn ranged at 52l56e5315c
and closed at the outside. October ranged
at 5015@524c and closed at 513c. Corn
was stronger than wheat and large busi-
ness was transacted. The opening was
strong at about i c advance over yesterdays
L,
bulls of the session being Canther, Hepburn,
Wheeler IL Gregory. Geo Brown, Scwartz 81
Dupee, Henry Parker, Jim Sherwin, Hough
and Hutchinson. The effect of their buying
brought about an advance Of 1s{c, but it
was not sustained. Sellers were almost as
numerous as buyers and quite as persistent
In working off stuff. When corn was in the
ne ighborhood of see for October Wheeler &
Gregory let go large quantities and other
sellers were Henry Mathews, Dick Rathburn
aud Lindblom. There is difference of
opinion around the alley rs to who is really
at the bottom of the corner. By some it is
claimed that it is run by Baker, by others
that it is Kent II Fairbanks who are most
hrgely interested i'll it, and by still others
that il is backed by n bank up in Wisconsin,
which is taking this means of covering its
shrinkage.
''At any rate said local operator, ''the
demand for cash corn is so sharp the local
stock so small and the short interest so large
thata squeeze in this grain now seems in
evitable."
member OF the board of trade who was
IN the pit nearly all the forenoon said to-day:
''As a rule the farmers don't sell their corn
They feed it to hogs and sell the hogs. But
once in while when the price has ruled
higher than usual for some length of time
while hogs are comparatively low, and with
Il large crop in prospect, they all of sudden
send in what they have left of the old
crop. That is what they have been doing
lately, and there were indications that, with
the continuance Of favorable weather, the
receipts OF corn would continue to increase
fora week OF two yet but reports of drought
are now being circulated as reason for the
falling off in receipts. II there comes 8
heavy frost this week, you can look for an
immediate shutdown in the receipts of corn,
as the crop can vet be injured by that means.
Othewise there is not much fear, I think, so
sou'd better think twice before you load up
100 heavily"
Oats opened firm with shorts buying on
the regular market, and prices for cash and
futures advanced from %@Ic- Just before
the close the market broke A9Sse from out
side prices, and closed easy at 25sc for
September and 26ISc for October.
But a moderate business was transacted in
the provision market, aud the shipping de-
mand was light, being mostly in the way Of
filing small orders. The feeling was frmer
In a general way, with lard attracting the
most attention. Foreign adyices are q