St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-12
CHICAGO.
Especial Telegram to the Globe.

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the continued lack of aggressiveness on the
part of the bulls, but the major part was due
to the Wall street troubles, which seem to
have broken out afresh. Indeed the stock
market attracted more attention than any
thing that was done on the produce board.
Stocks opened dover and suffered steady
decline all day, owing mainly to the failure
of the Wall street bank Its officers were ar
rested and released on bail some weeks ago
for over certification, and since that time its
affairs have not been in the best condition.
Early reports to-day were to the effect that
the cashier was defaulter to the extent OF
$500, 600, which amount he had contributed
to a brilliant scheme of his own to bull
wheat, and everybody knows that that side
of the market hasn't been a profitable one
lately Later reports say the cause Of failure
was the making of injudicious loans, that the
bank would probably settle dollar for dollar,
but that the stockholders would have nothing
left. At any rate, the news of the failure
had the effect of demoralizing the opening
of grain. The big traders here knew of it
before the opening, so the weakness was not
a surprise.
September wheat opened at 7915c, and
that it was not lower in view of the adverse
reports was considered an evidence Of
strength at present prices. The close was at
7915c, loss of &c, as compared with Sat
urday's close. Corn closed at 1873 for the
same month, falling off of &c, and Sep
tember oats closed at 24Mc, 4 below yester-
Gay.
The provision market showed considerable
more life, and a much better business was
transacted at higher range of prices. Pork
went up 81 to S25 for September, and lard
closed SC higher, at $7.40 for the same
month, while ribs distinguished themselves
by showing greater activity than anything
else in the market, going up 3212c from the
opening, and closing at 1925.
Reports Of a large increase in receipts at
the leading winter wheat markets, together
with the Wall street failure, gave wheat a
weak opening, but the weakness did not last
long, as there were fair outside orders, and
some local operators also bought freely. Sep
tember went about half cent above opening
figures, and at the close of the regular board
was = c higher but in the afternoon the feel
ing grew weaker and values settled down to
79Ac, the lowest for years. Wheat is now
lower than it ever was under the present
modern circumstances. There is on the rec
ord one instance of 75c wheat, but that was
before Chicago was great market, and be-
fore traders could tell in the morning the
exact necessities Of all the other wheat mar
kets in the world, The recovery of wheat
now is only question of time, but unless
there is a crop scare or some other bullish ac-
cident, it will probably be very slow.
The attention of shippers is called to the
fact that the demand for off grades of both
spring and winter wheat is very light, moth
ing to speak of by sample, most of the con-
sgnments being sent to store to save de-
murrage, and after it is placed there buyers
are scarce At the close new rejected red
wheat was offered at 65c and No at re,
with no buyers. Nothing can be done with
these grades until prices decline to point
where shippers can take hold.
Said prominent trader to-day. ga week
ago 1t looked as II wheat was too high. There
were then a half dozen big blocks held by
traders who were evidently weary of their
loads, who had suffered big losses, and who,
after making long, stubborn, but losing
fight were plainly ready to give it up. They
did give it up. Beginning with last Mon
day there was not day that did not witness
the surrender of some big bulls; not an hour
of trading during which some great load
of long grain did not make It's appear
ance to increase the weakness and
70 help lower prices. Sid Kent threw
ont what he had, Lester what he had left.
Hobbs and Comstock turned sellers, then
the Linns, finally Baker on Friday and Sat
urday unloaded a lot which had been carried
along through all sorts of unfavorable cir
cumstances, and after others had given up
the bull side. With the selling Of Bakers
property pretty nearly the last bushel of high
priced (anything over soc is called high
priced in these days. wheat came on the
market. The situation is now favorable for
an advance in prices. Il decline could
now be engineered 1t would not bring out
much more long wheat, for it is pretty gem
orally conceded that whatever long stuff is
held now is recently purchased and very low
priced. \ cent break would be marvel;
but while such break would incite a vast
purchasing, it is really believed that it would
not touch any stop orders or exhaust any
margins"
Corn was weak in sympathy with wheat
snd lower markets elsewhere. The large in
crease in wheat also exercised weakening
influence, and crop reports were encourag-
ing, the weather being reported much
warmer throughout the west. Local bears
we're free sellers. The opening was about
steady at decline of &c, and the morning
session presented no special feature except
general weakness. The extreme range of
prices was sc in September, that option
closing at 495Sc on the afternoon board.
October closed at 4S5sc.
''Coru is not yet cheap" remarked bull
in this cereal, "uuless the prospects change.
The weather may keep cool and frost NAV
come too soon, Corn is just about as uu-
certain speculative quantity as tulip bulbs.
The impression exists here that there is
plenty Of the old corn left, aud plenty of new
standing and maturing. With good condi-
tions ana no mishaps soc is altogether too
high for maize, where wheat is selling at soc,
oats at CSC, and hay is as cheap as dirt"
Oats ruled weak and went of under heavy
pounding, led by Hutchinson, who went
short 100, 600 bushels Of year at a5c, which
was the highest point Of the day. He placed
five wherever it could be located
Adrmer feeling prevailed in the provision