St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-11
SATURDAY SILENCE.
Cereal Speculation as Quiet
as a Frog Pond in Mid
summer.
Everybody Has Wheat and Corn
to Sell, but Buyers are
Scarce.
The Visible Supply of Wheat Increases
at Rate that Alarms the
Bull Clique.
The Little Boats on the Short Rib Sea
Swamped BY the Swell Of the
Great Ships.
Wall Street Bovines Weeping Over the
Might Have Beens in Share
Trading.
CHICAGO.
Especial Telegram to the Globe.

CHICAGO, Aug. 9.-It was doleful day for the
pulls on change, the market being relentlessly
hammered by the bears and prices pounded
down on everything except ribs and pork. The
usual bear arguments bobbed up serenely-
lower cables, dull New York markets, brilliant
weather, liberal receipts, moderate shipments
and favorable reports concerning the harvesting
of spring wheat.
'sSick, scker, sickest; tell em that; it's the
truth
Such was the answer made early this morning
by an ordinarily very busy broker to query as
to the opening on change The broker sat in
his Office with his heels top of his closed
desk. He pulled leisurely at a good cigar and
mechanically tipped kernels of corn into the
spittoon, as he continued:
''You me sitting around like this do
ing nothing did you? Neither did any body else.
But I'm going to sit right here till lunch time,
and after lunch if nothing turns up, I'm going
to sit right here all the afternoon. tried all day
yesterday to sell 5000 of September wheat at
SIC, but couldn't do it; to-day there's no use
trying. Do you play billiards? Haven't you
got time, Ell? Well go and write up your story
there's nothing to say, so you'd better take your
time to it.
The fact of it being Saturday probably had
something to do with the extreme apathy of
everything and everybody change, but be-
tween the antagonistic influences of prevailing
low prices and bearish reports it is easy to see
how no one would care to do more than was abso-
lutely necessary to protect his deals. The most
depressing report circulated to-day was that
when next weeks statement of the visible supply |
posted it would show an increase of in the
neghborhood of $500, 900 bushels OF wheat The
probability of so large an increase is scoffed at
Inv thn I'M ho 70 tinir larg 1v
according to the New York statement which does
not include the amount of wheat in the
Minneapolis and st. Louis mills. There very
few SPECTATORS however, who do not foresee
gradually growing increase from now on The
grain markets were weak, lower and greatly de-
pressed. There nothing in sight to make
the general situation less heavy than it had been
for weeks. September wheat closed at 79%c,
drop of &c since yesterday, and Sept ember corn |
at bic, drop of &c. Provisions showed more
strength than grain, but not more life, and lard |
fell sc, closing at IS for September. Pork |
for that month went up from $40 to $50, and ribs |
showed the only real strength manifested and
went up zoe for August and September and 12Ec |
for October. The closing figure for September
was SS.2h. No afternoon board Saturdays
Wheat was weak in the opening. September
was lower at S02c, but had a brief season of |
About this time the bearish influence began to
get in their work and leading houses such as
Baker, Counselman, Schwartz & Dupee, Lester
and others begun selling. report from Toledo
to Carr says that the movement so far this week
would make from 200, 900 to 800, 600, increase
IN the next visible supply report and a large in
crease in transit to Europe, making the amount
much larger than it any previous year at this
lime, induced good many holders to let go,
and from 10 clock there was q pretty steady
decline to the close, which was at 1895 for Sep
TENDER and 81 tx for October.
W. I. Baker & Co., sold very large lot OF
long wheat to-day estimated at from 500, 900 to
100000 bushels. 1t is said to have been prop
erty bought at good deal higher figure and car
ried along for u good while. Conservative trad
ers generally were telegraphing their clients to-
day that purchases of good wheat now were safe;
that much further decline was out of the ques-
ton, and that the only risk now was that of
long wait 1t is generally admitted that an ad-
vance may not come speedily; that there may be a
longwait. Those risks are less than are usually
taken in wheat speculation The chances are
good on the other hand for magnificent profit.
Wheat" said Cyrus II. Adams, ''may 90 to
15c bushel, but it is low enough now to en-
courage us all to buy 'fvers. and put them away
and forget all about them
"Al the bear arguments have been dis
counted" said Frank Kennett, .'and l advise
buying wheat and averaging it down il it de-
clines few cents. The long side, at present
prices is sure to pay in the end,''
Milmine, Bodman IS Co., however, sing diff
serent song. They say: "There still seems to
be good in the deal and the bulls are fearful of
the result when the receipts of spring begin to
Increase as they surely must in the next thirty
days. The dlsconsolate holders of long stuff
are ready to grab at any straw, but there seems
to be nothing of that frail nature rendered them
and only the sellers are happy"
Corn opened weak at 51sic for September, &c
off from yesterdays last prices, and huctuated
through the session about as wheat did being
largely controlled by the same influences. The
whole market weak and heavy and the clos
ings were st sic for September and 1850 for
October. Report had it that the crowd were
generally sellers and that Bangs and Schwartz &
Dupee were particularly so. Mr.. Schwartz says
however, that he sold no more than be bought
Oats were steady, slow, and not much wante d
Closing at csc for September-a decline of &c.
The first No. . oats sold at s5Xc.
The event of the day occurred in the provision
pit. From some cause or other slight decline
in the price of ribs took place about 10 o'clock
1t was then quickly demonstrated that Cudahy s
Steevers did not own them all as various Toms
Dicks and Harrys Immediately rushed in very
anxious TO get rid of their small loads They
seemed TO think that Cudahy had concluded ribs
had got to the top, and was disposing Of his
large holdings as quietly as possible This, Of
course, made the small fry anxious to sell out
also and they did but they now have the salts
faction of knowing that the holdings Of Cudahy
4 Steevers are augmented by just the amount OF
theirs this morning and that the price has gone
back to its highest point and about 10c beyond
The opening price Of September ribs was SS7o,
and the close SS.9sn
The fact Is becoming apparent now that sellers
IF pork did not oonfne their operations to June,
July and August, SIS was little while ago pre-
sumed The fact is that the shorts of one month
ago no sooner filed than the put out lines for the
next month. September pork moved up to-day
10 $50, and in al human likelihood will be ssa.
where August is. within another week. In fact.
1t could not be bought for less than that to-day,
but no one could getit except from Armour, and
he wouldn't sell for less than Ssi
Trading was rather light in the lard market
and prices ruled 5Gioc lower and closed quiet at
SIS for September and sT.4sH for October, a
drop Of SC from yesterdays last figures.
Trade opened exceedingly dull in the cattle
market and remained quiet throughout Prices
were lower. the decline varying from 10 to sc.
Ra1ge cattle, which comprised large proportion