St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-05
THEY'VE HAD ENOUGH.
The Bulls in the Produce Mar
ket DESTROYS Of a
Rest.
Prices of Most Stocks Weak and the
Market Looks Quite
Tired.
Prospects of Better Prices No Longer Dis
cussed in Either of the
Markets.
HAD ENOUGH.
CHICAGO.
rsnecial Telegram to the Globe. |

CHICAGO, Aug. 4.-Last week was de-
moralizing one for grain bulls. 1t began
with brilliant promises; as the week pro-
gressed these were half realized; when it
ended the prospects for an advance had van
lshed The bulls were out of pocket and out
Of courage. September wheat was at one
time up to SIC, and closed Saturday at
834c. The opening of the week found some
big men in the market as buyers. There
were Lester and Hobbs, and Field, Lindley
& Co. and Nat Jones, and Kent 81 Hutchin-
son, all Of them either loaded or loading up
with grain. Saturday found nearly all of
them figuring on their losses,
big or little. They competed
on Thursday, Friday and Saturday
in selling. Hutchinson & Kent unloaded
their corn. Jones & Lester sold out their
wheat. Field, Lindley 6, Co. are believed
still to have grain to sell, although they
spent all of Friday and Saturday in getting
rid of 'long'' property. 1t is believed, how
ever, that the wheat sold out Friday and
Thursday was gotten rid of at little if any
loss, except that the traders who owned the
stuff once had profit in it but lost it. The
bull crowd is routed again, for the 6ftieth
time, perhaps, within the past eighteen
months, and it is no great surprise to it. It's
membership has become so accustomed to
disappointment and disaster low that losses
are accepted philosophicaly. 1t looked
week ago as if the European stock
of breadstuffs had been used up, and as If
a stock would be required from here speedily;
nf Dt uhn
largely overestimated; as if the grain to be
harvested had been very considerably dam
aged in the feld as if the visible supply was
almost on the point of disappearing and be-
coming invisible; as if the financial stua-
ton was on the mend; as if the movement
of new wheat was to be late. Suddenly, in
two days, the whole outlook changed. No
European markets went to pot. Exporters
who had bought to ship turned about and
sold their wheat at New York. The visible
supply stopped its decrease. The weather
became dumpish; the crop prospects i'm
proved, the wheat began pouring into Kansas
City and st. Louis and all the bulls at Chi
cago became sellers.
To-day's markets opened in o way that
promised Il continuance of the down ward
course, but defeat was turned into victory by
the bulls, or rather, for them, anda market
that early was weak and heavy with excel
lent prospects af continuing SO, braccd up
later in the session and the closing figures
were nearly the highest of the day, showing
fair gain in all articles over the closing fig
ures Saturday. This being a legal holiday in
England there were no cables. Eastern and
winter wheat markets were reported dull and
receipts Of winter wheat good, but as the
showings were for two days this didn't have
much effect.
From the opening there was falling off
but the shorts came in and by free bidding
drove nearly everything up and the cold
weather also helped to flrmer feeling. Sep
tember wheat opened at S31( and closed at
S3%c, an advance of 1%c over Saturdays
close. September corn closed at 544c, a
gain Of % and oats for the same month
closed at 2555c, a rise of &c. But little was
doing in provisions, which ruled weak early
but rallied with the rest of the market and
pork gained 10c for September. Lard for
the same month went up to $3.50, 1Oc above
Saturdays last quotation, and September
ribs showed similar gain Of 15c, closing at
SS.571{.
Wheat opened quite weak, but at about
Saturdays closing. A few big holders let go
pretty literally during the first hour, which
caused drop of &c, but at the decline big
line OF shorts showed their hands and bid all
the active options up 1c from inside figures.
The morning session closed comparatively
firm at outside prices, and the feeling on the
afternoon board was flrmer. September
opened ut S335@S34c, sold to $3.50, rallied
to S8Ac, then down to S3c, and under fair
demand late in the session sold up to SS5sc
and closed at S39Sc on the regular board and
at S3@sc on the afternoon board.
''The bears laid their plans Saturday." was
remarked by member of the board of trade
to-day, ''to initiate general onslaught this
morning, and if possible force wheat down
to the lowest point it has reached this year or
lower. The pleasant weather Of last week
and prospects of no immediate change
seemed 10 favor the scheme. They had
already sold short to quite u large extent, but
wore prepared to go considerably further be-
fore covering. The cold wave which struck
Chicago this morning, together with reports
of heavy rainfalls east and dangerous storms
Imminent in the northwest, served to
dampen their ardor somewhat. The scheme
was only partially successful, as you have
seen, and its effects were entirely counter
acted before the close"
Although there was less OF general interest
centered in the corn market, trading in it to-
day was more active than in any other arti-
\.
ever, small scalpiug deals and some covering
BY ahortS comprising all that was done. The
market opened shade better, but under free
offerings, due probably to expected large re-
ceipts, became weak and declined from $3.50
TO 52Sc for September. Later under good
speculative aud fair shipping demand the
market became stronger and prices advanced
TO 5S2c, then sold down to 53&c, and
on the regular board at 81 &c. and on the af-
tcrnoon board at S4llc or 24c above Satur-
days close.
Oats were steady but very duh, being
slightly offered aud In no particular de-
mand.
The speculative business transacted in pro-
visions was moderate. Prices ruled rather
weak and lower early on most descriptions,
but towards the close the feeling was steadier
and prices rallied, though ruling rather quiet.
Shipments were quite liberal; receipts not
large, and eastern markets were quoted un-
changed.
The feeling in lard was unsettled. Prices
ruled easier and declined 5(91Oe, but rallied
again and closed with an appreciable gain.
September opened at S1.S7iS, fell to s5.Sal<
and rlnsad a. - sn n.-,i-st - N IN S....-