St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-16
MILLIONS IN 1T.
Reports Of Increased Yield in
Wheat Scare Spectators
to Silence.
In Consequence of This and Other Bear
RumOrs Wheat Takes a
Tumble.
Corn Proves an Uncertain Cereal, and Moves
Up and Down With PerpleXing
Irregularity.
Trading in Shares Done Mainly by the
Small Fry, Fluctuations Be
ing Slight.
CHICAGO.
Especial Telegram to the Globe. |

CHICAGO, Aug. 15.-There was nothing
very encouraging to be gotten out of the
market situation by the bulls to-day, but, on
the contrary, everything seemed to favor the
bears, always excepting prevailing low
prices. There were very few features worthy
of note in the grain markets except gen
eral feeling of weakness and desire on the
part of operators to get rid of even small
holdings. The situation has looked q little
more promising to the bulls in consequence
Of the decrease in the visible supply. They
accounted for the decrease on the ground
that the farmers were concluding to hold
their wheat for higher prices. This feeling
has been shared by good many
traders who a week ago were ap-
parently reckless in their bearish
attacks, and a steadier though declining
market has been the result. This opinion is
supported by reports from Missouri river
points which show that the Kansas crop
movement has fallen off about one half this
week, and that dealers at those points say
shock wheat is pretty much all delivered,
and the farmers are now busily preparing
the ground for another crop, and it is not
very freely at present prices. Cables were
weak and the weather fine. Winter wheat
markets were weak and there was an entire
absence Of support from any outside sources,
50 that the bears had every
thing to encourage them in their
pounding Of the market and are a little sur
prsed that they didn't meet with better sue
cess. Wheat opened at 78Tc for September
and closed at 7S11c, or &lc below yesterdays
last figures. Corn opened and closed at
5O16c for September on the regular board,
but went up to a close of 5O9c in the after
noon. Oats closed &c higher at 2425c for
September. Pork was more active, selling
up TO S2G.5O for September and 513.75 for
year, while ribs went up 4719c to $10.50 for
September. Lard, which has been the last
Of all kinds Of provisions to advance, re-
deemed itself to-day and scored q rise of 45c,
closing on the forenoon board, where it was
very active, at $7.95 for September,
Wheat opened active at 35m14c off from
yesterdays close, with fresh receipts of 295
cars, of which 22O were new red winter. There
was an upward movement of &c on short
covering early in the morning, but later the
crowd generally took hand at selling. The
rumor which in some manner got ahoat that
Fralcy had sold round millions of whest had
a bad effect on the market temporarily, but
it turned out that though the ST. Louis spec
uator had again appeared in the arena, it
WAS not on any such scale as that Schwartz
4 Dupcc were mentionedas among the prom
inent sellers. Late in the morning session
there was IL bad break, the September option
falling to ISa4c on private report received
from Milwaukee, which placed the figure on
the present wheat crop at figure much
larger than heretofore estimated. The re-
port was not official, but it had its effect in
general way. On the afternoon board the
feeling was stronger and September went up
toa close Of IS .c. October ranged at 500
50l.c, and closed at SOl4c.
Corn was good deal liveer than wheat
but quite as weak during the morning ses-
sion, though It developed considerable
strength on the short afternoon board. The
opening was about steady at a shade under
Yesterdays close, but aftcra single advance
symptoms OF break began to show a few
chronic bulls, notably Bliss did what they
could to support the market, without much
effect. Sellers were led by Nat Jones,
Schwartz II Dupec, Ream Bros, the sales Of
the first named house in the October option
running up over million bushels. This
broke the market and brought about de-
cline of nearly lie FROM the top figures of the
day. Towards the close OF the session Bangs
blulTcd 100, 600 lot into Bliss and dared
him to take 900 600, but the offer was re-
spcctfuy declined. The bulls however had
the satisfaction of getting back at their oppo-
ncnts in the afternoon, when corn took n
Jump of =! !c and closed at 505sc for Septem-
hcr, lc higher than the last figures yester-
day. October ranged at 4Sh@494c and
closed at 49c.
Oats continue heavy under too free re-
ceipts and trading is restricted, but prices
continue unchanged, the September option
closing at 2i4c.
There was 4 fair amount Of speculation in
in the provision pit, but the feeling was un-
settled and nervous and prices rule with
considerable irregularity. Under the in
fueuce Of good cousumptiye demand -
which sayors strongly of corner, ribs con-
tiuue strong aud active. They opened u sc
nights close, while on the afternoon board
they developed even greater strength and
closed at SlO.5O for September aud $10.3
for October.
Lard was frmer, with fair offerings and a
moderate demand throughout the morning
session, prices advancing 10@15c early, but
rccediug ~ G5c later. On the afternoon
board. however, the market was consider
ably excited ard trading very active. Prices
were advanced 20G25c, and the close was at
S7q5 for September, a gain over yesterday
of I5c. October closed at $S.05.
Pork was moderately active, and prices
were advanced soc on September and 81 "
on year.
The cattle market rather Unexpectedly
took on Il trmer tone. 1t opened dull, and
for % time it looked as If sellers would be
called upon to make concessions, but about
O'Clock buyers took hold with some vigoE
aud the market at once became firm. The
supply was above the average for Friday, but
the receipts did not include more than 5000
native steers aud there was q fair prospect
that all would be sold Only few prime
bceves were offered. There was demand
for them at fully Thursdays figures, or at au
advance on Tuesdays prices Of 5910c. Com
mouly fair qualities were to certain ex-
tent neglected, but they sold more freely
than the day before and were frmer. Butchers
stock remained dull and easy. There was 4
supply Of that sort, and rather less than the
usual demand. There was a larger run of
range cattle than for II number of days, but,
under good canning and shipping de-