St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-02
Both Bulls and Bears Conclude They
Can See Just as Well by Stand
ing Back Little.
Wheat, Corn and Oats, After Some Fluc-
tuatiOn, Settle Into State ofQuiet
and Weakness.
The Decline in Some Stocks Very Severe,
the Attack on Grangtrs Being
Most Savage.
CHICAGO.
Especial Telegram to the Globe. |

SnOWeu Ialr Oegree Oh ACTIVITY, DuC the Ieel-
ing was nervous and values unsettled, both
bulls and bears making strong efforts for
victory. Each at times had the ,scendency,
the former, however, securing 8 slight ad-
vantage at the close. Wheat showed the
largest degree of animation, and nay be said
to lead the deal. The influences calculated
to control prices were fairly divided the
strengthening factors being smaller receipts
than were expected at st. Louis and other
leading points in the west; more favorable
advices than have been received from Europe
for weeks, and higher prices in New York.
Brokers who handle the export trade were
talking more encouragingly. On tie other
hand, the bears were encouraged by the
heavy receipts, small outward movement,
bright weather and a small shipping
demand, which was closely restricted
to winter. Corn shows many features of
strength for the near future, the Shipping
demand being good, receipts only fah and
the demand higher Values for the distant
future hinge on the weather for the next
fifteen days and those who buy or sell such
options should consider the contingency of
lEOSI5. OCbODtI huSdI CtOoCO IL Llu
Saturday at size; October corn 14c higher
at 505Ec, and oats for the same month &c
higher at 26Hc. Provisions were less active
than grain and the closings, though moi at
the highest points of the day, showed 4 gain
over Saturday, pork closing at S19 for Sep
tember and October, a gain Of 81. Lard
closed at S7.5755 for October, gain of sc,
and ribs for the same month at S10.05, a
gain of sc. Among provision men the end
of the Armour corner was still fruitful sub
ject of discussion.
Said close observer of the markets: ''The
deal was a very remarkable one. II Mr..
Armour had not in May last had his celirs
full of cured meats, and put to the necessity
for that reason, of giving tremendous sup
port to the market. there are intelligent aui
conservative people here who are firm in tie
opinion that the panic of Wall street wouli
have overtaken Chicago. Immediately upon
the failure OF Grant & Ward and the collapse
of the Metropolitan National and Marine
banks alarm was general here lest the values
Of grain and provisions should be cut in
twain, grain carriers overwhelmed, and per-
haps some of the banks crippled. The big
professional traders at New York felt certain
that this very thing would happen here. Not
able to sell as fast and to as good advantage
at Gotham as they desired, they became sell
lers in all other markets. Petroleum was
sold down by them nearly to SOC barrel,
and they became furious sellers Of hay pro-
duct and of wheat 1t was fortunate thing
for Chicago and Chicago traders that when
the panic began in New York Alexander
Mitchell was backing 'Bill' Young in great
wheat deal, but still more fortunate, infn-
itely more fortunate, that Phil Armour was
loaded up with cash product, and was deter
mined to protect it with all his money and
his brains. Alexander Mitchell was, as ev.
| erybody knows, scared out of wheat by the
terrible catastrophies which followed one
after the other at Gotham, but the first was
just before he ordered Young to
sell, and the grain market had beer
given all the support it needed. Blu
Armour did not show even a tremor oil
nervousness from the moment he began hi
purchases. The terrific onsaughts mad
upon the market were coolly met. The effort
Of the speculative bulldozer, Nat Jones, t,
create popular sympathy for himself and hi
customer, Woerishoffer, of Wall street, di
not gain single concession. 1t was al
Armour deal from start to finish; we'll con
ceived; carried out calmly TO the last detail
and no changing Of programme, an
altogether without furry and fuss. 1t wa
without any sarcasm, one of the few corner
where raiding spectators were alone mulcted
and where the outsiders were actually gain
ers rather than losers"
Exports from the principal Atlantic port
for the past week were 2,742 900 bushels c
wheat, 257, 900 bushels Of corn and 12S. 90
barrels of flour. This is an increase owe
the previous week of wheat and -four eoua
to 500, 900 bushels OF wheat
Hereafter two days receipts viii be poste
on Tuesday instead Of on Monday, as has a
ways been the custom, Sunday and Monda
being posted together instead Of Saturda
and Sunday.
Wheat was quoted firm in the English SCI
board market, and the receipts at many
the interior American cities fell below th
anticipation. These facts and the taking {
freight room for 102, 600 bushels formed th
chief bull arguments; but the receipts her
were fair, aggregating 3O9 cars, of which %
were winter, against total Of 234 cars Sa
urday. The Withdrawals were also small
aggregating only 80, ,762 bushels, Of whic
25. 1S4 were winter, and the shipping dC
mand was small and strictly fc
the latter. But the strong tone of foreig
markets and those in New York, couple
with an inclination on the part Of the bear
to sell cautiously and then cover on tn
slightest sign of an upward turn, caused
strong feeling at the opening. October wa
the fsyorite future and 495Sc over Satul
days close, or at S15zGSI&c. When th
first anxious buyers were filed, bidding wa
slow aud prices declined under fair offei
ings to size, when there was some stead
buying by Hobbs, Comstock, McHenry
Baxter and Dunham, which, with the inerea.
ing strength on the New York exchange
caused a rise to SIC. The character of Il
. buyers, who are supposed to be doing only
; scalping business at present, failed to inspil
confidence among large class of operatol
and prices receded and closed OF the regul:
session at S15Ic, which was also the Ia
figure on the short afternoon board. Septeu
Der opened at 7sS<c and closed at 7sJEc.
gain of sc.
4 Said A. NJ Wright this morning: 'sTt
markets are dragging on the bottom and
is impossible to tel whether they win col