St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-19
The Frisky Bears Smile Over
the Heavy Arguments on
Their Side.
There Are Plenty of Traders, How
ever, Who Predict an Astonishing
Upturn in a Few Days.
One Speculator Thinks Farmers Could
Force Prices to Fair Figures by Adopting
the Reservoir System.
Mr. Vanderbilt Breaks the Wall Street
Monotony With Some Bullish Remarks
to the Tribune"
CHICAGO.
Especial Telegram to the Globe. l

Especial Telegram to the Globe.I
CHICAGO, Aug. 18.-The leading grain
markets were less active and weaker to-day,
although the decline was small. Foreign
markets were quoted dull and heavy on
wheat, with decline of 1@2s for cargoes off
coast Receipts at winter wheat points and
at Chicago were not above the average of the
last days of last week, considering that there
were two days accumulation, but the fact
that the Rock Island road made no report of
its receipts tende1 to weaken the feeling of
speculators, as that road was supposed to
have received large number of cars. The
general talk among members is that while
wheat is undeniably cheap at present prices,
there is nothing in the situation to make it.
higher until such time as some portion of our
present supply is out of sight. September
wheat opened &c below Saturday at Use and
closee at 7815c. September corn closed
steady at Saturdays figures, 50ac, and oats
for that month were 1se higher at
24Ac, though August fell to the same
figure, a loss of 3sc. The grain
markets have moved along in such monot-
onous, humdrum sort of fashion lately that
the general public finds more of interest in
the provision pit, where Phil. Armour in his
cool, undemonstratlve way is wreaking ven-
geance upon the raiders in Wall street and
upon the speculative foreigners, who set upon
him and the other holders of provisions in
the height of the New York panic. Ribs have
gone as high as 5000, and pork for August
is going at $27. If the Fowlers had but had
the pluck to stick to their lard they might
now be rejoicing with Jack Cudahy and Phil.
Armour, because the bulge last week which
sent pork and ribs up sent lard to $s for Sep
tember. To-day pork was little easier and
dropped off 10c for seller the year; lard for
September went down to s7.6O, drop of
30c, and short ribs fell off 15c to 5000 for
the same month.
Said one of the few remaining bulls this
morning: "Never sell property when you
think you see bottom-the advice which
traders are quick to give, bu. slow to follow.
Nowhere is wheat under nc for August, and
under rs &c for September, with nine out of
| ten of the traders in the market, bears sell
| ing for profit and buying only to take in their
shorts. This is August winter wheat is in
| full movement and the news from the spring
wheat country is all of one tenor. Not a
| single report tells OF failure or damage any
where. The visible supply figures here just
| turned so that from week to week the state
ment made public on Tuesday instead of re-
cording decrease in'the visible supply notes
an increase. This increase for while is a
matter of interest. The transition from
figures showing decrease to figures show
ing an increase challenges attention and ex-
cites comment. While the increase is
the most natural thing in the world
at this time, and logically cuts no
| figure at all, in reality 1t
is quite decided bear influence. With all
these things the very favoroble news from
the spring wheat crop indicates that it will
be the finest, perhaps. and the largest ever
| gathered. 1t cannot, in fact, exceed these
anticipations. 1t is not altogether probable
that in this place that these anti cipations
will be realized. The big traders are now
out of the wheat market. Armour is busy
with pork, Cudahy with ribs. Kent is away,
and Fairbanks, too Is 1t not possible that
one or the other Of these big traders may go
into wheat at its present unexampled low
price, and if one or the other does will not
the figures certainly advanced"
Wheat opened steady at reduction of azc
| from Saturdays prices. There were good
many free sellers early, headed by J. 7. Les
| ter & Co., who sold, it is said, with the in
| tention of buying in on an expected break
when the heavy receipts were posted. The
range was very narrow, only nc on all op-
tions, and the closing was steady and frac-
tionally higher than the opening. Septem-
Der opened at 7sc, sold off to- 775sc, rallied
to 7s2sc, and after selling off to Use again
closed at 78Ac on both boards.
Primes estimate of the wheat crop of 1884
is 465, ,000, 900 bushels, while the Cincinnati
Price Current estimates 475, 5,000,O 900 to 1885,
600, 900 bushels, subject to weather contin-
gencies. The last estimate made by Walker,
of New York, was 463, 900, 900 bushels.
Bearing in mind the fact that the spring
wheat crop is not all harvested, these esti-
mates are pretty close together. With a
crop OF say 470, 900, 900 bushels all in, giving
800, 900, 900 for home consumption, leaves
US $50, 100000 bushels for export, and we
venture to predict that If the above estimates
turn out to be nearly correct that our stock
of old wheat, at this date next year, will be
no larger than now, which is the smallest
for many years.
'sThe buyer of wheat in August" said one
of the shrewdest bankers in the city, twill
make 10 per cent in his investment il
ninety days and 20 per cent. in six months ),
1.-THE boys are off their feed this morning,
guess said board of trade man who saws
he don't care whether school keeps OF not.
they don't seem to hanker after It. Receipts
of 6O2 cars of wheat and like amount Of
corn ought to give them enough to chew on
for while, but they don't seem at all anx-
ious to chew. The truth of the matter is the
crop estimates are assuming such immense
proportions that the spectators have lost
their bearings. They don't know where
they are. An abundant supply is, of course,
an argument for the bears as far as the sup
ply Is concerned, but the supply is so much
greater this year, and the price so much
lower, that there is no certainty that the
farmers viii not, in kind of desperation,
adopt the reservoir system, and only let us
have the wheat as We need 1t badly enough
to pay good price for it. They could then
guage their acreage so as to keep the reser-
voir replenished, but not TO cause it to over
flow. You can't tell what win happen, and
III tell you there are very few traders who
are betting much on either side"
Said another operator, who also favors the
bull side: ''The best speculative opportunity
in the world is open to operators at Chicago.
| Here is wheat lower than ever in the history