St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-15
SAGGING MARKETS.
The Bears Regain Possession
of the Cereal Citadel
after Twenty-Four
Hours.
The Bovine Crowd Get Scared
and Fail to Keep Wheat
in the Eighties.
The Crop Promises Such an Enor-
nous Yield that Spectators
Trade With Extreme
Caution.
Provisions Continue to Move Skyward, I'm
PEELED by the Hand of the Soul
less Manipulation.
Rumor Current that a Wall Street
Clique is Engineering Another
Bull Movement.
Provisions Continue to Move Skyward, I'm
PEELED by the Hand of the Soul
less Manipulation.
: Rumor Current that Wall Street
Clique is Engineering Another
Bull Movement.
CHICAGO.
lspecial Telegram to the Globe. |

Iointed all expectations based on yesterday $
strength, and prices in the wheat and corn mar
kets experienced sharp decline, the gain OF
yesterday being swallowed up by the loss of to-
day. In fact the advance of yesterday, especially
in corn, is still an enigma to the trade An ad-
vance in wheat from so low point is Of course
not extraordinary, but that it should begin with
out any apparent motive, should be so violent as
to advance nearly &c in as many hours, and with
out there being any big buying, il the feature of
the advance which is puzzling. The visible sup
ply figures made public in New York, which
showed little less increase than the Chicago fig
ures of the previous day, certainly do not ac-
count for it, as geo. 900 bushels or off the fig
ures hardly count, nobody with any sense be-
lieving that the statements come within
200, 900 busels of the facts The cause, then
must be looked for elsewhere, and the only ra-
tonal solution is that in view of the present ex-
tremely low range Of prices any appreciable ad-
vance causes a scare which leads shorts to
cover thinking the big upturn has come, and
encourages bulls to put the prices up on them.
''First it was up and then it was down, then up
and down and up and down and up little
The heavy wheat man, who gave the above
comprehensive View of the days deal, cooked
his heels up the desk with the solemn as
surance that that was all there was to say about
it anyway, and resumed his cigar in contempla-
tive silence The broader range of fluctuations
in the grain market offered better opportunities
for the scalpers, and they did not let the chance
90 by, but aside from active scaping deals not
much was done. The crowd who were buyers
stood ready this morning to continue the bullish
attack, but a reaction soon set in which sent
them all flying in the opposite direction. 1t was
II.
yesterday seemed to desire nothing so much to day
to get rid of their hasty purchases. Wheat
opened at yesterdays close, 81 "a for September
md closed at 79Ac, falling off of 1%c, while
September corn opened 14c lower, and closed at
50aac, a loss of &c. Oats fell off sGc closing
at 2456c. An advance Of 35c in September ribs
was the feature in the provision market, the ad
vance being sustained to the close, which was
S10.05 Lard was steady, closing at yesterday 5
figures, $3.50, for September, and pork was un-
changed.
There was considerable excitement in the
wheat crowd at the opening, and large business
was transacted at about yesterdays closing
prices, but there was less disposition on the part
of the shorts to cover and prices sagged. Then
the bears, gaining courage and backed by fine
weather. liberal receipts and weak cables, began
lively that they forced prices down nearly &c and
made the close the lowest point of the day. The
principal early sellers were Carr 81 Co., who
worked considerable stuff off at the top. The
later sellers were the Adams brokers, Schwartz
& Dupee and Henry Warner. The latest reports
on the wheat crop OF Europe show that a full
average crop is expected in the United Kingdom
Russia Germany and India while France, Aus
tra-IIungary will fall below, the advices from
the latter being particularly bad. The amount
of wheat and flour on passage to the United
Kingdom and the continent decreased during the
past week 9s00OO bushels. September wheat
ranged to-day at 7Oh@Sl1ic and closed at the
lowest figures October ranged at so q 0)S3c and
closed at the lowest figures.
Corn opened strong, but turned down almost /
from the start and weak all day in sympa-
thy with wheat and influenced by the same
causes, the only bull argument being the i'm
provement shown in this article in foreign mar
kets. September opened at 51hc, with a few
sales at 51Ss@51Ac, then broke off to 5Oa3c,
rallied to 5l4c, off again to 50A c and closed at
50Rc. october ranged at 49@505c, and closed
at the lowest figure
Oats were quiet. The market was little
stronger early, but soon eased off under the
liberal receipts and ruled steady afterwards with
very little trading. Hutchinson, who has been
going largely short on year, passed his card
around among the oat crowd to-day, but only
one five was subscribed. September closed ut
24ssc.
Considerable life was manifested in the pro-
vision pit and n larger business was reported
than for several days past. Spectators were
moro inclined to take hold and there was little
more inquiry from shorts Prices ruled higher
on all leading descriptions and the appreciation
well supported, The inquiry shipping
accounts was fair, but trading was checked to
some extent by the sharp advance in price. Liv-
erpool advices showed an advance of Cd in
lard and Is in bacon, and eastern meats were
Quieter but steady. \ firm feeling prevailed in
the lard market, and prices ruled stronger. and
sis95c higher, but the advance was lost and the
closing was the same as the opening, $3.50 for
September and 81 60 for October. Quite an ac-
tive demand prevailed for ribs and the offerings
were fair. Prices were gradually advanced e50s0c
on the whole list and the appreciation was sup.
ported to the close, which was at S10.05 for
September and S9.ssi for October.
In the cattle market there was good demand
from shippers and dressed beef men for the best
grades and prices were as high as on the prev
ious day. But the less desirable sorts were, if
possible, more under neglect than on Wednesday
and despite the best efforts OF holders there was
further perceptible decline in prices Sales
show reduction from Mondays figures Of
rather more than 15c. In isolated cases the
decline reached e0c. The weakness extended to
native butchers stuff in a less marked degree,
but was not apparent in stockers and feeders
The latter continue in light supply and are in
good demand at fully recent prices Range cat
tie were in larger supply than for q number Of
days past and were weaker, but not noteably lower
than the day before. In comparison with Mon
day decline of isGsoc is apparent
There was no great difference in prices OF hogs
as compared with Wednesday. Light hogs were
in better demand than for some days previous
and sold at prices averaging little stronger, the
bulk Of them going at S5.90@6.sO. with not
few sale at SECS, but mixed and heavy lots
were duh and less firm. To such firms SIS were
willing to shrink their hogs the packers were
paying big prices, placing the members OF the
exchange at great disadvantage. shippers I'D
:he scalpers bought with sarrs freedom. how
sver, and Satween Ike several interests about all
the merchsntable hogs were picked up.
There was a. fair local and eastern demand for
sheep, and steady range OF prices OF really
geod ones there were very few. More OF that
sort would have fonnd buyers at full prices, bat
there was an ample supply Of the lower grades
Mccormick, Kennett & Day say: Exporters
continue to hold of aud lower grades are being
taken by millers, but the advance does not look
permanent and we don't anticipate a healthy up
turn until September, when the effect OF the
snring wheat movements are being estimated