St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-13
4 Day Of Considerable Activity On
Change, and Wheat Shows Heavy
Hammering.
Other Cereals and Provisions suffer
Declines in sympathy with the
Wheat Market.
a Generally Strong Feeling All
Around in Stocl1s-- Monetary
Situation Quiet.
Chicago.

1ptiii AA''oNAo 'Jbl1 II NiN w Wy -
markets all along the line. Sell every
thing was the word that went ont last
night and the program was carried out.
though il was noticeable that the crowd
fought shy Of the corn pit. Baxter set
the ball in motion Yesterday by letting go a
lot OF long wheat. and the Milwaukee
crowd. which is very bullish in IFS tenden-
cies. was among the freest sellers to-day,
following up the onslaught started by
McHenlNr TUNne and the Eldridlce cOmbi-
nation BY selling right aud left.
1T IS The longs throwing their
wheat" was the cry that was
caught up and carried through the crowd
and bull deniaS ton the quiet) that they
We're selling long wheat, had no weight As
the break progressed considerable long
Wheat i'll small lois came Oh the market. and
ere long ''the crowd" had joined the pro-
cession. a determined effort was made to
stem the tide, Field. Lindley x Co. buying
heavily at every &c decline, and
several equally courageous houses of
greater Or less weight lending as
sistance. The change which has
come over the market is a great and sudden
one. and where a short time ago the major
ity We're all bulls and were confidently look
ing for higher prices. there is now to be
found only Il struggling mass of disguised
longs. who vie with each other on throw
ing" the stuff which has served them so
badly. The old chronic.
BEARS ARE SMILING sERENELY,
with an Il told you so' that only makes
the decline the more aggTayating to the
parties who have lost their hope and cOur-
age and money at the same time. Reports
OF damage 10 the crops are no more needed,
and all the storms OF hail and wind and rain
in the Northwest make no difference with
the men who have been fooled, and who are
bound to quit the long side of wheat. The
immediate cause of the change is an extern
sive movement OF spring wheat and an alb
sence of demand. In other words our Wis
IDLE supply threatens to reach. at the present
rate Of increase. 30, 600. 600 bushels in the
next few months unless an export
demand arises which shall absorb
the fresh receipts. Liverpool, however.
remained firm and so were cargoes but
all this fails TO reduce orr supply. New
! DIRK seemed not so eager to sell as we were,
but st. Louis reflected the same feeling.
September to-day dropped to SS14c and even
ct that figure failed to rally much, showing
that the decline may not yet be over. I'M
ports of wheat into the United Kingdom last
week were 40, 600 quarters less than the
week preceding, and of -four the quantity
was 80. 600 barrels less, but in times like
these figures count for nothing. Said a vet
cram grain merchant: "A singular feature
OF this market is that willie nine out of ten
men on the floor are bulls, you cannot
find half dozen houses tina are long of
wheat, and you cannot find fifty individual
traders who are holding wheat
FOR A WAITING DEAL.
while Of those who are admittedly long only
-, -, l. a,
every other bull house on the floor, is largely
short of the market. That leads me to con
clude that the market is heavily overloaded
Now, who has been buying? IdonOt know.
Not the country, certainly. for the country
is to a great extent out of the market at the
present writing. and has been for weeks
Not the professional traders because they
rarely take hold for long pull, and they do
not believe that The time Is ripe yet
for the upturn. though, as rule,
they look for higher prices ultimately.
Somebody has been buying steadily and
quietly. Repeated and ferOcious attacks
have been made ON the market, but every
time the bears break it and try to buy back
their wheat they find they must pay prices
that average higher than they sold their
property for Every attempt that has been
made to break the market has proved futile.
i
to say who is on the long side. The prop
ertv may have been bought for export in the
future, or it may have fallen into the hands
of strong men. who expect our wheat in
store here TO command u
PREMIUM FOR MILLING
purposes one of these days" Owing to the
entire absence of outside support the mar
ket broke again on the afternoon board
the close showing a decline Of &c from
yesterdays latest figures. The close to-
day was but shade better than inside
prices. at S6@5c for August. SSl5c for Sep
TENDER. 9015c for October. $3.50 for No
vember. \ well-known operator thus airs
his opinions: 1t is only the shaking out
of the New Workers. This scheme has been
working every day since the crowd went up
into the Northwest with Armour. 1t has
been necessary that somebody should pay
interest and carrying charges, and as New
York claims to be a larger and Weather
city than Chicago it was deemed the proper
thing to unload on the capitalists. l have
been carrying LOO, GOO bushels for New
! DIRK party and yesterday he gave orders to
sell One-third. When those fellows begin
10 cover they are liable to 90 to the other
extreme and 90 short. Look at the last
few days. Schwartz, Jones Ton his own
hook apparently, Ream and the crowd
have really been bulls for reaSOns-they have
caught the crowd, not so much in the city
as abroad, and regard the market as being
in their hands. l look for drop of at least
points before the close of the week"
CORN DID NOT PARTICIPATE
in the downturn OF either wheat or provis-
ions. but remained ''steadfaSt and immova-
bic" like the solid old grain that it is. Its
time, however. is coming. and that too be
fore long, if the farmers begin to clean out
their bins and rush their Old corn into mar
ket. as they Will be sure to do when the
wheat harvest is over. Liverpool was steady
on corn and SO were we, and that is about
all there is to be said. Receipts today
Were small. Imports of corn into the
United Kingdom last week were 50. 600
quarters less than the week preceding If
the farmers are now selling corn ahead. as
is asserted. the corn market viii soon be-
come more active and Will be more in sym
pathy with the other markets. But during
the afternoon furry in wheat prices suffered
a little. closing about sc under yesterday
at 4615c for August, 46$5c for September,
45l4c for October and 42c for November.
Oats were very moderately traded in and
fluctUated only &c in any future. The de-
preston elsewhere affected this grain UNI
favOrably. calling off a good many traders.
The close was sc under yesterday, at 2512c
for August, 245gc for September and 25c
for October.
PORK LED THE BREAK
IN provisions to-day, opening 7T@10c
lower than yesterdays closing for every
month excepting October, and this future
soon found its natural place. September
declined from $40 to 1925, October from
s9.55 to $3.50, and November from 1918
10 500 before a stand was made. The