St. Paul daily globe., 1885-08-14
Ambitious Bears Manage to Work Prices
Downward By Circulating Unfounded
Hot Wheat RumorS.
Cholera Ravages Across the Water Not
Without Influence On the Declin-
ing Market.
Rather Shy Feeling Among the Lit
tie Spectators Who Have Been
Squeezed Recently.
A Higher Range of Prices in Stocks,
Followed BY a Break Near the
Closing Hour.
Chicago.
Special to the Clio

CHICAGO. Aug. 13.-On Change to-day
there was more or less depression and an
unsettled feeling in pretty much all the
speculative lists, with nervousness, coming
from rumors affecting the condition of No.
2 spring wheat in elevators and from private
French cables containing cholera news.
Wheat began the day with head up, but in
the course of a few minutes the market
dropped. and for most of the morning was
timber as a diShrag, occasionally reviving,
but for the larger part of the time showing
unmistakable signs of sickness. Public
cables were Cd higher for winter wheat,
and American spring wheat was
reported quiet and steady. The -four men
were refusing offers they would have
snapped at last week, but wheat had no
friends among the traders on the floor of
The board OF trade. New York was in the
market early with selling orders. and re-
ports gained currency that a lot Of wheat.
variOusly placed at from 600 to 90, 900
bushels. was about to be posted as out of
condition No one here had the slightest
fear OF any wheat being posted. Wheeler,
Baker. Kershaw, Irwin, Greene and
Wright all said the spring wheat here was
in tip-top order New York elevators,
however, were filled with an
ENTIRELY DIFFERENT
kind of wheat, not calculated to withstand
the same atmospheric changes as ours. All
profess to believe that any hOt-wheat scare
here is absurd, and story started for the
purpose Of breaking down the market. No
body could be found who would father the
story, and the chief grain inspector gave a
tiat-footed denial to the rumor. 1t never
thelesS served lis purpose and fed the dis
trust and fears OF the spectators. Intel
ligence that New York commission houses
We're calling heavy margins on August
Wheat gave rise to the belief that this move
would be followed by the posting
OF hot wheat at that point,
and tended to still further depress
prices here. The opening for wheat
was &c over yesterdays closing, and de-
cline was not long in setting in. Private
cables received after the poStingof the pub
lie cables were to the effect that reports of
crop prospects i'll Europe were better and
the market easier. The break in August by
noon was &c, and the break in September
October and November sc. August
dropped without any rallies of moment
from S65Sc to SG1sc. September opened at
S614c. advanced &c, declined to S7$lc. re-
gained &c of the loss and then fell back 3sc.
striking S713c by 1870 and closing at S7$4c
October opened at 90Mc, dropped &c,
which was recovered,
TIE RALLY
being followed by decline to soc by noon
or shortly after. the close. at 10 O'Clock. be-
ing 90l4c. November went from 925Sc to
81 sc and closed at 924c. A large guam
tity Of short wheat was brought in on the
second or supplemental break during the
morning, but the effect of the purchasing
was hardly felt, the market being so heavy.
On the afternoon board there was but little
doing. bat prices were well maintained and
the close was steady at Sc &c for August,
S5}5c for September, 90k &c for October and
92 &c for November. Under ordinary cir
cumstances there was bull news enough to-
day tn have advanced the market a cent or
two, but it only caused little buying by
few shorts and little more
buying against puts when the
short-Iiyed boom was over. 1t was
rather expected that our weakness of the
past two days would be reflected in this
mornings cables, but instead of that Liver
pool reported wheat as firmly held. Willie
carg0es We're not only firmly held. but a
Fence per quarter higher for California and
red winter. This is Il singular state of af-
fdirs-wlleat going down here and going
up III London at the same time-but the
great and only trouble with our market
now is The fear and expectation Of an early
and liberal movement Of new spring wheat
when our elevators are all full OF unsafe
able 0ld wheat. II somebody would be kind
enough 10
BUY AND REMOVE
few million bushels. our market would
rally a once: but. as il is. the trade has
agreed that ( is necessary to dcpresS prices
untii %cmch"Gy is willing to take some of
Our ok surplus stock. This is the whole
situation III anut shell. 1t is case of grain
drop>5 that makes prices drOp-too much
stHH. The amount OF wheat and flour now
on passage io the United Kingdom is 335.-
GOO quarter itSs than last week. and to the
continent 3C0C0 quarters less. but this does
40 good 10 an over -gorged market, unless
somebody Viii buy. ''Oh. for more buy
erS. groan out the dSheartened bulls.
Corn opened lower for every month ex-
copt October. which was 14c higher. but
the general tendency Of the market was
downward. Robert Warren and George
Baldwin hammered the remote features.
the latter directing his attention to Novem-
Der which broke from 4l3ic to 403Sc, a de-
cline OF llsc on the day and 13sc from YES
terday close. The l o'clock close was 4
a. = c above the inside figures of the morn
ing. Cash corn met with an active demand
and was the strongest article in the list to-
day, though prices for car lots to
GO 10 STORE
averaged about &c lower than Yesterday.
No. sold at 46S@4614c; No. yellow at
4613@41c, No. , at 450D4514c. No. 3 yellow
at 46l4c, and No. at Hottie Samples
sold fairly f. o. b., and ranged generally at
4513@4614c for No. 4, at 464@462lc for
No. 3. and at 4704714c for No. 3. yellow.
Tho elNSa for fba I.
yesterday at AZ sc for August and Septem-
Der, 4413c for October, 4035e for November.
The market appears strong, but is evidently
held i'll check by the weakness in wheat.
Oats ruled quiet but prices kept within a
very narrow range and closed at duplicates
OF those twenty-four hours ago. A few
shorts and local consumers were the only
buyers. August sold at 251I@25%c, and
closed with 251ac bid. September closed at
24Xc.
Provisions were fairly steady early. nearly
the whole list holding up to Yesterdays
latest prices, but an easier feeling soon set
III, with prices at the yards 4@10c lower
and market dull. Pork opened 715c above
yesterdays closing, lard 2Jzc and ribs re.
Pork broke 15@1715c, lard 5@715c and
ribs 1Oc. From this break there was a
partial recovery, and the close was about
the same as at $50 yesterday all around.
The market was fairly active for cash
products, but the decline checked inquiry
somewhat. There was break of Ice in
pork during the afternoon from the o'clock
closing. and decline of 21zc in lard.
Latest quotations for the September and
October product show a decline from YES
terday of &c on pork, 21Ec on lard and 21lc
OH short ribs.
The Quotations.