St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-23
A Lively Day on Change, the Decline
Being Caused By Hot-Wheat
RumorS.
Everybody Going Short on the Expec-
tation Of Another Break--Corn
Also Suffering.
Railroad Stocks Act Weak Mt the
Opening, but Rally Sharply
at the Close.
ClticlGO.
Snncial TO the Globe.

here are complaining Of lack 81 oul9iNt
orders. The country. they say. VIII i"'
come in until there is a more active hia-Ne';
1t may have to be bulliSh and OF an upward
tendency. for the country Spectator. Delilg
careful not to depreciate the value Vi ms
own property. is rarely found on the snort
side. In several respects TINS country 'IdueI
is a queer bird. From end 10 ehd OF ELS
own county or through such localities as
he happens to travel, ne never sees more OF
finer Grain than suits his fancy. BE there
thousands of bushels Of wheat, he secs dol
lars i'm every one. But very quickly his
eve rests on a bad wheat field. and quick
enough is he to send broadcast the news
that wheat is a failure. On the good crop
he argues to himself: keep quiet These
Chicago fellows vii! want all this wheat
soon. and we will hold it for rise" His
plans enc year may gang aglee, as they
have for many Years before. but the farmer
explains the condition to his satisfaction
and is still first, last and all the time, a
bull. This peculiar element, however. is
out of the market and has been Tor many
long day and not a few houses in the trade
predict that it will be many long day be-
fore he r--enterS the place which is gener-
ally the scene of his defeat. But commits
sion houses miss him and pray for his re-
tti IL, Iol Ills illOliE. II oS tph o. ''h9
else's. and money is what is wanted. With
a weekly increase of !, 500. 600 bushels in the
visible supply and no shorts" out to amount
to anything in wheat the market is
HAVING \ SORRY TINE
of it. and almost every day has seen il close
at a lower point than it touched the day
previous. Under all the conditions few
operators considered it cheap property, and
were unwilling to give it the Joint support
necessary 10 bring about materially higher
prices. To be sure it had little bull bulgeE,
but they were Of a temporary character and
only made for "a turn With the present
depressed condition prevailing. and appaT-
emily here To remain some little time, no
one is above taking q scalp" Trade was
50 fiat that there remained nothing else 10
do. if one would be in the market at all.
Thus it is that houses classifying them
selves as eminenUy respectable have been
guilty of some very small tricks to make the
market go their way to the extent of = % &c.
As to crop reports they have about out
lived their usefulness and have ceased to be
much of a factor. 1t is acknowledged that
he crop is short. Latest adyices from the
Northwest indicate a falling off Of about 80
)er cent, but with positive knowledge TAX
ng the place Of uncertainty there is less
gossip on the subject than formerly. Pro
TisiOns are attracting rather more attention
and are being freely offered on change,
though not heavily sold for the reason thai
40 one wants them. Under these circum-
stances it is small wonder that the market
goes
STEADILY Downward.
It is probable that by means easily fig
ared out by those on 1.-the outside pork is
now sold at a profit at lower price than it
u, /.
only be explained by the manufacturer, and
as a rule he keeps this trade a secret to
himself. \ good inquiry continues TO
come from the South. but they are not al
ways accompanied by orders. Thus the
market fluctuateS just about enough 10
make q good scalp. As compared with
prices current a week ago cash wheat closed
to-day 3$5c lower, cash corn 455c lower,
September sc and October 1&ic
lower Cash pork has fallen off
5715c, September SIZE and October 81 &c.
Lard is lO0i5c lower for cash or future
delivery. Wheat opened strong this morn
ing. but 80 4c lower. The first transac-
tons were of a character to lead the bulls
TO think they were going to have rising
market, but soon q great desire to sell stole
over the crowd. Some large holders were
discovered 10 be peddlng out their wheat
cables of dishcartening reports were re-
ceived, and news arrived that a quantity of
wheat had been posted in New FORK as out
of condition, part Of it No. l red winter.
On receipt of this intelligence more long
wheat came out and the market broke sc.
THE PRESSURE FROM TIE TOP
was tremendous. and the few friends of
wheat that We're left were demoralized. In
expiration OF the weakness in the English
market the theory was advanced that free
purchases of American wheat at bottom
prices the first of the week had Surfeited
English buyers and driven them into retire
ment for the present. 1t is quite certain
that representatives of foreign houses on
the floor of the exchange displayed no
anxiety to bid for supplies.
They appeared unusually unenthusias-
tic. irresponsible and Indifferent.
There was large buying of October wheat
early. but when the tide turned the whole
field was deserted by the bulls, though
feint of TaIlying was made when prices had
Travelled 5IM3ic on the dCwn-grade. 1.-The
food broke through and over the weak OBJ
stIuction and plunged over the precipice."
to use the expression Of a wilG-eyed broker.
and before II o'clock October was CSC,
drop OF &c from the highest point of the
morning and 115c from Yesterdays close.
September tumbled from S27Ic 10 size.
and November from S65Sc to $3.50, with no
bottom in sight. AS more of the bottom
fell out the eagerneSs of holders to unload
long wheat increased. and bears gave them
valuable assistance in selling the market
down
DOWN, DOWN, DOWN,
the market continued to 60. Cash and Au
gust struck 795Sc. September sue. October
81 &c and November S43Sc. a drop of go
axe on August September and November.
End 215c on October from the best prices
ruling early in the morning. Reports OF The
posting of additional lots of bad wheat in
New Yorll-this time in the Erie elevator.
a warehouse that has heretofore escaped
rontanination-and an utter absence of
confidence on the part OF badly
burned bulls made the situation very
weak. The big bears who had
covered their shorts were encouraged
TO another raid, and they sailed in as though
satisfied wheat would go to roc. New York
was a large and vigorous seller, orders from
Wall street preceding and accompanying the
hOt-wheat news A large quantity of local
long wheat was thrown into the pit. and
about all that was sold was taken by shorts.
The bulwarks were badly broken down.
From the bottom prices above given the
market rallied and advanced 55@Ec, but
again weakened, and nearly all of the re-
covered ground was once more lost. The
last quotations were 93sc for August, S015c
lor September, SAFE for October. and S435
@S412c for November.
CORN WAS ACTIVE,
weak and lower to-day. The opening was
&c under yesterdays closing. and there
Were early indications of a softening mar
ket. but brisk inquiry sprang mn and