St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-12
Bulls and Bears Unite in the Plant That
No One Wants Any More of
Our Products.
Large Holders Throw too Much Stuff on
the Market. and Lower Prices are
the Result.
Solid Traders Get Tired of Carrying
the Market at Loss, and Dump
Their Loads.
A Lively Day in Wall street Develops
Some Weak spots that the Bears
Make Use OF.
Chicago.
special to the Gloha

Special to the Globe
CHICAGO. Aug. 1.-THE markets to-
day were inexpressibly dull until the morn
ing hours We're nearly gone. A great many
OF the most energetic traders have left town
or drawn out temporarily. There being
no life in the cash trade. none can be eX-
pected in speculation. Everybody Is walt
ing. like MicaWber, for something to turn
up" and not really expecting it in the inn
mediate future. though counting on a
change for the better before long. and, not
knowing when good times may arrive. they
do not want to leave their posts a minute.
The government estimates this morn
ing were about What nine-tenths of
the trade expected and the visible
supply statement surprised nobody. A
small decrease from the July estimates was
looked for. The reports from the North
west were sent in when the whole country
was filed with approximations lest the hot
weather would Scorch and burn the grain.
and the, farmers, on whom the bureau re-
lies for its information, naturally took
gloomy view Of the future. How far the
change in temperature. that followed the
birth OF August may have changed the re-
suit viii not be known definitely until the
threshers get to work in the
GREAT SPRING WHEAT BELT
1t is for reports from that quarter that the
people who buy and sell grain are waiting.
and they feel that they have not long to
wait. The public cables indicated a con-
tinuation Of the improved feeling abroad,
but private cables were contradictory.
Some said that prices were higher. while
others with equal positiveness said that
prices were lower, and that there was no
prospect Of a demand that would stimulate
the expectation Of American wheat either
this month or next month. Wheat opened to-
day about as it left off yesterday. advanced
sluggishly 1S@j4c, and dropped back to the
starting point. where the market died.
About half an hour before l o'clock. Lynn.
Ream, Roach and two or three others blew
a blast into the resurrection trumpet and
put life into the corpse. They then jumped
on the galvanized semblance Of activity and
pounded it Justify. In less than twenty
minutes they broke the market re. The
room traders took a turn, and from the be-
ginning of the circus TO l o'clock biz
scalping business was done. The telegraph
instruments clicked at a rapid rate, and be-
tore the close
ORDERS FROM THE OUTSIDE
were flowing in. 1t was lively ending of
what threatened to be the dullest dav of
the year. Anxious inquiries could be heard
as TO the occasion of the break. but no news
that should cause the stampede could be
heard. and the wise conclusion was reached
that some of the bulls had become tired Of
carrying their load and were detected trying
to get out, which was a signal for others to
tighten themselves and an Inauguration of
a season Of selling. The market at / o'clock
was decidedly ''slumpy," and the close was
at about bottom prices. closing at SSc
for August, S975c for September
9215c for October. On the late
board the raid on wheat was summary
checked by Observation-Disclosures reports of
damages by storm in the Northwest. and
further reports that a large quantity Of stuff
had been taken for export in New York
This news caused a sharp rally of &c or
thereabouts, and the close was firm at S75Sc
for August. SAGE for September. 9115c for
October. and 90 for November The
government estimates for August, which are
published to-day. put the average decline
during the month Of July in wheat pros
poets at four points, which indicates re-
duction from the expectation Of July 1 of
about 1000, coo bushels. The reports of
RESULTS OF THRESHING
are acknowledged to have been very mea-
ger, and only from the Southern states.
where the yield is said to be better than
was looked for. The reduction in pros
pective yield is greatest in Minnesota.
which is estimated at 8 points. The de-
cline in Wisconsin sput at ) points. in
Iowa and in Dakota. The corn crop has
made an Improvement since the last report.
and the average stand is 90. indicating
yield of tWenty-SiX or twenty-seven bushels
TO the acre. The average of oats has de-
clined from o. to 90, which is points
higher than in August of last
year. Rye averages "a, show
ing continued Improvement since
June I. Barley stands. as in the last re-
port at sc. which indicates about an aver
ager crop for any series Of i've or ten years.
There is an increase in the area OF buck
wheat and the condition averages %. A
medium crop Of hay is assured by the aver
age OF 93. After the weakness OF yesterday
corn again showed some of its Old-time
strength to-day. September and October
opened 4 C higher in the face Of the largest
receipts OF the month and then advanced L
@$5c more, falling back a little with wheat
when the early tirmneSS was over. Liver
pool reported corn as firmly held. while our
visible supply statement showed another
decrease during last week. This shows that
receipts do not as yet equal shipments and
until they do it is in vain to look for lower
prices in corn. The extraordinary promise
Of
THE NEW CROP,
however. makes many bears, who would be
glad to operate, if they dared to, on the
selling side. The close was firner. prices
ruling at 46$Ic for August. 465Ec for Sep
TENDER, 4515c for October, ~ 4 for Novem-
Der, 3S$4c for year, and 39$4c for May.
Oats were dull and dragging. the large re-
ceiptS making shorts Indifferent and the
longs a little Weak-kneed Prices were a
shade easier. August sold at 25156255lc.
and closed with buyers at the inside figure.
September sold at 245sc@25c. and closed at
Page. The receipts to-day were 155 car
loads. 1913 being this years growth. The
bulk of trading was in the near futures.
Provisions were subject to a fair trade.
but it was of such d SpasmOdic character
that during the bulk of the session the reg
ular traders did not feel justified in vacating
their chairs around the cutter edge of the
pit There was sufficient inquiry from
the local crowd and on outside orders to
move the market 712@10c upward, but be-
fore the expiration of the morning session
this gain was entirely lost and values set
tied down into a state of lethargy, with no
orders coming in to move it one
way or another, and local traders
were disposed to let it alone. There was
no change worthy Of note on the afternoon
board. pork closing 254c lower than yester-
day, at S9.4715@9 for August and
September, Lard. though steady, closes
slightly off at So. 35@6.40 for August and
September The trade in short ribs was
merely nominal, prices ranging about the
same as yesterday, at S5.55@5.577z for Au-
gust and September.