St. Paul daily globe., 1885-08-31
The Business For the Week Closes Quis
and Prices Considerably Lower
Than Seven Days Ago.
n Slow, Lazy Day, With But Little
Trading, and Last Prices Practi-
cally Unchanged.
The Condition of Affairs in Wall
Street Somewhat Demoralized--
General Financial.
Chicago.
Special to the Globe.

vain for remedial measures that can be ap-
piled to present conditions or for any de-
cidedly improved outlook in the near future.
The giSt of the whole matter is that the
European markets are glutted with Indian
wheat, which is sold for either cash or fu-
ture delivery at a lower figure than the
American article can be landed at Liver
pool. Present offerings are on basis of
81 shillings per GENITAL, and for actual con-
sumption one wheat is As good as another.
1t is not thought probable that any marked
improvement can take place in tins
direction until inTOads are made on
the foreign supply. As related last
week, we are on a shipping basis
so far as concerns the price OF cash wheat
here, with Eastern freightS added, but the
demand. on which orders neceSSitating
Withdrawals from store are based, still fails
10 put in a steady appearance. For the
welfare of ChicagOS grain trade, in which
every member of the board has lively in
| terest. il should be a matter of deep regret
that policy, both foolish and shOrt-sighted,
at present prevails. In the scramble for
the pence Chicago is losing entire sight of
| the pound. With every advent of export
order the market is pushed up at such
rate and to such point that exporters are
| frightened out. They stay away until
prices settle down. then try once more to
move portion of the wheat we should be
only
TOO GLAD TO GET RID OF,
when the same tactics are placed on them
and away they 90. To a certain extent it is
perfectly legitimate commercial operation
for a seller to sustain values, but ii must be
acknowledged that where Chicago exports
might be multiplied n thousand fold by the
exercise of a little less aysrice, one is juSti-
| fed in calling the present policy short
sighted, If not something harSheT. During
| the week wheat, as a general thing. has
| been subject 10 beariSh influences and has
been quite heavily hammered on all sides.
| bringing ont at times sudden and sharp, and
at Others slow and steady declines. The effort
seems TO have been 10 shake out small
longs" and in a general way these efforts
have been crowned with marked success.
Every day more or less wheat held by 1.-The
country" on which margins have expired.
has been unlOaded. though a Semblance of
strength later contributed by room traders
picking up small lots at the decline for a
scalp" These room traders have done
the great bulk of the business on change
during the week. Outside orders continue
so scarce that it is virtually case of dog
eat dog. with fluctuations so narrow that
the most avaricious scalper is satisfied with
| &c profit. Occasionally he is forced TO take
more, particularly at such times as
HOT WHEAT
/ is posted in New York, as has been done
| on two or three occasions since last SatuT-
| day, and the market drops of &c or sc
very suddenly. \ good deal of talk. some
of it more or less idle, has been indulged in
on the Chicago floor regarding this same
| hot wheat in New York. and about all the
pits affect TO believe that lot of $4,000
| bushels or so. when discovered out of con-
ditiOn in one elevator, is Immediately trans
/ ferred To another and made TO do duty indeii-
nitely, by posing as ''hOt" in as many ele-
vatOrs As can be found to accommodate it,
| BE this as it may, the effect here. added to
| crop conditions. has been disastrous and
| far has this idea OF lower
prices advanced that advice from
old heads is invariably: Don't you
buy wheat unless you have have already
| got il sold" There has. of course. been
! DAYS of more or less strength in the mar
| ket. but this tone has been only tempo
| raTily contributed by such features as a
small increase I'm the visible that covering,
etc. In the main the tendency has been
downward and the feeling heavy, with
nothing in sight that may be relied upon
as q supporting or strengthening feature of
| any real or continued merit We expect
therefore. to be obliged to continue the re-
! porting Of Il general beariSh market for 4
few weeks to come. or until prices shall
have Yet fallen off in the neighborhoOd of
SC for wheat As compared with prices
of a week ago, No. spring wheat, cash.
closed sc lower. seller October &c lower
and November 4elower.
CORN
has generally shown more strength than
wheat. This tone was largely induced by
| government predictions of frost in regions
where corn IS yet in the milk and from in
veStment purchases calculated 10 discount
the expected advances. BUtnO appreciable
/ damage has yet been done by frost and the
| crowd has settled down 10 the belief that
the clerk Of the weather IS long fine. and is
| making himself a market. Cash corn closed
| sc lower than last week. seller October
| l<c lower and November Sc of.
In the smaller grains the only feature has
| been fears Of a squeeze in August oats, the
market az one time advancing rapidly &C
on ''ShoTt" covering. Prices. however.
have fallen of = c for cash, futures remain
ing unchanged.
The pressure Of colder weather. jointly
with the strength in corn. has been Of gen
eral benefit to hog product. though cash
pork shows decline of soc. October and
| November delivery. however. are &c higher.
Lard has improved about 1Oc, while short
ribs are Csc higher than week ago and
generally strong at the advance.
THE MARKET
opened tame at 1<c below last nights close.
| The foreign news was unfavOrable To any
advance. but the weather was rainy in the
] Norfltrr-a.r aun m hand
! indicated a larger percentage of damage
than heretofore reported. There was some
] effort made TO depreSs figures and this was
/ successful enough to send October wheat
| down to S12fc. At that point it dallied
a while and then dropped further. touching
/ Size, which proved TO be the low figure of
| the day. There was some indications of
/ buying by the Adams and Ream brokers. as
well as BY Milwaukeeans, and the market
Stesdied. While prices were at the
bottom dispatches flew around with
| the usual flourish. announcing the posting
of 40, 900 bushels No. , red wheat in New
\ oTk. As a commentary on the result of
this stale business, it is sufficient 10 say
that within fifteen minutes thereafter the
bears that had so demOnstratively exhibited
their kilograms were paying S215 for OctO-
Der wheat The firmness, thus suddenly
started. continued. and a further advance
of 1<c was recorded. There were some
stories around about foreign complications,
and one satirical bear remarked that he
understood French or Spanish yacht had
been run down by a Dutch tug boat. hence
wheat should be higher. But with rainy
weather. which may retard threShing, and
a general belief that strong hands are
buying on all breaks, there was scarcely
any need of
WAR RU9GoRs