St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-20
All the Cereals Drop From Yesterday
Level, Unable to Cope With Bear
Arguments.
A Lazy Mans Day I'm the Banks, With
Plenty of Money and Liberal
Exchange offered.
Stock Bulls Are Endeavoring to Hold
the Earth Up by the CaudaI
Appendage.
Chicago.
Special to the Globe.

rerularlv sarged down when they went out
of the market. Receipts were fair. EST
mates for tomorrow are 90 cars OF Wheat,
40 cars of corn and 143 cars OF oats.
Wheat opened &c lower this morning, but
the market gave an early eXmHtlon OF
strength 1.-THE crowd buying Literally on
the natural reaction theory. Then came
some heavy selling by Milmine d Bod
man, SchwarZ Il Dupee, Lester ~
Co., and the whole list OF private
wire houses, but the offerings were
absorbed. and after a mOmentary
break. the market righted itself and adj
vanced sharply In the speculative whlrl
September advanced from see to sage;
October from size to S54c, and NoVem-
Der from soc. which was &c below opening,
to S7IIc. The market was booming, and
the bic sellers who were supposed to be OPP
Grating i'll great measure for wall street
began to look sick, when a report came
that six car loads Of hot wheat had Deen
posted in New York. On that the market
broke. cash September and October falling
back to the lowest point Of the morning,
and November getting within 34c OF the
bottom. From that point values hardened,
the market became steady and almost firm
for a time, and business in the pit was eN-
ceedingly lively.
a BETTER FEELING
prevailed in New York and all the other
domestic markets excepting st. Louis,
which is laboring under big load or new
wheat, and cannot be expected to be very
lively or buoyant. Talk Of the damage
that had been done to the crops III the
Northwest was once more heard, but IL was
faint and feeble and did not receive as
much attention as anticipated. Big receipts
TOD nc
get time to turn around and start his grain
marketward. Wheat was very strong
around SAFE for October, which was the
favOrite month. and it seemed as though
the crowd wanted to take the whole d.
OG0, 600 bushels in our elevators at that flg-
IRE. Later when the markets had
settled TO SIC, it looked as
though the whole 100000 bushels
were going to be dumped into the pit at one
whrl One broker who had an order to
buy $50 600 bushels at that figure came
sweating out of the crush with the state
ment that it took him just a minute to fill
his card. The private wire business, which
had been heavy sellers at the beginning OF
the day and anxious buyers on the advance.
turned again and rode the market down
gleefully. At the close, wheat was weak at
about the current prices of the morning.
Ol I'd ~ y CIOCh lllc Sill lllhtl5Cs do YUM
pared with yesterdays close, was M@%c
In the sample market wheat was only mod
erately active, and sales ranged 24@1c be-
low those ruling yesterday.
GRAIN MERCHANT.
are beginning to hope for an import demand
in the Immediate inquiry. 1t was reported
that several export orders had been filled,
but the talk could not be traced to any
authoritive source. There was unusually
heavy buying on the early board. Stevens,
Cudahys partner, and brokers who gave
up his name, were the largest. 1t was set
down at once that Cudahy was going long
or else covering shorts, and it didn't make
much difference which. Then Harvey
bought largely, too, and from this it was
rumored that McGeoch and his Milwaukee
friends. Angus Smith and Ed San
derson. were on the bull side of
the market. Eldridge 81 Co., Lester
q Co., and CounseIman 81 Co. were all
bidders for good-siZed lots. with one or
two exceptions" said W. II. Harvey, these
purchases are to cover shorts. Some of
them are shorts put out only yesterday,
when the market looked as ii it was going
to break badly. At S5c thought October
wheat a good sale, and think, too, that
the most influential part of the local crowd
II did not sell barrel of flour yesterday"
said Montague, and in this 1lppant way he
disposed of the ''bull' story that he had
sold 100, 900 barrels of flour for foreign
shipment. On the late board
REPORTED FAILURES
in New York and Toledo, both
small houses, caused further decline, and
the market closed weak, 3l@1c under yes
terday al S03sc for August, S15sc for Sep
tember S315c for October, sc for NOvem-
Der, size for December and 9514c for
May. There would seem to be no occa-
sion for bulling wheat until more active
foreign demand springs up, and until we
have disposed of a larger portion of our sur
plus stock. If the movement of the new
crop of spring wheat TO market should be
liberal, as is now expected, the visible sup
ply would heap up so fast that lower prices
must inevitably ensue.
Corn did not regain the temporary ele-
walton given to it late yester-
day afternoon by reports of all
cold wave failed to make connections, or
was side-tracked somewhere. Accordingly
September opened "a off and October &c.
and then the latter sold down about &c
more with wheat. Receipts to-day We're
fair. and Liverpool only reported a mOder-
ate demand. The corn situation continues
rather doubtful. and shorts scare very easily
but temptation to sell short in the face of
such a promised yield is too great to be re-
sisted. This keeps the market very sensi-
tive to all outside influences calculated to
erect tine coming crop. The late close was
15@4c under yesterday at 451Ic for Aug
ust. 4538c for September, 49, sc for October,
4016c for November.
OATS WERE FIRNIER
under fair demand from shorts. The
range was narrow, but higher than on YES
tcrday, and the closing figures show an i'm
proyement Of sc on those current twenty
four hours ago. August sold at 25XC026c,
and closed at 255sc. September closed at
2i".c.
Several ioond lots of long pork were
offered ta# morning. and there being no
.a&ers the market broke This brought out
more long property held by brokers on stop
orders. and plecipitated 4 slump in pork
hat carried the whole list down with it.
Free selling by Orr was the origin of the
downward movement. Free selling by every
body carried values TO still lower levels After
L: o'clock another 10c had been knocked
)tf the price of pork, and ribs and lard were
tlsO lower. The decline in August and
September pork on the day was 47J%c. Sen
TENDER opened at S9.2712, and closed AT l
o'clock at $3.50. October broke from 50. 30 i
10 IS. ST16, d sheer drop of 45c. November
went from SO. 10 to $50. August and Sep
TENDER lard declined from S6.27L Ia
s6.121!. October from S6.35 to Sc. I7ISG
$40, and November from S6.25 to So. O5.
August and September ribs declined from
$3.50 TO $3.50, and October from So. So tc
$40. At 2 o'clock the provision market
dropped 10c. but finally recovered and