St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-19
An Enormous Increase in the Visible
Supply of Wheat Breaks the Mar
ket Down.
The Aggregate Of Losses Very Heavy,
But Not Much Fear Of Finan-
cial Troubles.
Corn Gets up Little Higher and Pro-
visions Maintain a Fairly Solid
Footing.
Decline in Stocks Causes an Uneasy
Feeling--Money Market Quiet and
Featureless.
Chicago
special to the Globe.


special to the Globe
CHICAGO. Aug. 1S.-The visible supply
statement. showing an increase in stocks OF
wheat aggregating 100000 bushels III
round numbers, provoked the bears INTO
raiding the market to-day. The opening
was 115@115c below yesterdays closing,
cash property and September breaking fur-
Their than the later futures. The pears
through the best and nosiest brokers on the
floor. pounded the market right ana lell,
depressing prices &c or more. This brought
out large quantities of long wheat when
was dumped into the pit by weak and
frightened holders. At this Juncture not q
few watchful gentlemen on the short size
began buying, which served to STEADY lhe
market, and there was slight advance
Again the market broke under fresh attacks,
Sentember going from S2Bc (the highest
point. and &c above opening), down TO
SOXc. a clean drop of 14c. October
plunged Ike from S43sc, and November
from seize to S514c. At the lowest ebb
another purchasing movement set i'll and
the market 1irmed up, but III feVerlSh,
transient fashion, and there was not that
deep-seated stiff-neckednesS that goes so
far toward establishing solid undertone
to a genuinely firm market. Councilman,
Kammerer and others were good BUYERS,
but the bulk of the purchasing was on short
account The
FREEST SELLERS
were Lester, Schwarz ~ Dupee ana inc
room traders. big and little. During the
last hour of trading the wheat market was
comfortably steady, and the o'clock clos
inc was at or very close to opening price.
The violent chuIning to which the market
had been subjected all the morning left the
watSrs troubled and ''roilly," however, and
everybody was more or less excited on ac-
count of the uncertainties with which they
were confronted. On the afternoon board
a stronger feeling was developed ana prices
ranged higher. Two hundred and thirty
thousand bushels were taken for export
here. So 600 bushels at Duluth and
80. 600 bushels at New York, which
scared shorts. and under free cover
inc bid prices &c and closed at
the top. Latest quotations were about &c
under Mondays closing, size August,
S21lc September, SAGE October. S63sc No
vember. 1t has been suspected for some
time that the crop of wheat in this country
for 1884 was largely undereStimated by the
agricultural department at Washington, but
now the fact has been demonstrated. The
official statement of the crop of Minnesota
by counties has just been published and
the total figures foot up over 30. 600. 600
bushels, against Al, 800, 600 bushels as the
government estimate, showing mistake OF
over s. 600. 900 bushels in one state alone
It also makes known the fact that the acre
age sown to wheat this year is over 71,000
acres greater than last year. This partially
explains the heaviness of the wheat situa-
lion. the enormous quantity of the visible
supply and also why the bulls Numbered so
badly in trying to put up prices so
EARLY IN THE SEASON.
Corn was excited to-day and values gen.
orally tended toward higher range, though
determined efforts were made to check the
advance. The opening was at 49$6c be-
low yesterdays close, and at o'clock prices
were full &c above tine opening and
M@36c above yesterdays last figures. The
market was decidedly bullish in tone at the
conclusion Of trading in the morning. The
cash trade in corn was active, the bulk OF
the offerings being taken to go 10 store.
Sales were at a range OF 4534 @46c for No.
.. at 443IO46Lc for No. =; yellow, at 81 4
@449lc for No. 3, and at 441I@451Ec Ton
No. 8 yellow. The demand for car lots by
sample and f. o. b. was slow. the bulk OF
sales under this head being at H@45%c
for No. 4, at 451!@46c for No. 3, and al
4G@4GHc for No. 3yellow. The close was
steady and trading active at the close fol
the day at figures 4@39c better than yes
5erday, at 1920 August and September,
I44c October 4O14c November.
Oats were somewhat unsettled, opening
firm, then falling and recovering at the
close. leaving off at a slight advance on
the figures current twenty-fOur hours ago.
August sold at 2515@2534c, closing al
25Lc. September closed at 2414c. The
market was rather quiet, and shorts were
the principal buyers.
Provisions were rather overshadowed by
the interest shown in wheat. In early part
of the session there was a little show of
life, but as soon as brokers filled the few
urgent orders they had on hand the market
fell off into a slow condition and continued
so during the better portion of the day. The
feeling. however, was quite strong under
the circumstances, though for pork and
short ribs prices averaged easier than yes
terday's range. October was the leading
delivery, and for that month pork sold al
R9.1715@9.42, lard at $4,000. 3715, and
short ribs at S5.50@5.G0. Pork for the
same month closed at $3.50 bid, lard al
$685., and short ribs at S5.521I. CAST
product was quiet. Cash lard sold at So. ,;
16 3215