St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-15
The Battle Of Bulls and Bears Results
in q Decisive Victory for
the Latter.
Weak Cables, Hot Wheat, and Timid
Feeling on the Part of Longs
Cause the Break.
Corn and Provisions Show Improve
ment on the Strength of a Cold
Weather Scare.
"A Boom in Changers and
Heavy Trading.
ChfC1CO.
Special TO the Globe.

Special TO the Globe
CHICAGO, Aug. 14.-The shorts and the
SPECTATORS in the put and call markets
were the only friends wheat had to-day.
The market was weak almost from the
beginning. and after a very short stand,
right after the opening. prices broke
There was no raiding apparently, but a
steady pressure from all quarters to sell.
Foreign cables, early and late, public and
private, denoted weakness on the other
side. The tendency on this side was to-
ward lower prices and the local crowd be-
gan business decidedly bearish in senti-
ment. An immense quantity of wheat,
held by outside parties when margins were
exhausted, came on the market and the
only BUYERS were shorts, who covered deals
at a big profit, but gave no sustaining
power to the market i'll so doing. The
crowd wanted to sell early and often. and
in this they followed blindly in the wake
Of the big operators. Never were the
''toilerS'' more numerous. Lester, Schwartz
* Dupee. Hobbs, Mccormick, Kennett &
Co., Limblom, Eldridge Il Co., Norton &
WOrthington and others wanted early to
sell more wheat than has grown in the
Northwest. 1t was said the larger
amount of the stop orders came from New
\ ork. but quite a number of ST. Louis and
MI dNhCC OltGlobOlS SCGillCu " l1dNC lGl ~
i'll order to put sand on their hands and
get a more secure grip. OF the latter, Ed
SanderSOn is said to have let go.
NEARLY A MILLION
and then loaded up again. The market
Guccumbed to these adverse influences, eX-
hibiting very little power of resistance. at
is merely Stuffing Off" was the way a
chronic bear put it, when asked to describe
the market, and that term applied admira-
oily TO the situation to-day. When wheat
touched the put" price there was rather
free purchasing for protection, but the
market only paused a little time, breaking
through and continuing on the down road.
September travelled from S734c down to
S735c; October from 9018c to SSc, and No
vember from 9219 to 9114c. Liberal pur-
chasing by parties who have been following
the market down from the top stitfened it.
and an advance from the bottom ensued of
14@35c, but nothing could remove the all
pervading sense of oppression and heavi-
ness. The bulls exhibited no signs of life
and were silent as the grave. and as
gloomy. I'VE don't understand it, but
there it is" was all they could or would say.
What looked like a recovery proved TO be
only feeble squirt and long wheat poured
upon the crowd in a steady stream. 1t
came from everywhere, and nobody wanted
ii. The lowest point of the first breaK was
reached and passed. and prices ccursed
downward. The wheat pit was crowded,
and the traders were excited. Customers
were
CALLED HEAVILY FOR MARGINS,
and property of slow-moving spectators on
the outside was thrown right and left.
Wheat plunged during the morning &c,
and recovered 35@1gc, closing at a shrink
age from last night of114@155c. Cash and
August closed at 1 O'Clock at S515c, Sep
tember at SG15c. October at SSZ5c, and No
vember at 91@9115c. The feeling was
panicky and existed to the end, and trading
was more rapid and of heavier volume than
at any time for month. The squirt right
at the close gave the bulls hopes for the aft
emOon, but the market was unsettled and
easier, in spite of reports that twelve boat
loads We're taken for expectation, New
York operators being too busy to pay any
attention to outside news. The close was
nervous. showing a total decline of 1$Ic
from outside figures and about &c above
the lowest point touched, at Soc for August,
S63gc for September, Ss$4c for October,
905Ec for November Never were a lot of
bulls more mistaken than those parties who
have been trying to sustain prices for the
last month. The bears have steadily
pointed to the Is, 600. 900 bushels in store
here and said that prices could never ad-
vance until some of that mass of stuff was
sold and moved away, and events have
shown that they reasoned cor
rectly. The unsold surplus of
the old crop has been the
milestone around the neck of the trade that
has sunk the market and lots of money. 1t
has been d day of disaster to a large num-
Der of persons, although the effect of de-
preston will ultimately prove beneficial to
the trade. just as thunderstorm purifies the
murky atmosphere.
THE LARGE RECEIPTS
and the big drop in wheat took the starch
out Of cash and September corn, closing at
l o'clock at 45Tc for August, 45Xc for
September and 442sc for October Not
much was doing in corn until well along
toward the close, when speculation became
quite lively. Buyers of cash corn transacted
a larger business to-day in samples free on
board cars, the reduction in rail rates to the
cost of sc per 100 Tbs. resulting i'm increased
activity under this head. The weakness in
corn continued until late in the day. when
prices turned up sharply on covering of
shorts and bUlling by holders of cash. Large
engagements for shipment were the cause of
the improvement. The close was &c higher
than the opening and &c higher than at 1
o'clock, latest figures being 4615c for Au-
gust and!September, 45 &c for October, Al &c
for November, 3Sc for year and see for Nav
There was some talk of anticipated frost
tonight, but the temperature has moderated
and this contingency is unlikely.
Oats We're at a lower range than yester-
day, owing to large arrivals, but trading
was on fairly active scale, and mainly to
fill outstanding contracts. No. 2 for Au-
gust twenty-fOur hours ago was 2515c.
To-day sales were made at 25$lc down to
2535c, and 2515c was the closing figure.
September fell 35c, and closed at the lowest
figure OF the day, which was 2415c.
PROVISIONS.
Comparatively little was doing in provis-
ions on the early board. Pork showed
life at the outset, and values were 5@71%c
higher than yesterdays closing, but the
market subsequently fell back to below the
starting point, where it struck, and trading
closed. The traders, who have been max
ing life weariSome for the provision bulls
of late. were about. They found better
pickings in the wheat pit, and transferred
their attentions to new idol for day.
For this happy relief the bulls were de-
voutly thankful. On the whole prices were
practically unchanged. On the afternoon
board the cold-wave rumOrs, that helped
the advance in corn, also bulled the meat
market. and pork closed Sc lard 215c and
ribs sc higher than the close of yesterdays
market. Cash demand to-day was very
good. shipments of nearly three million
pounds being reported. Product for Sep
TENDER and October closed: Pork S9.171%0
D.25, Lard G.25@G30, and ribs S5.45@
i.471l.
The Quotations.