St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-17
The Foreign War Predicted Yesterday
Failed to Materialize and Prices
Reacted.
all Speculative Product Takes a Sudden
Tumble, Much to the Reliefof
the Shorts.
Almost Everything in Banking
Very Quiet and Rates About
Unchanged.
A Sharp Advance in Vanderbilt
Stock--Operators Profess to See
GouId's Work.


ing must have caught some of the excite
ment that was rife in Wall street at an
early hour. When Lake Shore started to
sail out of sight in Wall street, wheat be-
gan to boom on the board. The opening
was weak and &c off, because cOnsolS We're
a good deal better. 1t looked for min
ute as if there was going to be as bad
break as there was advance yesterday. III
only looked that way for minute, now
ever. In accordance with their usual Gus
tom after being fierce and Warilke, cables
to-day were very tame and peaceful, ana
naturally cast corresponding shade over
the local market. About the only new
feature in these advices of which the crowd
talked was reported unsuccessful attempt
on the part of Russia to effect war loan.
Parties who were forced into the market
Yesterday by that mysterious power which
induces one man to buy when he sees an
other doing the same thing, tried to-day to
get rid of their holdings at profit. The
QUANTITY OF THESE OFFERINGS
was so great as to have quite depressing
effect on values. September wheat opened
&c lower at % &c, sold up to 93c, and then
down quite steadily TO 92%c, closing at
91%@92c, and at l o'clock was re lower
than last evening. The pit was in joy
Gus condition at the opening, although
prices were a fraction lower than the close
last evening. The cause of the exhilara-
ton was the receipt of larger number OF.
country orders than has been received for
many days. j. T. Lester and Schwartz q
Dupee managed to unload nearly all of their
large holdings at a good high figure before
the reaction came. Morris Blum bought
about half million September calls last
night, paying as high as 94%c for some of
them. A few members of the board do not
hesitate to say that yesterdays war news
was a cOoked-up affair. They say the dis
patches originated in New York, and were
telegraphed to London for the purpose of
breaking the New York stock market.
After the start and opening bulge it was ev-
ldent there was
NO PARTICULAR SUPPORT,
either from the outside or heavy local Oper-
Rtors. AS the inevitable result, prices soon
sased off and the advance Of yesterday was
steadily pounded down fraction by fraction.
As soon as it started downward, it soon be-
came apparent that everything was tOppy
and that there actually had been no founda-
ton for the Splurge, save the unconfirmed
rumOr of a few barbarians fighting in Cen
trail Asia. The unanimity with which this
view was accepted was remarkable, and
the impression was still further strength
ened by the action of Archie Fisher, who
threw overheard the large amount of wheat
ne has been carrying for months. Some
extensive covering impaired strength
toward the close, but the last hour was
given over to ScalperS entirely. September
and October wheat were the favOriteS, but
the day when options will bring ali even
dollar seemed to have been indefinitely post
poned. On the afternoon board the
TONE WAS SLIGHTLY EASIER,
and prices receded sc, or about 1c for the
day, closing S61sc for July. S915c for
August, 912sc for September, 93@sc for
October. One of the members was detected
by the floor manager while giving tips to a
man in one of the upper story offices of the
Traders building, directly opposite the
board on the Pacific avenue side. The
scheme was worked by a man concealed be-
hind some grain bags, which had been piled
in the window, and the quotations were
given by signs by the member who stood on
the outer edge of the wheat pit The
amount of wheat and flour now on passage
to the United Kingdom as posted is 325, 900
quarters less than last week. About twenty
five cargOeS are reported to be still off coast
for sale. New York and st. Louis opened
steadily, advanced some and then declined
with this market. A private dispatch from
the secretary OF the California agricultural
bureau, to Messrs. SchwaTZ IL Dupee of the
board Of trade, says that
LARGE CROP
scare is reported from Oregon and Washing
ton Territory, while California puts her
crop of this year at LOCO, 600 bu instead of
600 as last estimated. What the next
move will be is a good deal of q mystery
Corn was unsettled, with frequent fuc-
tuations within limited range Bust
ness here presented no new features
but good shipping demand was reported
from New York, with eighteen loads taken
for export The weather all over the corn |
belt continues very favorable and the nat
nral tendency of values is to a !
lower range, should the activity re-
Gently impaired to speculation by war
news be withdrawn. The close of the |
morning session was quiet at i C above last /
quotations of yesterday. There was
weaker feeling Oh the afternoon board. and |
under increased offerings the market de- T,
clined sc, with the close &c below that of |
yesterday, closing 49, for July. 4635c for |
August, 4G sc for September. 455Sc for Oc-
tober, Ale for May. Baxter bought consid- |
cradle corn early in the session, which fact |
impaired
TONE OF COMPARATIVE STRENGTH
to this deal. Norton and Worthington were
engaged all day in alternately holding the |
market and selling. The feeling among
traders is that corn at present prices is a |
much better sale than wheat and if no ac- |
cident happens to the growing crop. lower
figures must soon be seen. whatever NAV
be done with other kinds of grain. Daily |
receipts are now averaging larger than they |
have done.
Oats started out strong and higher. |
but the demand soon Stacked
and weakness set in. when the early adj !
vance was soon wiped out and at the close
the market was feeble at the inside figures
showing decline of 16@4c on those cur
rent twenty-four hours ago. July sold at
3214c and down to 81 &c, August closed at
267Gc, September closed at 251lc and May
at 2S5Sc.
Provisions ruled weaker without special |
activity, but offerings were fully equal to |
the demand all day. The tone has been |
governed almost wholly by that in grain |
and the tendency has been downward. We
note a decline for the day in mess pork of /
TIC, in lard of 213c, and in ribs of 1215c. !
The close for August and September pork /
was 30@10.3715. lard, S6.671I06.7 rs, |
short ribs, $5.621I@5.7O.
The Quotations.
CHICAGO. July 16.-Fiour dull and M
changed; wheat active and unsettled: the |
market opened 3S@5Ec lower, under few offer
ngs and higher consos; rose Ic on good buy
COLD rNff1 Z IL 80