St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-18
Disheartened Bulls Allow the Wheat
Market to Make Another
Big Drop.
The General Belief Prevalent That the
Wheat Crop is Made Beyond
PeradVenture.
Other Cereals, as Well as Provisions
Suffer From the Weakness
in Wheat.
Bulls at Loss to Know When Stocks
VIII Stop Going up the
Scale.
Chicago.
Special to the Globe.

Special to the Globe.
CHICAGO, Aug. 17.-There was short
sidewalk panic Saturday afternoon after
trading hours and curbStOne chase this
forenoon before Irregular" trading again,
and wheat sold away down. The bulls sub
mitted to big sacrifices to secure their lib
.rty and escape from what they thought
VAS going to prove a cataclySm. The
market opened at decline of 1@@3lc from
Saturday, August selling at sec, September
1t S215c, October at S5c and November at
SIZE. Everybody wanted to sell, and it
ooked as though the last support had been
withdrawn from the market. Longs were
levoured with anxiety to unload and bears
we're aggressive and mercileSS. \ further
decline of re occurred, and there was wild
Trading. big lots being bought and
sold at prices that varied &c at
some moment Oh different sides
of the pit. 1t was noticed soon that good
many tloor-breakerS were buying from
everybody i'll reach. The crowd turned
somersault, having suddenly concluded
that the big grizzlies had engineered weak
opening to buy on and that they were COW
ering their contracts and preparing to reap
the harvest their nerve and Judgment had
put within their reach. Prices fairly
bounced. September going from SIC to S2}3c
at a single leap, and October and NOvem-
Der climbing nearlya fast, but taking more
steps to it. September advanced l sc from
the lowest, October 1c and November &c,
September touching S316c and October
S515c. a break followed a few minutes
later of 35@15c and a momentary
LULL IN THE EXCITEMENT
to give the traders time to catch their
breath. After the first hour and half the
market became less active, though tiuctua-
ton skipped about with a vigor that re-
quired on the part of those in trade the
closest watchfulnesS. September ranged
from S214@S2$4c, October from S4X@
S555c, and November from S6Y@S714c.
The market developed symptoms OF
strength, and the number of outside orders
that was received indicated that the cOun-
try had reached the conclusion that prices
had gone about low enough, and that it was
time for the natural reaction to manifest
itself. The close at 1 o'clock was steady,
or moderately so, at &c advance from the
opening, and October and November &c
advance. August was the same at
the close as at the open
ing. The offerings of long wheat
continued throughout the afternoon,
the market continuing in an excited cOndi-
ton. selling off another &c. The latest
figures were size for August S22l for
September, s. sc for October, S61sc for
November, soc for December, S6$4c for
May.
The situation. as all sides admit is grow
ing not a little serious. Such a break as
that OF to-day, amid such outlying condi-
tons, is something remarkable. and indi
Gates most woeful lack of judgment on
the part Of those whose stubborneSs and
shortsightedness brought the panic. Were
it not that each day brings us nearer the
incoming of a new crop, there would be
good ground to hope that the bottom was
not far off, or if the old surplus was not so
enormously large, and foreign buying so
enthusiastically small, there would be
COURAGE ENOUGH
remaining in the bulls to commence opera
lions. But what can be done. under exist
ing circumstances, puzzles the wiSest ones,
with break of over s cents a buShel within
a week. No large buyers appear and until
they do come i'll sight there can be no per-
manent relief. Crop reports are not needed
now, nor anything else, except actual trans
actions and exhausted margins. What is
TO be the final outcome of all this upsetting
of calculations is anXiouSly inquired on all
sides.
Corn opened @@Ac below Saturdays
close and was reasonably steady for little
while, but later broke 1l@35c on
big receipts for to-day and tomorrow,
favorable crop news and free selling Of long
futures, as well as cash stuff. The market
tirmed up, partly in sympathy with wheat
and partly of its own motive then caTeened
and took another plunge of 3s@16c, only
to right itself again and held with consid
cradle steadiness for the remainder of the
morning session, closing firm. August
opened at 4519c, sold down to 4536c, and
closed at &c. September. sold down from
45$4 to 4516c, back to 45$Ic, down to 1910,
back to 4515c, down to 454c, closing at
4535c. October opened at Al sc, sold up 70
4455c, down to 4312c, up To 1870 and closed
al 1890. November opened at 4O14c, sold
Off 55c, advanced &c, declined &c to 391zc
and closed at 3919c.
OUR RECEIPTS
of corn were good to-day and promise to
be much larger tomorrow. The old corn
lying back, the existence of which has
been so often affirmed and denied. begins to
assert itself by appearing on the field of
dispute in propria persOnauX and cOnfomd-
ing its accuser. As the new crop draws
nearer its ripening these receipts will be
likely to increase until price of corn takes
Its proper place among other grains.
Oats were weak and lower early. but
shorts began to take hold AT the decline,
when trading became fairly active and the
market closed about i c better than on SatlIr-
day. August sold at % Is @25 ~ and closed
at 251zc. October closed at 245sc.
Pork, and incidentally ether meats. was
firm and not affected by the break in wheat.
There was good Southern demand and
although trading was comparatively light
prices were firm and advanced slowly but
steadily from the opening to the close.
September pork opened at S7.0715 and sold
up to $500. The lard market was dull.
there being almost no demand and little or
none offered. Then there came a boom
that caused a irmer feeling and the market
went on rising, closing zoe higher for
pork, DC for lard ana 1212c for ribs Latest
figures for September and October were:
Pork, 1892 1z@9. 3712; lard, SG30@6. 37115;
short ribs, S5.521I@5.671z.
ThP GHOT1ffOnS