St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-29
4 BREAK TN WHEAT.
The Wheat Market Starts out Excitedly
and Higher, But Becomes Weak
and Lower.
Corn and Oats Suffer Decline in Sym
pathy with the Higher-Priced
Cereal,
But Provisions of all Kinds Close
Firmer and Higher on Light
Offerings.
Railroad Stocks at New York Begin
FractiOnaliy Lower, but the
Feeling StiG.
GEiEcaSOs

Special to the GloDe.
CHICAGO. Aug. 2S.-The early markets
Appropriated stupidity. opeculatiyely
speaking. there was nothing in them. \
goporifc calm pelyaded the beard Of trade
and the great heart of trade did its thrOb-
bling softly. PulsatiOnS were regular, but
feeble Outside orders We're ralities. COM
paratively speaking. to-day, and the mar
kets had very little support from that
source. Wheat opened at Yesterdays clos
lng figures. but the bull element was strong
and the bears were corresp0ndingly scared,
and 50 the price Of October wheat rose 10
R3LIc with a rush Free offerings at this
noiut brought reaction. and the figures
Teceded slowly &c. EiCredge showed some
desire 10 force an upward movement, and
tie McGeoch parry acted the same way.
Orr. Criitenden. Harvey and Everingham
being free buyers. Field. Lindiey d. Co.
sold pretty steadily. and so did great
many scaipers. The latter finally got prices
turned down, and by industrious work a
decline Of 4 cent was effected. At this
point tbe bulls bought again and the mar
ket was St2aded. 1t is tie opinion of some
good judges that Armour is now operating
cautiously on the long side OF wheat but
the crowd is TOO uncertain of his movements
to take much courage in the way of follow
Judgment as a crop examiner is uneXcelled,
probably, by any other person in the trade,
was asked to-day for his opinion as to the
snring wheat crop. AS the result of per-
son8l investigation. believe the crop i'll
Nebraska, Iowa and Minnesota has
SUFFERED A LOSS -....
IF 20 per cent. from unfavorable weather
Rnd condition while the plant was in It's
most sensitive state. / think my estimate
* conservative, too, and that the thresherS'
returns will 50 prove it. Spring wheat.
while in milky stage of growth, is tender
to degree that few people, who are not
observing growers of it, appreciate The
tendency always is to OveTestimate the
yield by paying too much attention to the
height and apparent yigOr Of the stalk. In
winter wheat, if you get a good stalk
growth, you are reasonably certain Of a fair
yield; but it is not 50 with spring grain
y ou can have an excellent promise Of the
latter 50 far as stalk and heads go and yet
get very little wheat"
''What do you place the total yield of
the country att" .-.-.-.......
wei. If you mean the total crop, both
spring and winter, | will say $40. 900 600
bushels. | believe the final estimate of
the government will be reduced TO that
figure.
The advance eliminated at about 10
O'Clock. and from that point values fell
away drOwSily. tuctuating within range
OF &c until noon. Even the Scalpers took
very little interest in the proceedings. The
heavineSs Of wheat bore fruit during the
last hour OF the morning session in sub
stantial break in prices. The arrival of
news that the foreign markets-which
opened Steady-had closed weak started the
down turn and gave half a dozen OF
the more ventureSOme room traders an eX-
cuse for selling the market down. Dizziness
gave place to activity, and considerable
business was done on the decline. The
range in speculative wheat during the morn
ing session was 114@135c, and the closing
at 1 o'clock was almost at bottom prices.
The decline from Yesterdays 2:20 closing
was &c for August ~ &c for September,
October and November. the last sales being
on basis of 1890 500 M803sc 50 Is G0S2l5c
and 844W84}5c for the months in the
order above given. The weakness of
the morning was increased on the late
board. as sellers predOminated and the
market broke &c, closing easy at soc Sep
TENDER. 0215c October. S452c November.
SO &c December. 94>lc May. As the month
draws TO a close traders become less and
less disposed TO 90 into extensive deals
my hOli l hllbh Nlldb llIS lJIuGESS Oh
changing over may develop, and they take
counsel with their fears rather than operate
on the dictates OF hopes or judgment
founded on the cold conditions of trade
This, in a measure accounts for the studied
dizziness that has settled upon the market
within the past f0rty-eight hours,
CORN WAS DULLER
than usual to-day. 1t was infinitely more
langud than wheat. EXeTtiOn Of any kind
was disIasteful to corn and The changes in
values were little more than nominal Fluc-
tuationS had no significance. Conditions
are the same to-day as they were yesterday
Corn slid down grade in sympathy with
wheat but it did not 90 far, the threatened
decline being promptly checked. The close
was about 4 cunder yesterday late figures,
at - sc for August, 44$lc for September,
42%c for October. 371lc for November,
3714c for year. 3S1 sc for May.
Oats We're active. but Longs" unloaded
and prices fell. August dropped 12[c and
sales were at 2715c down to 2514c. with
251lc the closing figure. Shorts
nibbed. Receivers Of car lots
had to take lowest prices of
the day, owing to the collapse before ware
house receipts came 10 hand. September
closed at 242ic and October at 241sc.
In the provision pit the opening was
weak and lower under continued heavy re-
ceipts of hogs at the stock yards and lower
prices there. Later prices advanced on a
good speculative demand for stuff and the
fact that there was little for sale. October
pork opened at $3.50, against $3.50 as the
closing yesterday, and sold 10 S90715 by
u o'clock. later reacting to 50 even, at
which price there was a fair showing Of
orders. The close was steady, at an adj
vance Of 171Ec for pork and 1215c on ribs.
Lard closed unchanged. The packers pro-
gram is thus outlined by a customer: 1.-The
packers are putting up the price Of
provisions in face of big corn crop
and immense future receipts of hogs, to
encourage short selling and to make a mar
ket for the product of winter packing sea-
SON. Then they will twist out the weak
shorts and turn around and knock the pins
out from under the market, at the same
time combining to depress live hogs. In
this way they will be enabled to make a
profit Oh the product of later months. The
genial farmer viii get the worst OF the deal.
He will in fact, get whipsawed L don't
charge YOU a cent for this essay"
WHEELER, ROLLINS g. CO.,
COMMISSION MERCHANTS, ....
ID