St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-24
Under the Lead of Wheat the Chicago
Cereal Markets Break all to
Pieces.
a Lively Day OF Change, the Decline
Being Caused by Hot Wheat
RumorS.
Everybody Going Short on the Expec-
tation of Another Brcak--Corn
Also Suffering.
Railroad Stocks Act Weak at tho
Opening, but Rally Sharply
at the Close.
Chicago.
Snncial to the Glnhe

Special to the Globe.
CHICAGO. Aug. cat cannot truthfully
be said that during the last week any new
features of a decided character have en-
tered the market. All commission houses
here are complaining Of lack OF outside
orders. The country, they say, will not
come in until there is a more active market.
It NAV have to be bullish and of an upward
tendency. for the country Spectator. being
careful not to depreciate the value of his
own property, is rarely found on the short"
side In several respects this country trader
is queer bird. From end to END of his
own county. or through such localities as
he happens to travel. he never sees more or
finer grain than suits his fancy. Be there
thousands of bushels of wheat. he sees dol
lars in every one. But very quickly his
eye rests on a bad wheat field, and quick
enough is he to send broadcast the news
that wheat is a failure. On the good crop
he argues to himself: Keep quiet. These
Chicago fellows will want all this wheat
soon, and we will hold it for a rise" His
plans one year may gang aglee." as they
have for many years before, but the farmer
explains the condition to his satisfaction
and is still, first, last and all the time, a
bull. This peculiar element, however, Is
out of the market and has been for many
long day. and not a few houses in the trade
predict that it will be many a long day be-
fore he re-enters the place which is gener-
ally the scene OF his defeat. But commits
sion houses miss him and pray for his re-
turn, for his money is as good as anybody
elSe's, and money is what is wanted. With
D weekly increase of l, 800. 600 bushels in the
visible supply and no shorts ont TO amount
10 anything in wheat, the market is
HAVING A SORRY TINE
Of it. and almost every day has seen it close
at lower point than it touched the day
previous. Under ali the conditions few
operators considered it cheap property, and
were unwilling to give it the joint support
necessary to bring about materially higher
prices. To be sure. it had little bull bulger,
put they were of temporary character and
only made for "a turn" With the present
depressed condition prevailing, and appar-
emily here to remain some little time, no
one is above taking a scalp" Trade was
SO fiat that there remained nothing else to
do. if one would be in tie market at all
Thus it is that houses classifying them
selves as eminently respectable have been
guilty of some very small tricks to make the
market 90 their way to the extent Of Is q &c.
AS to crop reports they have about out
itNEQ IlTli tLSGi uiltCSS anu lINC tStsStu 10 Dt
much of factor. 1t is acknowledged that
Inc crop is short Latest adviceS from the
Northwest indicate falling off of about 80
per cent, but with positive knowledge TAX
ing the place Of uncertainty there is less
gossip on the subject than formerly. Pro
visions are attracting rather more attention
and are being freely offered Oh change
though not heavily sold for the reason that
no one wants them. Under these circum-
stances it is small wonder that the market
goes
STEADILY DOWNWARD.
1t is probable that by means easily fig
ured out by those on 1.-THE outside pork is
now sold at a profit at a lower price than it
cost to make it. How this can &c done can
only be explained by the manufacturer and
rs a rule he keeps this trade secret to
himself. A good inquiry continues to
come from the South, but they are not al
ways accompanied by orders. Thus the
market fluctuates just about enough To
make good scalp. As compared with
prices current week ago cash wheat closed
To-day $3.50 lower, cash corn 4j5c lower
September re and October 134c
lower Cash pork has fallen off
5Tj5e. September Size and October 571Ic
Lard is l00l5c lower for cash OF future
delivery. Wheat opened strong this morn
ing. but 20 he lower The first transac-
tions were OF character to lead the bulls
10 think they were going to have a rising
market, but soon great desire to sell stole
over the crowd. Some large holders were
discovered to be peddling cut their wheat
IN a very quiet fashion. Public and private
cables of disheartening reports were re-
Ceiyed. and news arrived that a quantity OF
wheat had been posted in New York as out
OF condition, part of il No. 1 red winter
On receipt of this intelligence more long
wheat came out and the market broke Ne
THE PRESSURE FROM THE TOP
was tremendous. and the few friends OF
wheat that were left We're demoraliZed. In
explanation of the weakness in the English
market the theory was advanced that free
purchases Of American wheat at bottom
prices the first Of the week had surfeited
English buyers and driven them into retire
ment for the present. 1t is quite certain
that representatives OF foreign houses on
the floor of the exchange displayed no
anxiety to bid for supplies.
They appeared unusually menthusias-
tic. irresponsible and Indifferent.
There was large buying of October wheat
early, but when the tide turned the whole
field was deserted by the bulls, though a
feint Of rallying was made when prices had
Travelled 55@3Ic on the down-grade. ''The
food broke through and over the weak OBJ
struction and plunged over the precipice. y
10 use the expression of a wild-eyed broker.
and before y o'clock October was 93c. a
drop OF &c from the highest point of the
morning and 11!c from yesterdays close.
September tumbled from S2%c to S1Xc.
and November from S65sc to S53lc, with nc
bottom in sight As more of the bottom
foil l.
long wheat increased. and bears gave them
valuable assistance in selling the market
down
DOWN, DOWN, DOWN,
the market continued to go. Cash and Au
gust struck 793Sc, September soc. October
S21sc and November S436c. a drop of ga
2Hc on August, September and November.
and 215c on October from the best prices
ruling early in the morning. Reports of the
posting of additional lots of bad wheat in
New York-this time in the Erie elevator.
warehouse that has heretofore ESCAPED
northumberland an utter absence OF
confidence on the part of badly
burned bulls made the situation very
weak. The big bears who had
covered their shorts were encouraged
to another raid, and they sailed in as though
satisfied wheat would go TO roc New York
was large and vigorous seller, orders from
Wall street preceding and ACCOMMODATING the
hot-wheat news. A large quantity of local
long wheat was thrown into the pit. and
ABOUT all that was sold was taken BY shorts.
The bulwar1s were badly broken down.
From the bottom prices above given the
market rallied and advanced 3S@%c, but
again weakened, and nearly all of the re-
covered ground was once more lost. The
last quotations were 1899 for August, SO1Ic
for September, S214c for October, and S4s6
@S415c for November.