St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-03
The Bears Manage to Knock Down Prices
From Figures Current During
Last Week.
Numerous Bad Crop Reports and RumorS
of Hot Wheat the Cause of the
Decline.
Bank Business Quiet, But Il Large In
crease is Shown in weekly
Clearings.
A Strong Market in Stocks--Go
Buying to Head OF Van
derbilt.
Chicago.
Special to the Globe.

market yesterday. Reference is had 10 the
cock and bull story of hot wheat in Chicago
elevators, a wholly unreliable report puD-
liShed in yesterday mornings paper, with
out other warrants for its truthfulneSS than
the word Of a single interested party, and
given additionally wide circulation by tele-
graphic correspondents. On change here
the effect was temporarily depressing, but
after the first depression, during which
there was much marveling at the audacity
and braZen-faceineSS of the scheme to
break down the market, values recovered
somewhat their former tone Of steadiness.
The whole proceeding is now looked on as
4 hatched-up scheme, anditwaS unofficlally
stated that the willing tool in the disgrace
full proceeding will lind himself debarred
from the privileges OF the Chicago board.
Subsequent confidence was, in a large
measure, restored by liberal purchasers by
representative houses. Speculative values,
in the main, may be said to have hinged
during the last six days on crop reports.
These have come in, i'll extraordinary
volume, from about every county be-
tween Maine and Mexico, and have
been alternately good, bad and in
different. Nor can it be said that
they have all been
TRUTHFUL REHEARSALS
of actual facts. A few of them doubtless
were. Some certainly were not, as was il
Illustrated in the case of a well-known poll
tician on the board, who received some very
depressing intelligence from Milwaukee
relative TO Northwestern crops, mentioning
to other parties the source Of his authority.
a few days later the alleged
''source" was on change here and denied
in to to any knowledge of the dispatches.
These facts simply go to show the deaTth of
legitimate causes for varying market and
illustrate to what straits both bull and bear
are put in order to make living through
speculative fluctuations. After the weeks
fluctuations, yesterday found cash wheat &c
lower, August and September each &c off
from prices current a week ago.
While trade has been on liberal
scale, no large lines have been permanently
covered in or put out. 1t has been mar
ket on which most houses have been more
than content to take as low as = per cent.
profit, turning the deal over again on any
show of a profit. 1t is probable. however,
hat in the aggregate there has been more
stuff sold than bought, and that the present
crop talk Oh the bad side is to bear the mar
ket sufficiently to show profit.
CORNER ELIMINATES
The corner in July oats eliminated yes
terday, after decline Of &c per day fol the
past two days. The close was SC under
the highest point at which they sold during
the week-the difference between 26c and
94c. Toward the latter part of the week
they began coming i'll so literally that the
price could not be sustained. At best
it was slnall-siZed corner with
only a few shorts to take expensive
property. The provision deal, which has
shown inactivity for weeks past, continues
i'll lethargic state and promises nothing
for the immediate future. Cash stuff is
very sparingly handled. August and
September pork show decline of sc since
last Friday. Judging by bank clearings,
general business may be called better.
There is satisfactory increase all around,
though rates for money are easy and by no
means firmly held at the quotations below.
In the leading markets to-day there were
elements of 4 little more strength than
weakness. with values correspondingly inn
proved. This was owing jointly to an
entire restoration of confidence in the con-
ditiOn Of wheat stored in Chicago houses
and to light receipts, those at this point
being only moderate, While outside points
showed a like falling Off-St. Louis, for in
Stance, receiving 1900 bushels, against
122, 600 bushels this day year ago. The
session was
SHORT AND ACTIVE,
with values keeping within a very moderate
range. Wheat opened stronger this morn
ing, with operators buying considerable
September wheat to get even on the Au-
gust deal. The hot wheat canard OF yes
terday caused a great deal OF selling of Au-
gust, and a great many operators found
themselves short on the deal. At the
monthly settlement this morning it was
found that the great bulk of the
wheat had gone to Armour and
Eggleston. About 1000, 600 bushels was
delivered. The firmness in pork also helped
the market, which was further aided BY the
taking of about fourteen boat loads of wheat
at New York for export. There was rather
less crop news on the floor to affect the mar
ket than on yesterday, and such moderate
speculative inquiry that the most active
options only huctuated &c. The
course, however. was quite steadily upward
The close was quiet and steady.
No. spring sold at S715c cash. The
market bulls hard and reacts with consider
able easiness. There is, in fact, little or
nothing in sight for the bulls to work on.
Shorts cut little or no figure, traders aiming
TO keep about even on the market, while
speculative inquiry is light. The futures
got 7S@14c above Yesterdays prices, closing
S93c for September 92c for October. 9215c
for November, and S1.O3 for May-alI the
highest figures OF the day.
QUIET CORN DEAL.
Corn was again q quiet deal, moving
within about the same limits as wheat. that
market outlining the course for all Others
Ii being Saturday only moderate business
was done. NO corn worth speaking of was
delivered. The close was quiet and steady
at quotations No. cash sold at 1870
E6c, closing at the former. Edward Bangs
appeared in the corn crowd, and an advance
OF re was soon scored there. the August
option bringing Ace. The futures closed
at 453sc for September and 45c for Octo-
Der.
Oats were quiet, and the prospect of large
arrivals created weakness, prices closing q
shade lower than twenty-four hours ago.
No. for August sold at 253Ic down to
251sc, and closed with sellers at 25Lc.
September closed at 24&ic. La the pro-
vision pit the feeling was firm one Sep
TENDER pork opened about SC above the
leaving-OT place Of yesterday. on the strength
of a good Southern demand for pork
and fair call from shippers. Subsequent
ranges were within very slight limits. the
market closing about steady at bottom prices
bid. The range for September was $40. I715
@1O2G, closing at the top. October was a
point higher at S10275l. Lard closed sc
higher at $3.50 for August. $500 for Sep
TENDER, S6.671I for October. Short ribs
show gain Of 215@5c. closing $5.65 for
August 1913 for September and S5.S
for October.
The Quota ions.
CHICAGO. Aug. Flour dull and I'M
cfranged. Wheat ruled strong, early ad-