St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-26
BULLS DO THE DANCING
While the Bears PAY the Fiddler. and
Nurse Their Very Sore
Heads,
ASurprisingly Small Increase in the Visi-
Tie Supply Sends the Oere-
ais Upward.
Cold Weather and Reported Short
crops the Causes OF the
Firm Feeling.
a Dragging Day in Wall Street--A
Big Drop OF Four Points
in Omaha.
Chicago
Special to the Globe.

Chicago.
Special to the Globe.
CHICAGO. Aug. 25.-Wheat opened &c
higher this morning on wet weather news
ana the unexpected smalIness of increase III
the visible supply, but the stitfening was
soon taken out OF the market. Gables were
depressing in their purpOrt. and botn puollc
and private reports from the other SIDE were
of the same tenor. All told OF weakness
lower prices and heayiness everywhere
New I Ork came up smiling Win an ~
crease in the visible supply OF SEQ. 600 Dusn-
els. and on the strength OF t1aJ eAniDlu
Wall street was free seller III the market.
The highest prices OF the day were those JnaJ
ruled al the opening. The market held larry
steady for half an hour. but by II o'clock
q decline OF lie had occurred. The market
was not 50 nervous and eXcitaDle Is on yes
rer,lay. but the tendency was downward.
I'VE must have cheaper wheat" was the
cry of tic bears. who would talk the same
way if the cereal was SOC bushel, and the
bulls could only stand by and glare as
values continued to shrink and shriyel.
september broke from the highest 1c and
october and y november - c. Then. on the
strength OF reported sales for export here
and at the seab0ard and an absurd tissue
report that the government crop report for
September would show a very large de-
crease from the close OF last report. the
crowd pun The market up 1c for September.
EcWlc for October and = Tor November
These sudden
ECCENTRIC MANEUVERS
showed that the calm that had overspread
the exchange early in the day was only
skin deep. and tnat fever still luriled in the
system. 50 10 speak. 4 market that is sub
jecJ 70 volcanic Upheayals on the slightest
pOvOcaJI0n. or no prOvOcaJiOn aJ all. can
not truJnfuily be described as calm. and all
preteuse OF serenity was abandoned. Bust
ness to-day was largely in the hands OF
scaIpers. and trading was not very heavy
The country has been advised by commits
sion houses that it is q dangerous market
and MANY. even OF the chronic spectators.
are holding alOot until they can see their
way q little more clearly. From the 1c
rally there was sc break. fol-
lowed by partial recovery, ana the 10 o'clock
closing was at 15Lc for August. 19@ lc
Tor September. oIE0S2c for October and
81 Is C for November This is IS "a 1zc below
the highest figures OF the morning and 1 90
C above the 2:30 o'clock closing OF yester-
day. On the late board offerings were
light. and a reported shipment OF fifteen
boat loads from New York advanced prices
case. The close was strong at 7s5Ic Tor
August S0lsc for September, S2L4c for
October and S4@-c for November There
was more Armour talk to-day. Il have no
doubt. said a large broker. after a careful
survey OF his books. but that Mr. Armour Is
very largely short OF wheat. and is really
the weight
on TOP OF PRICES.
find r10- pDToc,7, -Tar,,.,- w., Z
some other OF distinctively Armour bro
kers. who are not big spectators themselves
and who do not DO a general commission
business. are long great lines OF wheat on
my books. For instance. Robson is short
100, 600 bushels OF wheat on my books. and
/ can't settle il. Robson and Warner
don't stand out on lines like these for 4 Toe
profit themselves. and their big principal in
most of their business. as everybody in the
trade knows is Armour. Then the Armour
commission houses. ike Hamll x Condor
and HamilI Il Brine. are short. too. Ny
theory is" continued the speaker.
that Armour is going to club
the WOeriSho1fer party out of the
market. When Armour went into the st.
Paul stock this gang set out 10 beat him
and with a flourish they said they'd send
Phil Armour back to bUtchering. Armour
that they are bulls on wheat. will make 'em
drop that. He holds the cash market. but
To every 5.OO0-bUshel lot that he buys /
think he sells 1000 bushels on options
q good many are feeling that the present
price Of wheat is low enough and that there
ought to be an advance from this point.
while a good many others believe that any
material advance would at once check the
export business and soon bring on another
inevitable decline. Very
MUCH Will DEPEND
on deliveries OF spring wheat from the
farmers hands. Should these be quite liberal.
it viii produce heaymess. and if light. The
asceudency would be in the other direction.
The corn crowd had carefully studied its
lesson in meJeOrOlOgy before coming down
TO business. The expected frost had not
been reported in the newspapers. and there
was no news from the country this morning
that the cold wave mad eliminated in ice.
where damage to the crops could result
As a consequence there was an absence Of
buying orders. an absence of bullish senti-
ment in the corn pit and prices Tell OF. At
the end Of the first hour ana a halt
of trading, cash and September
corn were sc lower. and Octo-
Der and November &c lower. At
o clOcI September corn was sc below the
opening and sc below Yesterdays close
October 5sc below the opening to-day and
the closing yesterday. and November was
re below the opening and &c below
yesterdays close. During the
afternoon the market advanced ! c in svIn-
pathy with the rise in wheat. closing firm
at 4+$sc for September. 43c for October
and 4055c for November. The situation OF
corn IS just now critical. and this OF course
enhances the speculative interest. II there
Is frost present prices viii be very low. and
If there is no frost the present prices VIII
prove very high and costly to holders
There was talk Of frost yesterday but it
didn't come. and there was
AGAIN TALK OF FROST
to-day. MI Favorite OF Armour IL Co.
was among those who Haunted frost dis
patches. The motive TO market lust now is
bic receipts in the forenoon and frost dis
patches in the afternoon. The fortunate
ones appear 10 be those who buy on the
first and sell on the latter. To-day. for the
first time. the last broke so that the Septenl-
Der option was at a premium. This was
because the late talk Of 4 September corner
is over.
Oats were quiet and for car lots in store
and seller the month prices were easier
under the influence of large receipts.
August selling at 26l4@26$lc. and closing
ut 2615c. September sc better. closing at
VA r[4 Ont 1F 2Es COR loads received 2l4