St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-17
The Market Decidedly Weak, Showing a
Decline of More Than Five Cents
For the Week.
Corn Holding About Steady, But Oats
and Provisions Show Slight
Failing on.
A Good Day in Wall Street, the Mar
ket Closing Strong and Very
BulIish.
Chicago.
Special to the Globe.

in nearly all future deliveries. IneSe
prices. as has been argued in this column
Tor months past, brings the article down to
point much nearer its actual value than 1t
aaS been heretofore, and yet from &c TO Sc
per buShe must be taken from it before 1t
can be used in any other than purely spec
alatiye way. There being no very large
lire OF shorts out and therefore nothing TO
support the market. there Is everything 10
ease the market of still further and very few
features to support After months of wait
ing wheat has at last got down to a ship
ping basis. but it does not appear TO be
shipped much more readily than when
quoted ND in the 90S. Owners are ready to
Withdraw it from elevators and let it go
east or abroad. but it must be acknowledged
that no one wants it. There has been long
waiting and eager expectation for this era
Of things. but so far no particular advant-
age has been taken of it, by reason of an
entire withdrawal of foreign orders. In
this particular direction, however,
AN IMPROVEMENT
Is predicted, and bottom shall have been
touched. 4 feature of the week was re-
newal of the exploded and well-nigh worn
out ''hot-Wheat' scare. 1t doubtless Origi-
mated at New Y DIRK, where on Thursday the
calling of margins on August contracts was
very general. This shows that more or less
business existed there though it is not
known that any wheat was actually posted.
To several traders on Change it occurred
Thursday that the mysterious break of
Wednesday, when prices dropped down y
@2lc. was also caused by the discovery of
"Out-Of-cOndition' wheat. In their minds
eve. because some sharks told them so,
they saw vessels begin loading at elevators
Io4, 81 10 Tia i'm,
because it was heating. In speaking of
these conditions, Mr.. a. NJ. Wright, than
whom better posted man would be hard
to find, said:
C''This talk Of hot wheat in Chicago ele-
yatorS is the sheereSt nonsense. In New
y DIRK there may be some. but not here.
The conditions are totally different. We
had a whole crop of strictly first-class wheat.
Our inspection is rigid, and the elevators
were filled with perfect No. spring wheat.
The wheat averaged so good that an inspec-
ton of No. 3 was the exception instead of
the rule. The wheat passed through winter
of unusual severity, one not calculated TO
admit of the formation of the slightest prin
ciple that would afterward develop heat or
moisture. l should dislike to believe that
we had an elevator here so dishOnorOble
that he could be bought up and thus further
lliG hCSl-llS vi W SAtlll
a lie of this kind for the purpose of break
ing down the market. l am perfectly sat
isiied it could not be done in any other
way"
SUBSTANTIALLY THESE STATEMENTS
were also expressed by Messrs. Wheeler,
Baker, Kershaw, Irwin, Greene q Co., and
Other receivers, shippers and elevator men.
1t may be incidentally explained that the
difference between New York and
Chicago wheat is quite marked.
They have an inspector equally as
high and as rigid as ours, but
there is no comparison in keeping qualities
of the two WheatS. In grain on passage to
the continent there has been, since last
week. large increase in wheat and a de-
crease in corn. To the United Kindom
there has been a decrease in wheat, corn
and flour. Wheat in Liverpool has also adj
Vanced Cd. These would ordinarily have
been strengthening influences but the de-
preston caused by rumOrs stated overcome
them entirely. The largest of the week en-
tered the market yesterday, when wheat
declined 1$4c from the highest point
touched.
The tone of the market being decidedly
weak, the interest in corn. and. in fact, all
grain has been SubOrdinated to that mani
Tested i'll wheat, though on Friday at l
O'Clock it closed l re lower for both cash
and futures than the week previous. In
the afternoon trading a decided change ell
tered the market, frost being expected in
the corn belt, and sending the market up
5S@Mc quite sharply.
The provision trade continues lethargic-
in fact little better than lifelesS. In SYM
pathy with everything else pork and lard
have both declined, the former 3215c and
the latter 1754@15c.
ON CHANGE
to-day there was nothing to support the
grain list and everything to pull it down.
The whole course of wheat was
III the latter direction. The decline
being 21Ic. In the way of news
TO affect the market there was nothing
strengthening. The whole list was heavily
pounded. Wheat had a sorry time of it
from opening TO close. The foreign cables,
both public and private, were weak and
lower, and September opened at S614c, or
about &c under the closing yesterday. 1t
was Immediately set upon by the bears,
who hammered it most numerically, and
the selling began i'll earnest. BY 11:3O the
effect OF such general and heavy unloading
had shown itself by market depreciation
of 24c for September The bulls vainIy
endeavOred to support the market. and
Lindblom bought 100, 600 bushels October
wheat at S7Isc, but the price dropped
OFF almost Immediately afterward to 81 "a
SF$5c, latter selling as low as SG3Ic The
early market was much depressed by the
Philadelphia cholera scare, by fine weather
and the continued accumulation of stocks
for which there is no demand. There was
a noticeable absence of bull news, more
than the presence of anything positively
bearish, and this of itself was depressing.
No. spring sold at S43Ic early. but closed
nominally lower. The close was active,
very weak and heavy at the decline latest
quotations being S3c for August, sake for
September, S61@c for October. SSc for No
vember, 90alc for December 9S15c for Nav
and 93c for January. 1t is indeed a sad.
distressing time for longs, but they have
really brought
CALAMITY
upon themselves by their eagerness to nut
up prices before time. Many traders are
continually comparing the present year
with some past time, forgetting that old
times and former times in the wheat trade
have passed away so far as prices are con-
cerned. We are in a new era of wheat
raising, and from this time forward. unless
some widespread calamity occurs which
AFFECTS Dotn continents, no one need look for
high-priced wheat. The frost boom i'm
corn, which occurred late yesterday after
noon, disappeared to-day about as suddenly
as it came. September opened &c lower
and October &c and then both futures de-
clined until the low price of yesterday
was required when the market halted. Re-
ceipts to-day were good, and promise to be
much larger in future than they have been
The holders of old corn begin to realize that
now is the time to secure prices for their
stuff, as later on prices must surely be
lower, if no accident happens to the ripen-