St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-27

Special to the Globe.

Special to the Globe.
CHICAGO, Aug. 26.-There were no sig
nificant infuences as a guide to the market
at the outset. 1t was said that private ca
bles quoted prices penny lower on wheat
all around, but this was afterward denied.
The opening figures on wheat Were &c be-
low those of last night. The weight OF
opinion, if judged by the offerings. favored
a lower range and when to this sentiment
was added a rumOred failure OF large
house engaged in the grain trade IN Liver
pool the bear traders easily sold OCTOBER
wheat to Size. but good buy
ing restored prices again. There
are excellent reasons for believing
that the bear influence, which has thus far
successfully throttled any attempted adj
vance in what is still directly aimed at the
New Workers. who are yet filled up with
high priced wheat. Which party to this
contest will first weaken is an interesting
question to the trade. Mr.. Armour, who is
credited with the leadership on the bear
side. has his opponents at a manifestly
heavy advantage, since 50 large a portion
of the carrying charges from month to
month, which the bulls must pay, goes di-
Tectly to his pocket. Woerishofer and his
crowd are paying Armour about Il per
cent. in the way of
INTEREST on HIS MONEY
for keeping their wheat in store for them,
while the fact that it does remain here is so
much more in his favor in bearing the
market. Wheat and corn opened weak and
lower this morning. The weekly state
ment Of imports of grain into the United
Kingdom shows a decrease of 500, 600
bushels of wheat. as compared with the
last report. but that counted for nothing.
The cables were universally disheartening,
some of them telling Of state of affairs
approaching decentralization i'll the foreign
markets and others limiting broadly about
impending failures of large grain houses in
London and Liverpool. Prices We're lower
than was indicated in the early public
cables that were posted on change.
and the burden Of intelligence from
panicky nature. New York broke &c on
the strength of it, and exporters who bought
for shipment yesterday are reported 10 have
sold out to-day. The bottom having fallen
out of things across the water the market
here was influenced by the same cause. \
great many who had bought yesterday on
the theory that the reaction had set in, un-
loaded to-day satisfied that they were pre-
mature in their purchases and that the safe
time to catch on was later. The opening
was &c under Yesterdays close and an
other &c was lost. Then followed rally
Of "a sc. which was well maintained until
very nearly the close. Local talent had
the market to-day and
DID ALL TIE BUSINESS.
Except for the trading Of the professional
New York spectators there would have
been next to no outside business. The
market was quiet TO dizziness for the
last hour and a half of the morn
ing session. 1t was pegged at about
the put price, and. although it was I'M
queStionably heavy, it resisted attempts TO
cause break. The lowest price
touched for August was 755Sc,
for September 791Sc. for October S41Ic. for
November S3l5c, and the close was 7934c
for August. 1880 for September, SIG for
October and So &c for November. Up to l
o'clock the Shrinkage, as compared with
yesterday was about re. On the after
noon board there was some lively trading
and prices went up. the market closing firm
and about &c higher than the early close at
795Ic for September. Size for October,
S35Zc for November, SGc for December
and 9334c for May
While it is true that wheat has hosts of
friends at present prices. it is also true that
the demand is not large enough at present
to warrant any considerable advance. Ii is
not question of what may take place at
some remote period in 1856, but what is
the
PRESENT OUTLOOK
and present relations between supply and
demand. The latter considerations will
control facts and figures of the situation
from day to day, while the former may
serve to stimulate hope and confirm theo-
ries. The second failure of the frost king
to smite upon the ripening corn with his
whitening scepter last night caused the mar
ket to open15c lower and sell down ia &c
more. when the sellers took fright and went
back again to safer quotations. Liverpool
was inactive on corn and i penny per
GENITAL lower, but our receipts We're not
large, and the fact that the visible supply
does not increase any from week to week
shows continued good demand. News
came that a warmer wave from the North
west was following the present chilly one
and that the danger from frost was rapidly
lessening. and this encouraged the bears to
sell more freely; but the intrinsic strength
of the immediate situation is such that
short sales are generally covered at the
earliest moment. This keeps prices steady
and fluctuations within marrow limits
The close tonight was steady and firmer at
4434c for August. 443,c for September. 43c
for October, 4015c for November. 373lc for
the year and 3S5Sc for May.
Harvey was buying oats, and this fact
appeared to be very interesting TO about
forty brokers collected around lin. Ordi-
narily if half dozen members are IN the
DAT crowd the party is made up: but it was
not so to-day. The rather small receipts
,,-plo IL. i.
crease, alarmed the August shorts and
hence, when Harvey began to buy, they be-
gan to collect about it to see. if they could.
what was going on. Demand from the
shorts made the close strong, latest figures
being 2625 August, % September and Octo-
Der, 2S1s May.
PROVISIONS
were strong and steady. A good inquiry
for pork was noticeable and prices advanced
to 121k@15c. Lard was in light request Ribs
were the strongest article Oh the list, and an
advance was recorded as the result of the
mornings trading. The cOnsumptive de-
mand for meats continues good and there is
q large short interest. Talk of a possible
twist was INDUCED in. Covering by shorts
was the cause of the advance in rates
to-day in a great measure. October pork
opened at S. so and sold up TO SS.S413. but
afterwards sagged back almost to the open
ing and reached to $3.50. The market was
In control of the packing interest who are
not overanxious to sell, except at profit.
Although stocks in store are expected to
show considerable increase at the
end of the month, it is be-
heved they will be ample and
the lateness of the season will
mold the market from any great advance.
Inc volume of trade was only fair in size
ana the close of the morning session steady
81, H. Iaaxv