St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-16
A REACTION IN WHEAT.
It Starts Off With Big Boom, Selling at
70 l-2o, but Closes Lower Than
on Friday.
Exporters Ready to Take Large Quantities
of Grain at Slightly Lower
Figures.
Influenced by the Decline In Wheat
and Good Weather Corn Record
ed u Decline.
Wall Street Was Dull and Inactive,
With the Feeling Decidedly
BeariSh.
Chicago Grain and Provisions


Special to the Globe.
CHICAGO, Aug. 14.-There was small
sized bulge in wheat this morning, but it
did not remain long. An impetus was
given by exports as usual. September
opened at 791sc, fell to 791ac bid, then re-
covered to 7S5s@7SMc, and fell to 7S13c.
Fresh receipts were 159 cars OF wheat us
winter and 46 spring., 649 cars OF corn and
$40 cars of oats. Shipments were heavy,
being 81, 500 blu winter and %. TT tu spring.
wheat 1OS, 6SS bu corn and IS, 119 bu oats.
Corn was steady at 4415c as a starter, for
May, but sellers were in good attendance
and broke the market to Az @449sc. AS
the day advanced the strength ran out OF
wheat with fully as much rapldlty as 1t
had entered it, and September dropped
to 773lc, large quantities having been dis
posed of to realize on the recent advance.
This action was also disastrous to corn,
September being pulled down to 439s.
There was not much of a crowd in the pro-
vision pit, and prices were easier. Septem-
Der pork fell to $500. ''You may put it
down as fact" said an operator this morn
ing, THAT the market was advanced to sell
on. Prices were established on the open
board, where Lester. Schwartz, Dupee and,
l think, Jones, Mccormick and Kennett
did some heavy bulling, and bought quite
lot of wheat. making a good, stiff market
dvance of the regular opening. This was
the principal cause of September picking up
to 79Ic, where it opened. But this
same crowd began selling as soon after
$50 as possible, and before they stopped
let go of a good deal more wheat than they
had previously purchased" The subse-
quent decline to 77&c was steady, and at
tended by considerable pounding OIL the
part of the small bears. At noon Septem
Der stood easy at 77Tc, having fallen off
from 7sH@7S4c inside of ten minutes.
BY 1918 it was again down to the previous
low point, 775lc. Buell. was sick to-day,
and SO no weather map was made out. but
THE CROWD WE'RE FULLY POSTED
as to where rains had fallen and what
parts of the country were still suffering.
"he conditions in this respect are growing
ally more favorable to the bears, for the
rbSequent reports all tend to make the
outlook less gloomy, even i'll places where
corn was thought to have been entiyely
ruined. Not a very large business was
done in corn. Opening prices, as in all
other speculative markets, were the high
est of the day. From A nc the decline to
1870 was easy. and not attended with any
great excitement. Whisky advanced
1c to-day, and IS now quoted
at S1.13 for distillers' finished
goods. Pork, as noted above, sold
early at 1910 for September; but quite a
strong pressure to sell came into the market
and this, jointly with falling wheat market,
worked the price down to S9.55- Very
little in the way Of new business was done.
The final close was heavy OH everything.
Wheat was entirely unsupported toward the
close and worked off to 771a@77&sc. while
corn dropped from 1870, a figure around
which it had previously been very
steady to 1870, at which it was very weak.
Offerings and prospects of heavy receipts
were the cause of the break. Ray &
Leszynsky have very conservative tele-
gram from their New York house. 1t says
that fifty loads could be placed for export
at little under present prices: that their
rate tables are steady from all points, and
that they expect higher market next
week.
PETER BERKEY, Pres. F. w. ANDERSON, Cashier.
c w. GRIGGS V. Pres A C. ANDERSON, Asst G.
THE ST. PAUL NATIONAL BANK,
CAPITAL. 100000.
Corner Fifth and Jackson streets