St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-15

A REACTION IN WHEAT.
It Starts Off With a Big Boom, Selling at
70 l-2c, 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 a Decline.
Wall Street Was Dull and Inactive,
With the Feeling Decidedly
BeariSh.
A REACTION IN WHEAT.
Chicago Grain and Provisions.

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 7919c bid, then re-
covered to 7S3s@7S&c, and fell to 7S1ac.
Fresh receipts were 159 cars of wheat Q13
winter and 46 spring., 649 cars of corn and
80 cars OF oats. Shipments were heavy,
being 81, 369 bu winter and %, TT Lu spring
wheat los. 6SS bu corn and 45, 119 bu oats.
Corn was steady at 44119c as a starter, for
May, but sellers were in good attendance
and broke the market to 444@443sc. AS
the day advanced the strength ran out of
wheat with fully as much rapidity as it
had entered it, and September dropped
to 7734c, 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 1873.
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 Kenneth
did some heavy bulling, and bought quite a
lot of wheat making good, stiff market
in advance 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
$3.50 as possible, and before they stopped
let go Of a good deal more wheat than they
had previously purchased" The subse
quent decline to 77ac was steady, and at
tended by considerable pounding OH the
part of the small bears. At noon Septem-
Der stood easy at 775sc, having fallen off
from 1875 @7S14c inside of ten minutes.
BY 1915 it was again down to the previous
low point 7724c. Buell. was sick to-day,
and so no weather map was made out. but
THE CROWD WERE FULLY POSTED
as to where rains had fallen and what
parts of the country were still suffering.
The conditions in this respect are growing
daily more favorable to the bears, for the
subsequent reports all tend to make the
outlook less gloomy, even in places where
corn was thought to have been entirely
ruined. Not Il very large business was
done in corn. Opening prices, as in all
other speculative markets. were the high
est of the day. FROM 4415c the decline to
to/SO was CdSy. dllu llOI dUICIllCu WIFI dily
great excitement. Whisky advanced
lc to-day, and is now quoted
at $1.13 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 1895 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 7719@775sc. 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 receipt
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.