St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-18
TOO HIGH TO STICK.
All the Markets on Change in Chicago
Open Higher Than Mondays
Close.
But They Lacked Support and All closed
at Decline Except
Pork.
Wheat Bulls Favored by Blunder in
the Visible supply
Statement.
The Bears Were on Top in Wall
Street, the Market Closing
Almost Pan1cky.
TOO HIGH TO STICK.
Chicago Grain and Provisions.

Chicago Grain and Provisions.
Special to the Globe.
CHICAGO, Aug. 1.-THE bulge which
started in late yesterday afternoon con-
tinued this morning, everything on the list
opening higher but remark heard very
frequently after trading had begun was to
the effect that the market had been opened
too high to stick. September wheat opened
at 1850. &c in advance of yesterdays clos
ing, sold at 7S$lc, and then fell back to
7S15c. Corn for September started out at
447Gc, only fiuctuating between that and
4414c. Pork was first quoted at $9.72H
for September. Receipts were considered
light They aggregated 176 cars.
Wheat )22 winter and 81 spring.,
COG cars corn and 276 cars oats. Of hogs at
the wards there were 10, 200 head. The
Withdrawals from store weIe S1.044 bu OF
winter and 5,94S bu of spring wheat and
126, $50 bu of corn. Gables were de-
cidedly STRENGTHENING feature, coming in
strong, and Id higher on wheat and I'D
higher on corn. Before the first hour the
market went up two to three points on an
announcement that the warehouse folks
had made an error, figuring in $50, 900 bu
more wheat than they actually had, thus
making the visible increase 1900, GOO bu.
instead of l, 74S, 900 blu. AS it was known
Oh the floor some time before the announce
ment was officially made, the effect at
the movement did not amount to much.
During the early part Of the day Linn d
Schwartz were heavy wheat buyers, said to
be for the account of Leopold BlOm, but the
support was not sufficient to hold up the
market and prices gradually reacted to 7s35c
by 1890 o'clock. Much of the corn bought
in small way yesterday was sold to-day,
breaking the market. September declined
in the first hour from 441Sc to 1870, while
September pork fell in the same time to
$500 LeSZYnsky's advices are that French
crops have been damaged fully 20 per cent,
and his New York house expects that be-
fore many weeks
a GOOD EXPORT TRADE
there at 81 for cash wheat. The premium
is now &c over September. "a feature Of
to-day's MARKET" remarked Jackson Bros,
was the evening-up process INDUCED in.
There was world Of long wheat sold and
short wheat bought" Blooms purchases,
it was learned, were about all short wheat
He covered through Linn d Stauffer. Be-
fore noon September wheat had reached to
TS13e, remained there moment, then be-
came little frmer and went back again to
TS16c, recovering by noon to 1910, and half
dli llOu1 ldlCl lOuCuluS iO/2Cs SOlui III tilS
meantime, was very steady around 1870,
with offerings light and quickly absorbed.
Some sold at 4315c, but around noon the
market became tirmer ON local demand
and sold up again to 1890. Re-
ports on New York exports were
very conflicting as to what had
been or would be done, but conservatives
agreed that fifteen boat loads taken would
be about right ''If we get more than this,''
said member interested in this branch Of
trade. 'It will give us a good bull market
tomorrow, as proving that shippers must
have the wheat and are willing to pay
higher prices for it." The provision list
was dull deal. and closed substantially the
same as yesterday. September pork opened
at $9.7219, mainly on light run Of hogs,
and sold down to 50. IS, recovering slightly.
All the list was inclined to strength early,
but it did not hold. Before 1 o'clock Sep
TENDER wheat dropped down to 765sc, only
closing a split better than that.