St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-28
BEARS MAKE A BIG RAID.
They Attack Wheat, Pound Values Down
and Then the Shorts
Cover.
Com Also Slumps, Oats Decline a
Fraction, Provisions
Quiet.
Financial Operations OF the Money
Kinqs---The General Quota
tons.

CHICAGO, Aug. 27.-There was a ratt-
ling time in wheat to-day. Prices started
about lie higher all around on some
what wild market. Before l O'Clock
prices broke from 2@3c on a still wilder
market. The opening was very largely
attributed to the very bullish statements
contained in the Beerbohm early mes
sage on the British markets. The high
prices of the day were reached aJ once
after the opening. December opened at
S1.O9% or Whereabouts and touched Sl.lO,
or 1850 over yesterdays closing. There
was drop in prices of 11lc to nc be-
fore II o'clock, This was on fairly good
selling by S. V. White & Co., Logan,
Farnum and many who played the mar
ket for a reaction. There was some
good support all the way down from
sl.10 to S1.OS% for December. The mar
ket did not get materially below this
level until nearly noon. Then it was
that a systematic raid was made
on the market. The bull houses
turned in to realize on round lots OF long
wheat and the bears sold with all their
UlOAClo uollOo iiiCO ShO
pit and sold right and left, and it was
difficult for the trade at large to tell who
was hitting the market. Conspicuous
among the houses selling were S. v.
WhiteS& Co., Durham & Co., Boyden &
Co., besides Partridge, Seckel and Mitch
ell. The smaller fellows who were
known to be heavily long of wheat were
forced to disgorge, some without profits
and others at positive loss. The drop
in prices was very rapid. September
went to $1.0534, nearly Sc from the top
and 1c under last night; December to
$l.O73l, 2Ac from the top aud 1c under
last night, and May to $1.11M. This
ended the selling for a short time.
December recovered to S1.0S. About
1890 p. m. a second bearish turn
carried the price of December off
to- S1.O74, nearly Sc from the top.
with other months equally depressed.
The dispatches and selling orders of the
Ryan crowd at st. Louis helped the
break here. Liverpool cables held firm
and closed farthing higher. Receipts
at winter wheat points were light. New
York cleared no wheat and but little
flour. During the last few minutes
there was slight recovery from bottom
prices in wheat. September sold as low
as $1.04I and closed S1.04M. DECEMBER
recovered from S1.0714 to S1.075s, just lie
under the close yesterday and May sold
silly and closed S1.11M. Vessel room
was engaged for $4,000 bushels of wheat
here to-day. There was an absence of
bear news till the close. The corn
market was under the influence Of the
weather to-day and declined 1c per bu.
The promise of increased receipts
is so far promise only, but the local
spectators have about concluded that
corn is too dear and holders can find no
buyers to unload upon at profit, and
are quietly but with increasing inactiv-
ity disposing of their stocks. the oats
deal followed the action of the corn
market very closely. The final figures
were A@11c lower than last night. The
provision market was void of general
interest. The tendency of prices was
downward, i'll sympathy with the other
speculative markets and everything in
the line of hog products suffered de-
cline. Privileges sold on the curb at
$1.06% for puts and S1.O9 for calls on
December wheat.
The leading futures ranged as follows:
Apr1c,rs Open High Low Clos
@AiNiiO-I7- ing, est. est ing