St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-26
Early Indications Knocked in
the Head by Action in the
Wheat Pit.
News From Russia and Heavy
ClearaneeS Send Wheat
Up Two Cents.
The Corn Clique WhipsaWed
Short Sellers in That
Commodity.
A Little Gain in All Portions
Of the List Of Wall Street
Stocks.

CHICAGO, Aug. 25.-The trade was treated
to a surprise on change to-day. The indi-
cations at the start to-day were for contin-
uation of the weakness and decline of Mon
day. but in less than half an hour after the
opening the indications had been lost sight
of and the markets, which were soft early
became wicked and strong before the close.
December wheat, which at one time was
down to S1.G3s4, sold up to S106 and closed
at 81. 05sI, the rise being due to sensational
news from Russia and heavy clear anees.
Corn was whipsawed by the clique, and the
clique and the short sellers who took advant-
tage of the enormous receipts to sell freely
were forced to cover in a way which sent
prices up or cents at jump. September
sold off 60I2c, went to Csc and closed at 64I2c,
and October sold at 56sS06OAc and closed at
60c. The other markets were quiet and fairly
steady.
Wheat seemed inclined to weakness early,
and was controlled mainly by local senti-
ment Gables represented foreign markets
as strong. Liverpool being quoted at S401d
higher and the conditions abroad still had
many of the elements of strength. The Mark
Lane Express reported weather bad in Eng
land andFrance. with serious damage to crops
with rust and mildew spreading and flour
2s higher than week ago. But the big re-
ceipts at the primary markets i'll this country,
present and prospective, the weakness dis
played in the domestic markets with ad-
vices from the Northwest that the frost
damage had been light made the profess
sonaI bearisb and there was liberal selling,
under which December wheat after selling
up to 81 .045s early, broke to 81 .03S4.
Then the real strength OF the legitimate
situation began to attract attention, and
there was a rally OF cent with sales back to
| Sl0IS4, then broke to Sl.03S4, back to Sl.O44
and Sl.04 The wheat on oceanic passage
| increased but 34S.000 bushels for the week,
| Notwithstanding the enormous export clear
ances from this country. New York cleared
| 800, 00O wheat. Philadelphia 10000 and Balti-
| more, according to private adyices, 25S,O 600
| The strength in wheat at the close was re-
markable, the highest prices of the day being
! made ten minutes before the close, with
| very excited trade. Prices shot up nearly 2
| cents in a few minutes, when December rose
to Sl.06 and closed at Sl.05s4, or 1 cent over
| last night The cause of the furry was the
| statement of Russian paper that wheat eX-
! ports from that country would have TO pay a
big duty.
Corn led all the other pits in speculative
| nervousness, and the rapidity and sharpness
| of the fluctuations made the trade crazy.
! The big receipts LII cars. started the mar
! ket decidedly lower this morning, and the
! first sales of September were at 60l206lc, and
! October at 56S4057Ac. and for time there
| was plenty for sale at these prices; but every
he selling came to a halt prices quickly
started up. Then the early short sellers took
alarm, and began to buy back what they had
SO freely sold. butt was hardly to be had, and
the scarcity made the shorts frantic to get it.,
and the price was quickly bid up to SLICE,
with an occasional transaction at Csc. At this
point the longs began to let go some
Of their early purchases, and there
was a quick but irregular drop to 62l2c for
September and 5775c for October. There is
evident manipulation by the clique their
brokers seem to buy freely on all depressions,
but when the short sellers get on the run
they will only sell at higher prices: In TINS
way the short sellers were MIXED without re-
morse. About noon there was another nerv-
Gus rally and september went to and closed
at 6412c and october at 60c.
Oats were quiet and generally easy. Sep
TENDER opened at 30Ssc, sold to 501sc and off
to 2954c, and closed at 3O5Sc. May sold at
! 335s0341sc and 34l4c. Rye sold at 92(033c for
September. The receipts were 245 blu.
Pork was quietly and fairly steady. Cud-
ahy and Armour were free sellers OF both
pork and lard, while Wright bought pork
and lard October pork sold at Sl005
OSLO 10. and at II o'clock at SlO15. Septem-
Der pork sold at s90c@1O.10 Lard quiet at
$3.50 for October, and ribs S6.60Q6. 62l2. The
wheat receipts at the eleven points to-day,
S2,079,00O bu; shipments, 1,4420 90 blu. Corn
receipts. 493, 009 bu; shipments. 25S,OO0 bu.
The estimated receipts tor tomorrow:
Wheat. 400 cars; corn, $50 cars; oats, $40 cars.
The leading futures ranged as follows: