St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-29
Wheat and Corn Pounded
Down Over Two Cents
Each.
Right From the Start Bear
Traders Rushed the Bulls
on Sales.
Oats and Provisions Were in
a Weaker Temper--Re-
ports Discounted.
Prices Attain to a Higher
Level on Wall Street
Stocks.

CHICAGO, Aug. 2s.-The bears in wheat and
corn had their innings to-day. Those in
wheat made dash at the market at the
opening and were encouraged by the news
which came to hand in the course of the SEES
sion to follow it up with a succession of
heavy rushes, and prices closed , 7sc lower
than they did yesterday. The corn sellers
were almost as successful in their operations,
knocking 2lsc off the previous days values.
Oats and provisions were also weak, but in
minor degree.
Sensational reports telling of ice in the
wheat fields of North Dakota, published
this morning, were not reflected in the prices
at the opening, private advices and the sig
nal service map failing to confirm them.
On the other hand, instead of a general
buying movement, there was pro-
nounced tendency to the selling side at
the start December opened at Sf0i1s to l.03S4,
with many sales at about the same time as
low as 81. 03la. As this was not far from the
price OF puts for tomorrow, some buying Tor
a reaction steadied the market and a recoy-
cry to around Si.03S4 took place in the course
of the first fifteen minutes trading. This I'M
prOvement was but OF short duration, and
the market during the next two hours suf-
fered a series of declines with little reaction
till noon, the price working off in that time
| in series of spasmodic slumps to S1.0112.
In addition to the absence of damaging
| frost the foreign markets were all lower on
! improving weather in England and on the
| continent. One dispatch from Paris received
| here early in the session said wheat was
! franc lower Weather favorable for the
| crops and English cables were unanimous III
! quoting the markets there weaker at lower
! west were likewise heavier and New
| York did not report the usual actlv-
! ity in the purchases for foreign shipment
| The only bullish item in the folenoon's news
| was the clearances from Atlantic ports.
! which from New York, Philadelphia and
| Baltimore aggregated over 600,U00 bushels of
| wheat.
There was a further break in prices shortly
| after l. o'clock, S101ls being reached, then
| reduction took place. One New York mes
sage received shout that time said: 1.-THE
! wheat markets of the world are in panicky
| condition. and. although it was quite out
| of line with the closing official cables 1t LED
| to some selling. New York was persistent
| seller throughout the session. The close was
slOIss.
The dealings in corn were heavy, with the
! sellers largely prevailing in their efforts and
| their influence upon prices. Waite. schwartz,
| Dupee. William Young and S. V. White d Co.
were heavy sellers, and were supposed to
! represent the action of the New York houses
| who are credited with being so heavily long
| in this market The frost predicted for last
! night according to the signal service bu-
reau, limited its appearance to a'narrow belt
| around Sioux City, To-, and spot or two III
Northern Wisconsin. As frost had been de-
| pended upon by the bulls to put prices up,
| its non-appearance acted in the opposite dl-
| Tection, and prices took tumble immediate
/ lyupou the opening of the market. Octo-
| Der, which closed yesterday at $3.50,
opened at 5SI205S84c. After selling to
| a moderate extent at 5SS4c 1t
| recovered to 591sc, but instantly became weak
| and continued to go from that to weaker,
! and when wheat made its biggest break it
was at its weakest, dropping to $3.50. There
| was recovery on covering by shorts near
the close at 577sc Oats sympathized strongly
with wheat and corn. Irwin Green and Cos
ter Martin offered September freely. but
found few buyers and the market declined
i 1850 from the opening prices, which were
the highest of the day. Favorable weather
] for marketing was bear influence. The pro-
| vision market opened firm, steady to firm, on
the report of the good demand for hogs, but
the weakness occurred In wheat and. corn
had a depressing influence, and soon dis
| PEELED any hope the longs may have enter
tanned of higher prices. The opening prices
were the highest of the day and the closing
quotations mark the lowest point and wound
UP with decline of LIE to ~ cents i'll pork,
| cents in lard aud ribs.
The leading futures ranged as follows: