St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-25
REACTING ALL ROUND
Traders Jump on the Corn
Market and Knock Off
a Few Cents.
Cudahy Unloads Pork So Fast
That the Close Was IL
Cents Lower.
The Result Of the Trading for
the Day Is a Loss in
All Pits.
Material Advances Scored in
the Active Stocks on
Wall Street.

CHICAGO Aug. 24.-There was sharp re-
action in all the markets on change to-day.
Immense receipts and easier cables more
than offset heavy exports and reports OF
damage by frost in the wheat pit. There
was rally, however. from the break, and
December closed only Ac under Saturday
nights fl nal figure, at S1.04s4. The frost line
was found too far north to seriously injure
corn, and in the face of actual receipts of 500
cars here and prospects of receipts of 326
cars for tomorrow, values went to pieces.
Traders jumped on the market with both
feet. September broke from 65c to Gle, and
October from 621Sc to SIC. Prices were but
slightly improved at the close. Cudahy
knocked the bottom out of the pork market
temporarily by the sale of from %, 600 to 10000
barrels, prices dropping off 25c. Liberal
purchases caused a reaction later, and the
close was only 12l2c under Saturdays last
figure.
At the opening the feeling in the whea
pit was strong on reports of frost damage in
the Northwest, which was variously esti-
mated up to % per cent. There was also
good buying on Northwestern account start
ed about S106, and sold during the first mill
ute or so at S1.05 s4@1 .06A. 1t was quickly
up to S1.06I2. The frost damage talk turned
out to be chiefly sensational, while lower
York, and free selling orders from there
gradually brought the bull feeling to halt.
About the same time there was break OF
nearly sc in corn. and the crowd soon went
over TO the selling side, causing drop OF &c.
Dece mber sold off to S1.04l3, reacted to
ST. u, but again started on grand slump,
and fell to S1.039S. The prospective receipt
of no cars here tomorrow, and the arrival OF
667 cars at Kansas City to-day, were also
weakening factors. The visible supply
showed a decrease of 1.305, 600 bu greater
than any one expected, but trade was slow
and hesitating. The market rallied some
what, leaving December at Sl.O4A at the
close.
Corn started off with good deal of vigor
and it looked at one time as though the bulls
were in full control. The frost talk was the
chief cause of the lifting of prices. and for
the first five minutes September sold from 64c
to CSC and October up TO &c, but there were
apparently unlimited quantities for sale at
the advance, and the clique seemed anxious
to fix purchasers for its large holdings. Oc-
tober especially was offered freely. and soon
began to break. pulling September down
with it. Later the big receipts for to-mor-
row, 933 cars added to the weakness. Octo-
Der sold from &c early to SIC and September
from Csc to Gle. There was an increase In
the visible supply for the week of 334, 600 Blu,
as compared with decrease Of $4,000 bu
year ago There was a recovery OF about 1c
from the lowest price, october closing at SIC
and September at 62L2c, net loss Of 23sc for
IQe former ana LOT Lu6 ldtIeT.
The oat market was very firm at the open
ing, when prices were Csc higher than Satur-
DAVIS close; September started at 30s4c and
May at 35c. The lsst-named future touched
3516c, when the market weakened under the
influence of free selling and the decline of
other cereals. September dropped to 1912 and
May to 34c. when there was reaction 10 81
and 34ssc respectively. The close was at 307sc
for September and 34Ssc for May, indicating
14c decline since Saturday. Local receipts
were 419 cars.
There was considerable fiuctuation in the
price of rye, the tendency being downward.
Last prices were 1@1l2c lower. September
sold at 93Q9Gl3c and closed at 94c. Receipts
were enormous-245 cars The provision
market was heavy and dull for the most part.
Pork closed to-day 10@l2l2c lower than on
Saturday, lard 1012c lower and ribs at de-
cline of sc. The bulk Of the operations, so
far as the packers were concerned, was IN the
way of selling the later futures against pur-
| chases of september for what profit appeared
in the carrying charges. A good deal of long
| pork was sold out OH stop loss orders. The
range in September pork was from S1010 to
$50, and in lard $655 TO 6.47l2, and in ribs
from S6.55 to S545.
The leading futures ranged as follows: