St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-14
Pardridge's Heavy Loss Had a
Bad Effect on Chicago
Dealers.
Nervousness and Excitement
Ruled Both the Bulls and
Bears.
The Rise in Rye Had a Very
Marked Effect on Deals in
Wheat.
Union Pacific Floating Debt
Scare Has Had It's Run in
Wall Street.

CHICAGO, Aug. 13-The excitement and
nervousness in wheat was continued to-day.
with frequent and sharp fluctuations, though
the range was narrower than that of yester-
day and the close somewhat lower. The bus
mess done was higher than during the past
few days, chiefly because neither the bulls
nor bears cared to risk much on their cOnvic-
tons. Their timidity in the early part of the
session was largely the result of Pardridge's
action yesterday in allowing his short trades
to be covered in the open market; traders
were inclined to await the clearing house set
Elements to make sure that his checks in set
Element of differences were not thrown out.
When it became known that he had re-
sponded with the necessary funds, they
breathed more easily; but there remained
ano other deterrent shadow-a suspicion that
the market was being manipulated by clique
or Eastern Spectators who were alternately
advancing and depressing prices. The alb
sence of Partridge, whose dealings have cut
such q figure i'll the transactions of each day,
also tended to make the business light.
Prices were very easily influenced in either
direction. The bears, taking warning by
Pardridge's dreadful example. while not dis
posed to do much, would rush into the
market ana cover whenever there seemed to
be any unusual movement in the way of buy
ing and, on the other hand, the bulls would
seem crazy to sell when the action OF the
market orany item of news seemed to indicate
a momentary loss of confidence. New York
started Off eXclted and higher and Liverpool
was quote A0l2d up The large clearances
from all ports yesterday and the day be
fore had q bullsh effect and Logan, White,
| wartz-Dupee and COunselman were all
good buyers presumably for New York ac
| count. December sold early at 95196Ac, but
| moved along up and in q short time sold at
| 9sc. Then Logan began to sell out some of
| his early purchases for the New Workers.
| Continental cables came in weaker, and
! Ream became an aggressive seller. Under
| his raiding the market broke back to 957sc.
| lie repeatedly offered 5100O9 bushels or any
| part OF it ct 957Sc.
But another bull wave soon swept over the
| crowd; ew York sent in more buying or
! ders, and ST. Louis began buying while the
! offerings suddenly became meager. Later
| the excitement in the rye market caused Il
! nervous jump to 915Sc. Estimated large re
| ceiptS for tomorrow, liberal realizing sales
| by early buyers and rumor that foreigners
were selling in New York finally carried De-
| cember back TO 95SSc reacted some then
| broke to 96c. Late advices from New York
| were that nearly 800 COG bu OF wheat had been
taken there for export up to noon, but the
market did not respond. 1t grew dull
| and continued weak December sinking
! to 95SSc, and it closed weak at 955sc.
J The Evening News, in its commercial article,
| New York has been heavy seller and that
| operators there have been working this mar
| ket. All news which is filtered through New
| York houses is beginning to be regarded with
| suspicion" There are any number of people
| here who won't yet believe that Russia has
| prohibited exports OF rye simply because
! New York says so. The late board of trade
| cable quoted Paris 30 centimes up on wheat,
| Antwerp l franc higher, and Berlin l201
mark higher.
| Corn was not very active, but was quite
| nervous in sympathy with wheat. The crop
report of the Cincinnati Price Current was
rather non communal. but was inclined to be
| regarded as bullish. 1t predicts only an av-
| erage yield, and after the very short crop of
last year the trade is disposed to look upon
an average yield as hardly sufficient. The
attitude Of the clique is also material check
on speculation. and restricts short selling.
September corn opened al SOC, sold to 5S7Se,
back irIeguarly to $3.50, but sparingly at
that grew weak with wheat near the end of
the session. and closed at 5SSSc. Oats were
| rather neglected for the wheat and rye pits,
though fluctuations covered range of S4c,
closing near the bottom.
1t is an unusual thing for the rye market
to affect the price of wheat, but such was
the case to-day; it was the tail Wagging the
dog. September started at SIC and sold to
93c, against 767Sc at the close Monday Cash
closed at 93094c. Hog products were slow
and steady during the greater portion of the
session. but about noon Ream made sudden
raid on pork. He sold right and left, and in
quantities to suit, and the market began to
tumble. The weakness in grain was favor
able for the operator and the smaller longs
soon took alarm AMI began to throw their
holdings. Stop loss orders and exhausted
margins kept bringing out others, and a par
tial panic followed September going off to
$40 65, against $40 1912 at the close yesterday,
in very few minutes. There was slight
reaction, but the decline was resumed and
continued to 50. So. and the close was dull at
50 .S7l2. Lard and ribs suffered in a lighter
degree. in sympathy with pork
The leading futures ranged as follows.