St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-08-26
PANIC IN PROVISIONS
Reports Of the Cholera Eoi-
demic Sent Prices Down
at Chicago,
And Grain Quotations We're
Also Dragged Onto the
Toboggan.
Toward the Close a Favorable
Change Occurred in All
Pits.
Slight Bullish Feeling, but
No Wide ming Of Specula-
ton in Stocks.

CHICAGO, Aug. 25.-There was a panic in
provisions On the board of trade this morn
Ing, owing to the cholera scare in Europe
ana prices went down as if.the route were
creased. dragging grains down with them
but later in the day feeling of greater con-
hdence was developed aud q decided reaction
in everything resulted.
Wheat opened steady The settlement of
the strike at Buffalo, reports that farmers
deliveries of winter wheat were falling off,
and the Cincinnati Price Currents state ment
that the returns from the threshers continue
very disappointing and that the condition of
spring wheat had deteriorated during the
last week were strengthening pieces of news,
but were more than offset by the reported
spread of cholera in Europe, the weak cables
and the break in provisions.
This first was the most important factor in
the bear interest," and was used to the ut
most; New York flooded this market with
the most sensational and panicky dispatches
saying that steamers were refusing to load
wheat for any Of the infected ports. and that
the business stagnation abroad had caused
the suspension of many grain merchants.
The impression soon prevailed that it might
be impossible to sell our wheat abroad, and
there was partial panic among holders.
Hately Brothers wired their correspondents
IN Hamburg if the situation was as bad as
represented in the papers. and the answer
was: Cholera not severe: no danger" This
with the fact that weak holders were soon
baled out partially restored confidence. and
the early loss was recovered. With the Buffalo
Strike otfsthe bulls were encouraged to look
for reaction and ON the curb bought Sep
TENDER at 7534c, against 75ssc at the close yes.
terday; but when the bell tapped they dis
covered their error. for there were plenty of
sellers at 75ssc, and under the load of offer
ings prices gradually receded to 74ss C, the
lowest figure yet reached on the crop. The IL
the offerings decreased, foreign advices be-
came more encouraging, provisions began to
recover from their panic. and an upward
movement in values resulted carrying the
price to 7os4c and the close was steady at
75l9c.
Corn was more or less affected by the pre-
vailing decentralization, but did not break as
much as wheat or provisions, and recovered
all the loss and more. Good rains were re-
ported in many of the corn states. and Bryant
and Congdon. who have been leading bulls,
were free sellers on the early weakness;
there were also a good many stop loss orders
to be executed, which contributed to the
weakness.
began to argue that rains, after ALL might not
be SO beneficial as was at first supposed;
wheat and hogs products were showing
signs OF strength and prices advanced.
September opened Isc higher at 51%c
touched 81 5s@S184c, advanced to- 5l7sc then
broke with provisions to 51ssc. strengthened
sold up to 52asc and closed at 52lsc an ad-
vance OF l2c over yesterday last figures.
Oats were fairly active and weak early, but
soon had partial recovery. First sales of
September were Isc lower at 34lsc: prices re-
ceded to 1880, reacted ana closed at 34I2c. O
gain of Ac.
Hog products were nervous, unsettled and
decidedly panicky for time. The recent
strength in provisions was based largely on
the increased European demand; consequent
ly the cholera news from Europe produced
CONSERVATION and there was free liqurda-
ton, stop loss orders and vicious raiding
The latter was, though. broken. and was sup.
posed to be for the account of heavy pack
en- who, it is said, has all of his product sold
in advance at high prices. September pork
opened at sc lower at SI0.95. touched $40 97I2
broke to $40. 80 without a stop, reacted slow
ly, and closed steady at $40. 55, a loss of 45c
compared with the closing price of Yesterday
September lard.openeda at S7.45. against 81. 62l2
yesterday at the close. declined further to
$40. but rallied sharply to 81 .67ls and closed
at S7.65. Short ribs opened at SC lower at
81 20. sold down 10 S7.55, rallied, and closed
at ST. 2I2.
Estimated receipts for tomorrow: Wheat,
575 cars: corn. $40 cars; oats, 270 cars; hogs
1900. Lake freights unchanged.
The leading futures ranged as follows: