St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-08-10
ALL EAGER TO SELL.
The Chicago Market Displays
Weakness All Along
the Line.
A Less Pessimistic View
Taken AS to the Outlook
for Wheat.
Corn Drops With a Rush.
Rain Reported in the
Southwest.
Almost Absolute Stagnation
Marks the Trading in
Railway Shares.

CHICAGO, Aug. 9-It was the bulls turn to
be in trouble today. Yesterday all was
strength and confidence in prices and the
bears were in a perspiration; today the 1eel-
ing was the very reverse, and the bulls VINO
hung to their holdings so firmly and the
bears who were SO anxious to cover their
shorts yesterday, were as one at the opening
this morning in their mutual desire TO sell.
The crop conditions had entirely changed
over night. The crop killers OF yesterday had
come TO the conclusion that at least q little
wheat would be garnered from the fields OF
the Dakotas and Minnesota. while few seat
tering showers in Missouri, Kansas and
Nebraska with very considerable
stretch of cloudy weather over
other parts of the corn belt led
TO less pessimistic view of The situation as
TO that cereal Then heavy selling around
the opening by Cudahy caused decline in
hog products, thereby making weakness the
prevailing tone all over the trading floor.
Aside from the weather conditions and the
sympathetic weakness brought over from the
other pits the principal factors affecting the
value of wheat were the following: Weak
euipg cable advices, including correction
in the report of last weeks Shipment from
India. making the amount much larger, ana
favorable weather in Great Britain; then,
while exports were rather free, the amount
on ocean passage showed an increase
of over 100000 bushels. To add to
these bearish items. New York was
local longs who had good profits in sight as
the RESULT of yesterdays advance were anx-
ious 10 realize. and put out their holdings
freely. There were some reactions AFTER the
price had gone down sharply, caused by
shorts taking the opportunity TO cover the
lines put out near the top but the general
tone of the market throughout the session
was one of weakness. and the close was
easy at a loss of 1850, compared with that OF
Yesterday September opened l2c lower at
79lsc. broke. with one or two little reactions,
to 7SIsc recovered to 6SI2c on fair buying by
Mitchell. Clifford and Mcdonald. fiuctuated
within narrow range, and closed weak Mt
7S14c The corn pit was crammed with
a wildly excited crowd who were as
eager to sell as they had been to buy
yesterday. They all wanted to seize their
profits at the same time before they dlsap-
Slid off with great agility. The onening for
September was at from 54l2c to 54s4c against
547sc at the close yesterday. and the price
quickly slumped to 55l2c. This was on the
reported rains in the Southwest. put later
correspondents sent messages saying that
much of the damage was beyond repair, ana
a rally of 7sc followed. This caused an in
crease of offerings under which the price
broke to 527sc. Another reaction or 12c LOOK
place later, and the close was at 5SAc. oats
followed wheat and corn and the close SHOWS
a loss of lac.
Provisions were less consistently weak than
grains. September pork opened 15c lower
on heavier receipts Of hogs than were an
ticipated and decline of sc in their value,
and Cudahy proceeded to market lot of his
long stuff, which broke the market l0@l2l2c
more. Then the market suddenly rallied,
chiefly on heavy buying by T. j. Ryan 4 Co.
That firm bought 10000 nbls of January pork
in a lump of an English packer at S13.9 5.
September. which had touched S13.c5. rose
to Sl3 IS: during the latter part of the session
the price settled back to So. rallied and
closed slow at Sl3, loss of SOC. Lard is l5c
off and ribs q ike amount. Lake frelghts
are easy, on the basis of 2l4c for corn to Buff
falo. Estimated receipts for tomorrow:
Wheat 5l2 cars; corn, 2iO cars; oats, 14O
cars: hogs. 10000.
The leading futures ranged as follows: