St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-08-24
Weak Opening Markets at
Chicago Develop Favora-
bly, Later On.
The Rise Occurs in Spite Of a
Prevalence Of Depress-
ing News.
Little for Sale and Good Buy
ing Were Factors in the
Increase.
The Texas Decision Exerts a
q Potent Influence on Wall
Street.

CHICAGO, AuG 23.-While nearly every
thing opened lower on the board of trade to-
day and there was an absence of much that
was builish in the wav of news, the feeling
soon turned strong and there was a general
advance along the whole line. In wheat
nearly everything in the way of news
favored lower prices. Cables were lower
and very dull: the receipts were unexpect-
eddy large, not only here, but at all other
points, and the statistical Information was
anything but bullish. The amount on ocean
passage increased 1000 blu. the English
visible increased 10000, 600 blu and and the
stock of wheat and flour in the United King
dom was reported at 54s56s.030 bu against
81, 900 year ago. The aggregate receipts
at Chicago, st. Louis and Toledo were ILL.,
600 bu against IA, 900 bu for the same day
last year, aud all information tended to con-
firm previous reports of q heavy winter
wheat crop.
These bear factors did start the market
trif1e lower, but there was very little for sale.
and Logan and Clifford proved good buyers.
and the scaiping element did not seem dis
posed to sell much. Even the uncertainty in
the railroad situation at Buffalo did not deter
buyers, and heavy purchasing orders were
received from New York and st. Louis. Then
came reports of damage to the crop in the
Northwest, and corn and oats made good
advance, with which wheat quickly. sympa-
thlzed, and there was steady Improvement
OF SIc, but it was not all held, as the advance
caused free selling and the market could not
take the offerings without showing some de-
cline.
The general summing up was that wheat
was strong chiefly, because of the strength in
corn and oats. September opened 1sc lower
at 1850. and declined to 75asc in very short
time; then grow strong and, with compare
insignificant n
7GAc. Realizing on the advance near the
end caused reaction. and the market closed
steady at zee.
Corn opened at some decline from yester.
day. but soon began to display much strength,
and gradually advanced nearly lie. though all
the gain was not held to the close. News
from the fields was rather conflicting. some
dispatches reporting generous rains in the
corn belt. but others said that the rains had
been local and not sufficient to do much
good Then somebody discovered on in
clpient cold wave away up in the Canadian
Northwest, and visions of frosted corn were
conjured up. ssas
SchwartZ-Dupee had telegram from
Springfield, Ill., saying that the best fields
around there would not produce 60 per cent
of last year. and there were few encouraging
advices from anywhere. So while prices
started trifie lower than last night. there
was good buying on all the weak spots and
not much being offered the market soon be-
| gan TO show much strength and shorts COW
cred freely, causing considerable advance,
| but part of it was lost towards the close
September opened kc lower at 5oAc, but ad-
| vanced steadily to 53c then reacted to 52lsc,
| and closed at 52Ac.
Oats opened 14c lower, advanced &c, re-
| acted t4c, and closed without change COM
pared with Yesterdays last figures.
Hog products were all more active and
higher. The liquidation which was the feat
| ure yesterday seemed to be over and Armour
| and Cudahy were actlye buyers and strength
| was the rule after the first few minutes at
the opening. The easier feeling in hogs and
| the early weakness in grains caused Septem-
Der pork to open sc lower at SlJ. 95. but there
after the market advanced with minor re-
actions to Sl1. 40, and the close was steady at
Sil.30, an advance for the day of 35c. Lard
is 17l2c up and ribs 27I2c
Estimated receipts for tomorrow: Wheat
$50 cars; corn. go cars; oats, 800 cars; hogs
1900. Lake freights were steady on the
basis of &C for corn to Buffalo
The leading futures ranged as follows: