The Saint Paul globe., 1897-08-25
MARKET SUMMARY.
FINANCIAL

CHICAGO, Aug. 24.-The bears had an inn
ing in wheat today. The Closing showed
less for the day of sac in September and 52c
in December. Heavy and long continued
liquidation was the cause of the break. The
weakness in foreign markets and the break
in the coarse grains, were factors. The bull
clique threw over holdings in corn and oats
and declines of 2Ssc in corn and 1a@%c in
oats resulted. Provisions also suffered pork
declining 1712c, and lard 712c. RIBS closed
practically unchanged.
Wheat on the curb before the regular open
ing started with some show of strength and
with no signs of the excitement which ruled
later ON the board. Opening and second
cables from Liverpool were rather encourag-
ing to the bulls. On this account, curb
prices were about 1ac higher than yesterdays
close. On the regular session prices were
very irregular at the start and it soon be-
came clear that numbers of people had long
wheat in their possession which they were
convinced they ought to have sold the day
before. September was bringing from 96 to
95lec, simultaneously in different parts of the
pit and December from 961a to 951ac, yes
terdays closing price being So and 9534c re-
Spectvely. The relative positions of the two
leading options were quickly reversed, for,
in a few minutes, September was bringing
lectedly around 951Ac. The exceptional
strength of September was due to the fact
that very few were desirous of trading in it,
and it was very easily to advance it by bid
ding for what no one wanted to sell.
Within half an hour all support was with
drawn and the market began to sink. slowly
at first, but liquidation grew heavier, the
bottom seemed to fall out and not until
September touched 9412c, and December S2c,
was there a stop in the mad rush. The lulI
was only temporary, however, selling soon
became general again, and stop loss orders
were reached. The price did not touch the
bottom of its severe sinking spell until Sep
tember was down to 91kc, and December
to 9O14c. The trade was then very narrow
and the traders tired with their previous
efforts were indisposed to buy or sell except
when tempted by an exceptional offer or en-
ucingly high bid.
The increase in weakness as the session
advanced was caused by a further break at
Liverpool making the days decline from AID
to 412d per GENITAL and an equivalent decline
at Paris. The Paris decline was l franc for
August and 60 centimes for November Feb
ruary, of SIC per bu for the one and
2sc per bu for the other. Antwerp also
sent lower quotations.
Chicago receipts were 3S4 cars only 29 of
them contract, and $4,000 bu in
spected out of store. Minneapolis and Du-
luth received 274 cars, against 654 a year ago
The Atlantic port ciearances were equal in
wheat and flour to 452 900 bu. Before the
close, September had sold as low Gle and
December to S92ic. Closing prices were Sep
tember 91%4c and December 9OAc.
The beginning of the end in the corn deal
was apparently well on its way today. In
loading was started at the opening Every
one who had long corn was anxious to SELL
and it was currently reported that the bull
crowd threw over almost their entire hold
ings. September opened at 30A@30%c, and
before the price reached bottom for the day
it sold down to 2SAc. The Closing trades
were at 2S3sc. December started from 32Ac
down to 31$4c. 1t went as low as 3Oc, and
closed at 3O12c. Heavy receipts, 1879 cars
and favorable weather helped materially in
Increasing the selling fever.
The business in oats was extremely heavy
and prices at time showed 1Ac de-
cline. Selling was liberal, especially by the
long holders. Elevator people also sold
heavily. September opened at from 1S5a@
lS%4c, sold at 191sc, dropped back to 1Sc and
rested at 1880 bid. Bradstreet's report of
the visible supply showed an increase Of
2,55l 600 bushels, which with a small increase
in the stocks of contract grain here, were
counted in with the bearish features Re-
ceipts were 715 cars.
Considering the weakness of the grain
markets, provisions might be called firm.
Prices showed a small opening decline due to
lower yard quotations The market was given
fairly good support and advances ensued but
the sharp declines in wheat and corn u.ti-
mately had their effect on provisions Ar
mOur was good buyer of lard At the close
September pork was 1712c lower at $S4 10;
September lard, 71ac lower at $4.571h and
September ribs, unchanged at $5.17A. Esti-
mates: Wheat, 210; corn, 1850; oats, $40;
hogs, 5000.
me leading futures ranged as follows.