The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-28
BULL SIDE JARRED
BREAK OF NEARLY SIN CENTS IN
THE PRICE OF SEPTEMBER
WHEAT.
BEAR POOL is REPORTED.
COMBINATION OF LARGE IN
TEREsTs TO BREAK THE
BULL CLIQUE.
RUMORs OF FOREIGN REsELLING.
This the OstensibIe Course for the
Sharp Slump in Prices-Mar-
Eets All Weak.
MARKET SUMMARY.

CHICAGO, Aug. 27.-Wheat furnished an
other sensation today. This time it was the
bulls that suffered. September closed 57s
lower, and December at a loss of Sc after
a session remarkable for small trading and
extremely violent fluctuations. Weak foreign
markets and reports of reselling by foreigners
were ostensibly the reasons for the decline,
but there were plenty of rumors of bear
combination formed to break the market.
Corn was also very turbulent, and closed at
about 1c down. Oats were weak and declined
32e. Provisions closed 5G10c lower
All the enthusiasm had apparently leaked
out of the holders of wheat at the opening
Liverpool furnished very -disagreeable sur
prise TO them, starting 212G2Bd lower. This
was entirely unlocked for after yesterday s
advance here and it fairly took the bulls
breath away. There was practically no de-
mand for December wheat at the opening
The consequence was that it started at 90s. C
to soc, or S1sGS24c below yesterdays close.
and dropped almost instantly to S8$4c A
perfect flood of wheat was poured on the
market for few minutes Including many
stop-loss orders. During that time there
was an almost total lack of buying ORD 3rs.
but they made their appearance at SS15c. and
i've minutes after December had rallied to
Sic. September wheat was hardly heard of
IN the first few minutes in the excitement
following the unloading of December. 1t was
fully as weak, however, starting at from
9315 to 92c, drop of exactly 111ac from the
highest point reached yesterday.
The excitement soon subsidized altogether
but fluctuations from the extreme narrowness
of trading were frequent and violent Mod
crate trades sufficed to send the price I'D or
down 12c or more. That some mysterious
bear influence was at work on the market
before the opening was the general opinion
It was stated later, on what was considered
reliable authority, that a combination in
Guiding Charles Counselman and John Cudahy,
had been formed to break the alleged bull
pool, and that the eccentricity of today's
market was due to the manipulations of the
new combination. Chicago receipts were 1852
cars of which only II were contract The
quantity taken from store was 147 600 bu
Minneapolis and Duluth received 81 cars.
against 634 on the corresponding day of the
year before. Atlantic port clearances again
confirmed the genuineness of the European
demand for American wheat and flour The
equivalent of $4,000 blu was exported from
the principal ports in the last twenty-four
hours.
The market was steadied somewhat by the
midday strength Of corn put became radi-
cally weak again, on reports that foreigners
were reselling at the seaboard December
has advanced to 91Rc. 1t had recovered to
9Oc at the close. September sold as high as
96c, but close at 93c.
Corn was very active and irregular. The
market was badly demoralized at the OPEN
ing, on account of the break in wheat more
favorable weather and heavy receipts. / 642
cars. me opening weakness was followed by
a period of considerable strength. with good
country and foreign buying, helped by drought
damage claims. The market yielded later
however, on heavy liquidation, started by the
late decline in wheat, and was quite weak at
the close. A heavy business was transacted
Gables were higher. Charters were for /. 200
600 blu. December opened lie lower at 326
Sz7sc. 1t dropped to S11ac, sold as high as 3Sc
ana c;osed at S21sc. fairly good business
was done in oats. The opening was weak
with everything else, elevator selling Being
conspicuous, and quite a sharp decline re-
suited. Part of this was subsequently re-
covered, but the market averaged weak Re-
celpts amounted to 454 cars; charters were for
100000 bu. December opened &c lower. at
1880, ranged between posse and 1890 clos
ing at posse.
The opening break in wheat and corn caused
provisions to start weak notwithstanding
small receipts of hogs and a considerable
rise in their price at the yards. The subse-
quent rise in corn put the market climbing
again, but the decline in that cereal again
later In the day produced a selling pressure
that lost the products all, and something
more than they had gained. At the close De-
cember pork was 10c lower at sS.971b; De-
cember lard, unchanged, at $4s5, and De-
cember ribs sc lower, at S.. 20. Estimated re-
ceipts Saturday: Wheat, 220 cars; corn / $50
cars; oats, $50 cars; hogs, $4,000 head
The leading futures ranged as follows.