The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-05
LOWER GRAIN LEVEL
EARLY FIRMNESS, WHICH GIVES
WAY FOR LACK OF. SUPPORT
Good Opening Induced by Manipulation
and Fears of September Shorts, Though
1t Is Out of All Proportion to the Nat
urai Trend-Severe Tumble in Prices.

CHICAGO, Aug. manipulation and
fears of September shorts in all grains
influenced an early irmness in grains to-
DAY out OF all proportion to the natural
ITend that follows so prolific season.
support, however, that was necessary to
the schemes of the bulls was withdrawn
ana ana prices tumbled sharply. AS a re-
suit, September wheat closed A@%c
down. September corn 19c lower and Sep
TEMPER oats Is @Ac lower. Provisions
closed 10c to 15c lower.
Fine weather and excellent crop pros
poets were almost entirely ignored at the
opening of the wheat pit in the anxiety of
shorts to cover. Gossip had another deal
afoot, this time in September wheat IT
was admitted that there were heavy long
lines out and naturally that meant a big
short interest Statistics generally were
were very liberal. After a dip early
there was very good buying by a promi-
nent professional house. September OPEN
ed Ac to shade down at 70as @701kc to
I02sc and quickly advanced to Tic.
Much of the covering was for foreign
houses, influenced by the small worlds
shipments and the decrease in breadstuffs
on passage. At top figures there was
heavy unloading, supposed to be for the
interests that were supporting early and,
as a result, September slumped to- 69M a
$3.50 and closed weak, "a 00Mc lower at
$3.50. The cash demand was reported
sod, the local situation was somewhat
improved and grading was very low.
Local receipts were 1858 cars, 6 Of con-
tract; Minneapolis and Duluth reported
zI0 cars, making a total for the three
points OF 573 cars. against CAT last week
ana oS4 a year ago. Primary receipts
a year ago. Seaboard cIearances in wheat
and -four eQualed SIS 600 bu- Worlds
shipments mp Were 6,196,00O bu, against
$4,000. On passage breadstuffs de-
creased 3,3S4,000 bu. The visible supply
increased 3S1, 200 bu.
Corn Strength Doesn't Hold
There was good strength early in corn.
induced by very small receipts, but it did
not hold. AS in wheat there was talk of
manipulation Of September options and
all the market needed to slump sharply
was heavy selling by the bulls supposed
to be under the deal. The local buy
ing early, although light, was good
prices the bulls let go about 1000, 900 bu
From that time there was no support,
offerings depressed the price and the
close was near the bottom. September
581sc, sold to, 5S5s @5SAc, dropped to
81 y @57Ac and closed weak, 1ac down. at
57A @57?sc. Receipts were only As cars.
Oats felt the bullish influence of the
corn advance and light receipts, and early
made good advances. Trade was light,
but covering. was fair. When corn broke
oats followed and the slump that resulted
was augmented by favorable weather and
good crop advices. September sold from
33c to $3.50, dipped to 32Ac and closed
weak, ss@$4c down, at the last figure.
Receipts were 128 cars.
Provisions were quiet and of a waiting
nature. Hogs were fairly steady and
checked a break that followed renewed
outside liquidation of light character.
$16.12h; September 1ard I0c down at
SO. S23s, and September ribs 15c down at
$40 40.
The estimated receipts for tomorrow
are: Wheat, $50 cars; corn, 80 cars; oats,
305 cars, and 10000 head of hogs
The leading futures ranged as follows: