St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-25
WHEAT SELLS OFF.
The Market Opens Above a
Dollar, but Gradually
Slumps Down.
Very Little Demand and but
{ Limited Dealing in Deem
: Der Futures.
The Wall Street Market q Kind
Of Whipsaw for Over-San-
guine Bears.
Active Trading in Produce the
Rule Throughout the Mar
ketS.

r CHICAGO, Nov. 2L-The financial troubles
of the Eastern cities were again used to de-
press prices here, but were effective in that
direction for only very brief space of time.
The recovery was sharp and the wheat mar
ket closed at an advance upon Saturdays
closing figures of 1!2c. Corn gained s4c,
and oats 5sc. The wheat market opened
with buyers at about Saturday closing prices
and the first transactions took place at from
S1.OOs4 to Sl.O07s for May delivery, with pos
sibly a sale or two at Sl.O1. There was less
than the usual connection during the frs
five minutes OF the session. and at the end
of that time prices began to display a tend
ency to weakness. There was very little de-
mand and very little dealings il the De-
cember future; the few trades which took
place were at a discount of about &c from
the more remote delivery. The public and
private cablegrams quoted the European mar
kets firm, ana there were no disturbing
elements in financial affairs when the
session commenced. The announcement OF
the failure Of a stock brokerage firm at
New York was made, and oil the heels of the
New York assignment came the reported
trouble of q PittSburg concern, one of the
members OF which was bank president.
This news caused n sudden collapse of about
1c per bu, May selling down to 907sc. There
was good demand as the decline. partly
from shorts and partly from investors. and
this was followed by a hardening of prices,
indicative OF returning confidence. The
visible supply figures were, as usual, the
subject of considerable speculation up 10 the
time of their receipt; the result showing an
increase of 993, 600 bu was near enough to
the preconceived ideas of the crowd to fail
in affecting the market. The recovery in the
price was not very rapid until May wheat,
having sold as low as 997Sc, had worked
back to S1.OUss, but it displayed an airy
buoyancy after that point had been passed.
which all the wheat piled upon the market
by the shorts was pOwerless to resist. The
shorts later in the session, gave up their
attempts at holding prices down, and
became the most vigorous supporters of
the market during the last half of the ses-
sion. A recovery of 2l2c from the lowest
price of the day had been brought about in
the last half hour of trading, accom- panied
by considerable excitement and enormous
trading. Those who had sold early on the
failures already referred to came in on the
advance. Partridge was reported, in the
vernacular of the pit. to have been run i'm
at an early stage of the days proceedings.
Ream: Cudahy and a few Others were re-
ported as falling into line with the advance
later. The reported advance of &c i'll the
price of cash wheat in Minneapolis and the
decrease in the country elevators were the
moving cause of the advance. May advanced
81 .O2SS and December sold up to 93SSc.
There was a reckoning with the short sellers
of corn as the result of to-day's trading and
as is sufficiently suggested by an advance of
nearly 2l2c at one time over Saturdays clos
ing prices. The small stocks in store
have made the fears of the shorts
and the bulls iSii' work < t "' to 'po its
utmost COMPASS. The principal strength of
the markets here came from the local specu-
lative situation. The crowd here was short
very heavily, and Hutchinson had his books
filled with their contracts. Partridge was
probably the heaviest short in the market at
least the gossip of the pit SO expressed it,
aud he was credited with covering as much
as 10000 bu. Hutchinson was a seller on
the advance, but he was careful to only deal
itout in such doses as should stimulate the
appetite of the shorts for more. Corn-The
opening price OF May was 3384c, and after
touching 537Sc. il declined to 53sSc, in SYM
pathy with the early weakness IN wheat. 1t
recovered with wheat later, and in the end
outstripped the other cereal in its advancing
course. 1t sold up to 557s@- &c. Oats were
fairly active, stronger and higher. The OPEN
ing was ss@Ac higher, but receded to
SEC, advanced 7sc, yielded ssc, be-
gain over Saturdays last sales of s4@7sc.
Pork-TradIng was fairly active, and the teel-
ing was stronger. Prices ruled about &c high
er at the opening, and a further appreciation
of sc was gained. Later the Offering was
larger. and prices receded l. @l.12c. About
the middle of the session prices rallied 1919
@l5c, but settled back again ol901 C. Near
the close prices rallied to outside figures, and
closed firm. Lard-Rather an active business
was transacted and the feeling was stronger,
though prices ruled somewhat irregular.
Prices at the opening were about 2lac high
er, but reduction of 5@7c was submitted 10.
Later the prices rallied 2I2@l5c and The mar
ket closed quiet at medium figures. short
R1bS-A fairly active trade was reported and
a comparatively steady feeling prevailed.
Prices ruled about 2l2@D5c higher, and closed
steady at outside figures.
TEf. lending rut,,ros -appa6 &c folIo1yc.