St. Paul daily globe., 1890-11-27
WHEAT CLOSEST
Corn Declines Under the Ef-
feets Of Heavy Pounding
by Bears.
General Market Opens Under
the Shadow Of Future
Trouble.
Wall Street List Creates a
Surprise by Showing Un-
usual Strength.
Bulls Are Watching for Jay
Gould's Return to the
Market.

CHICAGO, Nov 26-After weakness, dull
business and considerable decline wheat be-
came strong and closed Iac higher than 1t
did Yesterday. Corn was in sympathy with
wheat to a moderate extent. but never en-
tireIy recovered the effects of a heavy pound
ing administered at the opening, ana closed
sSc below the price ruling at the correspond
ing time yesterday. Oats closed at slight
advance and provisions averaged stronger.
The wheat market opened under the shadow
of further rumors of financial troubles and a
weaker tone to the advices from the Euro
pean grain markets. May wheat, which is
now almost exclusively dealt in. opened
nearly 1c lower than it closed on Tuesday.
For half an hour after trading COM
menced. there was a heavy feeling per-
vading the pit. December wheat becomes
increasingly difficult TO trade in, as no one
appears to want il outside of those who make
a regular business of carrying for the profit
they can get out of that particularly safe OPP
Grafton. The difference between December
and May widened to 7sSc in some of the few
transactions which took place. The bulk of
the business done at the immediate opening
was at s. .O054 and Sl.O05s, following which
there was an immediate improvement to
1.0O5s, succeeded by a decline 10 81 O05s,
with a few sales at S1.0 'l2. Trading was
local in character. and not particularly heavy
at the time of the foregoing fluctuations,
and such reports as were current at
the time were in favor Of the bear
party. There were frequent fuctua-
tons after those already recorded, but their
tendency was generally in an upward direc-
ton. An advance to S1.0lB was followed
by q reaction TO ST .0O34, the price from the
latter point once more worked leisurely up
to S1.01A. and then jumped suddenly to
S1.0lS.. After lac reaction there was another
upward squirt, and the price rose to Sl.O2.
Besides the troubles of South America, the
tears in the wheat pit were in sympathetic
dependency with a firm of bankers in Du
luth, who had to close their doors The
extent of the failure was discovered. The
great strength of the market after the
first few items of bear news had ran
their course and been forgotten was
was reported from several quarters. The
amount reported as absolutely SOLD here was
10000 bushels. with enough more under
negotiation TO bring the quantity up to a total
purchases in that market by La Crosse mill
ers of 80 carloads at 4l2c over the price
for December. New York wired that millers
there had bought ID boatloads to arrive. and
st. Louis required the loading there of 75,-
600 bushels. Of the quantity sold here, TO-
GOO bushels were for export There was con-
siderable increase in activity when the ad-
vance was in progress. and the market was
| was nominally worth &c less than May. The
| corn market showed o sympathetic weak
ness with wheat at the opening, and started
at l2c decline from yesterdays final quota
ton. There was recovery toward the end
of the session, bringing the price up TO
shade beyond the closing price of the day
before and 7sc above the lowest price today,
but an after reaction left May at 545sc as
compared with 55c at the end of the session
on Tuesday, The most conspicuous sellers
were Bryant and Rosenbaum, with the local
scalpers for the most part also favoring the
selling side. Oats were fairly active and
stronger. Prices opened Ac lower. ad-
va3sed l2@asc, receded Ac and closed
---a-- f>I- ~l1---nos oraR EarLaxdaI.