St. Paul daily globe., 1890-08-14
JUST LIKE SODA WATER.
The Wheat Market Unsettled, and Prices
Melt as Fast as Taey Ad-
vance.
Nervousness Of Big Operators Causes
Fractional Slump al the :
Close.
Financial Operations Of the Money
Kings---The General Quota ID
tons.

AZ
CHICAGO, Aug. 13.-The sudden
changes in the price of wheat betrayed
a great amount of nervousness on the
part of operators, and in the case of the
September delivery very badly oyer
sold condition of the local market. 1t
was strong, but its strength was of an
unhealthy character, based largely upon
sentiment and thin margins. The cable-
grams advised firm markets and unset
tied weather abroad, but buying orders
were too low for the prevailing prices
here. Higher prices ruled, an advance
OF &c taking place i'll September, but
with all of that and sc besides, lost al
at the close. December advanced 1c,
but it melted very fast near the close,
and in the end was lower than it closed
yesterday by nc. The market was
greatly unsettled, going up sharply ON
the speculative demand and light offer
ings, and off quite sharply on the real
izing sales. The bull news of the day
was not startling, but the trade needed
little encouragement to buy. Bears are
very scarce, and no house was bold
enough to take the lead in selling wheat
short. The statement from the commits
sioner of immigration for South Dakota
gave the wheat yield for that state at
Ga. Liverpool quoted spot wheat and
futures I'D dearer, and London cables
were very firm. A New York miller
was said to have taken all the hard
wheat there for grinding at S1.16. Ex-
port clearances were 10000 bushels at
New York, 1900 bushels at Philadel-
phia and 11.O00 bushels at Baltimore.
Inglis and other experts figure the total
crop at 390.000,0O0 bushels, with the
needs for feed and seed at 3S0,000,000
bushels, leaving 100000 bushels for
export. whereas the Pacific coast alone
usually exports 30.000,000 bushels.
There are many who profess to believe
that there is no spare wheat east of the
Rocky mountains. With this view of
the crop prices do not look high, even
soaring several cents over 100. There
was a general unloading of wheat the
last half-hour. The bulge proved to be
Of the soda water order and prices melted
away as fast as they advanced. Sep
tember sold off to $1.0O14, and closed at
s1.OOas, or 1Sc under last night. De-
cember dropped to s1.O3A, closing at
S1.O4 sellers, and May closed at the low
point of the day. S1.O75s. There was no
fresh export business. Corn was weak
nearly all day. The soaking rains in
the West had the effect of not only dis
couraging prospective buyers, but in
duced many holders to sell. The
strength In wheat gave corn little
help early, but the influence while ex-
erted grew less as the day advanced.
September opened at 1870, sold to 1875
@494c, but fell back to 4S3sc later.
Export clearingS from Atlantic ports
yesterday were but 5000 bu, showing
conclusively that the advance has
checked the foreign demand. Oats fol-
lowed corn quite closely. September
opened at 3Sc. and was held in this vi
cinity for some time by bids by Hutch
inson. Ultimately, however, it dropped
off to 37a6c. Provisions were quite dull,
and the tendency of values was much
the same as in corn. Receipts of hogs
at the yards were much heavier than
the trade expected, and this, of course,
aided in depressing values. The mar
ket for wheat was weak on the curb,
December being offered at $1.O3%.
Puts on December were S1.014, and
calls Sl.05I.
ft1f1 fO11