St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-07
HALF A POINT HIGHER
Wheat Opens Weak, Fluetu-
ates Rapidly and Takes
an Upward Turn.
The Difference For May De-
livery Over December Con-
tinueS to Widen.
Corn and Oats Close Higher,
and Hog Products Shrink
Some.
Severe Pressure to Sell
Stocks, Losses Being I'M
pOrtant.

CHICAGO, Nov. 6.-The early market in
wheat was bearish and prices were easily de-
pressed. For time everything appeared TO
be against the market The cables were sim
ply steady. The Bradstreets figures of late
yesterday showing an increase of over :, OtO O.
Du0 in available stocks east of the mountains
was freely used. The receipts here were
nearly 100 cars over the estimate at 274 cars,
and the contract wheat received reached l07
cars. The weather in the Northwest was
very fine. The Price Current dispatch re-
ported wheat doing well, with no important
Injury from fly. There were no export clear
ances TO speak of in either wheat or -four
from Atlantic ports. The trade have started
in bearish, and liquidation was free, helped
on by liberal short selling. The market
opened at Sl.02la sellers for December, with
first business at Sl.0~ss and
drop at once to 81. This brought
out many buying orders and the
trading was heavy. After q slight rally to
Sl.0OlS, the price went to 997sc. then to
Sl.OGA, then off to 99SIc. May at the same
time sold down to 81. 03s4. This was the
turning point of the day. Under 81 such
buying started that many of the smaller
shorts FASTENED to get back their wheat The
short selling was led by Partridge through
Schwartz. The buying was led by George
Smith, Henry Parker. Durham d Co and
Counselman d Day. With this buying the
price rallied to S1.O014. The purchases by
Counselman's house alone were put at over
100000 bushels. After little hesitation
the price of December climbed to ST. OO3s at
IL o'clock. There was another easy period,
when more buying, traced to Cudahy and a
little bull news, put the price to SI.OUS4, or a
fraction over the close yesterday. May at
no arl1a 4ir,1nc cold = ne.
last evening. The bull news was in the shape
Of 1900 barrels of flour cleared from Bos-
ton, and closing cables from Liverpool were
firmer and lad higher At the same time
the estimate for to-morrows receipts was
light at ITO ears, or about equal to the con-
tract wheat received to-day. The wheat
market continued to the close The advance
was in progress when the bell struck, with
December up to Sl.d1l1 and May at SlO7. or
l2c over the close yesterday, besides recover
Ing the loss of lie early. On the curb puts on
December wheat sold at Sl.OCA. and calls
sold at Si.O1Ss. Corn opened weak in SYM
pathy with wheat, but recovered when wheat
began to show strength, and closed at nearly
unchanged prices. The cash demand was
active at the reduction submitted to earlv in
the day by the receivers and this indication
of liberal consumption at present prices was
one OF the supporting features which con-
tributed to the advance which occurred later.
Oats suffered another decline early under the
in uenee of free selling, but afterwards re-
covered the nigh price of the bulls giving the
necessary working capital. December closed
unchanged and May 14c lower Provisions
were weak and closed lower Heaviness Is
Induced and continued by The very heavy
stocks and the continued heavy receipts of
hogs, which together make bears of the en-
tire packing interest Pork declined 100
l7l2c; lard 7l2@l0c, and ribs 2ls@7Isc.
heleading futures ranged as follows: