St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-09-05
NUMEROUSUPS AND DOWNS
A Large Business and Lower Prices
Characteristics of the Wheat
Market.
Oats Close Qniet, Corn Dull, Hog Pro-
ducts Being Tame ard
Undressing.
Financial Operations of the Honey
Kings---The General Quota
tons.

CHICAGO, Sept. 4.-The wheat trade
was all mixed up to-day. The market
was bigger than any one expected. 1t
was also weaker than even the bears
counted on. The bull and bear lines
were closely drawn early. but before
the close. with wheat down to S1.02 for
December, there was buying by many
bears through fear of too much company
on the selling side by bull houses on the
theory of further declines. The break
in December wheat up to l O'Clock was
17sc from S1O31 to S1.02. The strength
on the curb and the wet weather again
reported in the Northwest was account
able for the opening at fraction over
last night. The selling was free from
the very start. Three influences caused
the decline of 1c the first hour. They
were weak cables, quoting Liverpool
3a@$ld on spot and futures; bearish
statement of the Price Current,
saying that there was no cause
for further reduction of the wheat
estimate and indicating very liberal
seeding, and the tactics of Hutchinson
in jumping on the May future. and thus
encouraging the sellers in December.
On these things. and selling by Young
d Co., Partridge and others, the price
of December went from S1.03T to
S1.023S; May, from S1.075s to s1.06%.
For an hour following there was some
show of strength. Many of the bull
houses thought the shorts could be run
in, including Partridge. The Deem
Der future was brought up to 81. O3L and
May to Sl.0711s on fair rally. But the
news became worse instead of better.
There were rumOrs of bank failures in
the East. Liverpool closing cable was
very weak, and 1@119d lower. Paris
was easier. The signal service pre-
dicted cooler weather for Friday. On
this sort of news the sharpest break of
the day occurred. There was selling
out of long wheat by many local holders.
There was buying on the break by L. j.
Ryan, credited to st. Louis. by Smith,
Brosseau, Farnum and others, all bears.
The break carried the price of Deem
Der off to the $1.02 point, and May to
Sl.06. The trade was much excited, and
the market showed no rallying force up
to O'Clock, but during the last fifteen
minutes the scalpers and early sellers
were inclined to even up before the
close, and there was recovery of nc
from the lowest point. On the curb at
$50 p. m. puts on December wheat was
quoted at S1.OO1z, and calls at sl.0S1s.
Corn was dull The tendency of prices
was downward, but the decline was not
marked till late in the session, after
wheat had had its second break Oats
showed smaller relative decline than
any other article on the list. Trading
in this grain was not heavy. The pro-
vision market was very dull, and at the
same time remarkably weak, all the
articles on the speculative list partici-
pating. The weakness in corn was the
moving cause of the decline which took
place. Lard was less radically weak
than ribs and pork. September pork
closed at 1915, or 60c lower than on
Wednesday. October declined soc, and
January 221ac. Lard closed at $685.,
or 2119c decline, and ribs for September
and October showed loss of 1Oc, and
for January re.
The leading futures ranged as follows: