St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-24
SPASMODIC IN ACTION
The Chicago Wheat Market
Was Active and Dull
by Turns.
Buying by Shorts Had the
Effect Of Holding Up
Prices.
Dealers in the Oats Pit Had
a High Old Time for
a While.
Dealings in Wall Street Are
Utterly Without Life or
Movement.

CHICAGO, July 23.-The wheat market to-day
was rather spaSmodic, being active ana dull
by turns. Price changes were frequent but
during most of the day kept withina range OF
about iI2c, with the average price lower than
Yesterdays close. The news was notvery in
fluential either way: the receipts were about
100 cars in excess of the estimate, but cables
were higher. There was good deal OF wheat
for sale. however. at the stOrt. with only 4
moderate demand. and first sales were lower
at SSIsG7 S9SSc for December. The weakness,
however. started a good deal of covering by
shorts partly TO realize profits on sales made
yesterday, and this buying, with The excite
ment which ruled in oats and the advance III
corn, quickly turned the market upward. A
private cable about the same time reported
bad weatherin France, and Paris was higher
Schwartz. Dupee. Milmine Bodman, Logan
& Co. and Counselman u Day were good buy
ers fora time. and there was an upward rush.
December touching 9Cl2c.
Then there was a season of labOred realIZ-
ing by early buyers: corn and oats began 10
break; harvesting was reported as having
begun in South Dakota. 0nd another Parls
cable reported a decline there, with weak
ness in Liverpool. and prices took sharp
drop. December selling off TO ies4c. Cudahy,
who covered q big line yesterday, com
menced putting IL out to-day at SOc ana was
an aggressive seller for time, ana the
market broke as much from this as any other
cause. Boyden d Co. were also good sellers
on the advance. Partridge. apparently, was
doing nothing. The market was fairly STEADY
after the noon hour, after having SOLD on 10
SS84e for December, chiefly on the heavy real
ling by longs and the estimate OF 400 cars
for tomorrow. There was reaction TO S91sc,
but another break followed to SSl6c, and the
market closed steady at SSAc.
Corn was strong early, and for time the
market was led by oats and September sold
from 55ss@555sc: then there was big break
when oats collapsed and September fell TO
5384c, reacted to 5414c about noon, but during
the last hour developed Il good deal of weak
ness; the demand fell off and those who had
loaded up on the advance found few willing
10 take the property off their hands, and III
the effort to dispose of 1t lower prices had to-
be accepted. The break in wheat and oats
and the 400 cars estimated Tor tomorrow
were all weak factors; just before the close
September took dip to 53l2c and closed lsc
higher Shorts were eager buyers early, and
Baldwin Farnum, s V. White and others
were active purchasers.
Oats went through a course of lively gym
nastics Shorts were frantic and July started
with Ale bid, with the first sale at 42l2c, and
almost Immediately sold at 45c Then the
long oats began 10 come out and the market
quickly broke, falling i'll less than five min
utes going off 10 3Sc, Teacting to 4Oc, then of
10 &c. and in the afternoon touching Doc,
fall of &c from the highest point. The shorts
had managed to cover and the longs were
pressing sales There was a reaction to BIC
before the close. Provisions were rather If
regular meats fluctuating chiefly in sym
patty with grains. while lard was weak and
declining daring the greater part OF the SEES
slOni