St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-16
A Good Deal Of Excitement
Developed on Change at
Chicago.
In Five Minutes Wheat Goes
Up to SO 3-4c, With Some
Sales at 81.
1t Then Drops Away Rapidly
and December Closes at
81 5-8c.
The Stock Market Very Active
Early. Afterwards Drop
ping a Little.

CHICAGO, Sept. 15-There was q surprise in
store for traders in wheat this morning On
the curb before the opening the market was
weak ana reaction from the advance of yes
terday was looked tor. Trade was inclined
TO discredit the reports of a crisis on the Bos-
phorus, Notwithstanding the circumstantial
accounts published of the landing of British
blue jackets on the island of Mitylene. This
option was strengthened by the fact that
English consols were a point higher this
morning, and that the Liverpool market,
while firm, did not give any indication of a
tendency toward war prices. Then the de-
NAL that the "hoId your wheat circular was
an officiSl utterance of the Farmers Ali
ance was bearish factor. The open
ing price reflected these conditions being
91l2W91 s4c against 97s4c at the close yester-
day. There was quite trade done at the
slight reduction named, there appearing to
have been great number of selling orders
at that limit, based presumably on the ex
pectation that the firmncss OF the English
securities would counteract the war scare
Then came the surprise. The circumstances
connected with the Mitvlene incident were
given with so much detail in the news para
graphs that it took very little in addition TO
renew the war alarm. and consequently the
early circulation of further dispatches terIa-
ing TO confirm the fact caused the immediate
withdrawal of selling orders, and within ten
minutes of the opening the price was up to 81.
Many OF the commission men had selling
orders from New York at the opening, but
more had orders 10 buy, and the shorts at
once took as their cue to cover. The rise to
use brought out good deal OF wheat. but
from the latter price and up to 9Jl2c it was
impossible for n broker to NIL more than one
or two buying orders During the following
ten minutes there was a quick reaction 10
9Sl2c, which was succeeded by long dull
spell, during which the price did not go
higher than 0g4c nor lower than 9es4c.
The cause of the sudden reversal of feeling
was the circulation of a cablegram denying
that there was any truth i'll the warike
rumors. In addition to this foreign houses
turned sellers and the sales of William Dunn.
Hatley Bros, A. Geddes and Kerwood were
very heavy. The late news tended TO
weakness. There was another advance
in consols. the Liverpool market kept steady
and numerous private cables denied all
knowledge or the war scare i'll England. For
elgn houses kept on selling. and the shorts
got covered. SO that the demand fell off ma
terially. Near the close there was quick
break from 9lc to 97%. The weakness con-
tinued, but the close was steady at 97tsc.
Clearances of over 1,t0l. 600 bu from the SEA
board probably prevented more severe
break.
Corn opened 1lsc lower than yesterday,
closing at 55c, though September and the
distant futures were practically unchanged
The early weakness III the ruling option was
attributed 10 the fine, warm, maturing wealth
er all over the corn belt, rapidly diminishing
the chances of frost doing any damage,
bus the excited feeling in wheat and
some liberal buying by parties supposed 10
be acting for the clique started shorts to COW
ering on liberal scale, and there was a
sharp advance to 56l2c for October. the other
futures responding feebly. When the
strength went out of wheat, the earlier in
flUences, including the fact that the receipts
were largely in excess of IN OBSTINATE, came
into play and prices receded. dropping dur
ing The last hour to size, which was the clos
ing price. t
Oats followed corn, but the fluctuations
were confined TO a range of sac.
The provision market was tame and in
clined TO weakness on its own account, put
was controlled in some measure by the
fluctuations III corn. There were no features
with the exception of The selling by tine.
packers on the advance which followed the
early bulge in the wheat and corn market
The closing prices do not differ materially
from those of yesterday
The leading futures ranged rs follows: