St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-08
A SEE-SAW MARKET.
Local Influences Governed the
Wheat Market at
Chicago.
Changes in Prices Were Con-
fined to a Narrow
Range.
Nervousness Affected Both
the Bull and the Bear
Cliques.
Activity Is Slow to Develop in
Dealings on Wall
Street.

CHICAGO, July Wheat was chiefly gov
erned in its fluctuations to-day by local infiu-
ences, the bulls and bears alternately taking
their innings. The changes in prices were
mostly narrow, the outside figures of the day
covering a range of about 1c. At the start
the tendency was influenced by the wet
weather in the Southwest and the low barom-
eter i'll the winter wheat regions, and the
scalpers bought freely, while such commits
sion houses as Schwartz-Dupee. Logan d Co.,
and S. V. White seemed to have liberal buy
ing orders, and December sold sSc above last
nights close. Then Partridge commenced
to sell, ana the inspection sheet showing so
cars of new winter wheel. -, of which q cars
graded contract and big receipts being report
ed in other markets, the strength quickly dis
appeared. The crowd hen started to unload.
but there were few Juyers. and it did not
take long for the market to go off 1c from The
top price. But the decrease of 1,14,GO0
bushel in the amount on passage, reports
that it is raining in the Southwest. and some
buying by Partridge, who seemed disposed
to cover his short wheat on the break,
checked the decline, and unde a good deal
of nervous buying December was quickly adj
vanced 7Sc, but part of the improvement was
soon lost. Nervousness was the feature OF
the market rather than strength or weakness.
July was traded in very sparingly and ranged
at g4@924c. December was the
active future. Around the opening
it sold at s9lsQSgS4e, broke to
SSssc. rallied to s9Ssc, receded to Sss4c, ad-
vanced to S9Hc and closed at SS75c. A dis
patch from Omaha reported a cold rain.
which had lasted for nine hours, and still
falling. Late cables quoted the European
markets dull and prices lower. New York
reported twenty-five boatloads taken for ex-
port.
Corn was active, nervous and unsettled,
but generally higher. The colder weather
gave the market a rather strong start, and,
with shorts disposed TO cover and the offer
ings meager, prices advanced easily for a
time, July and September both selling up
nearly 1c above last nights close. but, on
indications of warmer weather and the
break in wheat, the buyers gradually
drew out and the offerings increased.
A drop Of nearly a cent followed.
Later, when wheat showed some recovery,
and the small estimates of receipts for to-
morrow came in. there was another squirt,
and July sold up 1c from the low point, and
September made the same advance, but most
of this was again lost, Some of the fiuctua-
tons were made from no discoverable
cause. The changes in the price OF oats
were governed chiefly by those in corn,
though the natural tendency is TO lower fig
ures, on account of the very favorable crop
reports of this cereal.
Provisions were fairly active, but generally
weak. Packers were free sellers as a rule,
Cudahy and Armour leading. September
pork opened at Sl0.65, an advance of sc over
night, and sold off without material reaction
to So 40, but recovered to $40. 4212 at the
close. A sensational dispatch IN a morning
paper to the effect that there were two we'll
defined cases of yellow fever in the harbor
at Brunswick, Ga, and that the inhabitants
were fleeing from the town, was the chief
cause of the early weakness. Lard declined
7I2c and ribs 12IEc from the opening price,
but the former recovered 2Ac and the latter
10c of the loss.
The leading futures ranged as follows: