St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-18
ABEARISH SITUATION.
Such Is the Prospect in the
Wheat Pits at Home and
Abroad.
Partridge People Bought to
Cover and Put Out on
Reactions.
corn and Provisions We're
Strong and Somewhat
Excited.
Stagnation Continues and
Dizziness Increases in
Wall Street.

CHICAGO. July 17-Wheat opened dull and
lower. The news was generally unfavorable
for holders; offerings were free, and about
the only demand was from shorts, who
wanted to cover their sales made at higher
figures and take their profits. This they were
enabled to do advantageously, as their tax
ings were on a market whose tendency was
downward. The opening sales were at about
I2c decline from last night and finally lost
about as much more, but reacted later. The
situation, both at home and abroad, seemed
Enthusiastically bearish. Liverpool cables
quoted q decline of I2d on the spot wheat
and Id on futures. while private advices from
Paris reported a decline of - franc in that
market, with weather brilliant and crop
prospects improving.
The weather in this country was favorable
for harvesting and the receipts at the winter
wheat markets were large, Toledo getting 390
cars of new wheat st. Louis 1lSOUO bu ana
Chicago 500 cars, or over 100 cars IN excess OF
estimates. About the only comfort the DullS
got was the report that Portugal haQ reQuceu
its tariff on wheat one-half. After buying TO
cover early. Partridge and his following pro-
ceeded to put out fresh lines of shorts on ev-
cry sign of a reaction. Moore sold out Dig
line of long wheat taken on yesterday. A re-
ported failure III the grain trade IN London
reports of big yields from the threshinGs and
weakness in nearly all markets at home ana
abroad were depressing factors. December
opened at S6lz QS6l2c; fuctuated downward
TO Sc rallied TO S65sc and weakened to
S6I5c Later the market was strengthened
some by the liberal export pur-
chases at New York and the sharp advance
in Berlin. and December sold at SGS4c. Later
cables, however, showed weak and declining
markets at Paris, Liverpool and London. the
last mentioned showing break of Is He'd,
equal to SC per bushel. December weakened
on this to SGSsc. at which 1t closed. Corn
showed much strength early on the smaller
receipts than expected, hrmer prices III New
York, an active demand for cash and the
light offerings, and was also helped by the
advance in provisions. Shorts showed
good deal of alarm and covered freely. Sep
TENDER sold around the opening at 52S4O
5314c, and vert up quickly TO 53Ssc- But at
this point the selling became free and there
was drop TO 52S4c, but this was followed by
reaction TO $3.50, but broke again with the late
weakness in wheat and closed at 52s4c. Oats
were weak and one time panicky, especially
for August, due chiefly TO rumor OF large
receipts of new oats tomorrow. July was
steady at 34I4 134I2c. August opened at 26l2c,
but soon became slumpy on the free selling
and fell to &c but reacted TO 2Sc. september
sold from 21I2c TO .6c, but recovered to y &c.
Provisions started in excited and higher,
especially pork. Receipts of hogs fell below
estimates, and prices al the stOckyards were
higher. Then il was reported that France
was about TO reduce the duty, ana shorts got
excited and began to cover. Ream and
Pardridge were said to be buying heav-
Fly, aud the whole crowd seemed to
be bul.ishly inclined. This feeling was
assisted by publish article in the Cincin-
natl price current. which, taking the stocks
in hand and the probable packing, estimated
that the entire product would be taken for
consumption. September pork, which closed
at SO gle yesterday. opened at Sll.05, ad-
yanced irregularly to Sll.59. broke to S1l.25.
advanced again to Sll.3j, then the shorts
having covered, weakened to S11, advanced
TO SII20 and closed at Sl1.15.
Lard was less irregular, opening at S6-51l y,
advancing to $662I2 and closing at S055, the
bottom figure of the day Ribs opened at
S572I2, advanced TO $3.50, reacted to Sj.67la
ard closed al $3.50.
The leading futures ranged as follows: