St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-18
A Great Deal Of Nervousness
Among Traders in
Wheat.
The Cereal, However, Closes
More Than a Cent Higher
Than Wednesday.
Corn and Oats Heavy--Pack-
ers Buying Pork on Soft s
Spots. =
New York Stocks Slosh
Around in Most Surpris-
ing Fashion.

CHICAGO, Sept 1.-THE wheat market was
nervous to-day. 1t was generally strong,
though with quick turns up and down, but
keeping above yesterdays close. Cables were
firm and domestic markets were strong. with
the offerings rather light and there was good
buying. at the start a few nervous shorts
began to buy OIL the strength OF the fact that
British consols were reported point lower.
This, they argued was an indication that the
danger of war was not entirely past on the
other side of the water. The result was that
the market which had opened rather easy,
at once took on a strong and adyanc-
ing tone; but there was an absence
of any decidedly bullish news
and as soon as this little buying squirt was
over the market weakened. Selling was
free on the advance, and as it continued
after the demand was appeased, the price
went off about as rapidly as it had gone up.
December started at 97A091S4c. quickly sold
to 977sc. reacted to 97c, and rested for time
around that figure. which was the closing
price yesterday. During the period of COM
parative steadIness n dispatch from New
York was handed around saying that ca
blegram received there quoted prices lower
at Paris on rumor that the
French minister of finance was dead.
Curousy enough, this was followed by
heavy run of buying orders from
New York; they were supplemented with
similar orders from st. Louis and New
York telegram advised that foreigners were
buying freely there. This caused n season
of considerable animation and an advance
which carried December TO 9S9sc. reac-
ton to 975sc followed; but renewed assur-
ance of liberal foreign buying in New York,
stronger private cables, wet weather in Eng
land and a report that Russia was about To
prohibit the expectation OF wheat, which
piece of intelligence came from New York,
caused a good deal of strength during the last
hour December sold up TO 90ssc, but weak
ened some and closed at 986sc. Shorts dis
played considerable nervousness and covered
pretty freely, and there was good deal of
long buying. Clearances were fair, the three
ports reporting nearly 100000 bushels in
wheat aud flour. The immense exports for
August-nearly 26. 000, 900 bushels-also had
tendency to make the trade feel rather bull
ish Dispatches from Duluth reported
continuance of the export buying there st.
Louis reported receipts there falling off and
the shipping and export demand increasing.
Late private cables were nearly all strong.
aud domestic markets also advanced sharply.
The boards cable. however, reported de-
clines in London and Paris, but advances at
Berlin and Antwerp.
Corn opened rather strong at 53A0535sc
for October, against 531bc at the close yester-
day. September opened at 6oDG0Ac. but the
signal service maps showed summer weather
all over the corn belt, with no Manitoba wave
in sight Perspiring bull who were mopping
their brows could not predict frost with any
thing like good grace. The Cincinnati Price
Current said: Corn is maturing tardly, and
weather fairly favorable: light frosts would
be beneficial in many sections; large crop
practically assured If hard-freeZing weather
is delayed a week or TWO longer" Added to
these bear Eitems was the pros
pect of continued heavy receipts.
All these things seemed to have
discouraged the clique who have been keep
ing the prices of September and october up
and the houses which have heretofore been
representing them were selling. Then the
bulls outside of the clique began to sell long
property and the shorts to put out fair lines.
September was subjected to special pressure
and steady downward movement was the
result. September went off 10 SIC. At that
point the shorts began to take profits, the
result being reaction, lii which, however,
September did not participate, closing at the
bottom; but October, which had sold off to
515sc, closed at 52l2c, and May, which had
retired to 4laac. rallied to and closed at 42l2c.
Oats were quiet and comparatively steady.
Provisions f1uctuated frequently withina
narrow range and closed at or near the clos
ing prices of yesterday.
The leading futures ranged as follows: