St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-30
BULLS WERE STRONG.
Despite the Beapish Tenor OF
News, Wheat Was Held
Up a Peg.
Ream Was a Heavy Buyer,
and clutch" and Cudahy
Sold Millions.
Corn Was Still Active and
Strong and the Price
Was Higher.
A Reactionapy Temper Causes
A Reaetionapy Temper Causes
Material Declines On
Wall Street.

CHICAGO, Sept 29-Local sentiment in the
wheat pit was bullish, and it was sufficiently
influential 10 keep the price above the clos
ing figures of yesterday throughout the SEES
sion, in spite OF the generally bearish char
acter of the news received. The foundation
for this sentiment appeared to be an article
in q morning paper saying that the French
government has agents in this country com
nissioned to buy enormous quantities OF
wheat and flour.
The fact that the amount of wheat and
flour on ocean passage decreased 1, 72oOOO Blu
last week tended 10 strengthen the confidence
of the bulls, and the fact that the rains In
the winter wheat belt west of the Mississippi
river were not heavy enough to put the
ground in condition for blowing for winter
wheat seeding was also cited by the bulls.
On the other hand cables were weak and
lower, public advices and private informa-
ton seeming for once 10 agree.
The export clearances were moderate, and
dispatches from New York said cables there
brought selling orders. Then the receipts
to-day at Duluth and Minneapolis aggregat-
ed 1,01S,000 bu, and the shipments only
100000 bu. The local sentiment was in
tluenced to some degree by a report freely
circulated and generally believed that Ream
and George Smith. who have heretofore been
the bull side and were good buyers of wheat
The former. it is said, has covered all his
shorts. The smaller shorts followed his
lead.
December, which closed at 96s4c yesterday
opened at g711c, touched 97c, advanced to
915sc, eased off some and remained steady
for IA time. During the last hour the market
became active and unsettled. Ream continued
a good buyer and the price went TO 91s4c
Hutchinson's representatives, however. and
Cudahy were free sellers and @eGm finally
drawing out the market quickly became
weab and soon sold off TO 974c. reacted
sharply to 9134c and closed at 915sc. 1t was
part of the gossip that Ream had bought
fully million bushels, and that Cudahv and
hutchinson had sold between them over
2,500,000 bushels. Foreign advices continue
SO tell of an increasing weakness abroad. but
all domestic markets are firm ana higher:
The strength of the market seems TO be all
on this side of the ocean.
Corn was very strong, and prices ruled
higher. The receipts proved TO be about 100
cars less than expected, and there was good
sharp demand from shorts. Shippers
were sharply competing for the cash
corn, and bidding it up while there
was little for sale. Bartlett, Frazier,
Patton Bros. Waite, Counselman Day and
Schwartz-Dupee were good buyers. The
small estimates for tomorrow giving evil
dence OF continued light receipts of cash
corn proved strong feature of the situation.
October opened at 5lS4@l52c, advanced to
O-'oN anu lNuOACh w O~TfN' DNA4A'c wy '''He
hour there was sharp squirt on active buy
ing by Hutchinsol's brokers. Coun-
selaman and Day and shippers. The shorts
made an effort TO cover and october adj
vanced 10 ;3ssc. but eased off later and
closed at $3.50.
Oats sympathized to some extent with
strength IN corn and closed with an advance
of 1sc for October
Pork ruled firm on good covering by shorts
the firmness in corn and the published story
that France is buying large quantities of
bacon in this country. The close was at or
near the top prices of the day and at an adj
vance of 15c on pork. 7I20l2l2c on lard and
12l2c on ribs.
The leading futures ranged as follows: