St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-29
IN A FRETFUL MOOD.
Wheat Opened Strong on Ex-
cited Buying by the
Shorts,
But a Feeling Of Weakness
Pervaded Most of the
Trading.
Corn Also Scored Advances,
Quickly Followed by a
Slump.
A Better Tone Prevailed in
the Dealings on Wall
Street.

CHICAGO, July 2S-The wheat market
opened strong, with shorts anxious and ex-
cited buyers, and their bidding caused an
upward shoot at the outset but this move
ment was brief, and when the shorts had
fms he'd the work of covering wheat, which
they began yesterday, a ceiling of weakness
set in and continued with one or two brief
reactions, to the close. The early news was
mostly bullish. particularly the cables and
their tone was chiefly responsible for the
early bulge. The receipts were 100 car loads
above the estimates, but the amount of wheat
on ocean passage decreased 1,OOO. 900 bushels
during the past week. Liverpool prices were
strong and 1l202d higher, with a good de-
mand. Paris was reported excited and ~
franc higher. Domestic markets were all
strong, and the shorts in the corn pit were
bidding over each other for September.
Partridge was the chief buyer for the first
half hour, his takings having much to do
with the rapid advance. Having covered the
remainder of mis- shorts, which he was unable
to get in yesterday, he stepped aside.
The tailers and scalpers were also good
buyers for short time, and some of the large
private concerns apparently had heavy buy
ing orders from New York and st. Louis.
But the advance was too rapid to last, and
the buying suddenly came to a halt. The
moment that weakness was discovered the
longs made an effort to unload, and the bears
became aggressive short sellers. The demand,
however, appeared to have been supplied for
the time being. and the pressure of offerings
soon resulted in a slump. December was
started al 917809lAc, and advanced within
the first few minutes TO 92lsc, sold down to
9Ol2c, but rallied to 90S4c lat noon. Then
another period of weakness set in as the
combined result of weaker cables, a light de-
mand and heavy offerings and, with some
feeble rallies: December receded to 90c, at
which it sold sparingly, reacted to
907sc, and closed at 9JI2c, against 91lsc
at the close yesterday Bryant who bought
so freely yesterday, became a big seller on
the early bulge and followed the market
down to 9OS4c. July, which was about Ice
premium early, fell later to Ssc discount.
Corn opened strong and higher, shorts still
being excited over the situation and making
frantic efforts to cover. The receipts were
slightly In excess of estimates but there was
little for sale; Partridge seemed to be cover
ing and the crowd excited. September
started at 5IS8Gg59S4c, but sold in few min
utes up to 60SSc At this point the shorts
seemed to have all got in, for though the
offerings continued free, there seemed to be
no one to take them, and slump followed
as quickly as the advance had been made.
For the remainder of the session the market
was Irregular and nervous but the tendency
was toward weakness. When the estimate
VI OuII 1cO cars LOT 10 MORROW WAS kuOWu,
there was rally. but it was offset by free
offerings and influenced by the weak
ness in wheat, and the advance
was not yet due. After selling up
from 5SSSc to $3.50 for September, it
broke TO 5Sl2c,, then rallied, but weakened
again, aud closed at 5S5sQ60c. The drop
from 60S8c to 5Ss8c was made with hardly a
halt, and on the decline large amount of
long corn was thrown overheard on general
disbursements and stop loss orders. Lind
bIom. Wright-Congdon, and Milm1ne- Bod
man were free sellers on the early bulge.
Oats were strong early in sympa-
thy with other grains, but broke
when they collapsed. The receipts
were largely in excess of estimates. and
there were 90 cars of new oats. Provis-
ions were inclined to frmness at the opening
in sympathy with the early strength in corn
and light receipts of hogs and higher prices,
but this was quickly dissipated when corn
began to slump, and thereafter the tendency
was downward. with only one or two feeble
rallies, the close being at or near the bottom.
September pork closed with loss of 22I2c;
lard, 1212c, and ribs of I2l2c.
The leading futures ranged rs follows: