St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-11
CHANGING The DRIFT.
After a Lower Opening Wheat
Reacts and Gains Two
Cents.
Buying for Foreign Account
Was the Main Cause Of
the Advance.
Corn, Oats and Provisi ons
We're Controlled by the
Leading Cereal.
A Small Business Done in a
HeSitating Way on Wall
Street.

CHICAGO. Sept. 9.-Wheat opened weak and
lower this morning. The prime cause was
the weak tone of the cables. Liverpool was
reported depressed. with anxious sellers. at
I'd decline. The receipts here were nearly
100 carloads under the estimates but the for
wardings were light, and the receipts in the
Northwest were heavy. The weather in Eng
land was reported hot and forcing, and the
government crop report was expected to be
bearish.
These bulls who had bong ht at considera-
bly, higher prices, and who were averse to
running the risk of the further loss which
appe ared to threaten them, and that other
class of longs the size of whose lines were
altogether disproportioned to their mar
gins, were free sellers at the opening of
the market. The shorts felt at that
time SO secure in their position that they
stood aside while the bulls offered their
holdings from 91l2c down to 9is4c before
they thought well enough of the price to
cover to any great extent. The trading then
became heavy for about fifteen minutes dur
ing which the price surged up and down De-
tween the figures already given.
Then curious change in sentiment oc-
CURED. The bears began to reach the con-
clusiou that a drop of zoe in wheat within
three weeks was enough to justify a reaction
and TO consider-a weak market overloaded
VIII Dear NEWS, anu WIN apparently
friends. as furnishing rare opportunity to
buy for a turn. The number who reached
this conclusion all at the same
time here and elsewhere. as shown
versed the tone of the market and started
prices upward. Foreign traders who had
sold out on the excitement when December
wheat sold as high as Sl15 sent in consider
able buying orders: many of these are said
to come from Paris from house which re-
Gently received check for about S250O0O
from lis commission men as profit on a
heavy line of long wheat sold out on the ex-
cited bulge of three weeks ago.
This foreign buying resulted with the aid
OF the shorts, in an advance in December
wheat to 9614c about an hour after the OPEN
ing, and following that the business slack
ened up, and the fluctuations for the most
part were confined between 95Ec and O6c
The price had worked up to around 96iAc
once again, when a dispatch from New
York reported the failure of the London
grain house of Alexander d Son. for about
$40, DOC, 900, and that caused a sudden break
to 95A Alexander d Son failed some weeks
ago, and to-day's dispatch merely gave the
total amount of their Indebtedness at the
time OF their suspension.
The decline was at once recovered from on
the receipt of the above explanation The
reaction was aided by reports of foreign
buying which came from New York St
Louis, Duluth and Minneapolis, together
with what was going on of like character
hSlO, anu TIC dCllfC Dy Shippers Tor
vessel room. The advance eliminated at
91esc, and the close was at 97ssc. against
95ssc at the close yesterday
Contrary TO expectation the bears did not
make further raid on corn to-day. The
Clique apparently he'd the market we'll in
hand and under cover of the strength in
wheat put the price of the ruling option up
Use above the closing price of yesterday.
october opened at 5434@55c, advanced to
51A, and closed at SIC. against 55s4c at the
close yesterday. Oats followed the course of
the major cereals being weak early and
strong later, and closing near the top figures
Of the day.
The provision market ws, irregular, open