St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-12
A SLIGHT RECOVERY.
On Chicago Change Wheat
Opened Weak, But Later
Went Up.
Partridge Was Buying and
Selling Fast and Hutchin-
son Bought.
Corn Could Not Be Sold Ex-
cept at a Two-Cent Re-
duction.
Efforts to Cause a Decline on
Wall Street StubboPnly
Resisted.

CHICAGO, Sept 11.-Wheat opened weak to-
day on the bearish tenor OF the government
crop report, which it was estimated presaged,
according TO the averages, a total yield OF
about 550000,000 bushels, while the remarks
in connection Herewith, to the effect that
the yields from threshers were greater than
had been anticipated, gave loop hole for
figuring out even larger yield. Then the
cables told of lower markets at London ana
Liverpool, probably the result of our govern
ment report, with brilliant weather there and
but little trading. Paris was also lower In
addition to this the receipts here and in the
Northwest were large.
AS the result of all this bear news De-
cember wheat which closed at 97ssc yester-
day, opened weak this morning at 95s4 q DC,
and at once sold down to 9ol2c, which proved
to be the bottom figure OF the day. The
points received later in the day favored the
buying side. and were taken tull advantage
of. The price advanced to 96Ac, reacted to
957sc, and following that there was sue
cession of bulges which carried the price
to 9SS4c, with an hour OF the session still TO
come. Orders to buy came from all parts OF
the compass. Locally for a time some OPP
position was offered to the riding prices.
Partridge, who bought 5000 bu at 95Sec near
the beginning of the session, sold twice as
much at &C. Later, when 9SI2c was the rdi-
at soc and much more besides.
A little earlier, when from around 96l2c the
price advanced to 97l2c, b. p. Hutchinson's
brokers were the most conplcuous buyers,
and still later, when the market was adyanc-
ing from 97l2c to 9Ss4c, the entire crowd OF
local shorts were competing with Partridge
for the meager offerings. The causes for the
advance were the export clearanceS from the
four principal Atlantic ports, which were
over 6l0, 0J0 bu, and from New Orleans 117.000
Blu. New York houses with foreign connec-
tons were heavy buyers in New York and
through agents here.
ST. Louis was taking all the offerings of
cash wheat there early in the day. and cable
offers sent from New York yesterday had
been accepted to the extent of 13l2
boatloads. In the middle OF the
to 9Ss4c. European war scare
rumor was promulgated; late cables were
firmer and the strength in corn caused by
reported cold wave in the West had a sympa-
thetic influence on wheat The market eased
off in the last half hour OF the session, and
in the last few minutes it was quite weak
and closed at 9Sisc.
Corn opened weak on the rather bearish
government report, heavy receipts and hne
weather in the corn belt. None could be
sold for october until it had been offered at
SOC, or &c below the closing price of the pre-
vious afternoon. Great blocks OF 1t were
sold, and more were wanted at that price. and
In consequence the price very suddenly re-
covered about 1c. Later the signal serv-
ice prediction of cold wave,
with frosts in some parts of the
corn belt tomorrow, added i'll a
further advance. There was an advance to
56l2c for october before much reaction took
place; from that price it declined to 557sc.
and then advanced in successive stages and
with moderate intermediate reactions to
sec, 56l2c and SIC, after which it declined
once more to 55s4c. and closed ut SIC bid.
Oats, while sympathizlng with the other
cereals, were comparatively steady, the fiuct-
uations in October being confined to range
of ssc. The provision market was very ir-
regular, being weak and strong in turns sew
eral times in the course of the day. One of
the weak spots was at the opening, in fact,
the lowest prices of the day were made at
that time largely in sympathy with the con-
current drop i'll corn. The firming up of the
latter market caused provisions to strengthen
ana this together with the rather light re-
ceipts and higher prices Tor hogs made the
market for the rest OF the day on the whole
favorable to buyers. Pork closed 2l20lOc
higher than Yesterday Lard was unchanged
to 2I2c higher, and ribs 10 up.
The leading futures ranged as follows: