St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-02
A SHIFTING MARKET.
The Strong Bull Tone Monday
Had Vanished Yes
terday,
And Bears Forced Prices Of
Wheat Down Two and a
Half Cents.
Corn and Provisions, From a
Weak Opening, Were High
err at Closing.
Bulls We're Favored by Ae-
ton and Outside Advices
on Wall Street.

CHICAGO Sept. Again the sentiment in
the wheat pit changed during the night.
Yesterday it was bullish, and an advance of
over &c was scored; to-day it was bearish,
and at the bottom price of the session was
3l2c under yesterdays last price, though the
close showed recovery of lie. The wheat
bought yesterday for December at around
S1.04 was all for sale at considerable reduc-
ton as soon as business started this morn
ing.
Buyers were as hard to find at the start as
sellers were yesterday morning until the ask
ing price had got down to about S1.024
There we're a few sales at Sl03 and some at
S102l2, but the great bulk of the first trades
were made at around Sl02ss and SLOPE, with
the weight of the offerings so great as TO pre-
vent any recovery to speak of from
those prices. The trade had become thor
oughly multiplicity and variation in the
estimate made of the shortage Of the worlds
grain crops, and appeared resolved to stick
for the present to the reasonable certainty
that what with the crops in Europe, what
ever may be their bulk compared with other
years and what with immense surplusage
from the crop of this country, there was no
danger of any present demand being unsatis-
fled for lack of grain, whatever deficiencies
might unfortunately be discovered SIX
months hence.
The estimates this morning, based on the
percentage figures of the Vienna congress,
were much less bullish than those made
yesterday, as they put the worlds shortage IN
wheat at only S0,000000 bushels. There were
not lacking those. however, who were unable
to see how these figures were arrived at The
Evening News in Its commercial article states
the case thus: THE Vienna congress report
by one method of computation would seem to
be bearish; this is more apparent in the case
of Russia, where the percentage shows a bet
ter crop OF wheat than in 1889, when she is
reported to have exported 95,0O0,OO0 bu of
wheat. Yet by another system of calculation
1t shows deficiency in Europe of 25S, COO. 600
bu of wheat from last year and 400, 000, 900 bu
of rye, or in all 74S.101.000 bu deficiency in
Europe. If we add 250000,000 blu excess in
the United States and Canada this year over
last there will still remain shortage of
nearly 500 600 900 bu of wheat and rye" The
trade. however. inclined strongly to the bear
side, and its selling prevailed especially as
the early cables, though more or less contra
dictory, rather indicated a bearish feeling
abroad.
A heavy business was done. The price
tended strongly downward, and not until
after December had sold as low as 81 OILS
was there any rebound from the several
dumps it had made on temporary resting
places in its downward course. On the gen
eral principle that after so quick drop re-
action was likely, and influenced 10 some
extent also by the comparatively light esti-
mated receipts for tomorrow, there was
some good buying, partly for foreign ac-
count. about midway in the session, which
caused a sudden squirt to S102ls. The board
of trades second Liverpool cable, showing
a decline of from s4d to Id, coming to hand
about the time of the elimination of the
temporary advance referred to, gave more
encouragement to the sellers, and they
quickly forced the price down to S1.00l2.
The board of trades closing quotations
from London showed an advance of Cd per
quarter. Antwerp was 80 confines lower and
Paris unchanged. There was some tendency
toward slight recovery from the last drop
during the last hour. But trading, which up
to that time had been brisk, quoted down
and orders from outside almost ceased There
was the usual active squirt during the last ten
minutes of the session; the price being in
fluenced by the closing Bulgarian corn,
closed at Sl.01l2.
The corn market opened weak with hold
ers trying to get 5Sc for october, but no buy
ers could be found at above 57S4c, and not
very many at that; 57l2c, or a4c below where
1t had closed yesterday, being reached be-
fore buyers in any number could be Sc
cured. The tendency continued downward
about an hour i'll sympathy with the weak
ness in wheat but after October declined TO
56l2c the market began to take an independ-
ent course. and recovery to SIC took place,
and after temporarily fiuctuatlng between
the latter figure and 565sc it made rapid ad-
vance TO 5SAc, Firmness was the latest
characteristic of the trading and the fractions
| in a downward direction were quickly recov-
cred from 5SI2c, being the trading price about
| twenty minutes from the close the ses.
| sion, with the short sellers evidently still
anxious as evidenced by further advance in
| the following five minutes to 59l2c, ana for
| one or two lots 59s4c being paid; the closing
| quotation was 59Ac The advance was very
| evidently the result of manipulation. New
| York wired that syndicate had been formed
| there to boom oats. Elmendorf and Watt
! bought 100000 blu October, presumably fol
Hutchinson. The bears had only the weak
ness of wheat 10 console themselves with
| but that was sufficient TO make the market
| weak until near the close, when it worked
steady. The fluctuations were confined TO g
| range of 54c.
| The provision market was easy at the open
| ing. in sympathy with the decline in corr
| and wheat at the same time, but quickly
| firmed up on some buying orders, for which
| Armour and Cudahy were supposed to be re
| sponsible, and remained rather strong during
| The rest of the session.
Pork shows an advance of zoe over yester
| days closing price. Lard is 507l2c higher
| and ribs 100l7l2c.
The leading futures ranged as follows: