St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-03
AN EXCITING SESSION.
The Chicago Wheat Market
Finally Bestirs Itself
Somewhat.
An Effort to Force Partridge
Into a Tight Place Was a
Failure.
Sensational Cables and Local
Reports Send Little
Shorts Scurrying.
Dizziness and Stagnation in
Wall Street Continued to
Rule.

CHICAGO, July 2-Wheat opened nervou
aud higher. The buoyancy developed at the
close yesterday and disquieung rumors as TO
impending manipulation together with the
higher public cables, gave the market
strong send-off and during the early trading,
July sold as high as 94c, and December at
9ol2c, or from ia to 1l2c above the highest
figures made yesterday. Shorts were on the
run and frantic in their efforts to cover. For
a time all eyes were on Partridge, who was
known to be heavily short of December. A
rumor was started that he was being called
ten per cent, and the crowd seemed deter
mined to run him in, but the effort was
failure. The big bear responded promptly to
all calls for margins and kept right on
selling.
After a time bear news began to come in.
The Cincinnati Price Currents summary of
the crop situation said harvest operations
were progressing favorably, and that all indi-
cations as to the big yield were maintained,
while spring wheat prospects were all that
could be desired. This was followed by the
announcement of the failure of Alexander
Co.. of London, large grain cargo dealers,
who were said to have gone down owing 10
their heavy losses in long wheat All this
created a marked depression. and the conf
dence of the bulls quickly evapOrated. Mean
while Partridge kept on selling and was soon
Joined by Cudahy and some of the large COM
mission houses. Shorts having covered
pretty generally longs who had taken on
wheat on the late depression, egan to sell
and weakness developed into a regular slump.
Fresh excitement sprung up after the noon
hour. Late Liverpool cables reported higher
prices there AID continental cables were SEN
sational, Berlin showing an advance of 1S4c
per bu in July and 3l2c in September and
October. with Paris 20630 confines up. To
add TO the excitement, ii was reported that
Partridge had at last given up the fight and
had started in to cover. This stampeded the
little shorts and they waded ashore regard
less of the depth of the water. 1t is under
stood that Partridge covered his contracts
and that Cudahy and Ream also succeeded in
getting their deals about evened up. 1t cost
some money. however, as July was put up to
945sc and December to 02c. There was re-
action near the close which was 93I261GS4e
for July. ana 91Ac for December.
Corn was excited and higher at the start
shorts showed a good deal of nervousness,
especially in July, and we're anxious buy
erS. while there was little for sale. In
the early scramble July sold as high as 57lac,
and not much to be had even at that. The
feeling seemed 10 prevail that the bulls held
the winning cards, and the shorts fastened
to make the best terms possible. There did
not appear TO be any traders in the bull
movement, but everybody seemed to be short
more or less and frantic to cover. while little
was offered for sale. September sold up on
came the tumble in wheat and the most ner-
vous shorts, having, bought what they
wanted, prices started down. This brought
out the corn, and for q time 1t was
race to see who could sell most in
given time. and July finally got TO
55s4e and September to 59s4c. The
moderate car lots for tomorrow and tn e re
action in wheat finally carried July back to
56S4c and September to 5ll2. There was an
active demand for cash corn, which sold to
60l2c, or nearly &c premium on September
and 3l2c over seller the month. The close
was steady at 565sc TO July and SLICE for
September. The fluctuations in oats were
governed by those in wheat and corn.
Provisions opened strong and higher, infiu-
enced by grain, but later on larger stocks
than expected, more hogs than estimated,
and the break in corn and wheat all product
declined September pork sold early at
S1G.50010.55, broke TO Si0.35, and on the
final bulge in grains rallied to S10.57l2, clos
ing at Sl0.55. Lard and ribs followed the
same general course. The board will not be
in session again till Monday next.
The leading futures ranged as follows: