St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-05
SEE-SAW ON WHEAT,
Strong and Weak by Turns,
Half a Cent Lower at
the Close.
Outside AdviceS Were the
Governing Factors in
the Pit.
Corn and Provisions Fluetu--
ated Like Wheat, Oats
Steady.
A Firm Tone Sustained the
Prices on Wall Street
All Day.

CHICAGO, Aug. 4.-The wheat market was
strong and weak by turns to-day and the
close was about 1sc lower than yesterday
The market was chiefly governed by outside
advlces, and as these were more or less con.
Trajectory, the market was kept see saving
Around the opening Paris was quoted strong
and advancing; later it was said to be weak
and lower. Liverpool, which had been en-
joying couple of holidays, was first quoted
six pence higher. and then it was said that
buyers were holding off. There was a suspi-
cion that the reports were being manipu-
lated. Nearly all of the later advices were
weak, but the board of trades cable quoted
Paris 35c higher, Antwerp 25c higher and
Berlin 2 marks higher on August. Clark
wired from New York that his closing Liver
pool cable was I'D higher. New York tele-
graphed that the amount of wheat and flour Oh
passage showed an increase of 1,000,0O0
bushels. but some traders commended that the
official statement would not appear till to-
morrow. New York opened higher, but soon
reported to be selling. Then the ticker re-
ports said that local receipts were so cars
over the estimates, but later corrected it to 60
cars under. Altogether the news of the dav
was badly muddled.
The early'action of the market indicated
that il YVES bulled by parties who were long
of December around 92c, and that they were
making market to sell on, for as soon as,
with the assistance of frightened shorts, it
had sold up to that figure from 9I4c at the
opening, the longs began to let ge their hold
ings freely. The advance was rapid and ac-
companied by considerable excitement. The
decline was just as rapid, a number
of heavy traders offering with free
dom. Logan, White, CounseIman d
Day, Schwartz Dupee and others were
feeding the crowd with all that it wanted. the
selling being understood to be for New York
and ST. Louis account. A New York dispatch
reported foreigners as selling, and that cable
offers last night were not accepted. Deem
Der dropped under this load to 9034c, then it
rallied TO 914c, but broke again, this time to
90lSc, advanced to 914c, ruled quiet during
the last hour, operators being suspicious and
bewildered by the conflicting reports, eased
off near the close and closed weak at 90S4c.
Corn was governed largely by the course of
wheat; the opening was quiet at 57l15714c for
September, but when wheat made the sharp
squirt corn became excited in sympathy and
September sold at 577sc. From this point
there was a drop to 56c, but again
rallied to 57ssc, eased off, became
dull and closed at 567Bc Oats were
quiet and steady throughout the session.
with fluctuations confined to lac range for
September The provision pit was also sub
jected to contradictory reports. The esti-
mated receipts of hogs were 15000 and the
reports as 10 the number received varied be-
tween 5000 and 1900. while the condition of
the market was quoted both as firm and
higher and steady The market opened
rather firm, but when one of the dealers en-
deavored to market some of his holdings of
pork there was no demand and prices went
off There was a slight rally later and then
| another recession, with the close near The
bottom. Ribs followed pork. Lard was dull
| and weak during most of the session.
The leading futures ranged as follows.