St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-09
LOSS OF TWO CENTS.
In the Chicago Pit Wheat
Closed That Much Lower
Than Saturday.
Movement From the Seaboard
and Cash Demand Stayed
the Decline.
Corn and Provisions Worked
With Alternate Weakness
and Strength.
Wall Street Traders Working
for a Re action to Even
the Account.

CHICAGO, Sept S.-The enormous receipts
which had accumulated since Saturday was
the principal reason for a drop of IaGl1s4c in
the price Of wheat at the opening of business
this morning. They were the Accommodations
since Saturday and amounted to l249 car
loads here, S55 at Minneapolis and 965 at Du-
luth. The most palpable effect of the heavy
run of wheat of late is that the cash article,
which about three weeks ago commanded a
premium over the December delivery. to-day
sold al discount of nearly sc per Blu. The
cables reported very weak markets abroad
ana from the private foreign advices received
during the progress of the session the ten
dency of prices there continued to be down
ward.
9914c, agai INST 81 001s@1 0Cs4 at the close Sat
urday. There was heavy business in the
pit for the first half hour by which time
prices had declined to 9SS8c for December,
but although that was the point at which
buyers had the protection of the puts, it did
not bri ne i'll enough of that business to lift
the price more than &c up to about -
O'Clock. and, IN fact, II dipped on one of the
some time ifeless and heavy at around that
price,
The most encoura ging point to holders
was III The movement of wheat from the sea-
board, which was over 100000 blu. The cash
demand improved also and allowed of some
good business between here and the sea-
board; and the increase in the visible sup
ply was about half as much as was looked
for. These bits of news caused a stay in the
downward course and reaction to 9S7s c. the
market closing at 9S5Sc, or &c lower than on
Saturday.
The corn market was nervous at the open-
ing OF the session. 1t was pulled in down
ward direction by the receipts since Satur-
day.. amounting to 1878 car loads 1t was
drawn upward by the cool weather through
out the corn belt and reports of the condi-
ton OF the crops of Wisconsin and Iowa.
The former was said to promise not over half
a crop, and third of crop of the latter, it
was reported, would REQUIRE thirty DAYS more
OF good warm weather to mature it aud the
average condition had declined from 80 10 S.
Inc opening was over wide range of
prices. There were free sellers OF September
at Use. but no buyers at over 671Gl67I2c Oc-
tober was offered from SOC down to 5SIac
when 1t was seen how readily the first offer
ings were absorbed The pit was paIpably
in fear of the dealings Of the clique, and i'm
mediatelY after the first brush of activity was
over the scalpers took their cue from what
they could discover of the movements of the
manlpul ators. The market had MANY recur-
rent fits of alternate strength and weakness
selling as high as 594sc and down to 5Sc but
In the end II rested at 5S34c, or only lac de-
cline since Saturday. Oats were dull and
fluctuations were narrow. There were 93S
cars since Saturday.
Provisions started off strong. and for time
1t looked like a boom. October pork sold
from SI1 .12l2 to S11.27l2 in a very few min
utes. Then the longs attempted to realize
but found few buyers; the selling pressure
rapidly increased, when the market weak
ened and soon went all to pieces October
declined to SO. go. There was rally to
SlO.SO. but the pressure was renewed and the
market again broke. going this time to S1055,
and the close was only 2l2c higher The
packers were free sellers on the early bulge
but when the break came they tried to stop
When 1t started down. however, it met a lot
of stop.orders, ana the execution of these
demoralized 1t. Pork closed with loss COM
pared with Saturdays close of 55@aaac. lard
lost 12l2&1TAsc, aud ribs lost 27hc.