St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-10
MADE A BAD BREAK.
Wheat Closed in the Chicago
Pit With a Loss of Three
Cents,
and Corn Scored a Decline Of
Nearly Four Cents on the
Day.
Oats Also Went Down Five
Cents and Ovep--PpoviS-
ions Firm.
Wall Street Markets Strong
and Active in Narrow
Limits.

CHICAGO Sept. 9.-Wheat and corn broke
badly to-day, and closed with loss of &c
and 3ssc respectively on the leading futures,
compared with yesterdays close. Around
the opening wheat sold at 1c decline The
heavy receipts aggregatIng about 100000 bu
for the past three days. against one-third of
that amont for the corresponding period last
year, the moderate exports and the weaker
cables were the cause of the decline. Spot
wheat at Liverpool was quoted Id lower
In the public csblegram at the opening,
and at London cargoes for prompt shipment
were Sd off.
The price for December at the close of yes
terday's session was 9sss@9ss4c, and at the
opening this morning there were sellers at
from 9S to 96l2c, but no general demand
above the lower of these quotations, and be-
fore the session was an hour old it was down
to 97lsc The sentiment of the trade was
bearish and the outside orders were light.
An afternoon paper says: The surround
fngs of the trade have been gradually under
going change in the last Two weeks. The
enormous receipts have al last overtaken and
surpassed the capacity of the ocean feet to
move the surplus with sufficient rapid
ity to prevent some accumulation. and this
before the weight of spring crops had
come to make itself felt The wheat bought
by French importers is reaching them faster
Lndu Is llSceSSdTy LOT Tue 1ulUleuldl0 MdIlIS OI
consumers and the English grain trade is
taking advantage of that fact and is holding
with the evident expectation that this feature
of the business will become still more aggra-
waited.
The prices succeeding the quotation last
given showed some signs of improving from
the demand of yesterdays buyers of puts,
but on the receipt of Bradstreet's visible sup
ply statement, showing. i'll addition to an in
grease of 1916, 900 bushels east of the Rockies
that stocks on the Pacific coast exclusive of
Washington, had increased 2, S23,000 bushels,
further break occurred, the price for
December getting down to 96Ec. Then came a
dispatch from New York saying that a cable
received from Antwerp that the latter market
was in a state of panic, and some longs here
Immediately threw over enough of their
holdings to cause a further break to 95S4c.
Trading was slow and without much ANNA
lion until after the prices had worked below
El2c. After that there was heavy trading on
each successive break. The last half hour
was one of sacrificial offerings by the longs
and hurried calling of margins by the bears.
under which the quantity of those offerings
kept increasing and prevented any reaction
from the lowest figures, and the market
closed weak at 959sc.
Corn was traded in only to fair amount
turing most of the session. 1t started weak
and lower but after declining another frec-
ton grew temporarily strong and recovered
the loss. This was followed by decided
weakness anda heavy break The early in
Huences were the weaker cables; the heavy
receipts aggregating over 100000 bushels
during the past three days, against about
100000 bushels for the corresponding days
last week, and the continued absence of tenn
peratures suggesting frost anywhere in the
corn belt The subsequent reaction was at
tr1buted to purchases by the clique which is
supposed to be manipulating September and
October. In the light of subsequent develop
ments came the conclusion that the syndi-
cate had decided to give up the deal and that
the buying was for the purpose of making q
hard spot to sell on.
In the last hour the offerings became nu-
merous, and the bears, believing that liquida-
ton by the syndicate had begun. added their