St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-04
After Flipping Down and Up
All Day, Wheat Stood
Above a Dollar.
Shorts We're the Anxious Peo-
pie in the Speculative
Pits, in Covering.
Reports Of Serious and KILL
ing Frosts Gave Strength
to Corn.
Decreased Volume Of Bust
ness on the New York
Stock Market.

CHICAGO, Sept. 3-The wheat market ap-
peared to have touched price early in the
session to-day. below which speculative
sentiment does not expect to find much profit
in short sales. and it took very little in the
way of additional bull news to cause a lively
reaction, and put the price I2c higher than II
closed yesterday. In spite Of very weak
cablegrams, wheat opened at from lac lower
to CSC higher than it closed yesterday. The
public cablegram quoted a decline of from
Id to Ad at Liverpool but the private cables
quoted reductions ranging all the way from
Cd 10 4d per GENITAL, and the weather in En-
gland fine.
There was some rather efratic performance
in the privilege crowd yesterday afternoon,
the result of which was the advancing OF the
price Of calls for to-day from Sl0IB01.06,
and even higher, it was said, and such an evil
dence of the ease with which buying panic
might be started was one of the reasons why
the shorts were SO unanimously ready to
seize the opportunity given them at the open
ing this morning of buying in their wheat at
81. The outside orders were principally to
sell. and local shorts took all such offerings
The range in price for the first hour WAS mar
row, not getting below 99s4c, or above Sl.00A,
and that show OF comparative calm begot
more confidence among the local bears, who
raided the price down TO 99c.
After some slight recovery a cable message
was received quoting Liverpool ID higher
on renewed hot weather. This Immediately
set the pit here in ferment, during which
practically no wheat could be bought until
from around 994e@S1 COLA was being offered
The price advanced to Si.00hs before this
buying fever abated, and as the excitement
The advance had been helped by the heavy
Atlantic clearances, amounting to 1000 600
bushels. Then came a cablegram quoting
the continental markets higher in spite of
70 fhot Ill
was 1 penny lower. This was thought to
look ominous. Another scramble 10
buy IN short wheat occurred on the
rally which followed and the price
from around sl.oalaSl oiss. There was ASIAN an
other quiet and draggy spell during which
the price worked off again to Sl.00L5, but the
shorts by this time had become thoroughly
demoralized. aud 1t took but a moderate
pressure from the bulls to again shove prices
up to Sl.017s, and the close was at 81. 0ofs.
Corn opened strong and higher on private
reports of killing frosts in the West and
Northwest. and fears that this area of low
temperature would spread over the corn belt.
the receipts were 125 cars short of the esti-
mates. The weather map showed light frosts
70 nave occurred in portions of Iowa and
South Dakota and killing frosts at Cheyenne,
wyoming, and Aoorhead, Mum. Those
were the influences which brought out buy
ers at the opening for October at from 59I4@
59l2c compared with 5S4c at the close of the
preceding session.
The prediction of the signal service bureau
for to-nights temperature being that light
frosts would occur in the northern portion
of the corn belt and in Wisconsin caused a
further advance, during which October sold
up to 601sc. The closing prices were within
small fraction of the best of the day, Octo-
Der closing at Soc. There was little of inter-
est in oats. Price changes were few and UNI
important, the fluctuations for the day
amounting to only sS@I2c. Hog products
opened very firm and under good buying by
Armour and other packers, the price started
up and became stronger and stronger as the
session advanced, the latest price being the
highest obthe day. Pork closed at an ad-
vance of21l2135c; lard, 10c; RIBS, 10012l2c,
The leading futures ranged as follows: