St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-26
A GRADUAL ADVANCE,
Wheat Dull and Lower at the
Opening on Chicago
Change.
But Soon Began to Advance
and Closed at Higher
Figures.
Shorts in Ribs Subjected to
a Squeeze by the
Clique.
Values Held Within Narrow
Limits in Wall Street
Trading.

CHICAGO. Sept. 24.-Whi,e wheat opened
dull today. and for q time was a shade lower.
there was a slow but gradual hardening and
an Improvement in business, the price adj
vancing a large fraction from last nights
close. though it was not ali held. The early
trading was influenced q good deal by pro-
nounced weakness which ruled at the close
last night, and some of the longs who failed
TO get out yesterday were seeking to do So,
and the demand was light and confined
largely to shorts who could cover at a salts
factory profit. A report of a fresh cholera
attack in New York was also circulated. But
the selling was soon over and the offerings
grew light and prices began to harden: the
exports were quite generous. Corn began TO
advance, and there was a sharp bulge in Oc-
tober ribs. These influences soon began to
affect wheat, and there was an easy rally of
isc. and the market held firm for some time.
but without any very large trade.
During the last hour the market weakened
Ac, but rallied Csc on good covering by shorts.
weakened again and closed steady. Decem-
Der opened Ac off at 67lsc; sold at T6c;
advanced to sos4c; weakened TO 76l2c; rallied
to 1859. and closed steady at 76asc.
Corn was easy at the start on the fine
weather and bearish crop reports. The sell
ing was quite free, and the demand much
restricted. For q considerable time the
market was quiet and steady, but a report
that a cold wave was probable woke up the
shorts and started them to covering, result
ing in a steady advance of &c from the early
price for October. The market remained
steady and firm during the last hour, though
May showed a tendency 10 lag behind Octo-
Der. October opened lac lower at 1850; held
for some time around 49l2@45tsc; advanced
to 4614c; veakened ana closed at 457sc.
Oats were quiet but firm throughout the
session, closing at about Yesterdays final fig
ureS.
..pg products were strong and higher. The
clique in control of October ribs turned on
the screws again, giving the shorts a severe
twist. They were informed at the opening
by the representatives f The clique that they
could settle at S9.62l2. The closing price
last night was SS.75. The Price bid was the
same at the opening, and 1t advanced by
jumps of 10c and 25c I'LL it reached the figure
1t was 'pegged' at, and a few shorts settled
at that price; but the remainder, believing
that they could get IN on better terms, held
off. reducing their bids, until. on the call.
they were offering 50. 10, but the manipulators
were still firm, holding out for 80. 62I2
During the last hour the squeeze was relaxed
for a short time, the price going Town to
S9.25. but it was renewed with extra pressure
toward the close, going up to S.. rs. and the
close was at the 'pegged' price-S0. 62l2.
The transactions were limited, and the eX-
element not nearly in proportion 10 the eX-
IRENE advance in prices. Pork sympathlzed
to a degree with the advance in ribs. October
opened unchanged at 5000, advanced dur
ing the forenoon TO Sl0.45. and put on a fresh
squirt during the afternoon, going up to
Si0.6a12. Then it weakened to S10.50, and
closed ut that price. October lard, after
opening unchanged at $40, advanced to and
closed at 81. 62I2.
Lake freights 4c lower at &c for corn to
Buffalo. Estimated receipts for Monday:
Wheat. 600 cars; corn. 65U cars; oats. 405
cars: hogs, 27,OU0 head, and 10000 next
week.
The leading futures ranged as follows: