St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-04
BURDEN TOO HEAVY.
Wheat Ma de a Brave Effort to
Overcome Adverse Con-
ditiOnS.
A Stampede Caused the Mar
ket to Close at the Low
est Prices.
Corn, in Sympathy With
Wheat, Also Suffered q
Decline.
Covering by Shorts Caused
Stocks to Rally and Close
Firm.

CHICAGO. Sept. 3.-The new of the arrival
of another cholera ship at New York had
bean received before business opened on the
board of trade his morning, and this, to-
gether with weaker cables, reported fine
weather, the anticipated increase of $3.50. 600
Blu i'll the visible supply on Monday, the x
IRENE weakness in corn and the falling off of
1,500,0 0J Blu in exports for the week, com
pared with last week. caused a lower open
ng i'll wheat. At the outset the feeling was
inclined TO be panicky. but the fact that wheat
was already low. and that all adverse condi-
tons had already been pretty thoroughly
discounted, led to free buying by the ooler-
headed traders. This not only prevented
further decline. but caused a steady appre-
citation in values until the loss at the open
ing was about recovered.
Shorts, too. took advantage Of the opening
break 10 cover their contracts and make sure
of profits which some unforeseen develop
ment in the cholera situation might deprive
them of before the next session of the board
on Tuesday morning-Monday being Labor
Day, a legal holiday, with no session of the
board.
The trading in all of the pits was light and
was largely confined TO evening up deals
against holiday contingencies. Tn appre-
citation in the early trading in wheat was
assisted by kilograms reporting the cholera
outbreak on the steamer Rugia less serious in
Its fatalities than at first related, and by re-
ports of heavy and damaging rains in the
Northwest.
The market then became hesitatlng and
nervous, fiuctuating frequently within a
comparatively narrow range until near the
end of the session, when a report was re-
ceIved that two cases of cholera had ap-
peared in Baltimore. This caused a STAN
pede 10 sell, and the market broke quickly
nearly n cent, closing weak and practically
at inside figures. December opened lec low-
er at 76ssc. advanced to 1ts4c. held steady for
a time, slumped to 1859. and closed at roc.
september touched 12ssc, the lowest figure
reached in several years.
Corn opened very weak on the cholera
scare, a reduction of one penny in price at
Liverpool, the heavy receipts today and eX-
pected large arrivals Tuesday. For a time
this cereal seemed without friends, and there
was Il heavy selling pressure. Opening sales
were at O decline OF l2c compared with yes
ierdav's last sales, and a further decline of
lac was at once made. Then, in sympathy
with the advance in wheat and on reports of
colder weather with probable frOStS i'll the
corn belt, a gradual appreciation set in which.
with 1mmaterial reactions carried values up
to a point which covered the loss from yes
ter0av's close. with something to spare.
But the advance did not hold: longs We're
free sellers and shorts were putting out new
lines. The result was slumpiueSs, and fin
ally a sharp decline when wheat Wentoff on
the Baltimore cholera scare. There was
some recovery at the last on covering by
shorts. Around the opening October sold at
41c and 45S4c, advanced to Fac. broke to
46S4c, and closed at 4. lac.
Oats were rather quiet and weak in sympa-
thy with the lower prices for wheat and corn
and closed with a loss of a0lc.
Traders in the provision Dit at the opening
seemed to fee; that the cholera scare had
been fully discounted by the recent heavy de-
cline III hog products. In addition to this
the receipts of hogs were very light. and
prices were again higher. Pork opened un-
$40. 47ia. sold Off with grains to S!0.25, and
closed at S10.30, a loss com pared with yester
days last price of &c. Lard is :12c lower, eX-
cept January. which is 2l2c higher. Ribs are
2l2@ l1c higher.
Estimated receipts for Tuesday: Wheat.
1850 cars: corn, $50 cars; oats, So cars; es-
timated hogs Monday, $4,000.
Lake freights unchanged.
The leading futures ranged as follows: