St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-07-22
SHORTS ON THE MOVE
As
AFlurry in the Wheat Pit at
Chicago Drives Them to
Cover.
The Price Jumps Up Too
Swiftly for Some Of the
Hustlers..
Declaration Of BulliSh Bias
: by Keene Stirs Specula-
tors to Activity.
An Appearance Of Life in the
Dealings for a Brief
Period.

CHICAGO. July 9l.-The only feature of spe
cial interest in the trading OH the board today
was a furry in wheat shortly after the open
ing when the shorts became frightened at the
strength of that cereal and rushed to cover.
The wheat market started quiet at slight
decline, with September at l2Ql1S5sc.
There was no appearance CT prospect for
active business for some minutes, but when
the price began to stiffen the shorts COM
menced to find difficulty in standing for
long Bt a time i'll one position, but kept shift
ing their position in an uneasy manner, while
an advance from 7s5sc to 1Ss4c was in prog
ress, and then made a dash for the pit to
cover their lines. For fifteen minutes there
after lively business was done accompany
ing quick squirt to 1850, with perhaps few
sales as high as 79Lac.
The hot weather prevailing throughout the
spring wheat belt was the most potent factor
in bringing about the stampede. Over a very
large section spring wheat is now in the
milk, ana it is feared that the hot tempera-
tnre reror;ed Yesterday, ranging up to lO4
deg, might seriously damage the plant. The
scare cid not become intense until the price
reached &c. AT that figure SchwartZ-Depee
nad an order TO buy i'll O line of G00,UC0 hu
short wheat for Charley" Wright, and the
crowd getting on" quickly to the latter fact.
jumped the price so suddenly over The roc
mark that much of the line referred to coald
not be bought until the price had reached
1889
The early cables were firm in tone. The re-
ceipts here were short of the estimate, being
1S5 cars and the Northwest reported only
33' cars as arriving there. The London cable
was I'd higher and Liverpool H0Iad higher,
but adyices from the continent we've less
satisfactory. Paris was from 10 to Is centmes
lower for flour and 10 to 20c lower for wheat,
ana Berlin was "A marks lower. New York
ana 81 Louis SPECTATORS, too, had been
crowding the wires with selling orders since
the time OF the early bulge, and those told
upon the market toward the close. After
working gradus lily down from around 79Ssc to
&c the price broke about fifteen minutes
from the close to 1888. where it rested.
Corn was quiet but rather firm. largely in
sympathy with the strength in wheat, but in
dependent of that there exists among the
crowd feeling that present prices by no
means overdlscount prevailing conditions of
growing crop. The crop reports were gener
ally favorable, and reported the weather as
hot and forcing and the crop being rapidly
made. September opened at 4SAc. sold at
4sssc, then went to 49c. off to 4s&c. held
steady at 4S34@49. There was reaction fol-
lowing that of wheat late in the session and
the close for September was at 4Sssc. Re-
ceipts 80 cars
Oats made gain of 1sGAc, ruling finn in
sympathy with the other cereals. The mar
ket was very dull. Receipts 19l cars. Sep
TENDER sold from sO4c to Bose. and closed at
the opening figures.
The provision market stood the test of free
selling by the longs without breaking to any
such extent The offerings were heavy and
by prominent trms but other prominent
concerns appeared quite ready to absorb the
offerings at the concessions in price which
were made. PORK closed 10c lower; lard, 2l2c
lower, and ribs, 12l2c. The selling of ribs
was led by Jerry Sleeves. He is reported
10 have disposed of from 4.OO0. 900 to $780,
COO pounds which was variously supposed 10
be for account of John Cudahy or ''Charley''
Wright. Swift & Co. sold in one line 1000
bbis of January pork, which were taken by
Ryan. Closing prices were: September pork.
Sli .92l2; September lard, 1875; September
ribs, S1.42i2
Estimated receipts for tomorrow. Wheat
235 cars; corn, 80 cars; oats, 210 cars; hogs.
$4,000. Lake freights firm on the basis of &c
for corn TO Buffalo
The leading futures ranged as follows: