St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-02
PAN|CKY FOR A Time.
Depression Ruled in tt Q Grain
Pits During Most Of the
Forenoon.
Prices Went or Sharply,
Wheat Reaching the Low
est Prices for Years.
In the Afternoon q Reaction
Set in and Carried Prices
Well Up.
Prices Tumble in Wall Street
on Account OF the Chol-
era Scare.

CHICAGO, Sept. 1.-Depressiop and pam
icky feeling ruled on the board OF trade on
account of the cholera scare during most OF
the forenoon, and most of the articles dealt
in went off sharply, wheat touching the low
est point reached for several years; but later
in the day the action of the authorities ut
Washington ana some other items OF news
caused revulsion of feeling, and a reaction
set in which carried prices well upward to-
ward the closing figures of yeste rday, and in
pork and ribs to higher level. leaving the
trade in more hopeful frame of mind than
it has shown for some time past
Wheat fell during the first hour l1ac below
last nights close, corn, 1ssc, oats ssc and
pork 22I2c, with lard and ribs also weak and
lower. Big coverings by shorts to secure
profits caused reaction, but the general
tone was weak.
In wheat everybody seemed to have selling
orders, and scalpers who had bought on yes
terday's decline and those who have been
holding in hope of better prices were free
sellers, while there was hardly any buying
except to cover shorts and take profits.
While the steady spread of cholera was the
leading bear agency, the big receipts almost
everywhere and the weak and lower cables
had their influences, and the selling craze
was enormous.
McDougall, Sch wartz- Dupee, Baldwin-Far-
heavily. There was some buying by Gl1ford,
Brosseau and George Parker but mainly
to cover shorts, and the decline was some
what checked, But there was no ma,
buying was only on the sharp breaks:
Big receipts and light exports. were the
prominent bear factors, independent OF the
cholera panic. 1t was pointed out tnat the
statements of the poor quality OF the North
western crop was disproyed by the inspection
of the new receipts. of 45 cars of new wheat
received at Minneapolis % graded as NO.
Northern, and it was said that only the small
size of the berry prevented it from grading
No hard. The statements of experts that
the crop was of unusually gooG milling quail
lty were also cited.
Stocks in New York were demoralized and
lower and helped along the general de-
preston. The deliveries of September were
not as heavy as were looked for, only about
800, GC0 bu, and this. with some pretty good
buying, caused some advance after the lower
opening: but the market was without conn
denee. and when q story was sent from New
York to the effect that three cases OF cholera
had appeared in that city the early buyers
were stampeded with offerings and turned
sellers, the market breaking sharply. me
report, later. was officially denied and bet
ter feeling at once became manifest. Then
shorts began to cover freely. and cold wave
was described i'll the Canadian Northwest.
On top of these came the prompt action OF
the government to avert cholera, the fact that
seventeen boatloads of wheat were taken at
New York for export. and that $4,000 bush
els were taken here for shipment. All OF
these things turned the tide, and the market
moved up. September opened VAC lower at
7334c, advanced to 74c. broke to I5c, rallied
to and closed steady at 74c.
Corn was weakened by the unessiness over
the spead of cholera and the decline i'll all
the other pits. and a so by more favorable
crop news The Cincinnati Price Current
says that while rain is needed to keep up
the development of the crop even with pres
ent conditions fair yield is probable Hold
ers. in view of these things. were free sellers.
Baldwin Farnum, Schwartz Dupee. Bryant
and Congdon led the selling. Jennison
had large selling orders. Shorts TOOK prohts
OH the break, and this buying led to some re
covery. Then came the report OF cola
weather in the far Northwest. which. with
an upturn i'll pork and the governments ac-
tion led to considerable strength i'll corn
during the last half hour. September opened
7sc lower at 48Ac, and sold up to 4Sa4c, Off
to 477sc. MP to 1850, and closed at 4Ss4c.
Oats followed the other markets, though
not so radically, and closed with loss of
only Lac.
Hog products were weak and lower at the
start under the influence of the cholera cpl
demic and the lower prices of hogs. DeIiv-
cries were rather heavy, especially OF ribs.
but they were absorbed by strong houses
which stood by and took the ad-
ditional offerings Wright. Cudahy and
Hately were all heavy buyers, In spite of
this, however, there were one or two dips
downward but, when the government &C
ton became known. there was sharp rally.
At the close September pork was zoe higher,
land ribs 2l2c, while lard was &c lower. De-
iyeries Oh september contracts included
about 300. 600 blu of wheat, nearly million
corn %, 900 bbls of pork, 5000 tierces of lard,
and fully 100000 lbs of ribs.
Lake freights were steady and unchanged.
Estimated receipts for tomorrow: Wheat, 5I2
cars; corn, $40 cars oats $50 cars; hogs, H.
900 head.
The leading futures ranged as follows