St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-03
Wheat Opened on Chicago
Change With an Appear
ance Of Strength.
Felt That Quarantine Mea-
sures May Prevent Ship
mentS Abroad.
u
Corn Demoralized, Closing at
the Lowest Price Of
the Day.
Wall Street Conditions Favor
Neither q Material Rise
Nor Decline. -
,

CHICAGO. Sept. 2.-Wheat started Off this
morning with an appearance of strength.
and some early sales were as high as lac over
yesterdays close, but the SELL was SO free
on the advance that the strength was soon
eliminated and a period of weakness fol-
lowed, with loss of over cent during the
first hour. The early frmness was due to
better cables, Liverpool being quoted I2d
higher. There was also less apprehension
felt i'll regard 10 the cholera as the prompt
action of the government in regard to quar-
antine led to some confidence that the
scourge might be kept away from this coun.
try.
But on mature consideration it was felt
that such drastic measures while acknowl-
edged to be extremely necessary, were a seri-
Gus interference with commerce and might
serve 20 prevent the free movement of our
grain abroad, which was the only hope of
good prices Another bearish factor was the
continuance OF the h: avy receipts. which are
everywhere proving serious weight for the
market to bear. while yet another very weak
agency was the severe break in corn, which
went tumbling downward on the continued
heavy receipts and the failure OF the eX-
pected general frosts to appear last night
over the corn belt. Then came report,
quickly denied. that cholera had made its
appearance in New Orleans. 1t did not take
long for this combination of adverse influ-
ences to turn the crowd very bearish and
there was heavy liquidation and vigorous
short selling.
December opened 4c higher at 77iAc. ad-
vanced to 175sc sold off to 76ssc, rallied to
767sc, broke to Jesse on renewed selling. then,
on late cables reporting firmer markets
abroad, advanced 10 and closed at 767sc.
Corn was weak and demoralized from the
start, showing more Generalization than
anything else. and before noon had declined
lssc from yesterdays close. Frosts were re-
ported, but the general impression was that
they were not heavy enough to do any dam
age and that they would in fact hurry for
ward the ripening of that cereal, and
thus the expected bull argument was turned
to account by the bears. The receipts too,
were large and l39 cars in excess of the esti-
mate and farmers were said TO De selling
freely. Nearly ali commission houses seemed
to have selling orders and many Of the most
pronounced bulls heretofore were free sell
ers, and the liquidation was general. The
depression continued with any material re-
action to the close. which was weak at or
near the lowest figures of the day for the va
rious futures. october opened at 49A@49lac:
against 49l2c at the close yesterday, sold
steadily off to 46 a4@477s, strengthened TO
4Slsc, but weakened again and closed at
47t9c, the low point of the day.
Oats weakened with everything else, clos
ing sSc lower, after having touched point
7sc lower
Hog products showed some strength early
and sold higher i'll sympathy with the ad
vance in the price of hogs; but the break in
other pits sent prices off despite the efforts of
Wright, Cudahy and other longs to hold it.
Near the close better feeling prevailed and
m ost of the loss was recovered. Pork closed
with loss of only 2l2c Lard is unchanged
to 2l2c lower, and ribs 2l9c lower to 12l2c
higher.
Lake freights unchanged.
Estimated receipts for tomorrow: Wheat,
COG cars; corn, $50 cars; oats. $50 cars; hogs,
10000.
The leading futures ranged as follows: