St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-28
& Lively Day on Chicago Change Caused
by RumOrs of Hot Wheat
at New York.
Wheat Firms Up, Closing Tride Better
Than Wednesdays Latest
Figures.
Corn and Oats Inactive and Feature
less, and Provision Bears Are
Again JubiIant.
Railway Stocks in Gotham Sharply
Acknowledgements From Bank
and Board.
Chicago.
Special to the Globe.


CHICAGO, Aug. 27.-The report that
some of the wheat in one of the elevators
was out of condition made weaker feeling
on the curb this forenoon, and resulted IN
lowering the opening quotation sc from
that of last nights close. But the super
intendent of the elevator in question en-
phatically denied the story and prices
sharply advanced, more than making good
the loss. While foreign markets were, so
far as public cables 60, OF the Stereotyped
dull and no demand order, exporters had
adviceS which indicated that wheat was
turn dearer Moreover, the weather in
England was not the best for harvest opera
lions, and it was said to be raining i'll the
Northwest besides. These influences, to-
gether with light receipts at West
ern points. set buyers agoing and
something of an advance was maintained.
SchWarZ u Dupea. Lester, !iaEill u Brine
AID Baxter gathered up pretty good jags.
Some Of it was probably short wheat that
was taken IN. but ii was not all such. When
the word came that New York had again
posted wheat the news set prices back
little, and the bear traders tried to make
the most of this opportunity to break the
market. but their efforts ayailed them little.
''Oh we have got used to this New York
posting business" was the confident re-
mark of a large wheat buyer. when the tel
egrams announcing the fact were held out
10 him. "What does it amount TO, any
how?" he continued. Let the New
Workers stop mixing wheat and they will
have a better quality, and more money as
result. The local scalpers were the
PRINCIPAL TRADERS
during the early part of the session, and
behind them is apparently arrayed a stall
wart rank of solid buyers. 1t is currently
reported and believed to be true in many
quarters that Armour is and has been a
large purchaser Of September wheat, and
That he is not selling as much of the fol-
lowing month against it as has been his
practice when making his arrangements for
changing from month to month. This re-
port seems to have more foundation than
The general run of reports touching opera
tons Of the great pork packer. Perhaps a
better way to put it is that it is believed by
more people that are in the habit of taking
stock in reports of that sort. Wheat ad-
vanced 15@Mc from opening, and
there was strong buying on
large scale, one operator bidding
for million bushels of October. when the
market was sc above the lowest point of
the day. Shortly before IL o'clock reports
began pouring in from New ! DIRK about the
posting of 80, 900 or 60, 900 bushels of wheat
in one of the hospital elevators of the sodom
grain trade of America, and the market
broke 4@$5c but recovered quickly, and
for the remainder of the session prices adj
yanced steadily and the market was active.
There has been news enough in circulation
to-day to have broken the market &c were
conditions the same as they were a week
ago, but the improvement to-day was so
manifest that no artificial support was nee
essary. The l O'Clock closing was S05 &c for
cash and August, S03Sc for September,
81 5Sc for October, and S4X@S5c for NOvem-
Der, an advance from yesterday of 100
1$5c. In the afternoon there was a sharp
advance, III sympathy with the New York
market and the prevalent belief that Wall
street buyers are heavy purchasers here.
yesterday, at S012c August. 81 &c Septem-
Der. S33se October, S5$sc November, S756c
December, 954c May.
CORN WAS INACTIVE
and steady, though disposed to heavineas.
Conservative bulls are not anxious to buy,
and their Discrimination to go into the mar
ket to-day may have been on account of the
tone of cables as much as OF crop advice.
Conservative bears are not disposed to be
reckless during this period OF possible dam
age to crops by frost, and as the cOnserya-
tiyes on both sides rule the corn pit the eff
feet OF their pasSiveneSS is manifest in dull
speculative business. Fluctuations this
forenoon We're within a range of &c. The
closing was about the same as Yesterdays
latest figures 44115c August and September,
431 &c October, 404c November, 375sc year,
3815c May.
Oats are still matter of interest to the
August shorts, that option being quoted at
21Bc. Long futures closed 15c higher than
yesterday at 25c September, 2516c October,
27@5c May. The market was very
quiet and all quotations nominal.
The packers boom" in provisions,
as it was denominated, was sprung and
bore fruit yesterday afternoon. No at
tempt was made to carry it forward into to-
day. September pork opened 171Ic lower
than it closed yesterday, October 10c and
November 15c, October soon found its
proper place with relation to other months.
and the market during the forenoon was
quiet and sluggish, but not weak. Yester-
days bulge did not effect cash property, and
its Sky-rOcketing nature has not interrupted
the cash trade in the slightest degree Ribs
declined 10c, and lard was a shade lower
for the near futures, and 4 shade higher fol
November dealing. Latest quotations fol-
September and October property are, pork
SS.S719@S.95, lard S6.25@6.30, ribs
S5.6719@5.72%.