St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-07-26
The COMMERCIAL RECORD.
Tie Wheat Market Goes Booming,
Owing to Many Favorable
Circumstances.
the Cereal Sells for Just Two Cents q
Bushel Over the Closing Prices
of Tuesday.
The Doings of Wall Street Bulls and
Bears---The General
Quotations.
special 10 the Globe.

Special to the Globe.
CHICAGO, ILL.,, July 25.-The cable bulletin
posted this morning, records the fact that IN
the Liverpool market English wheat was l2d
bearer, and prices for the American article
were tending up, and futures and spot grain
were firm. This news, and the fact that the
market has been greatly oversold, were the
chief factors in causing an opening of ssc
higher than last nights close. There was
something in the complexion of the wheat
market that plesaged higher prices, although
thatS knowledge only came to a privileged
few in time to be of any great benefit, but
when Hutchinson's man came into the pit
with orders to buy, it didn't take the crowd
long to tail in behind, and the price mounted
merrily upward. Then some of the foreign
houses took a hand, and the news of
"wet cables went about Advices
from New York began 10 pour in showing
sharp advance then on orders for export
Thirty. five loads were ordered from that
port and five from Baltimore, making forty
in all. Gables received here by the principal
houses handling French and English orders
all bore the tidings of wet weather and rot
ting crops. The crowd, which had been
caught short made frantic effort TO cover
before the bulge got too high for them. 1t
was in this way that the market took range
of exactly cents between last nights close
and figures bid at o'clock to-day. Corn
acted in sympathy with wheat. There were
numerous foreign buying orders, and New
York found no trouble in selling for export.
The large amount taken for export also helped
the rise in market. Norton q Worthington
bought August, and LIndblom, Comstouk IL
Hutchinson took October and September in
liberal quantities. Hutchinson took 100000
bushels of the latter at 4ll2G4l asc from
fl,a 1unr n
900 bushels September from Norton q
Worthington at 45I2c. All the options closed
at a fair advance over yesterdays close.
Provisions were at tritle quiet, with no
special features to the trading. Business was
steady however, with prices little higher all
around.
THE ROUTINE REPORT.
CHICAGO July 25.-Wheat to-day made
net advance of &c bu, and closed at the
top. The cereal was overdone by sellers yes
terday and the strong reaction to-day was
helped OH by a good cable buying by foreign
agents, covering by big crowd of little
shorts and strengthened sun further by very
large decrease in the amount on passage,
both to the United kingdom and the copu-
nent. The export clearances also favored
the advances with all these inducements to
buy the price was quickly forced up about
&c over the closing price last price. Then
came slight reaction, subsequently recov-
cred, ana when closing time came
the bulge was in full progress. The
entire amount OF WneaI on passdSe
has decreased about 100000 bu in six
weeks, and the decrease this week was
lao. 600 bu. The clearances reported at
Atlantic ports were GOO, 900 bu at New 1ork,
$1,000 at Philadelphia and 200 at Balti-
more a total of about 100, 900 bu. The flour
exports added give an aggregate OF 10000
bu-quite bull factor in itself. The net in
crease at Minneapolis was but 10000 bu.
and the damage to crops in certain sections
of the Northwest caused cash wheat
to pc firmly held in that market The range
of prices here was: August 1850 up to
s04c, with reaction to 1890; september,
7S34c up to S04c. Wheat at the close sold
at the highest point for the session. August
closed at S0$Sc, or just cents over the close
yesterday. Corn did not react with the same
strength as wheat. The conditions were not
SO favorable, nor was the selling of yester.
day oyerdone TO the same extent. The local
receipts were up to the estimate, $50 cars,
and the estimate for Thursday is
the same round number, $50 cars.
The out inspection was light, 10000 bu.
The charters were very liberal, but had no
effect on closing prices. The outside adj
vance for the day was lie over the closing
prices yesterday, and the sustained advance
at the close was s4c for August, which month
ranged 45l2i1)i6$sc, closing at 46lSc Oats
opened weak and near futures sustained
about 14c decline, but light receipts, reports
of rain in the West and i'll improvement i'll
the leading markets, causing firmer feeling
to come over the market. The reaction car
ried ls014c over yesterdays closing quota
tons, but the market eaSed off title and
closed without essential change. In the pro-
vision trade a quieter feeling was witnessed.
Traders of all classes were disposed to re-
strict operations and to give the market a
trial of the strength which it appears to pos
sess before branching out. Product all
around was well supported and for short
ribs the cosings were 2l2@l5c, and for pork
2lac higher than Yesterday. Lard was I'M
changed, TO 2l2c lower Short ribs again led
in the trading. Quite number of August
trades in them were changed over to October
at difference of 10 cents.
THE QUOTATIONS..
The leading futures ranged as follows:
Nheat-No 2, July, opened at S0l2c, closed
MT s2c; August, TS84c, closed at SOssc; Sep
tember. 7Ss4c, closed at e0ssc; October,
opened at 45S4c, closed at 46SSc; August,
a5I2c, closed at 46l8c; September, DO lac,
closed at 457Sc; October, 4412c, closed at
45Ac. Oats-No. 2. July opened at 29s4c,
25c; September 244c, closed at 24SSc;
October, 24I2c closed at 24l2c. Mess Pork,
Per Bbl-August opened at Sl3.75, closed at
S13.77l2; September, 1885, closed Si3 S7l2;
January, Sl3, closed at S13. Lard, Per
100 Lbs-August opened at SS.62l2. closed
at Ss.62l2; September, SS,72I2, closed at
$s.67l2; October, $500, closed os cat at $3.50 !;
Per 100 Lbs-August opened at SS.15 !;
closed at SSH Sept, SIS. 30, closed at SO. 20;
Oct. SIS. 20, closed at SIS. 25 Jan. closed $500.
Cash quotations were as follows: Flour
Steady and unchanged Whcat-No. spring,
e1@s2c; No, 3, spring, nominal; No; 2
Q, 29s4@3Oc. Rye-No. 2, 45l2; Barley-No.
2, 62663c. Flax Seed--S1. l0l2. Timothy
Seed, 50. 35@240. Mess Pork-Per bbl.S1
@l35O. Lard-Per 100 lbs, So. 62l2@s. IS.
Short Ribs-Sides Qoosel, Ss.12l2@S. Is; dry
salted shoulders, (boxed), 81. 25@7 40 short
clear sides, (hoxed), Ss.87l2@9. Whisky.
distillers' finished goods, per gal, 81 20.
Sugars, cut loaf, s5sc; granulated, Sc; stand
dard "a" we. Receipts = Flour, 10000
oats, 10000 bu; rye, 1000 bu; barley,
1000 bu. Shipments-Flour, $4,000 bbls;
wheat $4,000 bu: corn, lis, 900 bu; oats,
$4,000 bu; rye, 1000 bu: barley, none.
On the produce exchange to-day the but
ter market was weak; creamery, 14@1SI9c :;
dairy, 13@16c. Eggs firm; fresh recandled,
15H 5I5c