St. Paul daily globe., 1888-08-29
The COMMERCIAL RECORD.
Enormous Trading in a Howlins Wheat
Pit Causes a Sharp
Advance.
Thcat Closes Three Points Better Than
Mondays Top Notch
Figure.
Financial Operations In the Money
Centers---The General Quo
tati0ns.
kpecial to the Globe.

feeling their oats, or rather their wheat, and
last nights and this mornings curb dealings
showed that they shifted higher prices In the
air. Considerable September and December
wheat changed hands at figures far ahead OF
anything since Friday last. The opening
price on September was 91&@917sc, and it
soon went over the 92c mark on the strong
foreign cable news and the Vienna congress
estimates of the requirements of European
nations. Before the first hour was gone the
market declined several points, and for a
few minutes things looked dull. Then
swifter than cyclone came the reac-
ton. The market had simply been
gathering itself for the jump. Inside
of five minutes it was selling for 93l2c
and still booming. Everything was ripe for
the bulge The foreign market was higher
and bad weather was reported from all parts
of the United Kingdom. Buying orders
were pouring in to every house having Euro
pean or northwestern connections. The
market was absolutely wild, and the poor
shorts who had been caught in such an en-
barrassing state had hard time to keep their
heads above water. This state of affairs
lasted until the market had reached 94c sew
eral times and had fallen back to 93l2c. At
the latter figure it fingered for some time, but
finally the letting go process began. The
market was finally unloaded to 93c. The
staunch condition of wheat strengthened up
the corn market. The demand for corn
continued active during the day, but with no
especial feature. The inspection of grain
into the city comprised 2S2 cars winter
wheat, So cars spring wheat. S67 cars corn,
395 cars oats, 45 cars rye and 80 cars of bar
ley. The corn was under the estimate, the
wheat over it. The shipments were 40.S63
bu winter wheat, 29,136 bu spring wheat,
1874 222 bu corn and 11.57S bu oats. Oats
were irmer, though quiet. with sales indicat
ing 1s@ssc advance early, although the
strength was not altogether maintained.
August sold up to 251sc but declined later,
with the two following months in some re-
quest, while deferred deliveries were dull at
a fractional Improvement. In provisions,
the movement of prices was again upward.
The range all around was higher than yes
terday, and for both pork and lard the clos
ings showed an advance for the day of 10c.
Short ribs closed quotably unchanged, though
they sold at better prices Shorts again
bought freely against their outstanding cen
tracts, and more than ordinary activity was
the rule throughout.
THE ROUTINE REPORT.
CHICAGO, Aug. 2S.-lt was no surprise to
operators or TO the country that speculative
markets and for nearly all grains and prod
ucts opened higher ana excited this
morning. This was generally expected in
wheat, ana this expectation added TO the ad-
vance which the conditions justified. Open
ing prices were llsc higher at Duluth, lac
higher at Milwaukee and St. Louis, 1I2c
higher here and 1l2@2l4c higher at New
up to 92Ac, down to G15se and then with a
rush up to 94c. But September was con-
troled by one man largely, and De-
cember was, better index Of the
nTl-nt hot fr,fy,
11sc higher, at 92Ac and sold at the same
time with September. All this was the re-
suit of the first hour on change. At noon
there was All advance from the lowest points
yesterday of sc in September and &c in De-
cember The action OF the market ali day
was exceptional. Not only were the fiuctu-
ations sharp, but the trade was enormous
The leading, features of the renewed
strength and activity were the additional
evidence of Il shortage in the world S crop.
the wet weather abroad and cables stronger
than ever. Not less than ten or twenty big
houses were sellers in the opening bulge.
Wheat was dumped in large quantities. 1t
caused only temporary reaction, and many
of the same houses bought back the wheat
for themselves and customers at I20Gs4c ad-
vance few minutes later. While the news
from abroad was so bullish the Northwest
also reported its usual number of damaged
crop dispatches. The wheat pit was howl
Ing, and its strengtn was caught somewhat
by the outer pit. September sold l2c higher
at the opening, 917Sc, and up to 94c. with
decided reaction near the close October
sold up to 935sc, and December to 95c
There was decided reaction from outside
prices i'll wheat few minutes be-
fore the close and traders scarcely
knew what to expect. At the very
last, however, there was steady
feeling, and closing prices were about l1sc
under the top figures, and from 27Sc to 2iac
over last nights figures. Corn of itself
would have been heavy market, but with
the aid of the rage CT buying in wheat and
the generally strong feeling in everything on
the floor, there was an advance of over lc at
one time over last nights figure. September
opened 34c higher at 44lac, sold up to 45c,
back TO 44s4c, up to 45Ae, aud closed at
We're quiet, but with small ad-
fiuence of wheat and corn, closing
was easier and slightly lower. There was a
further small gain in pork ana lard, ribs clos
ing the same as on yesterday, save the Janu-
ary option, which advanced 7Iac. There
were only $500 hogs at the yards. and with
such wheat market as witnessed in the
nelghboring pit, provisions were strong most
of the time, though fluctuations were not
wide.
THE QUOTATIONS.
The leading futures ranged as follows
Wheat-No. August closed at 92I5c; Sep
tember, opened at 7sc, closing at 93c; Octo
ber, l2c, closing at 92c; May, 96l2c. closing
at 974. Corn-No. 2 August opened at 44l2c
closing at 44s4c; September 4442c, closing
at 44$4c; October, 44l2c closing at 447sc
May, ,40c, closing at 40lsc. Oats-No. Angus
opened at 2434c, closing at 2434c; September
24'Bc, closing at 24Ac; october, 24i2c, clos
ing at 24l2c; May, 2sSsc, closing at 2S12c
Sl4,37l2; September opened at S1427l2c
closing at S1437l2; October, Sl44O, clos
ing at S14.47l2; January, 37l2, closins
at $500: Lard, Per 100 Lbs-August
closed at S9:45; September opened at So So
closing at S9.45: october, S9.35, closing q
S9.42la; January, $50 closing at S7.77I2