St. Paul daily globe., 1888-08-17
The COMMERCIAL RECORD.
Bullish Cables and Numerous Buvinu
Orders Give Wheat Sharp
Advance.
Corn Loses Fraction, Oats Close Firm
and Rog Products Hold (
Steady.
Financial Operations in The Money
Centers---The General Quota
h0ns.
Special to the Globe.

NhiCAGO, ILL.,, aug. IO.-WneaG opened Gull
and heavy this morning, with little to attract
the speculative wind. The trading had no
significance and possessed no distinctive
features. At 10:45 an unexpected bulge
took place, superinduced by some country
buying orders which came in through promi-
nent firms and the market went to S3c. Even
then the buying was featureless and sluggish.
Gradually the country orders to buy in
creased, and the market rose buoyantly to
meet the demand. The crowd caught on and
the price floated easily up to S3lac, with a
firm basis to rest on. The market was des-
tined to go higher still, and the crowd, divin-
Ing this, bought eagerly, supplementing the
outside orders and forcing the price gradu-
ally up until there was very little wheat Of
fered for sale. The receipt of the London
Times crop estimate was a prime factor in
the bulge. The shortage in the United King
dom is reported to be 50, ,OO0,0- o bu, and it
is thought that 160,00O,000 bu will be
needed for export. This news and the con-
tinued buying orders from the country easily
forced the price from S3l2c to S3s4c, and aft
erwards to Sac. The bulls have regained all
their old-time confidence, and are sure that
this is but the beginning of bulge that will
not STOP short of-well, of soc. Corn follows
wheat in the decline of the market and offers
is still selling September. Parker followed
suit with 100, 900 bu, and Walker & Co. in
smaller amounts. Provisions are active and
irregular, everything showing a slight ad
vance except September pork, which is a
trifie off. The provision men gained more
confidence in seeing the advance in wheat,
and the whole trade averaged better than for
a few days past, more business being done,
and at better prices. Pork was forced up
till it closed 15c higher than yesterday, lard,
10c and ribs 10@1212c higher. The inspec-
ton of gram was 165 cars of winter wheat,
SO of spring wheat, 237 of corn, 171 of oats,
% of rye and 27 of barley. The shipments
were 43, ,429 bu winter and 90, ,056 of spring
wheat, 233,996 of corn, 77,209 of oats and
1879 of rye.
THE ROUTINE REPORT.
CHICAGO, Aug. 16.-Wheat was active and
higher. Early indications were for lower
prices. as opening figures were slightly under
yesterdays closing and there was shrink
age, right at the start, of 1s04c more. But
the early weakness was quickly dlspelled;
and local sentiment soon shifted to the bull
side. During the remainder of the session,
the tendency was strongly upward and prices
advanced much more easily than they de-
clned. Closing quotations showed a net
gain for the day of 1@11sc. The general run
of news was favorable for holders. Public
cables noted a firm market with good de-
mand for spot wheat, and California and
red winter sorts 12c higher Private cables
were even more bullish than the public
ones, and brought good many buying Or
ders. Reports from the West and Northwest
told of serious damage to the crop by recent
rains, especially in Nebraska and Dakota.
After hanging around 725s@S27sc for Sep
tember, and 95SS@S5l2c for December for
some time after the opening there was a
cable that this mornings London
Times had published an estimate
of the English crop and made the supply
available for food only 4O,OO0,O0O bu, as
against Cd, ,000. 900 bu last year. During the
last half hour of the session there was an
other up-turn which carried the market to
the highest point attained, although, in the
meantime, local realizing caused reaction
of Ss@l2c. Corn was not very interesting
market The price of leading futures was
not beyond the l2c range, and the closing
prices were 1sc to 14c under last night Oats
were within even narrower range than usual
of late, and closing prices did not materially
differ from those of last night. In mess pork
a liberal business was transacted and after
weak opening. a steadler feeling prevailed.
Opening sales were at almost inside figures.
An advance of 25c followed, but decrease
in trading caused a reaction of 12l2c. Later
the market became stronger, and closed at
nearly outside figures. Lard was quiet, with
a fair speculative demand from English
houses. Prices advanced 712c. and the mar
ket closed firm. Short ribs were steadier,
and traded in somewhat more. Efforts were
made to break the market by reporting that
product recently shipped south from this
city had be9n ordered back owing to lack of
demand, and a recession of 2l2@5c resulted.
But the feeling soon changed. and prices ad-
vanced 7l2@10c and the market closed firm
at the top.
THE QUOTATIONS.
Wheat-No. August, opening at S212c,
closing at S3Ssc September opening at
S2s4c, closing at S37Sc; October opened at
S3ssc, closing at S4ssc; May. S9l2c; closing
at Ole. Corn-No. August opened at 44ssc,
closing at 1850; September, 44l2c, closing
May. 39Ac, closing at 39Ac Oats-No.
August opened at 247sc, closing at 25c;
September. 24lsc, closing at 24Isc;
October, 244c. closing at 24ssc; May, 277sc,
ber opened at $13.15, closing at S13.35;
October. $3.50. closing at SI3.4O Jan
uary, opened at $1265, closing at S1272l9.
Lard-per 100 lbs-August opened at
closing at So So; October Ss.75, closing at
$3.50: January S7.57l2, closed at S765
Short ribs per 100 lbs-August closed at
S7.97: September opened at S7.97l2, closing
January opening at ST: 42l2. closing at $3.50,
$3.50; No 8 spring, 76@7slac: No. 5 red
s4l2@ edAc. CornENo 2, 442se. Oats
timothy, prime, S2.O5. Pork-Mess, per Dbl,
sl3. 25@13 So. Lard-Per 100 lbs, $3.50
@ss2I2. Ribs--Sbort sides. 1oose), 81 90
@7;95. Shoulders-Dry salted, (boxed),
SS.70@l9. Whisky-Distillers' finished goods,
per gal, $1.20. Sugars-Cut loaf, sssc;
granulated, 7ss@7s4c; standard A. 7He.
Receipts-Flour, $4,000 bbls: wheat, TO-
900 bu: corn, 15S,OOO bu; oats, Isl, 900
bu; rye, 5000 bu; barley, 5000 bu Ship
ments-Flour, 26.oOO bbls; wheat, 133. 900
bu; corn, 221 900 bu; oats, 80, 900 bu; rye,
none; barley, 100 bu. On the produce
exchange to-day the butter market was
steady and unchanged. Eggs were steady
at l3l2914c for choice Northern.
r. M. NEWPORT & SON,
Investment RnEkecs