St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-07-29
NERVOUSNESS IN WHEAT.
A Large Business Transacted and the
Close Was a Point
Higher.
Enormous Trading in Corn, the Early
Advance Being Followed by
a Break.
Financial Operations Of the Money
Kings---The GeneralQao-
tati0ns.~

CHICAGO, July 2S.-The wheat mar
lively one all day. The advance OF the
past week wiped out the bull and bear
lines and left the trade in nervous
and unsettled state. The crowd gath
cred on the curb ready for red-hot
bull market, because the country had
been extremely hot over Sunday, and
the dispatches SAID the wheat fields
could not stand it. The foreign news
was partly bullish, partly bearish.
Liverpool was higher, but continental
cables and letters indicated better
weather and all average crop in many
wheat-producing countries. In spite
of the high prices prevailing, the re-
celpts here were less than the
estimate at 1862 cars. There was
no out inspection worth mentioning.
The visible supply report was expected
before noon. But the fever was Oh and
the trade waited for nothing. The Sep
TENDER wheat which closed at 941sc on
Saturday was up on the curb almost to
96c long before the late opening on tssh
floor. When the time came for first
regular trades the feeling was at high
pitch and spot started at 9554c. OF nearly
&c over Saturday. 1t was some seconds
before prices were established for the
other months, when September jumped
to 96c on the first bulge. August was
traded in at $500, December at 971ac,
and May contracts were $1.O0A. These
IN inh of q
The bulls, who had immense profits in
long wheat, began unloading very fast.
Roche, Bloom, Logan and many other
bulls leading in the early selling.
William Young & Co., and Durham
& Co. were the most conspicuous
buyers. Before 10 o'clock prices ruled
lower, September dropped back from
96c to 947sc, and sold again at 95Ac.
December dropped several times to
96Ac, each time recovering to 97c or
better. The market closed with an all
around gain of about lie from the close
of yesterday. Last prices were: August,
931sc; September, 95Ic; December.
971Sc. May sold at 9915c@s1.00119, and
closed at 81. Wheat on the curb touched
96c for September. and eased to 951ac
at 3 o'clock. Puts at that hour were
9416c. calls 975sc. The heat in the corn
belt to day was not excessive, but there
was general lack of the long-looked-
for rain, and this started prices up
ward. The pit was crowded, and Sep
TENDER opened active at 451ac, an adj
vance of 21ac. with sales a little later
as high as 471sc. Gables were bullish,
and corn in Liverpool was strong at
an advance of Id for cash and I'd for
futures. This told on the Chicago
market, but so many owners of corn
were tempted to take their profits that
the price broke to 4514c. At the close
September stood at 1870. There was a
wild scramble to buy oats during the
first hour of the session. September
opened around 33c and sold to 1874 be-
fore the wants of the trade were salts
fed. The close on Saturday was at
311ae. Enormous quantities OF May and
September changed owners. These were
the futures in which the large shortage
by Hess existed. Provisions felt the
effect of the advance in grains and
opened higher. The packers. however,
prevented much further advance by
selling freely.
The leading futures ranged as follows: