St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-05
WENT up WITH A BOUND.
Wheat Opens at Saturdays Close and
Weak, but S0sn Goes
Soaring.
A Clear Advance of Two Points Make;
the Army OF Shorts
Weary. ne
Financial Operations Of the Money
Kings---The General Quo s7a
tati0ns.

CHICAGO, Aug. At did not look
like a bull day for wheat when the trad
ers east their first glances over the sur
one OH the right side of the market re-
marked at the close of a very bully day.
The market at the start was inclined to
weakness. On the curb, previous 10
the commencement of the regular ses-
sion, sales of September were reported
to have been made at 92sIc. When reg
ular trading started in the pit this bear
ishness had disappeared and the market
was strong at the same price as it
closed OH Saturday. 9S3s@9311ac. and
sold within two minutes afterward at
1890. After period comparative dull
ness during which wheat began to drop
and had worked slowly down to $3.50,
there appeared few buying orders of an
urgent characters and the revelation was
suddenly made that the selling fountain
had suddenly dried up, and it is seldom
that an important advance has been so
easily accomplished. A little before IL
the price was 9294c, at 12:45 it was 81 a c
and still rising, and i'll fifteen minutes
more the shorts were struggling for the
very scarce article of September wheat
at 95c, 9511sc. and even 95114c, as sellers,
seiziug the opportunity, advanced their
views in accordance with the very press
ing nature of demand. How high it
might ultimately have gone it is i'm
possible to say, but it was still soaring
when the bell tapped at 1:l5, and trad
ing was then active at 954@951ac. The
first influence of the day was the change
in weather conditions from Saturday.
This had weakening effect at the
opening. Then, as the situation was
more thoroughly canvassed. the strength
returned to the market. One reason for
this was the early figures on the visible
supply showing liberal decrease at
Blu tfalo, decrease of over $1,000. bush
els at Minneapolis and a good decrease
at many other points. About noon the
final figures were in. A large increase
at Toledo and elsewhere changed the
outlook and gave all increase for the
week in the aggregate of $4,000 bu. On
this there was selling and much wheat
bought early was let go. Prices went
off about 1c all around from the best
points for the day were touched. Then
began the roaring bull market of the
last hour. Prices recovered 1Sc quite
moderately and then went up with a
bound. Reports of export buying at
New York, sales of flour at Eastern
points and the bullish reports from the
Northwest excited the trade and
they ran prices up fercely on
good buying. August wheat closed
1890, September touched 9519c, closing
953Sc, December 9S3sc, closing 9S1lc,
May touched S1.02 The rains over the
corn belt were quite general Yesterday,
and the traders came down to
break the market. They succeeded
very well, but did not succeed i'll keep
ing it down. September corn opened
at 47c. sold off to 46c, recovered to 1870,
broke to 4611fc. and then advanced to-
ward the close to 47s4e. The clearing
weather and the light increase, 244.009
blu. in the visible supply started he
bulge. Hutchinson was a persistent buy.
er all day. The wet weather in the
corn belt did not entirely cut off the
buying orders from the country, though
it materially checked them in some
quarters. Hutchinson's buying of oats
was the principal feature of strength IN
that market. September opened 344c.
sold off to 3411sc and afterward improved
to 347sc.
The leading futures ranged as follows: