St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-12
DAY FOR BEAR DANCES
The Bulls Had Charge Of the
Wheat Market on Change
in Chicago.
Large Buying Orders Created
a Sharp Advance at the
Opening.
A Nervous Feeling and Strong
Undepeuprent in Corn
Dealings.
Dizziness Prevailed in the
New York Dealings, Trad
ers Bullish.

CHICAGO Aug II The bulls took charge
of the wheat market to-day, and kept the
bears dancing most of the time. he potent
news around the opening was bullisn. The
government crop report was Interpreted as
rather bearish, but the European situation
was looked upon as so decidedly buliish as to
more than counterbalance the home condi-
tions Liverpool was strong and 1l2d higher;
first Gdvices from Paris indicated strong
market there the weather abroad was wet
and unfavorable, and there were dispatches
seemingly confirmatory of the damage from
blight in the Northwest, caused by the
late hot weather. New York and st. Louis
opened higher and there were heavy buying
orders from those markets. Logan, :. V.
White Schwartz Dupee and many OF the
smaller commission houses had generous
buvipg orders at the opening. and as the
offerings were limited prices were Sharply
advanced After the furry caused by the eX-
ecution of these orders was over, ana the
market began to manifest tendency to
sag it was given new and strong Impetus
upward by Il series of cab!egrams to some OF
the larger houses, saying at first that Russia
would prohibit the expectation OF rye
from the empire after Aug. q, and later that
it had issued the decree of prohibition to go
into effect Oh the 18th inst, TO continue Tor
one year
When this news was first mo0ted it met
with little credence: but as the mouse Whlcn
first received il bought heavily on the strength
of IT, and as other houses receiving the adj
wees ranged themselves on the buying side
also. the smaller shorts became panlc-strlcK-
en- and rushed TO cover, values advancing
RAPIDLY amid considerable excitement De-
cember opened ragged at 9ls4GD 24c, against
91I2c at the close yesterday, sold up quickly
to g2l2c, sagged back to 0!Is03!4c, and then,
on the report of the Russian rye export
prohibition, jumped To &c. AT TINS point
u n
the continent and some decline in Paris, and
the shorts having pretty well covered thefe
was drop to 924c. Then corn began 10
show increased excitement and the eStl-
mated receipts for tomorrow telng light,
there was another rush to buy. when sent
December ID 9312". 1t took another drop to
Ole. then doomed upward again, touching
9i34c amid much excitement, waVered a III
tie, receding to 94i2c. and then, in the last
fifteen minutes, under free covering by the
big shorts, who had been holding out went
humming to sc and closed firm at 9i43c
Partridge the big bear, was forced In at
the last covering heavy line OF snorts
through his brokers. Ream, however con-
tinued to put out good lines on everv bulge.
Gables were all higher. Berlin showing the
most advance The weather i'll England was
wet Foreigners were said to be buying IN
New York with eighty-eigh boat loads taken
there and at other seaboard ports Counsel
man was reported o be big buyer of both
cash and futures. The fact That the
amount of wheat on ocean passage increased
1860 bushels during the week had no ap-
parent effect on prices Four carloads OF new
spring wheat were received to-day. Corn
started in rather weak. September being va
riously quoted at $3.50 jS34c. against SOC at
the close yesterday; but the strength III
wheat the light offerings of corn, and the
fears OF the shorts who suspected manlpula-
ton bv bull clique, generally accredited to
New York spectators, soon caused snarp
advance to 6JIsc. The market tlen eased off
some, but during the last hour
started up again, selling to 691Ac;
it then broke to 59Ac, at which
price it closed. The feeling
was very nervous and prices went up and
down systematically. but the undercurrent
was very strong. The government crop re-
port was not as favorable as the trade gener-
ally had expected. as 1t showed decline OF =
points in July. Oats were quiet but strong
in sympathy with corn. Provisions did not
sylnpathize to any extent with the excite
ment i'll grains; fluctuations were confined
to a narrow range, and the close was at about
outside figures, and at small advances over
Yesterdays figures. Under the stimulus of
the Russian news, rye took on the appear
ance of a speculative grain to-day, the cash
article advancing &c ana futures 4l2l1jl2c-
The leading futures ranged a. ta'lHvrS: