St. Paul daily globe., 1891-09-01
A GAIN OF FIVE CENTS
Wheat Had Another Boom on
Change in Chicago Yes
terday.
Short Operators, in a Frantic
Effort to Cover, Make
Lively Times.
Corn Gains Over Two Cents,
and Oats Go Upward a
Point.
Great Activity and an Up
ward Move on the New
York Market.

-
again to-day, and at the top figure of the
session scored an advance of nearly sc COM
pared with the closing price of Saturday.
The sentiment OF the trade was exactly the
reverse Of that which prevailed last week.
The change was due TO the higher cables
and bad weather in England and the Hun
garian report showing shortage of from
123 000, 900 bu to 145, ,000, 900 bu in the worlds
wheat CROP and of 255 600, 900 bu to 2S3, ,000.00o
bu in the rye crop, compared with the aver
age yield. The session was one full of ex-
element and the nervousness displayed by
operators bordered Oh that shown during the
recent rapid advance, when wheat sold up TO
Sl.14. Many operators went heavily short
during the decline of the latter part of last
week, and at the opening this morning they
were clutching frantically at the heated
rungs of the tlre escape. Among the scared
shorts it was said was Partridge, the big
bear who retired from the pit after making
losings in the other advance reckoned in
seven figures. New York and st. Louis were
heavy buyers.
December opened excited. with anywhere
between Sl.005a and 81 OLE paid i'll different
parts of the pit against 9J5sc at the close on
Saturday, and as the local trade was largely
short there was the ilveliest kind OF scramo-
ling to get the meagre offerings which were
offered at those figures was snatched with
the greatest activity, and S1.0lS4 being lmme-
dialely bid big business was done at the
higher quotations named. There were some
few sales at Si0l7s and one or two as high as
Sl.02 before sellers came forth i'll sufficient
numbers TO cause any reaction. The call
price having thus early in the day been
reached, selling against those privileges
became the order of the moment, and in the
course of the next fifteen or twenty minutes
the prlce was beaten back TO 81 .O0l2. The
suspension of Henry Towner, trading as
Rumsey Bros, who had been unfortunately
heavily handicapped by some longtime priv
ileges he had sold, became known about the
time of the decline last noted, and the buy
ing i'll lot of wheat due to that cause start
ed another up turl during which the price
rose briskly to Sl.0ol2. After another re-
action 10 Sl0ls4 the price shot up once more,
touching Sl.03A on rumor that the Vienna
congress of continental millers and grain
merchants made the worlds crop even more
heavily short than the figures given by the
hungarian government estimate.
Most of the cablegrams received concern
ing the figures of the Vienna congress were
unintelligible. Some stated the result as
showing deficiency of 6O0,0O0.010 bushels OF
wheat and rye together; others gave the de-
ficiencies separately at 90,000,000 bushels of
wheat and 33l 100000 bushels of rye, but the
trade was ready primed for bulllsh inter
pretation of the report, and continued to bid
for December wheat until the price was up
here. S26 at Minneapolis, 1S7 at Duluth. and
oyer 100000 bushels at st. Louis, was diSre-
garded i'll the excitement of taking in short
wheat. The roaring of the discounted bears
was kept up by the closing cables, showing
an addition to the opening advance quoted
from Liverpool, and the buying continued
with great energy to the close. the last clos
ing price being Sl.04, net advance since
Saturday of 4Ssc.
Corn was also source of discomfort to the
bears. 1t did hot Immediately respond to the
excited advance in wheat at the start but il
could not wholly ignore IT. so that notwith-
Standing the receipt of 1880 cars, of which
1,0l2 were of the contract grade, the market
opened strong at advances on Saturdays clos
ing price and with many irregularities-up
and down and hardly for second stationery
tine price advanced above the opening fig
ures from 2A@2l2c, and finally closed with a
net gain OF 2lBc 5c14c being the latest trading
price for October.
The fluctuations in oats were narrow until
near the close. when few orders came in
and the market made quite a sDurt, as sellers
were very scarce. Last prices were the high
est made, and showed al advance of gs4@1c
since Saturday.
The largest quantity of rye that ever came
on this market arrived to-day, but values
were well maintained, as q good deal OF it
had been sold to arrive. Receipts were 357
cars, 234 of which graded No. 2 Sales were
at S1GSSl2c, with the bulk of the transactions
at SSc. The close was: Cash. SSc; Septem-
Der, s7s4c; october. sSc. The heavy increase
in the visible supply of wheat, corn and oats
had no visible weakening effect on those
markets.
The receipts of hogs were about as ex-
pected and the price reported from the yards
was about steady. There was nothing, there
fore, but the perturbed condition of the
shorts in corn TO disturb the provision trade,
and. in anticipation of heavy deliveries TO-
morrow on September contracts, those hay
ing some of those bought were changing
them into later deliveries. This changing
was the sole feature OF the day i'll business,
and at the close prices, though higher than
Saturday, were not Significantly so.
The leading futures ranget as follows: