St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-16

Parties here who have bought rye
from the West on a C. i. f. basis at %
to 80 cents lower price have been
trying to get Western sellers to
put up margins. but have not succeeded,
and have invoked the power of the eX-
change to force this. Putting up mar
gins has not been customary, however,
and some doubt is eXpreSse as TO
whether it can now be forced.
In the local markets September wheat
opened with simultaneous sales ranging
from S1.0915 to S1.10, as against s1.01B
at yesterdays close: all of the other Op-
tiOns being similarly strong. Decem-
Der started at Sill to SLIP against
s1.091s. Trading was enormous, and
within an hour December touched S1.15.
closing at Sl14%. while September
closed at S1.13I{. Corn and oats were
not so excited as wheat. the more i'm
pOrtant cereal. but they, too, were firm
to strong. The sales of corn in the one
and half hours trading reached nearly
one million bushels; oats, however, had
sales of less than 100000 bushels.
The most startling news OF the morn
ing was that Partridge, who was short
10000, 900 bushels of wheat in the Chi
cagO market. had been practically
forced out of the business Since he
was compelled to cover. wheat has gone
up i've cents. and it was reported that
he had barely escaped complete ruin.
One of the largest exporters on the
produce exchange. who returned last
May from an exhaustive inspection OF
the grain fields of Europe. and has
since been prOfiting by the information
thus acquired. said to-day that the
steady rise in values and the excitable
Of hn ms of vva ri
to the ignorance of European commits
sion merchants, who imagine that the
deficiency in Russia would be made up
by the American crop.
1--WE raise an insignificant quantity
of rye for home consumption he said,
land yet Europeans continue selling
short for delivery on the false basis
that they can get all they want from
America. The next event will be an
effort by the shorts to substitute wheat
for rye and then, of course. wheat will
go still higher. American spectators
have also made big mistake. Instead
OF acting upon the damage to crops
abroad, they have been looking at the
fine crops here. 1t is quite possible,
however, that for the moment we are
OVERRIDING the market: that we will see
higher prices before the season IS
over"
In some. respects. it is said. the rye
market during the past few days has
never been paralleled. The bulls were
losing money a month ago. Rye has
gone up 20 cents a bushel in the past
week, and of that advance 10 cents took
place during the last TWO days. Five
million bushels is the limit OF possible
expectation from this country. Wheat
sold for export to Germany this mOrn-
ing at 1876 marks, and rye at 2l0
marks per 100 kilogrammes. There Is
no price. said an Old operator to-day. at
which America can offer rye that Ger
many will not pay. The victims of the
Russian cZar's ukase must have it atany
figure, ana as proof of this fact it NAV
be stated that one firm on the produce
exchange cleared yesterday profit of
$4,000 on single cargo Of rye. This
was on plain export trade and not on
speculation. No such thing was ever
heard OF before.