St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-22
WHEAT HAS A BOOM.
The Advance Was Held to the
Closing Of the Days
Trades.
Bull News Had the Call in the
Trading to a Large
Extent. e
Shorts, in a Scramble to
Cover, Found Offerings
Light.
Wall Street Dealings and
Fluctuations Had Little
Feature.

CHICAGO, July 21.-Wheat started this
morning with a rafting boom. as booms go
these days, and it held most or the ad-
vance to the close. 1t was bull day as to
news. Gables reported Liverpool higher,
with good demand, and Paris firm. while
there were ''scarey'' dispatches about the sit
uation i'll Russia and India. The receipts
were $50 cars under the estimates and rains
were reported in the Northwest, where the
spring wheat harvest has just begun. A
story also went the rounds that rust had ap-
peared in many fields, and was working Sc
riOus damage. This bundle of bull news
was capped by the intelligence that the
amount of wheat OH passage had decreased
2,712,000 bushels during the last week. Clear
ances from New York were reported at $780,
600 bushels, and one dispatch said that 80
boat loads had been already engaged to-day.
All domestic markets were higher, especially
New York, Toledo.St. Louis and Minneapolis.
The short interest was quickly alarmed at
the strength i'll the situation. and there was
wild scramble to cover. Offerings, however,
were light, and with good deal of invest
ment buying the competition soon became
active and excited December started at
S6l2QS7c, was bid up to SSl2c. and then fell
to S77sc The buying was well distributed,
Dul Gd!lOru, farker, MlIHllHe- DOuIndu anu
SchWartZ-Dupee were the leaders. On the
bulge New York and st. Louis began to real
lze, selling freely through Logan and s. V.
White, and the market weakened. After the
noon hour there was rather sudden squirt,
owing to an attempt to cover considerable
line of shorts. Under the demand it quickly
shot up to SSs4c. eaSed off to SSlsc, rallied to
eSl2c and closed at SSlsc. The trade was
very sensitive and ready 10 respond to slight
influences in either direction.
Corn was strong, active and higher. The
receipts were about $50 ears less than ex-
pected. and wheat and provisions developing
great strength. corn quickly fell into line and
sold up. Shorts were eager to cover. but
there was little fer sale. September started
at 57SSc and sold quickly at 5319c, eased off to
531Sc, but when the estimate of only 20 cars
for tomorrow became known, there was
around that figure. but eased off near the
close to 53lsc. and closed at 534c. Counsel
man and Day were good buyers, and Baldwin
d Farnum also took good deal. Cash corn
was in better demand and higher.
Oats were strong during the forenoon on
moderate receipts and the strength in other
grains. but weakened some i'll the afternoon.
Hog products were firm and higher: receipts
of live hogs fell 1000 head below the esti-
mate and prices at the stock yards 5Ql0c
higher This. with the strength i'll grain, set
the pace for the market at the start. giving
an upward tendency to prices. Pork and
ribs were more unsettled than lard, and were
subject TO Il number of fluctuations within Il
moderate range. Lard was generally firm all
day. The net result of the days trading
shows an advance in pork of 7l2@l0c; in lard
or l00l2l2c and i'll ribs of a like amount. A
decided advance in the price of lard at Liver
pool probably had some effect on the market
here, though the price abroad is still far be-
low the point of profitable export
Tine leading futures ranged as follows: