St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-13
Chicago Bulls In a Roaring
Humor and Bears Caper
to Their Piping.
Another Advance Scored in
December Option on an
Excited Market.
Rye Makes a Big Gain in the
Sudden and severe
Changes.
New York Markets Exhibit
Some Strength and I'M
provement.

CHICAGO, Aug. 12.-Again the bulls In tn
wheat pit roared, and again the bears danced
right merrily to their piping. On top OF the
3I2c advance recorded yesterday there was
piled further appreciation of 27sc in the
ruling option-December-t all of it
except 1lsc had disappeared at the close.
The market was in an extremely nervous and
excited state during the entire session. The
general feeling in the pit favored higher
prices and the news of the day tended in the
same direction; but the uncertainty as to the
size of the uncovered short interest here and
the possibility that one or more of the per
sistent bears might be driven to the wall, I'M
settled confidence and tended to an evening
up of trades, both long and short, at the first
sign of danger. The result was a series of
stampedes, which alternately sent the market
up and down in the liyeliest and most be-
wildering fashion.
The general tendency of the session, how
ever, was upward and the result of the days
trading was as stated above. 1t was pre-
eminently day to delight the heart OF
scapers; such one was enabled to get the
quickest of quick action on his deals and, II
he gagged the fluctuations correctly, he was
enabled. in the language Of the gambling
fraternity to Ego in with shoestring and
come out with lanyard" but woe to the
unlucky Scalper who guessed the market in
correctly for his lanyard became a shoe
string as quickly. The news at the opening
was bullish, London reported eargoes for
prompt shipment Is Sd up, and Liverpool
was l2d higher There was little hesitation
in the market at the start; the bulls
seemed to doubt the wisdom Of pressing
the advantage they obtained yesterday and
this gave the bears some show of courage.
The opening price was 9jc to 95l2c against
947Sc at the close yesterday. Longs who had
gained profits i'll their purchases of yester-
day. then began 10 realize. and their sales
broke the market to 944c within few
minutes There was reaction to 9olac, but
renewed offerings quickly sent the price off
again TO 945sc. Then came period of com
parative steadness, the market holding for a
considerable time between 94s4c and 9jlsc.
Then Paris cable reported an advance or
I2f in wheat and If in flour, and the price
bulged to 9634c This advance was assisted
by the reports of heavy export clearanees on
the Atlantic seabOard and the gulf, one re-
port making the aggregate 1,175,tOJ bu. while
another put it at 937, 900 blu. Notwithstand-
ing the heavy liquidation by Partridge yes
terday. he was understood to be still heavily
short and operators were calling him sharply
OH margins. He finally told them that heWould
put up no more, and that they could cover
themselves in the open market which they
proceeded to do. 1t was estimated that the
purchases for his account under the rule
aggregated 100000 bushels, and this buying
put the price up TO 9I4sc, the top inquire Oh
the day. When those demands were salts
fed the market sagged off. but closed firm at
9Sc.
The changes during the session were sud
den and severe. Many times during the day
BUYERS had to bid and keep bidding higher
and higher, while the sellers held aloof until
the anxious buyers had run the market up to
an enticing price until any came out. Obey
ing top loss orders was impossible. as on
several occasions the price shot upward lie
per bushel without an opportunity OF buy
ing until after the advance had been
established. Ream, who is consplcu-
ous beaI several times tried to stop the
advance in the early part OF the session: he
sold tiyes. ten tens and finally threw 100000
bu lots at the crowd of buyers, but they took
it all in and howled for more. New York
was very bullish and had heavy buying Or
ders in this market and St. Louis dealers
were also good buyers.
Clark wired from New York that Russia
had appropriated 100000 rOubles for the
purchase of seed wheat and reserves, and
this was construed as full confirmation of the
gravity of the situation there. Logan. White,
Schwartz D upee, Millmine Bodman and the
crowd generally were free buyers. Later 1t
was rumored that White sold heavily on the
advance. Bradstreet's reported an increase
of 3 $4,000 bu in the available supply OF
wheat east of the Rockies, and COO bu in
crease on the Pacific coast Subsequently
the editor corrected his figures, making the
increase east of the Rockies only 662,00
bushels. and this was all item OF strength to-
ward the end. Counselmen's London cable
said: Our market firm on news from your
side Prospect of Russian crop becoming
more favorable. We expect shipments of
wheat will be increased owing to rye prohi-
bition.'' G. X. Clark wired from New York:
Foreign houses are ali buying wheat. Some
on orders and some against cable accep-
tances. There are some selling orders Also
Corn started off easy and September sold
from 5914 to ISAAC, the weakness being due TO
the late fine rains i'll the corn belt, and the
hesitation in wheat at the opening. Shorts
took advantage of the weakness to cover and
the market rallied some. Finally, when
wheat made its pig advance, corn got excited
and September sold to GG7sc. Partridge was
short considerable corn andwben twas found
that his wheat brokers were buying him in,
the corn brokers did the same thing. Hence
The advance to 607sc. After the furry was
over September sold off to and closed at
59Isc Oats were quiet but strong most of
the day, influenced chiefly by the strength in
the other grains. Hog products had another
dull day, and prices ruled steady. The ex-
element in grain seemed to be entirely lost
on the provision market Receipts of live
hogs were $500 more than expected and
there was very little demand for products:
September pork kept between 5000 and
Sl0.55 and closed at SO. 42I2. Another sensa-
tional advance took place in rye to-day,
September selling from SIC to SSAc, and car
lots from e3c to SSc. The close of September
Yesterday was SEC.
The leading futures ranged as follows:
Open-I High Low Clos
ARTICLES. ing est. est. ing.