St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-21
They Opened the Day With a
Hurrah in the Chicago
Wheat Pit.
Prices Take a Jump Up to
$1.O8 IL, but the Close
Was at $1.O6 7-8.
Fear of Manipulation and Cor
ners Makes Dull Trading
in Corn.
Revival Of Confidence on Wall
Street and Some Gains
Scored.

CHICAGO, Aug. 90 - The grain markets
were agaiu excited and subject to rapid and
wide variations in price in the early trading
this morning Wheat and oats continued ex-
cited. with occasional spells of dullness and
closed with decided advance; but corn, after
opening exctedly higher, grew dull and
weak and failed to respond to the later adj
vances in the other cereals. This was due to
the fear of manipulation by a clique which
is said to comprise number of heady local
houses with Eastern backing, who are sup
posed to be preparing to corner September.
There were also suspicious Of manipulation
in December wheat but the cause of this was
not conclusive, as the news of the day was
sufficient within itself, taking into considera-
ton the nervous condition OF the market, to
cause the advance made.
Wheat opened with a bull hurrah, with
December quoted at from S1.05 to Sl.0534
against Sl.O4 at the close yesterday, and sold
quickly up to S106 followed by almost as
speedy decline to 81 O5 1t fingered in that
neighborhood for time and then took a dip
downward to S1.044, rebounded to S1.05A,
broke to S1.04s4. All of this occurred within
the first two hours of the session. The fuc-
tuations later in the day displayed the same
nervousness and uncertainty among the
traders, but prices moved up on higher plane.
n -
minutes from S1.05A to S1.07, dropped back
15c ana then jumped again, touching S1:015e,
hesitated for time, then bounded TO Sl.OSl2.
but under heavy offerings near the close
broke to and closed at S1.067s. The trading
became very animated at the higher range of
prices and a repetition of the panlcky state
of affairs existing last Saturday and Monday
appeared imminent for a moment or two.
The days news was strongly bullish. The
Liverpool market was He'd higher at the
opening, and the weather in England was
reported to be very satisfactory. Private ca
Diagrams bought buying orders from Paris;
and both Baltimore and New York wire
here that foreigners were taking oil offerings:
The clearances from the Atlantic seaboard
were unprecedentedly heavy, reaching about
100000 bushels if the -four be included, and
New Orleans cleared 10000 bushels for Ant
werp. But the great bulge of the day was
due to dispatch to the effect that the Rus
sian government had issued an order prohib-
iting the export OF wheat containing s per
cent of rye, and another cablegram which
reported the prohibition OF exports OF rye
from Finland. To these was added another
foreign item TO the effect that the fortresses
of Russia were being victualled, which imme-
diately raised rumors of war and sent prices
10 the top.
The corn market was very nervous and
cratic Commission men with either buy
ing or selling orders had hard time il the
orders limited anywhere within Ice Of the
market. The crowd were all buyers or all
l. Sellers AT the SAME lHOulSul vi eChCIu1
sions The shorts were in hot water through
out most of the session and afraid to trade on
| account of the supposed corner. Much
| long wheat is held here by prominent houses,
presumably for Eastern men, and the shorts
I fear that to protect it, they will go on bull
campaign if the bears, in expectation of large
| receipts, begin to sell shorts freely. One of
\ the commission houses which is credited
with holding large line of long corn for
| New York, was very busy to-day dlsposlng OF
September and replacing it with October. If
this should become general with the other
bull houses interested, 1t would indicate
either postponement of the deal or the be-
lief of the parties who are long that they
have only to wait q sufficient time and the
| price will advance itself.
There was quite a demand here for corn
for direct shipment to England and 100000
blu was arranged to go by freight lines. Sep
TENDER in different parts of the pit at the
same time sold at an opening from &c up to
69c; but very few bought at the highest prices
and its tumble was quick, 66l2c being marked
in the first half minutes trading. Itrecov-
and later it reached eSl2c. 1t broke later to
6614c, but the market rallied some with the
same strength in wheat and closed at 6115c.
Good buying of oats for export both here
aud in New York frightened the shorts: who
literally tumbled over one another in their
efforts to cover, forcing prices up 1@1?12c
The provision market was rather active, and
Notwithstanding heavy receipts of hogs and
lower prices for them, the products were in
cllned to firmness. The fluctuations were
nervous and the changes from yesterdays
closing prices small.
The leading futures ranged as follows: