St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-08
The Leading Cereal Gains a
Fraction on the Days
Trading.
Covering by SeaIpers and Bull
News Added to the
Strength.
Corn, Oats and Pork Were
Steady and Looking Up
in the Deals.
Strength and Activity in the
Trading on Wall
Street.

CHICAGO. Aug7-Wheat scored an advance
of S4c as the result of to-day's trading. The
market was stronger from the outset, and,
though it seemed to hesitate a little for
time it finally broke away and easily and
rapidly advanced to the highest point of the
day. Thereafter it fluctuated within COM
paratively narrow range, and closed l2c be-
low the highest point reached. There was
some very free selling around the opening,
led by LamsOn, Schwartz DUpee, Walker and
Milmine- Bodman but the market absorbed
everything without showing any evidences
of weakness. Logan and S. V. White evil
IDENTITY had unrestricted buying orders, pre-
sumably from New York, and the sellers
were finally bailed out and the demand still
unsatisfed. The scalpers. who had followed
the selling by the big firms in the early part
of the session, became little apprehensive
over the stubborn strength showed, and made
haste to recover. This change gave the mar
ket new strength, and about the same time
good deal of bull news was let loose, and
added to the growing strength.
The seaLoard elearances were again large,
aggregating 100000 bu from the three Allan
tic export points beside 10000 pkgs of -four.
There was a good demand here for cash
wheat. Cables also reported strong Liver
pool market, some quoting Id advance on
some Sorts while Continental news though
weather in Austria Hungary and damage to
crops with reports Of severe hail storms in
Dakota ana Minnesota, were also strong
factors One of the bull pointers was the
story that the falling off i'll the receipts for
some days was due to the combination of the
Farmers Alliance to hold wheat back and
that it might be expected to continue. rms
created some uneaSlneSS. A dispatch from
Tennessee reported the farmers holding back
their wheat and millers rot getting enough
TO grind with the result of an advance OF &C
Ger bushel during the past week.
The elimination of advance was due TO big
buying by Partridge brokers, and also the
covering of heavy line of shorts by George
smith Counselman X Day were reported to
have taken 45) 900 BIZ tor shipment After
the market had touched the top figure Logan
began series OF heavy realizing sales; then
Berlin was quoted marks lower, and tue
export purchases at New York were reported
at the com paraiively small amount OF 30 boat
loads mostly for September. This stopped
the advance and caused a recession. De-
cember opened al 1888 C, sold up steadily to
90l2c, broke TO 90c, reacted 10 9,Ssc, fiuctu-
ated some and closed at 90c, against s9Ac at
the close yesterday.
Corn was weak and lower early on con-
tinued warm weather and the fact that re-
ceipts were somewhat in excess of estim ates,
though it made a good advance later i'll
sympathy with the advance in wheat through
the circulation OF story TO the effect that
the continued clear. warm weather. instead
of improving the crop, was likely to shrlvel
it up, and through fear of bull manipnla
ton. Trade was slow early. september
opened lower, at 55c, sold at 547sc. advanced
| to 56l4c. fluctuated between 5t0DJ5l2c several
times. and closed firm at 56lsc. New \ ork
parties and Partridge were the main support
of the market during the forenoon. but the
crowd took the job off their hands. Oats
/. were quiet and steady, with very narrow
fluctuations, closing at the outside figures.
PORK was strong as a rule, though early
sales were at some decline. Shorts covered
freely There was not such selling pressure,
while the strength in grain helped the mar
ket. Cudahy was free seller of all product,
and Sleever sold good deal of pork. Ribs
were firm; there is good cash demand, and
packers are selling freely of spot and
buying the futures against these sales. Lard
was steady and firm, closing with an advance
of sc: pork advanced I7l2@21c and ribs 7l2c.
The leading futures ranged as follows: