St. Paul daily globe., 1893-08-28
GOOD WHEAT BULGE.
TRADE LOADED UP EARLY AND TOOK
PROFITS LATER.
VERY GOOD BANK STATEMENT.

Bulls Boom the Stock Market
Coming Repeal ofthe sherman
Bill and Big Gold Arrivals
Make Many Buyers of Good
Stocks-General Features of
the Market.
CHICAGO. Aug. 26.-The premium for
carrying wheat is narrowing down to
normal dimensions. The spread be-
tween September and December, which
narrowed to 61sc today. Fhe carriers
had orders in at the opening to take
September and sell December at &c diff
ference. One big house accommodated
them with $4,000 bu in a lump, and
others were found ready to sell the Sep
tember and take the December. But
the buying of September and the
selling of December predomlnated.
The public cable quoted wheat
futures firm and 14@15d higher.
The commercial agencies in their
weekly review Of trade indicated much
improved conditions with S35.O00,00O in
gold already imported in a few weeks
and more coming. Bradstreet's gave
the exports of wheat and flour for the
week at nearly 100000 bu. This was
better than expected. The estimate
was for only half a million increase in
the visible for Monday, and the exports
caused some TO predict that there will be
40 increase. On top of all this came
the New York bank statement with an
increase of over S5,300.000 i'll reserves,
! and otherwise favorable. This gave the
market its best bulge. The local trade
having loaded up on the advance,
turned to take profits the last hour. The
market weakened as quickly as it got
strong, and the bulge almost disap-
| peared before the close. No sales of
cash wheat for shipment were reported.
The opening was 3s@Hc higher for
| September and December, then eaSed
off 14(@55c fer the former, and 79c for
the laLLer delivery, became firm and
| prices were advanced. 1@l1sc for Sep
tember, and $40Yc for December, eased
off 12(02sc, heIu steady, and the closing
was about $Sc higher for September and
the same for December as the closing
| figures of yesterday.
! Corn Was quiet, and, on the whole,
| averaged better than yesterday,
short being more. disposed to take
pronls, the action of wheat having a
| stimulating influence. The market
| opened at yesterdays final figures, was
steady and soon afterwards advanced
| 5sc, eaSed off 56@15c, ruled steady, and
at tile close nad lost 14(Ga5c.
There was a 14@3sc uecline In oats in
| sympathy with corn. and rally of 149
| 112c iater OH tair buying. Fair selling
| was INDUCED in when the estimate OF
| 4l5 cars for Monday came out. but
prices were not materially affected, and
une close was steady at about the same
TO shade over yesterdays prices.
Provisions were very firm. The ad-
vance in price of ribs yesterday did not
have the effect of shutting off the cash
demand, ana consequently they were
given another hoist today Business
was not heavy, but the price kept ad
vauclng at every bid, as no one seemed
| disposed to sell more, and especially fol-
September delivery, Pork being con
| sidered relatively cheaper than Other
meats, was wanted by packers, who are
said to be getting good profit out of il
by cutting it into strips. Some more oil
the shorts in September ribs were forced
to come in ON the bulge, Pork closed al
an advance of 60c on yesterdays clos
ing rate, September lard gained 215C
and October l0c. September ribs are
2715c higher, but the advance in October
is only sc.
There was fair demand for Vesse
room, and rates steady at 1l5c asked Ifol
wheat and / &c for corn to. Buffalo. !
Estimated receipts for tomorrow
Wheat, 50 cars: corn, 700 cars; oats
415 cars; hogs. 27,OOO
The lending futures ranged as follows: