St. Paul daily globe., 1893-08-26
MARKET MOVES UP.
BIG EXPORTS or WHEAT START BEARS
ON a RUN.
TRADE CONDITIONS REPORTED
Bulls Boom the New York stock
- Market on the Improvement
of the Currency Situation =
f Keene, ConnOr and the Worm
= sers Running the Bull Cam
paign-Good Bank Statement.

q sers Running the Bull Cam
T paign-Good Bank Statement
CHICAGO, Aug. 25.-There was q
grand swing to all markets on the Chi
icago board of trade today. The bears
pressed the selling early and forced
prices down in all grain pits. When
everything on the floor was 0versold tue
trade got some good bull news in wheat.
which alarmed the shorts and started
speculative buying. Wheat got such
rally that all other markets followed.
Following a bad break the first hour,
when the lowest prices of this remark
able year were made in several options,
there was strong recovery whichcloSed
everything on the floor above yester-
days figures. The volume of business
was double that of any day for two
weeks. Wheat broke from .605Sc to
595sc for September, with the rally to
6O9496o g just at the close. This was
all the more remarkable as Liverpool
cables were the sickest of the season,
quoting spot wheaI 2d lower. But eX-
ports of wheat and flour for the day
reached 965,000 Du, and local money
conditions were improved. This started
the shorts, and they bought furiously
the last hour.
Corn touched 3611s for September on
the break, and rallied 10 Sic.
Pork and ribs closed 40c over last
night. Lard is unchanged.
Wheat at the opening was about sc
higher than yesterdays closing, and
prices further advanced 1s@14c, then
began To ease up, and prices declined
I1s@114c for September and 1c for De-
| ceniDer, became stronger and ad-
vanced 1ss@l19c for September. and
| l1401%c Tor December, held
firmly. and the closing was
about 1ac higher for September and &c
| higher Tor December. The early show
| of strength was due TO the fact that a
| prominent stock house in New York,
! which it was supposed yesterday would
| fail, had made satisfactory arrange
medts. and did not suspend. But the
| advance brought out rather free specu-
| lative offerings, considered by many
traders as raid OH the market to en-
able shorts" to cover, and this caused
the decline, assisted, no doubt, by
the dlscouraging market advices from
abroad. Cables were "bearish," eSpe
rially those from Liverpool. Beerbohm
| said that the trade in England had Suf
| fered depression owing 10 the large sup
plies from America. AT the same time
the English wheat crop is reported to be
/ the poorest since 1879. There was very
/ good demand at the decline. Some
! parties were looking for rather bull
ish" statement of the Vienna congress,
ltand it was believed that the vote on the
silver bill Monday will help the market
! some. Local receipts continue small.
II In corn operations wero not confined
so exclusively to local traders, very
i good business being transacted Tor out
I side account. The market opened weak
with offerings free, good share OF
which was for New York and foreign
I.aecount, and under this selling press
uTe sold off $4c. At the decline some
OF the prominent sellers of yesterday
took in their profits and st. Louis also
covered large lanes, which caused the
iprice to react X@lc, after which the
price changed but little, ruled steady
4 and at the close gained fraction.
There was some talk that a large line
, or "iong property, held by a prominent
leeal operator, was put on, the market, ."
which was Instrumental I'D causing the
early depression.
ItE Oats showed more life. The opening
was weak in sympathy WITH other
Iigfai1is and on the liberal selling, which
} depressed prices AZ. There was liberal
: buying on the decline. especially for
September, by the shipping houses, and
2I5 900 bu No. 2 cash were taken Tor
shipment at 2314c, OF the same as Sep
tember. This caused frmer Keeling In
September, and prices advanced %c,
and the other months improved &c and
the market closed steady.
There was a little stir in provisions
early, when it was thought Armour
offered both September and October
lard down 10 encourage selling of ribs.
There was still more stir later, when a
local operator got short on cash ribs and
tried To buy September ribs for protec
ton. The trade got after him and ran
him in.
Freights were slew, but steady, with
moderate offerings of vessel room at IL
' 0c1]2c for wheat and RGl &c for corn Il
2 Buffalo, and &c for cOru to Kingston.
: Estimated receipts for tomorrow
, Wheat: 81 care; corn. $50 cars, oats, 3O'
: cars; hogs, 10000.
!. The leading futures ranged as follows: