St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-08-08
BULLS GOT EXCITED.
Fluctuations in the Corn Pit
We're Something Almost
Unprecedented.
ADVANCE OF OVER 7 CENTS
Caused by Confirmation Of
Reports Of Ruin by
Drought.
OTHER GRAINS WERE WILD.
Wheat and Oats Also Took a
Rush NEUTRALITY-SUSPICIOUS.
Strong.
ADVANCE OF OVER 7 CENTS
OTHER GRAINS WERE WILD.

OHlCAGO, aug. I.-lI was Wildly
bullish session IN all the grain markets
ana heavy additions were made to
prices. Corn led. as it has been doing
of late. and sold for September as high
as 60c per buShel, when wheat was still
being quoted at sec. 1t closed at 5914c,
or csc above its value at the CORE
spending time yesterday. May corn
rested with a gain of SIC. Wheat
caught the fever when the session was
about half over and gained 23lc to Sc,
and provisions also made a handsome
advance.
Wheat was more active within wide
range. The feeling developed was
stronger, being influenced altogether.
as was the case yesterday, by the action
of corn, the price being helped and sus-
tanned by the course of that cereal.
Opening trades were at 7s@1c advance
at 5511c for September and soon sold up
1ssc more, under an urgent demand,
eased off 1@14c. rallied &c, changed
some, ruled steady and closed with
September 577Sc. There was not much
news in the market, the on passage
figures showed all increase of 672,0U0
bu and earlier public cables were
little steadier. Public cables quoted
Liverpool quiet, rather steadier. and
the weather showery. with shipments
increasing and the closing very firm on
bad weather, being Sd up. The wet
weather abroad was about the only new
feature. The local receipts were about
as expected, and the estimate for to-
morrow still large at 7G0 cars. Outside
markets were all higher. Receipts in
the Northwest were much smaller
Corn-There was an unusually heavy
trade and all active, nervous, unsettled
market, with prices very irregular.
Fluctuations covered 45s@5sSc range
and suddenly and frequently changed
within these limits. The opening was
most excited and wild. all kinds Of
prices being paid, values varying 2@3c
at the same time in different parts OF
the crowd. 1t was the most excited
opening in over year. and, with few
ex captions, the most irregular on rec
ord. Local shorts evidently be-
gan to realize the seriousness of
their position. and many has
tened to provide for outstanding
contracts at the tap Of the bell today.
Initial transactions were at 1I@11sc
above the final figures of yesterday, at
5433sc for September, and instantly sold
to 60c for September and $3.50 for May,
back to soc and 521zc respectively, all
within the first fifteen minutes of the
session. Prices afterwards advanced
114c, eased off &c, rallied 219@294c.
changed some and closed with Sep
TENDER at 5915c. There was no rain in
the corn belt, outside of little at Val
entine, Neb., and the temperatures were
all considerably higher. The fact that
the citizens of Nebraska have
petitioned the governor for aid
for the growers in the central part OF
drouth, confirms the reports of damage
from that section, and the trade is be-
ginning to give advices from the West
more serious consideration. The above
news was among the many factors
which had good deal to do with to.
days sudden and sharp bulge. There
were all kinds OF orders executed at the
start, stop loss orders being numerous,
many of which could not be executed
at anything like the limits given.
Shorts, in their frantic efforts to cover
and in absence of offerings, bid the
price up &c at jump. the price of Sep
TENDER ten minutes after the opening
being at 58c and 60c at the same
time. During the excitement the trade
conferred largely in May and September
and it was most difficult to trade i'll any
of the other deliveries, October and
December for some minutes after the
market had subsidized somewhat. The
local forecast did not predict any mois-
ture for Iowa or Illinois, but the signal
service at Washington predicts showers
for Nebraska and Iowa Wednes-
day. This prediction caused prices
to hold while. but it did not last
long and soon afterwards scared higher.
There was some local realizing on the
advance. but interior longs in most in
stances are still holding out. Outside
markets were all up. New York ad-
vancing S119(Q4c. and st. Louis 4(a411sc.
Cables came in with I'd advance on both
spot and futures.
Oats were active and excited, with a
wild rush at the opening to buy. The
market derived all its strength from
the advance in corn. The range for
September was &c.
Provisions were more active and
strong OH the bulge ia corn. A reaction
in the middle of the session was over
come by good demand, and the finish
was near the top. Compared with last
night, September pork is 171lc higher,
September lard 1870 higher, and Sep
TENDER ribs 15c higher.
The lake rate to Buffalo remained
unchanged at &c for wheat and corn.
The leading futures ranged as follows:
IOpnn. | High Low 1 Clos