The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-27
Western
Business
Is Better.

CHICAGO, Nov. 26.-December wheat
sold at a dollar about IL 80 today. A
bulge started in that option about 10
o'clock which carried it up steadily to
81. 1t was current talk in the pit that
the Governing, which started the bulge,
was done by bunch Of small shorts,
as traders known to have out heavy
lines showed no signs of stampeding
The immediate cause of the jump was
the buying Of about 250,000 bushels by
CounSelman & Day. After that price
was reached, however, the market
dropped back very quickly to 975s, but
another spasm of covering sent it up
again to 9SB. December bulls sold
heavily on the swell.
Wheat started firm at from 91B to
80 cents for May, and 961$ cents to 96A
cents for December, compared with
91A 991B cents and 96B cents respec-
lively at the close of the previous ses-
sion. The additional strength came
from an advance at Liverpool Of 5-Sd
to begin with, added to the effect of
cold wave prediction from the signal
service bureau. There was plenty of
bearish news in circulation, and for
nearly an hour after the opening there
was moderate selling, with the tendency
of prices slightly downward for May,
December holding firmly. The Cincin-
natl Price Current estimated that after
Dec. 1 there would still be 100000, 900
bushels available exportable surplus in
this country. The Kansas crop report
said that the increase in the area of
that state amounted to 16 per cent. The
BuenoS AyreS correspondent of the
London Times estimated that Argen-
tina would have $4,000 bushels of
wheat to dispose of for export. Re-
cep1ts at Minneapolis and Duluth since
Wednesday morning were !, ,542 carloads
against 2,144 for the similar two DAYS
of the previous week and 544 a year
ago. Chicago got 191 cars and shipped
2l5,69S bushels. About forty-five min
utes after the opening December began
to advance slowly at first, but very
soon with the gathering impetus of an
advancing storm, 1t rose from 96A
cents to 97A cents without causing MAY
to go above the price it opened at, but
When December made a spasmodic
jump that took it to 9S14 cents and an
other series of leaps that landed it at
ST. May responded in a protesting kind
of manner by a rise to 931s cents. 1t
was all matter of shorts covering
st. Louis shorts were said to be active
bidders at the commencement of the
bulge, and host of the smaller traders
joined in the chorus There was hard
ly a bushel of wheat for sale until the
market had reached 81, when the anX-
ious ones were furnished with so much
that a sudden drop to 971s cents re-
suited. But the shorts were too badly
demoralized to wait any longer to get
under cover and the price soon shot UP
again. The Atlantic port clearances of
wheat and flour were equal to about
$4,000 bushels, including $4,000 bushels
from Galveston. New York reported
twenty-five boatloads for export May
after reacting a little from its first
bulge to 93h cents, became stronger
than before, and reached 931a cents be-
fore the close. 1t wound up at 931s
cents. December got up to 991a cents
and closed at that
NEW YORK, Nov. 26.-After several
weeks of unsatisfactory markets. "dol-
lar wheat" in the speculative accep-
tance of the term was realized on
'Change today. The December option
early attained that and soon passed it,
reaching $1.OOB cents in the afternoon,
which was also the final price. A bad
squeeze" of the shorts was chiefly re-
sponsible for local strength, although
higher cables had much to do with the
early advancing tendency of local
markets. Exporters bought only mod
erately of wheat, but took about 700. 900
bushels of corn today. December wheat
ranged from 1886 cents to $1.O09s cents,