The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-16
Reduction of Grain Duties q Factor
In the Bull Move
ment.
MARKET SUMMARY.

r CHICAGO Aug. 14-The shorts in wheat
had another shaking up today and September
advanced 2%c from the low point and re-
tanned an improvement of 21a@2Ac. Rumors
that the French government would remove
the imoprt duty on wheat and predictions of
frost in the Northwest caused the upturn.
Very little cash business was done and re-
ceipts were liberal. Corn was helped by pre-
dictions of frost and gained 14c. Oats were
steady to shade easier on dull speculation.
Pork lost SC and ribs 2hc. Lard closed
unchanged.
Wheat opened firmer today than 1t ruled
near the end of yesterdays session, the open
ing price for September being from S1%@S2c,
against S1hQS15sc at the close yesterday.
1t had a spell of relapsing weakness that
caused a temporary dip to size, and that
was followed by returning strength that
raised it's price TO S2Ac. Another temporary
depression was followed by a still more vigor-
Gus interval. and during the continuance Of
the latter, September rose to 84asc. The most
influential factor was the bad reports that
every one appeared to be getting concerning
the condition of spring wheat in the North
west. 1t was rumored that the French minis
try had authorized some change in the duties
on wheat in the direction of reduction or
as some interpreted it, in the way Of a
concession in favor Of French millers in
some indefinite way. The lessening of the
import duty in France would enable the grain
dealers of that country to food their own
markets with foreign wheat and the demand
would be chiefly directed to America AS
the price of wheat at Paris was quoted in
the first dispatches at an advance of NC 1t
was fairly good evidence that there was no
knowledge in Paris up to that time of any
change in the rate of duty. AS however,
az ta1o cd
from 1ss@to &c a blu. the rumor began to
gain credence and prices were rushed up
with will. The receipts at Chicago for the
week were goo blu, and shipments 1850 43S
bu. The days clearances of wheat and -four
from Atlantic ports were equal to 513, 900 blu.
Beerbohm's estimated the shipments to
Europe from all countries for the week at
$500, 900 bu. Argentine did not export any
wheat against $4,000 blu on the similar week
Of last year. The excitement continued until
a few minutes before the close and September
sold at S4asc, within 1sc of the highest price
touched on the recent bulge. September
opened lose higher at S1h@82c, sold be-
tween size and S45sc, closing at SAC. Corn
was firm notwithstanding general rains
througout the corn belt Trade was not
heavy until the end Of the session. when
the strength of wheat and rumor of frost
in the Northwest added to the fears of the
shorts and encouraged the bulls to show more
aggressiveness. September opened at 27A@
28kc, and closed at 283s@2S15c.
Oats were quiet throughout. Prices ruled
steady. Chicago received 692 cars. September
opened at 175sc, and closed at 175sc sellers.
Speculation in provisions was extremely
dull. although the cash trade assumed quite
respectable proportions. The September op-
ton closed as follows: Pork, $685. lard
$40; RIBS. s4.S77s.
oats, TBS; hogs 10000 head.
The leading futures ranged as follows