The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-17
MARKET SUMMARY.
FINANCIAL.


CHICAGO Aug I7-There was a scare
in September wheat today, shorts jumping
the market to a point 2s4c above Saturdays
close and rendering it nervous and errauc
all day The close at 112c advance
Bad crop news from the Northwest con-
tinued feature. Other markets participated
in the wheat strength TO a greater or less
degree corn and oats advancing 1sc each'
while provisions closed 5Q1212c higher.
In wheat the market opened with an amount
of strength and activity that it was at first
diffcu1t to find a reason for. Threatened
frosts in the Northwest did not materialize,
although the danger line was reached In sew
eral localities and nothing could be learned
definitely confrmatory of Saturdays rumor
concerning the reduction of French duty,
which was so influential in that days mar
ket. Nevertheless, there was an almost unani-
nous rush of shorts to cover as soon as
the market opened. The starting price for
September was from So to S512c, compared
with SAC at the close of the session Saturday.
1t touched S4$4c for an instant and then start
ed on an excited whirl which first carried
it up to $3.50, from that down again to S5a4c,
and once more as high as S6Bc, and all that
within an hour after the opening. The rush
for cover revived the talk of a September
squeeze. One noticeable feature was the alb
sence of the September bull crowd from the
pit, the market receiving but little help from
that direction. Crop reports from the North
west were almost uniformly bad, and this
fact became one of the important factors in
sustaining the market later in the day. Chi
cagO received $50 carloads of wheat and the
quantity withdrawn from store was 2S7, 900
blu. The stocks in regular elevators here are
now 2,521. 600 Blu, or 100000 blu less than they
were a year ago. Minneapolis and Duluth
xritI,
307 cars year ago. The worlds shipments
to Europe last week were 100000 blu, COM
pared with 5035,00 Blu on the corresponding
week the year before. The quantity on ocean
passage increased 2,240, 600 Blu. Liverpool was
1lRd higher to begin with, but closed at an
advance for the day Of Id for spot and ed
for September. After the first hour the mar
ket kept jumping about in a nervous way on
a rather small amount of business An or
der to buy or sell $4,000 bu would, in it's
execution, move the price up or down nc
per blu. The price of September bobbed up
and down a number of times between S51l
and sec, with the tendency in the last hour
toward the lower quotation, S512c being asked
at the close
Trade in corn was heavy enough to keep
brokers fairly busy. The tone of the market
was firm, although elevator people were free
sellers both of September and December. The
!oW temperature IN the Northwest started
prices up 14c. There was a reaction on pre-
dictions of warmer weather, and an increase
o: I27O,0O0 bu in local stocks. The frmness
OF wheat had much to do with maintaining
u market. September opened CSC higher at
ZS4 Q2S1sc, advanced TO 296291hc reacted near
the close to 2S12c and closed at 2S5sc. oats
were more active in general way, the buying
pS'ns by nmlss on h uses with GU side t. ad ;,
Prices ruled fractionally higher with WHEAT
enc corn September opened sc higher at
Ioc and ranged between Is and 17%c which
vas the closing. In provisions the amount of
business done was not heavy. except during
the first half hour of the session. Con-
Huent hTmness. however, appeared to underIe
the moderate amour: of the days speculative
trading. The strong hog market helped some.
DIT the strength was due principally to the
encouraging aspect Of the grain markets. At
tne close the September option was Quoted
i213c higher at $S.05 for pork; 71hc higher for
a "a "a at $44I1s and 5g71sc higher for ribs at
Sa.S9. estimates: Wheat $50 cars; corn, SOC
cars; oats, S35; hogs, 1900 head
me leading futures Hanged as follows: