The Saint Paul globe., 1899-08-03

CHICAGO, Aug. "A rally in foreign
markets and estimates of a considerably
smaller spring market crop than a year
ago, stopped the decline in wheat today,
and sent prices to a point %Q7sc above
yesterdays close. Coarse grains were also
strong, corn closing sc higher and oats
3Sc higher. Provisions advanced 2l2Q5c.
Wheat was firm at the opening, although
interest in the market showed but little
increase. Damaging hail and rain storms
Were reported all over the Northwest, the
area affected being placed as high as 500,-
600 acres, while complaints of drought also
came in from some sections Of the wheat
belt.
Northwest receipts continued to show a
falling off, and the proportion of new
wheat arrivals was much smaller than
year ago. Minneapolis and Duluth re-
ported 237 cars against 3S5 last week, and
IS a year ago. Chicago receipts were 118
cars, 13 of contract grade. OF the local
receipts A cars were new wheat. A year
ago they were about 100. Liverpool also
showed some advance, due to unfavorable
weather in England and parts of the con-
tipent
September opened 14@2sc higher, at 693s
GI6912c with some demand from shorts.
The market eased off shortly afterwards
to 9AG693sc, but held tenaciously on mod
crate demand, and rallied 691A@695sc The
however, a total of nearly 100000 from all
ports, caused a good deal of skepticism
as to the truth of the reports of absence
of export demand, which had caused
prices to Waver for a time. Toward the
close shorts became active competitors
and the market advanced rapidly. Closing
cables were higher, and it was report
ed famine was imminent in India, on ac-
count of the absence of the usual mon
soon rains.
A factor in the advance was the esti-
mate of a crop expert putting the spring
wheat yield at 239, ,OOO, 900, or Sc, ,00O 600 less
than previous estimates. The European
shortage compared with previous crops
was also put at 160,000,OO0. Total primary
receipts were 273,0OO September advanced
to zoe and closed firm, at 697s@70c.
Corn was strong, and closed at about
top prices The weather was favorabl
and primary receipts were about so per
cent larger than last year, but clearances
were large, and the cash demand was
good. New York reported 210 loads taken
yesterday. Local receipts were light, 32S
cars, and the advance in freight rates was
expected to result in a still further re-
duction. Shorts were buyers, taking the
new crop futures freely. There were COM
plants of hot weather from Kansas. Sep
tember ranged from SOC to 301ac, and
closed 3sc higher, at 302s 2s@301ac
OaIS Were-u urm and higher on a small
amount of trading There was a fair
cash demand at higher prices, and the
seabCard reported moderate export sales.
There was considerable changing from
September to May at 1B@2c spread. Re
ceipts, 295 cars. September ranged from
193sQ191ac, and closed Sc higher, at 1890
Provisions were fairly active and ir-
regular. The market after the opening
broke sharply on rumors of a further out
break of yellow fever in the South The
reports were denied and later the mar
ket steadied with grain, but did not show
much strength at any time Demand for
lard was good, but slow for meats At
the close September pork was 214c higher,
at $3.50; September lard PFC higher at
$5.211A, and September ribs sc higher, at
$4.95
Estimates tomorrow: Wheat, 95 cars;
corn, 40 cars; oats, 400 cars; hogs, 81, 900
head
The leading futures ranged as follows: