The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-12

CHICAGO, Aug. u.-Wheat got well
above the 7O-cent mark today, closing
strong at an advance of 1fsc The bullish
government crop report was the main fac
tor In the scramble for cover which took
place, and which at one time advanced
the price 2Ac. Corn, oats and provisions
were all pulled out of the hole by the
strength of wheat, corn and oats closing
shade higher and provisions 21b0715c
higher.
Wheat started with an advance of
A@;sc for September, opening trades in
that option beng made at 695B06924c Bull
news, for the first time in weeks was
plentiful. But all else was lost sight of
IN the government figures on the condition
OF spring wheat. They showed "a decline
OF 81 points in the condition. suggesting a
crop of 235, 100000 bushels This would
indicate a decrease of $4,000 coo bushels, a
shortage too great to be overlooked, even
In the present apathetic condition of trad
ing.
To add to the strength of the situation
reports from the Northwest told Of seri-
GUS and widespread damage by yester-
days hail storm in the Dakotas and Min
nesOta, and Northwest receipts showed a
marked falling off. Gables, however, were
rather disappointing, Liverpool showing
but M@Ac advance early, and even this
slight advantage was lost before the mar
ket closed for the day.
The opening advance was looked upon
by majority of the elder traders as suf-
hetent considering the news, and consider
able selling followed, under which Sep
TENDER slowly declined to 69Ac. Offerings
were all absorbed, so quickly, In fact
that although period of duIlness follow
ed the decline to 6914c, some of the early
sellers attempted to cover shortly after
noon. Then 1T developed that the market
was heavily oVersold. Offerings were
scarce and apparently the attitude of the
whole trading element changed within a
Few minutes. In the next half hour the
buying developed into a regular scram-
-hle among shorts to cover and the rapid
ity with which prices shot up caught
many heavily. Before the demand had
been satisfied September had advanced to
nBc. Realizing at that figure was heavy
and decline to 7012@705sc followed, but
the market was we'll supported, shorts be-
Ing anxious to cover even at that price
and the close was strong at 7V24c
Northwest receipts were lis cars,
against 305 last week and SO year ago
Chicago receipts were SO cars, IA of con-
tract grade. Total primary receipts were
$4,000 bushels, against $4,000 last year
Atlantic port clearances amounted to $780,
900 bushels. There was better cash
demand for all grades of wheat and 60 900
Corn was weak early, on the govern
ment report, which indicated an excep-
ticnally large crop. This was the chief
feature of the morning trading, and
though no material decline took place,
the market tended downward until the
big advance took place III wheat. That
started buying in corn, shorts coming
into the market and advancing the prces
of all futures. A feature was the buying
of May, possibly 100000 bushels. The cash
demand was not so active. Receipts were
light, 273 cars. Crop advices were favor
able. September ranged from 301a0307sc
and closed &c higher at COZ @3O7sc.
Oats were exceptionally dull, but firm,
with prices following narrowly the course
of wheat. There was good buying of Sep
TENDER by shippers, supposed to be
against cash sales, but nothing was re-
ported worked here The government re-
port advanced the condition slightly. Re
ceipts were 1884 cars. September ranged
from 1870 to 1870, closing at 193sMl934c.
Provisions were slow and rather easier
small declines taking place during the
morning trading. Hog prices were lower
and packing interests were sellers. The
market turned firm In the afternoon with
the advance in wheat, and under gooG
general buying the declines We're recover.
ID and small advances scored. There was
good demand for lard, but cash bust
ness as a whole was slow. At the close
september pork was &c lower at $S.25; Sep
tember lard 71ac lower at $5.25.
Estimates tomorrow: Wheat, III; corn
k78; oats, $50; hogs, IA 900.
The leading futures ranged as follows
lODen-lFIigh-l owl CHS