New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-14
TRADE IN CHICAGO.

TELEGRAPH TRIBUNE.l
Chicago, Aug 13-There is such thing as being
overcautious Almost to a man, adv1ces were sent
out by the brokers last night and this morning
to go slow in bulling wheat over 81 and customers
were told not TO get caught holding hfgn priced
futures. The only mistake in the matter was one
Of judgment of a thing which is hard to judge cor
rectly-the condition of the spring wheat crop fol-
lowing the rust blight of the last two weeks Events
to-day make 1t look though the Northwest were
not to get off with light crop damage The mes
sages this morning renewed the worst sort of claims
about rust damage and gave very gloomy out
look for the Red River wheat fields. The latest
reports from the fields simply made the trade turn
again TO the buying side after the nrSL hour "eaN
in wheat at the opening was due in part TO the
lower price the Minneapolis curb ms Win
the generally cautious feeling in the trade, caused
a volume Of selling at once The price TOOK
down turn of about lie for all months-heW SePtehl-
Der off to 81. December to SOC, May TO 81 O0% on
first trades. This the bottom for the day ST.
Louis houses. led by Spencer. began heavy buying
Shorts have learned to go in quick on breaks ana
they bought. The fresh crop reports the wheat
trade had 10 consider started lot Of buying by
pit traders, who saw a chance for speculative
turn From 81 the September price hrmed at
once to 81 CO.'S, the buying of the next hour
went to 81 GA the December price made 2-i cent
recovery to 81 Of. The May prlce made more th a
cents rebound TO 81 g. Wheat futures closed with
moderate net declines FOR the uay at US No;
81 IVA sellers new September, December S'ts, Nay
81 Olts. The May was the exception CLOSING 80
Thert Wis an Opening break in sorn partly due
to a lot of selling. which appeared TO be led by
cash and RECEIVING interests. one big concern
made bias Tor half a million over three West
ern States Dasis OF 5Jc at country stations ana
reported acceptanCes on 62UOO bushels from some
of the drouth sections in this and other States
came reports OF corn firing badly. Inc recoY-
cry in wheat had some influence in corn later.
The September price broke from 5S4tc to go
first trades December 5U12c 5OAc, May 491sc, or
Southwest bought on the dip. Spencer's mouse
bought May The buying for May was on a
good scale, and the market for that month made
lc rebound TO 50i2c. The September rally was to
6S74c, December 10 5l1sc, nearly lc over the low
point. corn futures became irregular in the last
hour. September weakened TO 5S1sc at the close
December after selling at 5l12c, closed at disc.
May was at 501sc at the top, and closed at 5O12c
The estimate Of IS cars for Monday confirms
the claim Of light Western offerings. Follow
ing the tendency of the other markets, there was
some selling pressure oats at the start. Prices
yielded from Fridays close only 14c for early
months. and 1sc for May. There appeared to be
resting orders for the the dip Bartlett
brokers bought for September. The trade got bull
ish and bid prices up briskly for all months. At
SAC buckley filled the crowd with September
Logan brokers sold for May. The September price
had a dip 10 $3.50. and recovery to 3iI4c. De
moved up from S63sc to 371sc. Local receipts were
S1S cars. Last prices for oats futures were little
changed from Friday. September S3&c; Decem-
Der, S44c; May. S6'4g363sc. The estimate for Mon
day is 33l
There a feature in the provision trade
concentrated buying of May pork scale which
gave the whole list some strength. Hurlburt-War-
rem mad buying orders for 5000 barrels January
2oc. and closed at $l2 80. Pork for other months
closed l0c higher at 81 90; September. 81 TO- Lard
nad better support and closed lOc 70 l2zc gains
september - SI2 October. S. 90a$6 92l2. Ribs rest
ed as before. at 81 - for both months named Hogs
are estimated at 5000 for Monday. and 125.0oO for
next week