The Saint Paul globe., 1904-08-03
RUST BULLS WHEAT
CROP DAMAGE REPORTS SEND
PRICES RAPIDLY skYWARD
Foreign Advances and General Nervous
ness Also F1eip to Junipy Market
Minneapolis Expert Says Crop VIII Be
5so, eco eco Bushels

CHICAGO, Aug. 2.-Wheat for Septem-
per delivery sold on the board OF trade
here today for 94l4c. an advance OF ESQ
ZRc, compared with Saturdays closing
figures The sharp uptrn was due TO
alarming reports of rust damage to spring
wheat in the Northwest and TO almost
countries
The market closed practically at the
high point OF the day Other grains were
influenced by the strength OF wheat. Sep
TEMPER eofn closing with q gain Of 21s a
Zi4c. Oats are up iSs 9a4sc- Provisions
are unchanged.
From start re finish the wheat market
was an exceptionally strong affair An
estimate made by a Minneapolis crop eA-
pert that the total winter and spring
wheat crop OF the United States would
not be te exceed 1000, 0eo bushels start
ed active covering by shorts at the open
ing As a result initial quotations on
SEPTEMBER were I'D 3 3sc TO 9s4S1c at
92Ik GS2kc
Another factor of almost equal frnpor-
tance that contributed to the early bull
iSh1fesS was the strength OF all foreign
grain markets Liverpool being I'D from
lSsc to 15sc, compared with FRIDAYS
close The price OF wheat at RudapesT
was reported to be from I to cents high
er than Saturdays final figures. and this
added zest TO the buying Many traders
dlSereGfted these figures. but when con-
1Tmation was received the skeptieai ores
quickly Joined the bull element
crop advlces from the Northwest con-
l44iteu TO Ol1aJe On enormous damage DJ
rust IN the spring wheat fields. Damage
reports We're partly SubStantiated by the
weekly weather bureau bulletin. About
the ollIy news OF a bearish character was
decrease OF 314.eeo bushels in the worlds 5
visible supply as against a decrease of
1,61S 060 bushels last year. The market
received the support of an active general
demand throughout the entire day, buy
Ing by Northwest houses being especially
faaYy. Foreigners also bought more free
~ N this market today than for several
weeks past.
With tie exception of a slight reces-
s'en seen after the opening. when Sep
TIMBER tCTcfed 921se. prices moved stead
liy upBaro. the close being practically at
the top Final quotations on September
were at 941s d94izc. after the price had
reached 9414c. Clearances OF wheat and
Hour were equal to 95.See bushels. Pri-
| mary receipts were 72S,Be0 bushels.
against SS7 e9e bushels a year age
Minneapolis. Duluth and Chicago re-
ported receipts OF 42S cars. compared with
4ee cars last week and 332 cars a year
ago.
In the corn market a burst of l,un en-
thasiasm at the opening was followed by
q rather easy tone. Others being infiuen-
tai SeIhng by a broker supposed to be
acting Ior a leading elevator concern.
| Later the market became extremely
strong, influenced by the strength of
wheat and by the blllisfl foreign situation
! A report to the effect that the German
goSE1TInenI contemplated a reduction in
/ the duty on corn was a potent factor.
/ The market closed near the highest point
OF the day. September opened Z to sac
/ higher at 81 C to 81 C. sold between sic
and 80 &c. and closed at 53E6531zc Iso-
cal receipts were 2Ss cars, with 16 cars
1 OF contract grade
More than usual interest was taken in
the oats market. Early inclination on
the part OF pit traders was to sch. wealth
er conditions being favorable for the new
crop. The strength of wheat however.
prevented any considerable selling Later
an active demand from commission houses
and shorts. resulting from bulge in wheat
/ and corn. caused an advance of over a
cent The market closed strong and at
! the top September opened shade low
er at 352sc 10 So &c. sold up to 347sc.
where it closed. Local receipts wese SSs
| cars
Notwithstanding the strength of grains.
the provision market remained quiet and
easy. A decline of 10 cents in the price
| of hogs was the principal bear influence.
! September pork closed 212c lower at
$12-ST1ss Lard was of 27s @5c at Sc. .95.
/ Ribs were unchanged at s7.6e1h a 65.
Estimated receipts for tomorrow
! Wheat So cars; corn, 124 cars; oats. So
/ cars; hogs, $4,000 head.
The leading futures ranged as follows:
/ Open High Low CIose