New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-17
TRADE IN CHICAGO.
Try TELEGRAPH To TIE rBrsUyz.l

rRY TELEGRAPH To TIE TRIBUNE.l
Chicago. Aug 1s-In common with the markets
% the Northwest, which were in state Of great
excitement over sensational damage reports from
the spring wheat fields. wheat prices the local
exchange bounded upward to-day at a rapid pace.
a big and excited trade accompanying the advance.
The close was within isc OF the top prices FOR tha
dav. and showed gains OF 2isd2ssc Prices SCARED
beyond the former high point and made new
records Advances were made by leaps and
bounds. Nav wheat reached 81 O. on the excited
buyirE September sold 70 81 04la and December
reached s. 04.. Nearly every trader in the pN
was possessed OF a wild. eager impulse 70 buy.
The only persons who would sell were few longs
who let 60 Of holdings FOR profits. and some shorts
VII, I'm the past were caught short On adj
vancfnE market. and felt that a reaction vas
hound to come and give them chance TO reap
eoodly uecuniary reward There was only one
cause for the advance. This was flood Of crop
reports more pessimistic than any heretofore sent
The leader the one which SET the pit seemingly
crazy was SHOWS wire from Grand Forks. y. d,
in the Red River Valley He declared that the
fields we're in a fearful condition Rust was every
where and il was impossible accurately 20 estimate
the damage. Fields which were clean last Friday
are now Alled with rust and thousands o. acres
would hardly produce enough wheat for seeding
p,rposes More reports came from Manitoba. stat
ing that rust had surely made its appearance. ou'
oDrfn,fsts were found who declared that Manito-
has crop would be the largest in her history.
cables came higher, though the advance scarcely
kept pace with the betteTment in values hefs
YESTERDAY Statistics had htte or no euect on W
market Stocks IN private elevators are L7oeN
h,,sbsIs an increase OF $4,000 bushels. Puohe
stocks are sS 600 bushels. decrease OF s2eo ous-
eIs making n total supply in Chicago OF %RAUS
bushels. an increase OF l62ooo bushels Contraet
stocks however decreased 70 6S,S-l ousne@
against s451so week ago. Receipts were 81 eaIa
49, orly one thing 10 consider IN corn ar
the tha morning. the scattered rain over parts =
Kansas Nebraska and Missouri The mention %
rain for the corn States where drouth reports -
ter,iav started buying on the -'zc advance n-'.
rally caused a Good OF selling and reaeuo- =
,-fcss A more decided backset would have 80
1900 event for the early strength in whea~
The Liverpool cable at uG1l2d advance also ~
a steadving effect on the local market. Inere -
a gatr volume Of buying orders 70 MI at tho -.
ing also The greater part Of the dry parts o. -
corn belt still has no rain. short sellers We.S -
y, check bv the chance that the public ous"s
might again lift prices September corn pIi0o, 8.
5sI.c 70 54d54Iec 70 $3.50. 70 54lsc; December - -
q, 10 s27sc. 20 5SIsc to 5Ssc; May sold al 49,,
%, - 5q1.e 10 5l9.d5I7sc. to 52Q52lsc. For to-l
,v, the estimate Is IS cars. Corn futures mo- me-.
I.c rally in the last half hour; September 70 n.
december to 5Si4a5sasc and May TO 0l.sa'-'
close -, - ths
There was a big trade In oats and the tone - -,
,,artat was firm The mood was influenced N'
,,v the strength in wheat than the WeaAHs- a.
corn. The theory is advanced that oats On y, 4,
count OF the excellent quality this SEASON. -,
in active demand at better real value p'O Trs
those at which they are selling for az p,ss p,r,
si9veT crowd generally sold heavily OF Way -
Ietr Frazier were large buyers Of that mo-
Pr.nsle. Fitch and Rankin bought peeenos go m
Local receipts to-day were $50 cars. inciuuI ,,,v
standard IS No. white and 1sS No. Whi'e. ~
oats opened az S7lsc TO S79sc sold to Sc anu
was the price at noon- ,~,ina
T,roy,srors ruled fairly steady for the mornnI
-rbera was little feature to the trade. and ths III
urue Of business was small There was sca's
LEGAL buying Of pork and foreign buying S -
Commission houses had product Tor sas' - r,1a
and Bod1nan disposing Of a good sized ING