The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-10-02
A WHIRLWIND IN WHEAT
PRICES TAKE A BIG JUMP AND THE
BEARS HAVE TO HUSTLE.

gins Due Them and Have to Assign
! Hutchinson Supposed 10 be the
Power Behind the Throne-Every-
body Crazy to Buy.
CHICAGO, Oct. 1.-The Euening Journal
| reports two failures on the board of trade
this morning as the result of the advance
in the price of wheat The firms that failed
are Frank Clifton e. Co. and S. p Orr.
The excitement on change over tile Sep
TENDER deal in wheat ceased on Saturday,
only to be resumed this morning. What
the defaulting shorts in September wheat
would do and what course Hutchinson
would pursue were tho uppermost
thoughts il the miuds Of all. 1t
was learned through the delivery clerks
that about $50, 600 bushels of October wheat
passed around on tine floor Over half of
this was credited to Hutchinson. The gen
eral belief was that he was letting go of
October pretty freely in order to ease the
situation, but it would not ease
A WILD SCENE.
When the opening bell tapped, at 1890
O'Clock, another wild scene occurred in the
wheat pit. The volume OF tradng was
enormous. The failures of Frank Clifton &
Co. and s. c. Orr only added to the excite
ment on the floor. 1t was about noon when
the news of the failures became generally
known. AT this time the crowd lost their
heads because Of the heavy coverings
in December wheat. There was a perfect
craze to buy. The advance for thirty min
utes was most remarkable. and there is no
telling where it would have ceased had not
Hutchinson eased the market by liberal
selling.
LARD's JUMP.
The advance in lard was due to the buy
ing of Clifton short. After a temporary
bulge the market again reacted, and then
started in on bulge that was even more
sensational than the one that went before.
A wild rumor went around that
a big firm was in trouble, but nobody dared
mention names. Mr.. Orr says his liabilities
are about $4,000. that his suspension is due
TO the failure Oh the part of some of his
customers to respond TO his calls for
margins and that he will be able to resume
business in day or two.
CLIFTON & co.'s STATEMENT.
None of the members of the firm of Cliff
ton q Co. were to be seen, but from Mr.
Clifton's friends it was learned that he was
short about $4,000 bushels of September
wheat, and also short of October lard 1t
was believed that all of his losses were to
Hutchinson, though it was also said
that he had large amounts of money up in
the shape of margins which could not be
made available to apply on his Indebtedness.
THE REGULAR REVIEW.
The regular Chicago market review of the
Associated Press for to-day reads as fol-
lows:
CHICAGO, Oct. 1.-The wheat market was
again very active aud greatly unsettled, more
SO than during the closing days of last week
and nervous, feverish feeling prevailed.
Fluctuations in prices were unusually rapid and
severe. Advances of PC between trades, and
also declines of 101sc between trades, oc-
on inc In ion -. I'D
vanced some 4l604Ac above the closing prices
of Saturday, closing about PC higher for Octo-
Der, 211c higher for December, and 31Sc higher
for May. than the closing figures of Saturday.
The opening was unsettled and Nc higher,
but the advance was met by very large offer
ings the operator alleged to have control of the
market being credited with selling 1000, 900
bushels for future delivery But this only ap-
peared to check the advance for the demand
was very active, and when this large lot was
absorbed, the market started up NC at jump
Developments to-day would indicate, and it is
quite generally believed that some parties who
have been selling short of late have come to
the conclusion that it is better to cover, and
the demand was largely from this source. Two
failures were announced, which helped to I'M
settle affairs. At an early advance, or when
December touched 81 0S, there was a halt in the
advance, and reaction set in. prices dropping
off 114c to NC between trades, and but few
seconds elapsed i'll the decline from
Sl07 to Sl05. Later the market ruled
more quiet, advancing some and closing
messed in corn. frmer feeling prevail
ing, and fluctuations were within higher range
of prices. The opening was quite excited and
first sales were a shade higher than the closing
prices of Saturday, after which the market ad-
vanced with some reaction &c, declined 1bc,
ruled steady and closed with october 16c, No
vember ssc and May 1sc higher than Saturday.
There was quite an active demand for Novem-
Der, this future selling at one time NC premium
over October There was also considerable
changing of October into deferred deliveries.
Deliveries on October contracts were reported
about 100000 bushels going around, a good share
of which was said to have gone to a large local
operator. The advance in other markets
affected oats and caused prices to rule 14014c
higher, with futures closing better but
May unchanged In mess pork large business
was done i'll October and January, but trading
in other months light. Shorts bought
freely end absorbed offerings with such avidity
that after decline of 25c q sharp advance of
55c followed. At the outside prominent house
sold heavily and prices declined 17laG120c and
the market closed steady. Trading i'll lard
early was active, but chiefly in near and very
distant futures. The market opened steady. adj
vanced 41l6c on October and declined 31lsc.
Other futures fiuctuated within q l5c and soc
range and closed easy. Short rib sides were
traded in quite freely early, but unsettled
feeling prevailed and prices advanced slightly.
Later the market became quiet and closed