New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-03
WHEAT BULLS RAMPANT.
STEADILY BIDDING UP DECEMBER
THE OPTION SELLING ON THE CHICAGO CURB
AT 81 IL 1.2-EXCITED GRAIN GAMBLERS.

TIE OPTION SELLING ON THE CHICAGO CURB
AT q IL 1.2-EXCITED GRAIN GAMBLERS.
tsY TELEGRAPH TO THE TRIBUNE
Chicago, Oct 2.-Wheat opened about cent
lower than it closed yesterday, but there were
some orders to buy from the country and
foreigners, which started bulge at once. The
srders were not large, and with an ordinary
market could have been filed within IA cent
Of the opening, but as has been the case Tor
several days past there was no wheat Tor sale
and 1t was found necessary TO bid the price up
cents before these moderate orders could
be filed. reaction of l-2 cents followed
but room traders have found 1t easier 10 scalp
on the long side, and on all soft spots they
are buyers. 1t is easy TO bid the market up put
one needs to be alert to get out on the tops of
the bulges, for prices melt away Ike snow on
hot griddle Under moderate offerings 1t is al
most impossible to trade at the market. Com
mission men who tried to settle up trades by
buying of one party and selling TO another found
themselves considerable losers by the operation.
1t is believed that the Big Four" -Cudahy,
Ream Jones and Lynn-have all been good buyers
to-day They have been looking fer a reaction
and saying that they did not care to be long o.
wheat on such a wild bulge. but when they saw
yesterday how the market absorbed the 100000
bushels sold by Hutchinson and advanced IN the
teeth Of it, they said to have changed their
minds and concluded to take the long side. The
thick-anG-thin bulls" who have never wavered
In their predictions of 81 80 for every option
traded in, said they expect the Chicago market
TO sell over New-York, just as Duluth and Mime
apolis are above Chicago. They argue
that the scarcity viii be more severely ies On inc
apparent that the West has aready shlppcd more
bhan could be spared. and before another harvest
viii be found in the Eastern market as buyer.
They claim further that the 3OOOO,O 900 bushels
Of wheat already exported from this crop was
needed here at home and that this Will soon DE
admitted by everybody. II is certain that por-
lions Of the country where large supplies were
expected have been shipping almost nothing, ana
It Is claimed that they have no wheat TO spare are
Others believe that it is being boarded by tn a
farmers and vii come out later when the price
Is satisfactory. - :, .,-o,
There is another thing which must be taken AIKEN
into consideration. Hutchinson has sold out most
of his wheat. but denies that he has any intention
pf going out of the deal lie had his brokers
in the pit trading as usual s Strong
IS now for o few days the old man Is liable 10
come IN and buy his wheat back. mat Woulu
probably give the market the biggest bulge IL haS
The closing was nominally at 81 oS = Iof
December. but 81 OS rs was bid before the erowdi
left the pit. and half an hour later IL hao Soiu
at 81 10 l-2 on the curb. n,,
When the corn shorts tried to cover this morn
ing. it was found that that interest," was mucl \
NoSember up about a cent, though May was not
moved I'D over 1-2 cent. There were received
799 cars Of corn, and the estimates for "Wednesday
are 43S cars. =, III. - f hocs
.rd Tho Iarge decrease in stocks during September.
At the close of the month there were but 54'2os
pounds OF pork in store. against 94,0S4 l Gea
month. OF short ribs the stock Is 80, T;oo w
pounds. against 21.s49,000 last month. mere H1 |,
are II, 7O4 tierccs of contract lard, against -
tierces last month There were 5000 h9gs al
the Yards and IL 900 arc expected wednesday.
December wheat crept up steadily on the curb
until it was 81 IL 1-2 at 4 30 The same price
is bid for it in St. Louis Duluth is 81 l. pa 10
This enormous advance of almost seven Genus i9 u
the day is a surprise to everybody. Inc pun
fever is rampant and spreading all over the
country. Everybody wants to buy, and few care
to sell. One of the most bullish items came nm
from Minneapolis. saying that the country ele-
Xators tributary TO that city contain 9,OoO,0OO
bushels less of wheat than last year at this
time, and only about one,tenth is No: iiaro'
while last year it was nearly all OF that graue'