St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
ST. PAUL MADE MONEY.
Nobody i'm This NeIghborhood Was
Short on September.

"ThiS has been agreat day in wheat
said L. j. Cattell, of the New York
stock exchange, last evening, land the
movements in Chicago, at which point
Mr.. Hutchinson's deal is taking place.
1t is said that he offered to settle with
the shorts yesterday at s1.25 bushel.
Declining to accept his terms, the
screws were applied, ,and the higest price
registered for years on September whe at
made, namely, $3.50 per bushel--an
advance of "a cents for the day and IS
cents for the past forty-eight hours.
The market OH the curb last night sold
off, and this morning excited groups
gathered in front of the board of trade
long before the hour for opening, and
fluctuations of several cents took place
before any regular sale was
noted on the board. Bulls were
on hand in large numbers
at the opening of the regular board, and
with hurrah, carried December wheat
across the dollar week, the point they
have predicted for the past six months.
Immense realizing took place at this
point, and some foreign selling helped
to break the market about 1c. AT this
moment some one tried to buy Septem-
ber wheat, and an advance of 15c to S1.40
DROVE THE CROWD WILD,
and the room became a regular pande-
monium. Men climbed over each
others backs II wild effort to secure
wheat, and close "short'' contracts.
Hutchinson, who owned the cash wheat
on Chicago, sat coolly in one corner of
the room, his coat turned up, appar-
entity unmindful Of the eXcisement
around him. He did not know anything
about wheat; he did not care anything
about wheat; had none for sale.
All the lie his brokers were egging
on the excitement, driving the fright
ened "shOrts" to cover. Toward the
close of the session heavy rea liZing sales
a gain broke December wheat, the pop
ular option below 81, carrying it &c be-
low the hig h point, and closing at 9S;Isc
-three-quarters of a cent below last
night. September, however, only de-
clined &c, closing at 81 .4911 against 1.a6
last night and at S1.04 the night befoee.
The effect of this recent advance IN
wheat is widespread, and will greatly
benefit the ia rmers in the Northwest,
making up by the advance in price
nearly all the loss occasioned by short
crops. 1t is the general impression that
but small percentage of the wheat
raised in our section has been marketed.
Receipts have been small, and with the
steadily increasing market, the DISPOSE
tiOn of the farmer in the past
HAS BEEN TO HOLD,
and the probability is that the full
benefit of this advance will be realized
by him. 1t was based on this disposi-
tiOn of the farmer to hold back wheat
on an advancing market that Hutchin-
son entered upon his recent bull CAM
paign, buying freely during the months
of June, July and August contracts for
wheat deliverable in September. He
filled the Northwest with bull news,
and so worked upon the farmer that
the little they had was kept back. leaving
Hutchinson with an immense number of
contracts of September wheat and'a
very small body of cash wheat in Chi
cagO. His son was elected president of
the board of trade, and the old corner
rule rescinded, so that everything was
clear for movement such as the last
week of September is recording. Under
the old rule the board could fix price
for the ruling option in wheat up to
which point margins might be called.
The price could be advanced above
this, but no more money or
security could be asked parties
making the contract. This rule
being rescinded, full margins could be
called. There is law in Illinois against
corners, but Mr.. Hutchinson has care
fully avoided coming under it. He
merely owns certain property. He
holds contracts of other parties to de-
liver certain property of certain grade
at certain time at fixed price. They
must deliver this property tomorrow:
must buy it in the open board at the best
price they can purchase, even If such
price is ten times that of
THE CLOSING OF TONIGHT,
and the difference can be collected as
any common debt, No one can force
Mr.. Hutchinson to sell what is his, and
no one else has this property to sell.
This is the situation in a nutshell. How
far he will press his advantage remains
to be seen. The indications tonight
would point to some private settlement
before tomorrow, and the next twenty
four hours may see radical change in 4
the temper of speculation and decline
in prices. Buying has become universal. /
Men, women and children, during the /
past week, have taken their savings to 4
the brokers' Office and bought a little j
wheat. The old days of gold excitement
has been more than equaled, and num- i
berless cases have been cited of heavy 4
profits, ranging from $1,000 to s5O0,0oO. 4
made during the past week in Chicago.
A number of men in st. Paul have i
taken from 10 to Is cents per
bushel but of the market on this
rise. Some sold wheat to-day at
81, which cost less than Sc per bushel.
One prominent Chicago man, who fire.
quently visits here and is well known
in railroad circles, on one 5,000-bushei
deal gathered in 1900. Another line
of 250.000 bu.- was unloaded to-day at
12c profit per bushel; and so on. !
There were very few short contracts in
any of the Northwestern cities, because
the true condition of affairs in the
spring wheat section was appreciated
and the majority came
IN OUT OF THE RAIN EARLY.
Mr.. Pillsbury, who has just returned
from Europe, by his constant bullsh |
information regarding European dam
age did good service to the speculative
trade here, and also to the milling fra
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