St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-10-04
WILD SPECULATION.
December Wheat Advances
Ten Points in as Many
Minutes.
Prices Run Up and Down One
Cent at a
Jump.
Such a Sensational Market
Without Parallel Except in
War Times.
Financial Operations in the
Financial Operations in the
Monetary Cireles--The Cen
eral Quotations.
Special to the Globe.


DAYS the uade and the public were surprised
bv 4 and . cent advances, but to-day there
was 10 cents advance in five minutes time.
The situation was more bullish over night.
December wheat was called Sl.1G@l.12 on
the curb. When the bell started the con-
fusion on 'changeit was difficult to tell within
8 cents of the market. The first official
figure was Sill. Before the hand on the
indicator got settled on that figure the crowd
was doing business at S1.l3@ l.15,
and at the end of five minutes the
price of December touched Sl.IS.
or IOc over the close last night. There was
a reaction to Sl.l4l2, and up to noon the
price danced about between 81. 10 and Sl.I|.
The market was the most unusual for many
wears. Itwas n cOnundrum 10 the greater
part of the trade. The early cable to the
board of trade gave wheat several points
higher. There was marked response to the
bull movement at the seaboard and evidence
that there was no improvements the North
west. The bears were squeezed till they
could not squeal and the market opened asif
on springs, The start was at Sill for De-
cember The first few minutes took
it to Sis and the first half hour
took it back to 81 l4s4 and the
turmoil subsidized. Then for two hours the
prices vibrated between S1.15 and SLY,
while half-frightened traders talked over the
situation, and others got out and kept out
for fear of disaster. Ii was about noon that
December again jumped up, this time TO
SIlSl4 and in less than fifteen minutes the
price melted away TO S1.15, and fifteen min
utes before the close fell back to Sl.I4. Re-
ceipts here were but Ia cars, with very little
No. winter and no No. , spring. Export
clearances were but 10000 bu at
Atlantic ports The volume of trade
was not as enormous as on for
mer days, else failures would have
been inevitable. As it was, they were ex-
pected. There was an easier feeling j. s. at
the close in wheat and prices declined
sharply. Corn sympathized with wheat
opening about lie higher for the nearer fut-
ures, and selling up to 47Ac November,
under buying by anxious shorts. Later prices
eased off and the close shows gain of but
l4c in December, s4c in October and 1I2c in
November. Receipts were 459 cars. Oats
shared in the excitement and sold within
a s4c range for October, closing lIsc
higher for that option, other futures being
less affected. Receipts were 2l3 cars.
The principal interest in provisions was in
January pork, which monOpolized the trad
ing. The shorts in provisions were still
nervous, and were responsible for most of
the advance, January pork opened at
$I4 20, or 25c higher than last nights close,
and advanced to Sl495, which proved to be
the top. II then dropped back to Sill CIV,
which was the lowest figure touched, again
advanced to rearlyits previous height. clos
ing finally at S14. 75, sc over the opening
and soc higher than last night. October
sold at $l5.72l2416.25 %, the latter figure
being the opening, 25c over last night and
!
terdsy. November sold at SIS. 25@I5.65,
closing at S15.37I2, or 42l2c higher than last
night. January lard advanced Sc and
October l2l2c over last night and ribs
gained I2l2@I5c.
THE ROUTINE REPORT.
CHICAGO, Oct 3-The feeling developed
in wheat in this market was greatly excited
again, more so than on any previous day, be-
ing the outcome of wild Speculation Some
OF the oldest OF orators described to-day's
opening, with the exception of war times.
without parallel. Possibly never, in the
history of the trade, did prices fiuctuate SO
wildly as to-day. Almost the whole range of
the days market, which were &c, were COW
cred within six minutes from the opening.
This will illustrate the condition of the
market Prices ran up and down lie at q
jump, with no trades at intervening figures
When operators wanted to buy there was but
wheat TO be had. and when they wanted to
sell there was but little demand to take the
wheat The days business shows a marked
falling off as compared with the preceding
day, and the trading is principally in the
way of evening up and settling up trades
Operators do not care TO sell on such a mar
ket, as it is too easily controlled and at the
same Time many houses would not risRed
buying at the prices ruling. Many merchants
are advising their customers to stop making
new trades in wheat for the present at least
and there is rapid settling up, or evening up
of trades. Some parties who have held to
TEE lCfl COLI,
though others predict and are holding for
higher prices. As to the opening, il was not
dcscribable with first few trades at 2I206c
over the closing figures of yesterday ana i'm
mediately sold up 3l2c more, or in other
words, prices were 9l2c higher for
December within five minutes after
the opening than the closing figures
yesterday. Prices almost Immediately de-
clined 4c and then fiuctuated very fire.
quently within 1l2c range, again sold ND to
the top figures of the day, back &c and closed
3l2c for October, 4I3c higher for December
and sc higher for May than closing figures
OF yesterday. Foreign markets were better
and higher, and domestic markets decidedly
higher than yesterday. Duluth No. lizard
sold Zoe above Chicago No. 2. The corn
PIT was the scene of activity and confusion
the entire session, fluctuations being wild
and the course of prices difficult TO follow.
SO exciting was the pit AT times. The feel
ing was greatly unsettled and probably al
no time since May has the market been more
tAtllCu ullu uIsGllltQ. line trade
mainly In November, and this future fiuctu-
ated within s4c range, a nervous feeling
prevailing regarding this month. and some
talk OF squeeze was intimated by several
operators. winch created an active demand
from shorts and evening up prices advanced
sharply. The market was governed entirelv
by local influences, the advance in wheat
having Strengthening effect on priceS
Opening sales were lie lee higher than the
closing prices OF yesterday after which the
market ruled wild and the greatest confn
sion prevailed, and prices advanced in
jumps OF l4Gl2c until an advance of Sc was
recorded; When the market reacted almost
as quickly, declining 3l4c, ruled very unset
tied and closed with October at s4c and No
Vember ll2c higher than yesterday. The
market for oats has at last fallen into
line and followed the advancing
tendency of other cereals. a yerY
substantial advance being shown in to-day's
range Of prices. Trading in future deliveries
was more active, demand good. and NOT so
mueh 1or the purpose OF covering shorts as
IL the way of speculative purchases Mess
pork was active, but unsettled. The general
feeling was stronger, and prices ranged
higher early. January received the most at
tenlon, ana large lots changed hands fire.
Quenly. Longs unloaded freely. and the
bulk OF the buying was to cover shorts Omen
ing sales were at 25030e advance. january
sold up 25c more, declined 10 opening fig
ures, became irregular and advanced to
previous outside prices. but the market
closed easy at almost the lowest figures.
Lard was moderately active, stronger and
higher. Offerings were not large and de-
mand mainly TO covering outstanding con-
tracts. Opened 5912l2c higher on the active
futures, advanced 2l265c receded slightly
and closed easy. Short ribs sides were traded
in to fair extent at higher range of prices.
Opened at an advance OF Soc on October and
20c on January, receded 25c OH the former
and 5Q7I2c on the latter rallied slightly, but
closed easy.
THE GENERAL QUOTATIONS.
Wheat-No. 2 october opened at 81 O94,
closing at $I.10; November 81 lOI9, clos.
ing at SLIP; December, Sill, closing al
SLl3; May, SLIP. closing at SII2l2
Corn-Ne. 2 october opened at 44I2c closing
at 44Ac; November, 44l2c, closing at 45c;
December, 4l14c, closing at 4Ossc; January,
39c, closing at 377sc. Oats-No 9 October