St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
THE COMMERCIAL RECORD.
September Wheat Reaches the Dollar
AND Half Mark, Closing at That
Figure.
Deferred Futures, Being Raided by
Bears, Decline Couple Of
Points.
Financial Operations In the Monetary
Centers---The General Quota
tons.
RneniaI 10 the Globe.

stoned yesterday on the board OF trade by the
phenomenal advance in wheat continued
this morning, and was participated III by the
general public to such degree that the pub
lie gallery was crowded during the entire
session, large portion of the on-lookers be-
ing ladies. "Old Hutch" the alleged cause
of all the excitement. came in early and
quietly seated himself in his Usual place. He
was the cynosure Of all eyes, but acted en-
tirely unconcerned. At the opening, prices
for all futures except September were 10
lac higher. The feeling was strong, and 1t
was soon evident that no decided reaction
was to take place. From opening prices
October moved up TO S1.0l, December to
SIOOI2 and May to SLOPE. These,
the highest points of the session,
were reached thirty minutes after the open
ing In the meantime September opened
nominally as it closed last night at Sl.25. 1t
was watched closely, as all settlements
and cash sales depended on it. Word soon
went around that Hutch had none to sell,
and the shorts were in hot water. Brokers,
supposed to be in Hutchinson's interest,
were, meanwhile, in the pit bidding the
price up, until at IL o'clock, 81 40 was freely
bid, with no offering. At shout u o'clock
S1.50 was bid. with but one sale of 5000
lot. 1t was then announced that Hutch
would settle with the shorts on that basis,
but if there were any settlements 1t was
quietly DONE About this time an easier feel
ing came in the pit, and prices for futures
receded to the closing figures. 1t
is stated that about twenty minutes be
fore the close Hutchinson refused TO sell
wheat at 81. IS, but the official quotations do
not record any price above Sl.50. The Of
fetal closing figure for September was
81 .49l2. 1t was reported that some settle
ments were made on basis of Sl.49. There
was an enormous trade done in December
and October. Cable news was bullish. Re
ceipts were $50 cars. Corn opened 14c higher
and advanced about 1c under a good de-
mand, but reacted later with wheat. Re
ceipts, 504 cars and l0,400 bu by canal.
Oats were quiet and without important
change. Receipts, 2S4 cars. Pork was ac-
tive and the shorts in October had an inter
esting time. That option opened Zoe higher
and was bid up zoe. After the shorts COW
cred. prices eased off to close, only a shade
better than yesterday. Lard and short ribs
were stronger and closed 2l205c better.
THE ROUTINE REPORT.
CHICAGO, Sept. 2S.-The wheat pit was
again the center of attraction. The attend
ance was unusually large. The early session
was noticeable for activity, and large bust
ness was transacted in all of the various
futures within a higher range of prices. But
q desperate effort was made TO break prices.
and the raid proved partially successful. eX-
cepting for the September future, which
ruled strong, and another 25c per bushel
was added TO the advance of yesterday, at
which 6gure that future was held. The
opening for s. p.ember was the same as the
closing figure of yesterday, and. with s.
Jumps, prices struck SI.50, at which figure
the market rested, and at noon the trader
who had control of the market
offered to effect settlements on
that basis The opening for the deferred
futures was about 1c higher than yesterdays
closing. and prices were further advanced
about l26s4c for December and May, but lib
eral speculative offerings acted as buwark
against further advance, and il soon de
Teloped that q raid was to be made on
these deliveries. The offers were liberal
enough to cause break of Ac. The OctO-
Der future in the meantime declined 2Hc.
The weakness was assisted some by the re-
port that some wheat was being shipped from
st. LouiS. also to a rumOr that wheat was en-
route from other points to Chicago. From
the decline noted, the market reached laGI ssc.
but became weak again and finally
settled off lie more, very quickly
ruling weak and closed &c lower for October
Ac lower for December and Isc lower for
May than closing figures yesterday. Trading
in corn was quite general, and the market
was very active most OF the session. a higher
range of prices being established. The mar
ket opened about lac better than il closed
yesterday, was steady for a time, then ad-
Vanced a full cent, reacted 5sc, again firmed
up s4c. and closed with October 5sc, NOvem-
Der I1sc ana May lsc higher than yesterd&.
There was pretty general selling of October
and buying of November there being feel
ing prevalent that the latter month is going
to sell at a premium over the former
There was an active demand from
shorts and other sources, and the feel
ing altogether was firmer than for some
days. A heavy local operator was credited
with selling about l .O6O, 900 bu of October.
Shippers were also buying cash and selling
October. Oats were neglected and without
fluctuations TO speak of. Mess pork was
active, unsettled and higher. Prices covered
a wide range. Early the offerings were
small. Opening sales were at I0c advance
for October. 1t sold up TO zoe, broke soc on
selling by a large packer, rallied sc, but
closed weak. November and January were
freely traded in. but fluctuations were con-
fined to a moderate range. Lard was in fair
demand and higher There was no pressure
to sell at the opening, and first sales were at
5@7l2c advance, sold up lO0t20c on the near
futures, receded slightly and closed easy.
The longer futures were offered quite freely
toward the close and about all the early ad-
vance Disappeared. Short ribs sides were
actively traded in early in the session. and
prices advanced rapidly. Opened 02l2c
higher, advanced 7l2@l0c, receded so I2c
and closed steady.
CHICAGO, Sept 2S.-One of the most sensa-
tiOnal features of The day happened after the
close OF the board, when Abel ii. Bliss of the
firm of A. Ii. Bliss d Co., one of the sub
stantial commission firms of the CITY, mott
fled the Corn Exchange bank that he would
at once withdraw his patronage
and deposits. Charles L. Hutchinson.
the president of the bank, who is
also president of the board of trade and is a
So kaal a, H.
Mr. Bliss and asked what was the mutter.
You have traded with US for good many
years Mr.. Bliss" said President Hutchinson
land your father before you dealt with us
am at Il loss to know why you should so
suddenly withdraw your patronage without
any apparent cause"
ANY man who runs a corner on the
market" replied Mr.. Bliss blazing I'D. land
squeeZes the life and blood cut of the trade
is no better than thief. Your father who
owns 81 per cent. of the stock OF this bank
built just such a corner and. as ] said | do
not consider my money safe in the hands of
thief, therefore | withdraw my patronage -
Mr.. Bliss Went on angrIy at some length,
but denied that he was a loser by the corner
This evening he sad when asked about the
matter that he had no desire to create any
bad blood and would have said nothing 10
Mr.. Hutchinson had the bank president not
asked an explanation.
Il am not the only one" added Mr.. Bliss
who has Withdrawn from the bank because
of the old mans unprincipled actions. l
know Of ut least three who have pulled out
within the past week" Mr.. Bliss declined to
state what his patronage amounted 10
hut a confidential friend said the cash
deposits of Bliss d Co. amounted TO
$60,O00. No statement concerning the in
cident could be had from from President
Hutchinson save the information that the
Corn Exchange ank could get along COM
fortably without the patronage of Mr. Bliss,
the deposits in the institution being mill
ion dollars i'll excess of the total year ago.
THE QUOTATIONS.
Wheat-No. . september opened al 81 25,
closing at l.49l2; October, SI.0ls4 closing
nj 9S$lc; December, 99s4c, closing at 9SI2c
May, Sl.0l$4, closing at 81 .O0ss. Corn-No.
September opened at 411sc, closing at
Also; October 4llsc. closing at 41I3c: De-
eembcr CSC, closing at 3Sssc; May, 3sssc,
closing at 3SSsc. Oats-No. September
opened nj 23ssc, closing at 23ssc; Octo-
Der, 23ssc, closing at 235sc; May, 2SIsc,
closing t2SIsc. Mess Pork, per bbl-October