St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-28
BIG BULGE ON WHEAT
Old Hutch Gets All the
Shorts Into a
Corner.
The Price for September De-
livery Forced UP Twenty
two Cents. L
.
All Other Futures, Except
Hog Products, Experience
a Decline.
Financial Operations in the
Monetary Centers--The
Quotations.
Special to the Globe.

Special to the Globe.
CHICAGO, Sept. 27.-December wheat
touched 81 at noon to-day on the board OF
trade The morning trading which led up
to this event was of the most exciting char
acter. The great advance was preceded
by an early offer on the part Of the bears
here and at New York to raise the market.
Their control was of short duration. They
succeeded in selling October down to 95Sc,
and December to 96ssc, about lAc under
last night Here the bulge began. The ad-
vance in the deferred futures was made
easy by the phenomenal advance of Septem-
Der and cash wheat. September started at
81 c7I2, sold up to S1.10 the first hour, and
on up to S1.15 at 1870 a. m, and at S1.25
at noon; the very highest price paid was
S1.26. At the same time cash wheat sold at
SI1S, and was in demand. october went
to 81. O1, May to 81. O17s, while December, the
central future, touched the 81 mark amid ex-
element and cheers on the exchange floor.
The price after reaching this point quickly
fell back to 9Sa4c for December. Receipts
were 1872 cars. Corn was fractionally easier
and without feature, all interest centering In
wheat. Receipts 613 cars and 20, 700 blu
by canal. Oats were dull and without
change. Receipts, 247 cars Provisions
were higher, the wheat market helping the
hog products, pork and ribs being firm on
the advance, while November lard was in
clined to weakness, buyers holding off. Pork
gained 2O022I2c, lard 2l295c and ribs
2015c.
THE ROUTINE REPORT.
CHICAGO, Sept. ga genuine surprise
was in store for operators i'll wheat IN this
market to-day, and it developed in the shape
of material advance in price, where many
operators had expected decline. .Septem-
Der was advanced 22c over the closing price
of yesterday, or TO say 1.26, with large set
Elements MADE at S1.25. This was the prin-
cipal feature of the day, but none the least
unexpected was the advance of 3Ac in Octo-
Der, 2I4c in December ll2c in May delivery.
The entire list scored an advance, ana the
feeling was greatly unsettled. feveIish
excitement characterized the trading. The
opening was weak, and early trading 1@1 Ac
below closing figures OF yesterdays; then FOL
lowed numerous small fluctuations, etter
which the market became strong and ad-
yanced 1s614c at a time for the deferred
futures, until the advance above noted was
established while September advances
amounted to 2@5c between trades-in fact;
until the S1.25 mark was, reached.
The shorts were amazed at the
turn of affairs. Operators also COM
meneed to argue that if September was SO
easy of manipulation what might shorts
for October expect and this created sharp
demand for that future, which carried prices
l02c above those ruling for December. The
receipts of contract wheat are very small,
most of the receipts reported here being
billed through. 1t was also rtmored that
Minneapolis millers were bidding for the old
wheat held here, which rumor helped TO
strengthen the already unsettled feeling.
Foreign advices quoted dull and heavy
markets Liverpool being lower, and London
quoted cargoes on passage as weaker. DO
nestle markets were easier early, but rallied
somewhat on the advance in the Chicago
market The closing prices in the Chicago
market were 21c higher for September, 2S4c
higher for October, ! 1Sc higher for Deem
Der and 1s0114c higher for May than closing
figures of yesterday. There was only mod
crate business in corn, the activity OF wheat
Withdrawing the interest from this cereal
to a considerable extent The opening,
however, was fairly active and most OF the
trading was in the early part OF the session:
The feeling was easy early, and later showed
some strength, due to the advance in wheat,
but toward the close the market reacted to
the inside prices of the day, owing to the free
sales of October by a heavy operator. Open
ing sales were Ss0l2c below the closing
prices of yesterday. The market then tuc-
tuated within SEC range, and closed ls0l2c
lower than yesterday. Oats were neglected
| and quotably about Isc easier. A fair bust
ness was transacted early in pork, but later
| the excitement in grain attracted the atten'
| ton of operators and the market became
quiet Opened about the same as yesterday
| close advanced Soc tor October and 50Sl2c
for the more deferred futures, reacted
slightly but became firmer and closed about
at the outside prices. Lard was IN moderate
| demand and easier, but fluctuations confined
to small range. October short ribs were in
fair demand and stronger Opened at an ad-
vance of 2Oc and closed easy.
THE QUOTATIONS..
The leading quotations ranged as follows:
September opened ut S1.04, closing at 81. %
October, 96$4c. closing at 81; December,
971sc, closing at SSs4e; May, 99l2c closing
at 4IIsc, closing at 407sc; October, Ale, clos
ing at 4075c December, 37sSc closing at
! 37S4c; May, 3S4c, closing at 3Si4c Oats
Nc. September opened at 23sSc, closing
at 23l2c; october, 23a4c, closing at 235sc;.
year, 23l4c, closing at 23Ac; May, 2slsc,
closing at 2sIsc. Mess Pork, per bbl-October
opened at Sl455, closing at S149O; year,
St3.G5, closing at S13.6742; January,
$lS722 closing at slS7s ,o Lard per 100
$40 so, closing at slO.55; year IS, rs, clos
ing at So 80; January, $50, closing at
SS.12I3. Short Ribs, per 100 lbs-September,
closing at S9.67l2; october, $500 closing
at $3.50; January, 81, closing at 81.
Quiet and firmer; patents, S5.90@6.10;
bakers, in sacks, S1@4.25; winters, 81 25@
$40. wheat-No. 2 spring, S1.16@1. %;
Corn0No. 2. 407sc. Oats-No. 2, 234se.
Rye-No 2, 5lIac. Barley-No. 2, nominal.
Flax Seed-No. l, S1.31. Timothy Seed
Prime, 81 .50@1 so. POrk-Mess, per Dbl,
SI49O014.9 2l2. Lard-Per 1eOlbs, S10.55
MIO.57lA Short Ribs - Sides Qoose),
S.. 7O0S. 72I2. Whisky-Distillers' finished
goods, per gal, S1.20. Sugar-Cut loaf, 8A
QSssc; granulated, 77s@Sc: standard A, SEC.
5000 bu: corn, $4,000 bu; oats,
1874, 1000 bu; rye, 1O,OoO bu; barley,
10000 blu. Shipments-Flour, $4,000 bu;
wheat, As, 900 bu; corn, 1853, 900 bu; oats,
17l,0O0 bu; rye. $4,000 bu; barley, $4,000
bu On the produce exchange today the
butter market was steady and unchanged.
Eggs scarce and higher at 1s12@19c.