St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-21
BIG ADVANCE IN RIBS.
IL
The October Option Scores a
Rise Of Nearly ST on Chi
cago Change.
Wright and Cudahy Credited
With Engineering a
Corner.
Wheat Advanced in Sympathy
With the Strength in Pro-
visions.
Bear Attacks in Wall Street
Failed to Have Much
Effect.

CHICAGO, Sept. 20.-Feverish excitement
ana The elimination OLA big deal in ribs
were twin accom- paniments in the provision
PIT To-Day. An advance of nearly 81 was
scored on the October option. This was
equal TO rise of about a cent a pound for
the meat, and was accomplished in few
minutes, the market selling from S7.65 at the
close last night to $500 during the first hour
of change today. There was comparatively
little change in the prices of other hog
products or in cereals. 1t has been gossip
for months that Charles Wright and John
Cuoahy were Intending to corner the market
f0 october ribs. Wright commenced buying
several months ago, when the market was
about sc, and gradually accumulated prob
ably 2OG0O,OO0 pounds, the price in the mean
time having advanced to 81 50. Finding the
load pretty heavy. he is supposed to have
divided this interest with Cudahv.
1t is now supposed these two are long not
less than 10000, 600 pounds of ribs for October
delivery. AS the product has to be fully
cured to be deliverable OH contract-which
requires about forty days-it was supposed
that the limit was reached today and no
more could be made that would be deliver
able. Hence 1t seems to have been regarded
as favorable time to spring any surprises
that were in store for the trade. 1t is gener
ally thought that the big shorts are the pack
ers who have been selling believing that the
load the clique had was too big for it to
carry.
As to the time when ribs can be made for
delivery on October contracts the trade is
much at variance The rule simply requires
that they shall be fully cured" This usu-
ally requires forty days but many contend
that there are processes in vogue here where
by they can be cured in ten days. This will
be question for the inspector. Notwith-
standing the excitement, the volume of trans
actions was not great.
The sudden advance III October ribs was
not altogether without effect OH other art-
cles III the provision line. Pork advanced %
u35c, but settled back 1tMl2lac and closed
mparatively steady. Trading was mainly
on local account Brokers. supposed to rep
resent Armour 4 Co., offered lard freely and
prevented prices from going above 5Ql7l2c
higher on near and 1t@ll5c on deferred de-
liveries.
Wheat opened shade below the close
yesterday on the weak cables. but soon de-
veloped coed deal of strength. The chol-
era scare was eXerting less influence: there
were reports of much damage by rain in
North Dakota, and the local buying was
quite sharp. The offerings were light and
considerable strength soon ruled. as soon
as the strong trend of the market was ap-
parent shorts began to cover generously, and
the outside buying was on a much larger
scale than for some days
The strength in provisions, and especially
the excitement in ribs, was also a material
l
considerably under the estimates. The guam
tity on ocean passage showed a decrease, but
1t was anticipated that there will be a heavy
increase in the clearalices when the cholera
blockade is lifted The market opened lsc
lower. advanced about 84c and closed with
gain of about I2c over yesterday.
Corn was active but decidedly lower on the
line weather. and renewed assurances that
the crop had not yet suffered any damage
from frost. This made the longs very weak,
ana there was general rush TO market long
stuff. While BUYERS were confined largely 10
the covering of shorts, which could be done
at satisfactory profit. There seemed to be
a widespread desire to get out of October
holdings, and to buy May in preference. At
the close October showed loss of SEC. COM
pared with last night, and May only 1sc.
In oats, the near futures were the weakest
and prices receded 3sGlI2c, but October re-
covered part of the loss. May receded Ssc,
but closed with a loss of only 1sc. y fair
business was done in changing September to
October, chiefly TO 1sc difference. Receipts
were larger than expected. and this, with the
depression in corn, was the chief cause of
the weakness.
There was q fair demand for vessel room TO
load wheat and corn, and rates held steady at
2l2c for wheat and 214c for corn to Buffalo
Estimated receipts for tomorrow: Wheat,
$50 cars; corn, $40 cars; oats, 2So cars; hogs,
27.010.
The leading futures ranged as follows: