The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-20
AGGREGATE OF CHICAGO DEAL
INGs ENORMOUS AND The
FLUCTUATIONS VIOLENT
ENGLAND OPENED THE BALL.
sIx-CENT RISE THERE PRECIPI-
TATED THE EXCITEMENT
OF THE OPENING.
ALL EFFORTS ourDoNE IN N. Y.
No End to the Sensational DeyeIop-
ments Connected with the
Present Bull Campaign.

CHICAGO, Oct 19-Chicago wheat,
after>fuctuating wildly about today be-
tween extremes of 75N cents to 79%
cents, closed at a net advance Of a cent
and half and about two cents under
the days high mark. The aggregate
amount Of business was something
enormous and was characterized by
wild excitement and frequent violent
fluctuations Liverpool opened the ball
for the Chicago wheat market. Early
cablegrams from there quoted wheat sd
per Genital higher than it had closed
Saturday, the equivalent Of cents
per bushel. That was enough to start
everything on the jump, but, strange
to say, the price at Liverpool was only
responded to by a Scent advance here
to begin with. In fact Minneapolis was
the only home market to come any
where near being as strong as the mar
kets abroad. The absence of shorts in
the Chicago pit accounted for the hesi-
tating response to the big jump at
Liverpool. The average professional
speculator looks for buyers to unload
upon in such market as today's, if he
happens to be long of wheat and as the
present spectators are almost entirely
composed of that class, large numbers
of them had wheat for sale as soon as
the market opened. For all that the
start was very wild, sales taking place
simultaneously in different parts Of the
pit at 7814@79c, and at every fraction
of 1sc in between. Notwithstanding the
immense quantities for sale at the
opening, there were buyers enough to
take care of it at the time being, and
on subsequent reaction to 7SAc, an
other crowd of buyers reached for
ward and sent the price climbing once
more. 1t only stopped when it reached
79%c
From the latter price there was again
a gradual but agitated decline, and on
the second reaction the price got down
to 77Ac by about 1915 o'clock. The pit
was Kept in a perfect boil by the statis-
teal news, but after every violent de-
cine there was a more violent reaction,
and the trend Of the market was up
ward until the receipt of the worlds
visible supply figures. They showed an
increase, of 2.947000 bushels and were
the cause of the decline to 77s4c That
was the turning point. The fact of
India having shipped 49, 900 bushels OF
wheat to Europe last week, caused con-
siderable comment in connection with
the fact of so much buying of Cali
fornia wheat for that country, and
rather shook the confidence of traders
in their belief of total failure Of the
wheat crop in that country. The worlds
shipments to Europe appeared to be
about 100000 bushels, or about 1,000,-
900 bushels less than on the week be-
fore. The estimated weekly require
4ments of Europe for the present season
are 100000 bushels, so it is evident
that depleted stocks there are being
gradually replenished.
Northwest receipts were extremely
large, though showing falling off. both
from last week and last year. Mime
apolis and Duluth reported receipts of
1,642 cars of wheat, compared with 1,703
cars a week ago, and 1,877 on the cor
esponding day Of the year before. After
the break to 77%c, the price worked up
again to 79c, but that was its expiring
jump. 1t was again weighted down
with long wheat and dropped, before
the close, to 771sc, with 773sc bid. as the
closing phase of the market.
The Liverpool market for corn was
almost as excited as it was for wheat.