The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-30
1T SENT PRICES UP TWO CENTS IN
TEN MINUTES AT
CHICAGO.
CLOSE OVER A CENT HIGHER.
PACE WAS TOO HOT, AND REALI-
ZING CAUSED A PARTIAL
REACTION.
STRENGTH OF FOREIGN MARKETS.
The Factor That Started the boom
and Tight Money the Final Re-
straining Influence.

/ CHICAGO, Oct. 29.-The exceedingly great
strength Of the foreign wheat markets at
their opening today, and again as they were
closing, caused an advance In wheat of about
I 1Bc per blu. The gain at one time was 21sc
per blu, but money in New York, which was
frightened to the very verge of strangulation,
| caused reaction. Corn. oats and provisions
were DULL without material change in value
The bullish wh.rl which wheat experienced
yesterday was the mere raising of the dust
by the preliminary gusts Of wind which pre-
cede a hurricane. The exc rise OF the pre-
vious day was increased, in the course of the
first fifteen minutes today, by the addition Of
another &c. December, which closed on the
day before at 7O%Q7O%c, sold as high as 7Sc
in the time named. The rush Of buyers at
the start such that sellers easily secured
from 71ssc to nc, at the first brush in the
pit, and not many but got at least &c above
the lower of those prices. In ten minutes the
prices had risen to 73c, and after reacting
to 7212c, it rose to 73Ac. From the latter
point there was more serious decline than
the first. The sudden bulge led to some sus-
p1c1on that the hand of the manipulation was
on lever which controlled the movement
But there were other considerations which had
much influence, the Liverpool cable was
higher. There were private cablegrams con-
hrming the bad crop situation in India and
Australia, ana noting additional sales of
cargoes to go. to those countries New York
wired that foreigners were active buyers there
at the opening, and that exporting houses
which had large acceptances last night, on
cable offers, were also buying freely. But the
pace was too hot Realizing started and the
accumulated bearish news which had been
lost sight Of in the general hurrah, began
to have its effect. Minneapolis and Duluth
received 1,221 loads of wheat compared
1,090 cars Thursday last and 1,136 cars a years
ago. That kind of movement repeated from
day to day is rather unsettling to the small
crop theory
The chief excuse for the break from 73Ac
to 71Ac had, however, nothing in common
with the Northwestern movement. It was tight
money IN New York that did it. Reports from
tnefe IN quick succession quoted call money
~ per cent, Is per cent, 20 per cent and so per
cent DID, and wheat was offered for sale in
large quantities with the inevitable result.
notwithstanding the so per cent rate for
ssa money IN New York. the strength of the
buying again became general, and another
Jump TO 721ac resulted. return of the
money scare seized the crowd again, however.
anu another reaction to 71Bc took place. The
latest trading was at that figure.
Business In corn was very quiet Nav ranged
from 2SAg2Ssc to 2Sssc, opening about nc
nlgher at 2S12 to 2S3sc, closing easy at 281l6
Io7sc. oats were quiet, and closed at slight
loss. May opened a shade higher, at 215hc.
ranged between 21Ac and 213sc, and closed
steaoy at N1sc Provisions were dull within
q narro" range. January pork closed I'M
changed at $3.50; January lard SC lower at
S4.4o; January ribs 5s lower at s3S21bc. Esti~
mates: Wheat, 165 cars; corn. $50 cars. oats
800 cars; hogs, &c, 600 head.
me Ieaolng futures ranged as follows: