The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-18
WHEAT WENT UP BY JUMPS AMIDST
A GENERAL STATE OF
ALARM.
1T RATIFIED THE BROKERS.
PACE WAS TOO FAST FOR THEM
AND THEY WANTED To-
QUIT
WHEN TT REACHED THE 70 MARK.
There Were Large Buying Orders
ON Both Coasts.

CHICAGO. Oct. 1.-THE price of Deem
Der wheat closed today at an advance Of ex-
actly Sa4c over yesterdays final figure, The
bulge was directly attributable to the strong
foreign markets. and was accompanied, by
scenes of excitement seldom witnessed on
the floor. Corn and oats followed in the
wake of wheat advancing lie and sc, re-
spectively. Provisions were also strong, and
closed 15@3212c higher. The semi-exciled state
of the wheat market, as yesterdays session
was coming to a close, was increased this
morning into a fairly good specimen of gem
eral alarm. That fear was well grounded
as it turned out. There was not single
bushel to be had for less than 1asc advance
on yesterdays closing price, and very little
under 74c, or 1%c higher than it closed yes
terday for December delivery. The reason
for such a sudden and material rise; fol-
lowing the big jump of the previous day.
stuck clear out from the official bulletin
board. The foreign markets led in the
scramble, just as they did on the day before
The public dispatches from Liverpool
per Genital which is the equivalent of &c
per blu. Private cablegrams reported Liver
pool and London wheat markets excited at
the advance already named at the former
and at IT'D per quarter rise for cargoes at
the latter place. New York wired that for
elgners were active buyers there, and
claimed that 175 boatloads, equal to 1.4O0,0O0
blu, were taken there and at out ports yes
terday. With that for a starter, the prices
bid for December at the opening were from
I312c to FAC, against 721sc at the end of yes
customed to 74c wheat when further dis
patches of an exciting character started them
again, and the price rose to 74Ac.
San Francisco message said that two
more steamer cargoes of wheat had been
taken for India and that inquiries were now
being made for sailing vessels to take wheat
to the same destination. The significance Of
the latter point in the dispatch was the indi-
cation it gave of the expected long contin-
uance of the Indian requirements. On top OF
all that, private cablegram reported the
Berlin market excited and 5 marks higher,
that being equivalent to SIC per bu 1t Is no
wonder that SPECTATORS scrambled for wheat
as they did. There was simply no bear news
of any kind, and the only chance the anxious
with the profit in sight, put his line on the
market. There was plenty of this done, but
everything was grabbed at and the price
never stopped advancing till 76Bc had,1been
scored, exactly &c above yesterdays closing
Here the realizing increased and was sutfi-
cient to break the price of December to 75Ac
at the close. Routine statistical news re-
ceiVed no attention.
AS in wheat SO 1t was in corn Foreigners
bought 1t In large quantities. The seaboard
reported sales for export today of 600 GOO blu
and the demand here likewise was good
Nothing but the influence of the huge crop
In this country and the generally good re-
ports from Argentina and the Danubian- coun-
tries keeps corn from sharing to a larger ex-
tent in the great boom in wheat. AS it was
the price advanced 1c. May was wanted at
29c at the opening, &c advance It did not
sell for less than &c and was very strong
near the close at 295se. Oats shares In. the
general strength and enjoyed a comparatively
large trade closing at about the high point
of the session. There was liberal selling by
traders, anxious to take profits. May opened
at 2l7a@219sc, an advance ofz14c, and gradual
ly sold up to 22c. That was about the closing
price Provisions, which onsthe day before
showed the only resistance to the general ad-
vance in prices, fell into line today and made
substantial gains. Packers were good buyers
prices and the bulge in grains. Closing prices
were close to the top. January pork closed
3219c at $50; January lard 15c higher at
$452R@4.55: January ribs TIC higher at
$3.971sGD4. Estimates-Wheat 1856 cars: corn
$50 cars; OATS $50 cars.
The leading futures ranged as follows.