The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-01
FOREIGN DEMAND TURNED THE
TIDE IN THE CHICAGO WHEAT
PIT.
MARKET OPENED UP WEAK.
LIVERPOOL DECLINED TO COME I'm
ON A SLUMP AND PRICES
DOOMED.
NERVOUS DURING THE LAST HOUR.
Urgent Realizing Caused a Reaction,
But the Day Closed With a
Final Rally.

CHICAGO, Sept. 30.-The strength shown
by foreign markets in the face of the decline
here yesterday and the unanimity with which
offers for export were accepted were a ire
mendous surprise to local wheat operators.
1t resulted in an advance Of 1Ic in the price
of December, that month selling at one time
ssc higher than that. Corn and oats were
but little affected. but advanced nc and Ac
respectively. Provisions closed 21ac lower to
21ac higher. The first reports received from
Liverpool today quoted that market quiet and
unchanged, and such steadiness there, after
the weakness developed by this market yes
terday. indicated a strength Of feeling abroad
that the crowd had not been prepared for.
The effect was marked. The opening price
OF December wheat was from $3.50 to 6TNc,
compared with 66A066sc at the close yes
terday, and 1t sold Immediately at 67sc. But
such a considerable jump as this was more
than the average Spectator could stand and
action took the form of selling a good deal
OF wheat, causing a reaction to 66%c. North
west receipts were S31 cars, against
s0s last year. This, however, was a great
began TO turn. the bullish sentiment set in
again with redoubled force. A later Liver
pool cable reported wheat from Nd to Id
higher. This put the sentiment to pro-
to the fever in the pit by wiring that for
eigners were buying everything offered and
at &c above yesterdays ruling prices. A
great deal Of sensational bullish news was
passed around among the Spectators, the
consequence OF all OF which was that the
price Of December had risen to 68%c before
IL o'clock. New York wired that the Liver
pool market was excited. higher. and with
buyers at the advance, and that wheat In
London was higher than at any time since
1891. Excitement in the Liverpool wheat
market, which has already been regarded as
the north pole Of Interchangeable f~rigidity, was
perhaps the chief cause of the burning de-
sire for wheat which the rise Of 2Ac per blu
exempliied. The market continued very nerv-
Gus during the last hour, and fluctuations
were frequent. During the last twenty min
utes there was a sharp break, due to urgent
reallzing, December declining to 67Ac, but a
reaction occurred, and that month was sell
ing at the close at 6SH@68Ac. Corn was
hrm, being Influenced chiefly by the bulge in
wheat. May opened at 251kc and advanced
tos25%c, where it closed. In oats trading was
decidedly limited; May opened a shade high
er at 1870. sold to 195sQ19%c, and closed
steady at 1870 The provision trade was
largely confined to changing October con-
tracts to January. The strength of wheat
helped what appeared to be otherwise a very
Improvement. January pork closed 2hc low
er, at $6.s7k; January lard, 21ke higher. at
$4lo; January ribs. 21zc lower, at S4.42lsO
4.45. Estimate-Wheat, 1873 cars: corn. 6S5
cars; oats, 1856 cars: hogs, IS 900.
re leadlng futures ranged as follows: