The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-19
A FoURCENT RISE
WHEAT WE Mt UP EY jumps ANGST
A GENERAL STATE OF
ALARM.
1T Ratified THE BROKERS.
PACE WAS TOO FAST FOR THEM
AND THEY WANTED TO
QUIT
WHEN 1T REACHED THE IS MARK.
There We're Large Buying Orders
on Both Coasts.

CHICAGO. Oct. 1.-THE price of Deem
Der wheat closed today at an advance OF ex-
actly CSC 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 hoor. Corn and oats followed in the
wake OF wheat, advancing 1c and sc re-
speetively. Provisions were also strong, and
closed 15Q321sc higher. The semi-excited state
OF the wheat market as yesterdays session
was coming to close, was increased this
morning into a fairly good specimen of gen
eral alarm. That fear was we'll grounded,
as it turned cut. There was not single
bushel to be had for less than 1870 advance
on yesterdays closing price, and very little
under 74c. or 17sc higher than 1t 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 cut 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
quoted an advance there over night of 21ad
per Genial. which is the equivalent Of &c
per bu Private cablegranls reported Liver
pool and London wheat markets excited at
the advance already named at the former
and at 712d per quarter rise for cargoes at
the latter place. New York wired that for
elgners were active buyers there, and
claimed that Us boatloads, equal to 1,4G0,0 900
bu, were taken there and at out ports yes
terday. With that for a starter, the prices
bid for December at the opening were from
.S12c to 74c, against 721sc at the end of yes
customed to 74e wheat when further dis
patches of an exciting character started them
again, and the price rose to 747sc.
A 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 eontin-
uance of the Indian requirements. On top of
all that, a private cablegram reported the
Berlin market excited and marks higher,
that being equivalent to S1sc per bu. It is no
wonder that spectators scrambled for wheat
as they did. There simply no bear news
of any kind, and the only chance the anxious
shorts had was when a speculator satisfied
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 761sc had been
scored, exactly &c above yesterdays closing.
Here the realizing increased and was sufh-
cient to break the price of December to 75%c
at the close. Routine statistical news re-
ceived no attention.
AS in wheat so it was in corn. Foreigners
bought 1T in large quantities. The seaboard
reported sales for export today of 100000 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 lie. May was wanted at
nc at the opening, a &c advance. It did not
sell for less than &c and was very strong
near the close at 1850. Oats shares in the
general strength and enjoyed 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 2l12q2l9sc, an advance of &c, and gradual
ly sold up TO 22c. That was about the closing
price, Provisions which the day before
showed the only resistance to the general ad-
vance in prices, fell into line today and made
and spectators were encouraged by high hog
prices and the bulge in grains. Closing prices
We're close to the top. January pork closed
S212c at $50; January lard 15c higher at
$3.9712q4. Estimates-Wheat, 1856 cars; corn.
$50 cars; cats. SIS cars
The leading futures ranged as follows.