The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-01
FOREIGN DEMAND TURNED THE
TIDE IN THE CHICAGO WHEAT w
PIT.
MARKET OPENED UP WEAK.
LIVERPOOL DECLINED TO COME In
ON A SLUMP AND PRICES
DOOMED.
NERVOUS DURING THE LAST HOUR.
Urgent Realizing Caused q 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 tre-
mendous surprise to local wheat operators
1t resulted in an advance of 1Nc in the price
OF December, that month selling at one time
sc higher than that. Corn and oats were
but little affected, but advanced Nc and 1sc
respectively. Provisions closed 21ac lower to
212c 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 strength of feeling abroad
that the crowd had not been prepared for
The effect was marked. The opening price
Of December wheat was from S6Ac to 67Ac,
compared with 66A@66asc at the close yes
terday. and it sold Immediately at 67ssc. But
such considerable jump as this was more
than the average speculator could stand and
actlon TOOK tie form OF selling a good deal
OF wheat, causing a reaction to 66%c. North
west receipts were 831 cars, against
9os last year. This, however, was a great
began to turn, the bullsh sentiment set in
again with redoubled force. later Liver
pool cable reported wheat from I'd to Id
higher. This put the sentiment to pro-
to tie 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 6S%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 frigidity, was
perhaps the chief cause of the burning de-
sire for wheat which the rise Of 2Ac per bu
exemplified. The market continued very nery-
Gus during the last hour and fluctuations
were frequent. During the last twenty min
utes there was sharp break, due to urgent
realizing, December declining to 675c but a.
reaction occurred. and that month was sell
Ing at the close at 6s6@6SAc. Corn was
hrm, being Influenced chiefly by the bulge In
wheat May opened at 251kc and advanced
to 25Ac. where 1t closed. In oats trading was
decidedly limited: May opened a shade high
eT at 1s1sc, sold to 195s019Ac, 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 very
weak market Lard alone closed with some
Improvement en- en January pork closed 21ac low
er. at $6.971s; January lard, 21kc higher at
$40; January ribs. 2Ac lower, at 1890
40. Estimate-Wheat, 1873 cars; corn. SIS
cars; oats. 1856 cars; hogs &, OO0
ne reading futures ranged as follows:-e