The Saint Paul globe., 1897-10-23
FUTURES STARTED WITH A RUSH
MARKET SUMMARY.

CHICAGO. Oct. 22-sensational advances
marked today's session in wheat. December
closing &c higher and May at 35sc advance.
The advance, which was attended by the
heaviest trading in several weeks, was caused
principally by huge export engagements. Sen
sational reports as 10 the drought condition
east of the Mississippi cut no small figure
in the advance. Corn was also active and
advanced 1@1Bc, helped by wheat and
good shipping demand. Oats advanced Ac
and provisions closed 215c higher for lard
to 171ac higher for pork.
Wheat traders were surprised at the open
ing at at the frmness at Liverpool, that mar
ket showing a 15@%d advance when trading
opened here, notwithstanding yesterdays
weakness. The result of the unexpected
strength abroad was firm opening mere
and further immediate advance that put
prices within a small fraction of yesterday
highest figure. December, which closed yes
terday at 911sc, started at 91% G91Bc and ad-
vanced to 92Ac while May, which was, per-
haps, the more active of the two futures,
opened 5sc higher at 9O2sc, and advanced to
91c Buying orders for May wheat from the
United Kingdom were in the hands of several
commission houses in Chicago at the open
ing and their execution in the pit caused
further lessening of the premium at which
December is selling over May. What are
styled the English houses" had a good
share of those buying orders for May wheat
Very early in the session New York wired
that 25 boatloads had been taken for ex-
port, and claims were made a little later
in the day that 1,O00O coo bu had been sold
Strong cables were not the only factor in
4he early strength. Reports from the winter
wheat districts east of the Mississippi showed
8 decidedly gloomy, not to say sensational,
state of affairs on account Of the drought
The falling off in the domestic receipts also
attracted attention. Chicago got 144 cars,
against 244 a year ago. Minneapolis and
0uiutn reported S52 carloads, compared with
1,072 a week ago and 1,227 the corresponding
day of the year before. The total receipts
at Western primary markets were 100000
bu, against 1,131,000 bu a year ago.
Later in the session there was a brief
period of reaction. There was some disap-
pointment at the comparative weakness in
the Paris market the consequence being that
December, which had meanwhile advanced to
925sc declined to 92Bc, while May eased off
from 91Ssc to 911$c. The reaction lasted only
a few minutes and was succeeded by brisk
er demand than at any period Of the day.
Although it could not be ascertained with
any degree of accuracy whether the sales
OF wheat made at New York for export were
LOCO, 900 bu, as some claimed, or only 40 boat
loads (32O,OOO), according to other reports,
it was not doubted by any one that the eX-
port demand was good, and fortified with
that conviction all the old local bulls took
a hand at buying. About fifteen minutes
from the end of the session the market be-
gan spinning around in an excited whirl
that caught up December to $3.50 and May
to $3.50, and those were the closing figures.
Corn was active and strong. Receipts were
posted at $40 cars. Gables were 1s@$sd high
er; December ranged from 26a4 @267sc to 25Ac.
closing at the top figures, an advance of
161Ac. Oats were firm and higher. Receipts
were 235 cars. December ranged from 1S&@
1880 to 1880, and closed &c higher at 1Sa4
@i$%c. In provisions reports that frost had
occurred in the yellow fever district last
night helped to make a strong market. At
the close December pork was 171ac higher at
$S.O5. December lard, 21A@5c higher at $4.421a
@4.45; December ribs, 71ac higher at $4.65.
Estimated receipts Saturday: Wheat, $50
cars: corn 575 cars; oats, 235 cars; hogs, $4,000
head.
The leading futures ranged as follows: