Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1895-05-22
WHEAT ON A RAMPAGE.
Wild Excitement on the Chicago
Board of Trade
Today.

Chicago, Ill. May 2O--Wheat opened
today with a big bulge and a continuation
of the buying excitement of last week.
The market jumped 2 cents within the
first half hours trading and, although re-
acting moderately from the top figures,
remained strong at a good advance over
Saturdays close. The July option opened
p cent higher, at 721a CENTS and went
up wildly until it struck 1878 cents.
There was free selling at the high point
and prices fell to 1914 cents. The adj
vance was generally accredited to the
cold weather of Saturday and Sunday,
but was largely the result of a rush of
buying orders from the country. The
other markets were carried up with
wheat, July corn selling at o53s cents and
oats and pork scoring marked advances.
The freezing weather since Saturday
gave wheat its opening push. The start
was most confusing and irregular. Brok-
ers within a few feet of each other were
buying and selling wheat simultaneously
at II cents and 72112 cents for July. In
less than five minutes it had risen to
1872 cents, in another five minutes it was
down again to 7212 cents and in yet five
minutes more it had jumped again to
1875 cents. The signal service issued a
bulletin about the time of the opening
which did not tend to SoOthe the minds
OIL the SOOrLS. 1t reported klluUS 1FOStS
on Sunday night in Wisconsin, Michi-
gan, Dakota and Nebraska and predicted
for tonight frost in the Dakotas, Mime
sofa, Iowa, Kansas, Nebraska and Wis
cOnsin.
The foreign markets were but slightly
appreciative of the bullish state of af-
fairs ruling here. IiverpooI early cables
reported an advance there of only Id
per GENITAL, with one-half of that lost
before the market closed, according to a
private dispatch. The expectation of
heavy Russian shipments was given by
the, Liverpool cables as reason for their
lack of sympathy for the advance here.
The Paris market went it's own way
without the slightest regard to the
strength displayed here, wheat being
quoted from 10 to 20 confines lower.
As the session progressed outside buy
ing orders came in from every direction
forcing further advance and st. Louis
bulged up sharply, taking the lead of
Chicago in price by q cents, July being
quoted at rs cents against Az cents
here. Local professionals influenced by
a tagging market at New York played
cess than during the past few days.
After the fluctuations recorded above
the price bobbed up and down half a
dozen times between 70 and 1879 cents,
but it got out of that rut and too jump
to 7412 cents. The strength with which
and added to every few minutes by the
news brought over the wires and by word
of mouth through country visitors who
were on change. Minneapolis wired that
kilograms were pouring in there which
described the wheat as having been cut
to the ground by the frost over the greater
part of its area and St Louis wired that
there were more country men on their eX-
change today than they had seen in q
year and that they were all loaded with
cr0p-damage reports and added the sender
of that report, loaded also with long
wheat"
Perhaps as important a matter as the
very poor outlook for the domestic crop
was the news conveyed in a special cable
gram from Liverpool that the reports con-
corning tie Russian wheat crop We're I'M
favorable. Not the leastiof the long list
of bulletin influences was that the visible
supply decrease amounted to 3139, 600
bushels the quantity ocean passage de-
creased 800, 000i bushels and the Argentine
shipments for the week were reduced to
1892, 900 bushels. Another matter of
great significance which escaped general
attention was that between Saturday
morning and q. M. today the rail ship
ments of wheat from Chicago amounted
to 24S,00O bushels That shows the
quantity shipped to millers in the con-
tiguous states, Independent of lake ship
ments, and illustrat ties the effect of the
too prodigal feeling Of wheat to hogs last
fall and winter. With such an accumu>
lation of radically bullish news it is not
surprising that in the latter part of the
session prices rose to 74B cents. There
ihulgo md the market closed at 1914 cents