Kansas City daily journal., 1896-10-18
STARTLING BULGE IN WHEAT
DECEMBER JUMPS UP &C AND HE'LL
NEARLY ALL OF 1T.
Closes at IS 5-Sc, After Session OF
Wild Excitement-AH the News
Bullfsh-Corn, Wheat and
Provisions Also Boom.

Chicago. Oct. 1.-THE price Of December
wheat closed to-day at an advance Of ex-
actly 3x cents over yesterdays final fig-
ures. The bulge was directly attributable
to the strong foreign markets, and was
accompanied by scenes Of excitement sell
dom witnessed on the floor. Corn and oats
followed In the wake Of wheat, advancing
1c and &c respectively Provisions were
also strong, and closed 15Q32kc higher.
The semi-excited state of the wheat mar
ket as yesterdays session was coming to
a close was increased this morning into a
fairly good specimen of general alarm.
That fear was well grounded as IL turned
out. There was not single bushel to be
had for less than 1asc advance on yester-
days closing price, and very little under
74c, or 13sc higher than it closed at yester-
day for December delivery. The reason for
such a sudden and material rise, following
the big jump of the previous day, stuck
clear out from the official bulletin boards.
The foreign markets led In the scramble,
just as they did the day before. The pub
lie dispatch from Liverpool quoted an ad-
vance there over night of 2Isd per Genital,
which Is the equivalent of &c per bushel.
Private cablegrams reported Liverpool and
London wheat markets excited at the ad-
vance already named at the former and at
I1sd per quarter rise for cargoes at the
latter place. New York wired that foreign
ers were active buyers there, and claimed
that IT'S boatloads-equal to 1,40o, 900 bushels
-were taken there and at other ports yes
terday. With that for a starter, the prices
bid for December at the opening were from
.S1se to 74c. against 72.sc at the end of yes
ferday's session. The crowd had scarcely
gotten accustomed to 74c wheat when
further dispatches Of an exciting character
started them again and the prices rose to
4Ac. 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 dis.
patch was the indication 1t gave, Of the
expected long continuance of the Indian
requirements. On top of all that, private
cablegrams reported the Berlin market ex-
cited and five marks higher, that beina
equivalent to 3hc per bushel. 1t is no
wonder that spectators scrambled for
wheat. And they did. There was 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 76Isc had been scored ex-
actly 4c above yesterdays closing Here
the realizing increased and was sufficient
to break the price of December to 75xc at
the close. Routine statistical news re-
ceived no attention.
As in wheat, SO II was In corn For
eigners bought 1t in large quantities The
seaboard reported sales for export to-day
10000 bushels. and the demand here like
wise was good. Nothing but the influence
Of the huge crop in this country and the
generally good reports from Argentina and
the Danubian countries keeps corn from
sharing to a larger extent in the great
boom in wheat. As it was. the price ad.
vanced 1c per bushel May was wanted a,
2sc at the opening. a &c advance. 1t did
not sell for less than 2s7sc and was very
strong near the close at 2sasc
Oats shared in the general strength. and
enjoyed a comparatively large trade, clos.
ing at about the high point of the session
There was liberal selling by traders anx.
ious to make profits May opened at 21isd
2lAc. an advance of Lc and gradually sold
MP 20 pc. That was about the closing
price.
Provisions. which on the day before
showed the only resistance to the general
advance in prices, fell into line to-day and
made substantial gains. Packers were
good buyers and spectators were encour.
aged by higher hog prices and the bulge
in grain. Closing prices were close 70 the
TOP. January pork closed s2isc higher a,
$50; January lard 15c higher at a52ikd
ass; January ribs. 17lsc higher at s3s7Ib1
800
Estimated receipts Monday: Wheat, IS:
cars; corn, $50 cars; oats. SIS cars; hogs
.z2.ceo.