Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-10-19
WHEAT AGAIN JUMPS
Wild Excitement characterized the
Trading at Chicago.
EFFECT OF LIVERPOOL ADVICES
Violent Fluctuations in the Price
Occurred.
BULLS WERE A NJ Az ED

CHICAGO, October 19.-Wheat made a
record-breakIng jump today. The Decem-
Der opticn, which closed Saturday at % o-S,
opened this morning at IS 1-2a79 is, steady
irg at the latter figure, an advance Of
31-4. The widest excitement characterized
the trading. There was talk of possible
failures as a result of the unparalleled ad-
vance. After a momentary reaction to -,
December wheat soon went beyond the top
figures at the opening, touching as high as
40 IA several times within the first fifteen
minutes of business.
Just before 10 am. the market took a
sudden plunge downward and fell to IS 1-2
ieacting later to 7S 3-4.
Shortly after 10 am. the price receded to
Is IL but at that point the market whirled
sharply upward again, and within few
minutes advanced full cent to 20 IA. Dur
ing the frenzy at the opening some few
trades were made as high as 1912, while
sales at the same moment In other parts Of
the pit were at different figures ranging all
the Way to IS L.
About 1890 am. the price was Is 81 De-
cember. AT this point another 1-cent-a-
brshel advance was recorded with amazing
rapidity. Almost before the tickers could
place the figures on the tape in the brok-
ers' offices the quotation had leaped to
% 81 This was within Is of cents a
bushel added to the value of the cereal
within a single hour.
Before IL o'clock the pit witnessed a
notable example of '.whipsaw' From 20 81
the market fell as rapidly as it had risen
dropping a cent almost in a straight line
TO ~ 81 Scattering sales were made at
AZ 1-S, and then the market once more re-
bounded. the ruling price at IL am. being
10 for December. =.t,n.@
Caused by Cable Advicss.
The advance today was due to the Liver
pool cables, which reported that market
excited, and from 3 1-2 to I'D higher No
such jump has been experienced in that
market for years. In the first half hours
crazed rash to cover here most Of the
trading was around - cents. Trennen-
dous lines were dumped on the marked
at about that figure.
All the news was not bullish by any
means. Northwest receipts were heavy
1.Gi2 cars. against / .SS7 last year, and un-
ofhcial worl!s shipments were liberal. The
cables, however were the pre-eminent in
huence, and trading enormous, with
fluctuations violent and frequent.
Corn opened strong, though trade suffer
ed rom the wheat excitement. Receipts
were large. but We're Offset by strong
cables and sympathy with wheat. May
opened about cent higher at 3Oi1a3OE ad-
Vanced to 81 cents and reacted TO yrA
cents. oats was active and firm, with
other grains May opened about Y cent
higher at 221s cents, advanced to 23 cents
and reacted to 22h.
Provisions opened excited and moderately
higher. but heavy realizing and selling by
packers caused a reaction. January pork
opened % higher at S.35, and declined to
S-ll12. January lard opened about 10 cents
nlsher at 40. anu declined to 4.G5. January
RIBS opened 10 cents higher at 410 and de
clined to I.O7R.
Gradual Relapse.
Between IL o'clock and 12:15 pm there
was a gradual relapse. From 20, Decem-
ter slumped to % 81. In the next half
hour 1t was again ascending the ladder, and
reached IS 5-S, but during the succeeding
hlteen minutes IL returned to the down
grade, and at pm. fifteen minutes before
the close, was quoted at - 3-4' The de-
cline continued during the final quarter of
an hour. Just before the bell struck De-
cember was II IA, and the last quotation
for the day was - 3-S bid 1-2 cent higher
than the close on Saturday
The excitement in the pit was too great
ana the trade too active to permit of intel
hgible understanding of the personnel Of
the trade But in a general way floor
traders realized. John Cudahy sold a bip-
line through traders.
Logan and s. Dupee were heavy sellers.
10 such an extent. in fact, as to cause one
OF the frequent and violent breaks which
characterized the trading Baldwin also
sol early. as did Bartlett.
Oa the other hand, Armour was a buyer
Mllmlne Bodman & Co..and Schwartz, Du-
pee & Co took in large lines. Nieol bought
about 2JO.GO bushels at 10.
A Dig surprise was occasioned by the In
dian shipments of 72,OOo bushels This was
totally unexpected and seemed to Indicate
tnat the seriousness of the Indian situaI lion
had been exaggerated. There was a lot of
selling done on it. and 1t was with this as a
reason that the price of December sagyed
10 uA cents during the last hours bus
mess Liverpool was not the only foreign
market 10 advance. Paris reported a Jump
equiVaieht TO jay cents per bushel. The
Berlin advance equaled 2 40 cents and
Antwerp oa10 cents per bushel.
Jump of 1-2 Cents mt New York.
NEW YORK. October 19.-Wheat made a
perpendicular advance of AZ cents a BUSH
ei, following sturendous jump of 6 cents
at Liverpool. and general speculative ex-
citement throughout the whole of Europe
Ihe bull movement was accompanied by
intense local excitement and heavy trading
the hrst few minutes. Buying orders of
course, predominated. Even the bulls them
selves were amazed at the enorm:ty of the
advance. which has not been equaled in
years.
The December option. which closed Sat-
urday at sl&, opened today at S5n, and
jumped to S611. Following this came a cent
reaction. with let up in trading. Corn and
oats shared wheat's advance, both scoring
sharp rises over Saturday night.
At noon the tremendous strain of ex-
citement in wheat exhausted Itself and
prices fell off cent a bushel through
the cessation of the strong demand which
I had been feature Of the morning. The
local feeling was still very much unset
tied, however. and traders on every hand
were alert to catch the least Indication OF
a chaI se In the market symptoms. The
fact that late cables were a shade easier
contributed not little to the reaction In
frees. As an evidence of the markets ac-
tivity IT was estimated that up to 1 O'clock
over 12.OO0.OOO bushels had been traded
in. There have keen many entire DAYS In
past months when sales did not average
over 2.UO0.OOO or 100000.