Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1896-10-22

Chicago, Oct. 20.--Wheat made
record breaking jump yesterday. The
december option, which closed Satur-
day at 75k079lsc, steadying at the
latter figure, an advance of 3Ac. The
widest excitement characterized the
trading. There was talk of possible
failures as a result Of the unparalleled
advance. After a momentary reac-
ton to zoe, December wheat soon went
beyond the top figures of the opening,
touching as high as 79Ac several
times within the first fifteen minutes
Of business. Just before 10 o'clock
the market took sudden plunge
downward and fell to 7S1sc, reacting
later to 7SAc.
Shortly after 10 a. m. the price
reached 1874 cents, but at that point
the market whirled sharply upward
again and within few minutes adj
vaneed a full cent to 7s14 cents. Dur
ing the frenzy at the opening some few
trades were made as high as 1914 cents,
while sales at the same moment in
other parts of the pit were at different
figures, ranging Ill the way to 7S1s
cents.
At 10 80 a. nj. the price was 1871
cents for December. At this point an
other 1-cent-a-0nshel advance was
recorded with amazing rapidity. Al
most before the tlckers could place the
figures on the tape in the brokers' Of
fees the quotation had leaped to 79a4
cents,
Before II O'Clock the pit witnessed a
notable example Of whipsaw From
1874 ,ne market fell as rapidly as it
had risen, dropping cent almost in a
straight line TO 78& cents. Scattering
sales were made at 1885 cents and then
the market once more rebounded, the
ruling price at Il a. m. being 70 cents
for December.
Between II and l2:45 O'Clock there
was a gradual relapse. From 79c
December slumped to 77%c, In the
next half hour it was again ascending
The ladder and reached 1850, but our
ing the succeeding fifteen minutes it
returned to the down grade and at l
p. M, fifteen minutes before the close,
was quoted at 77Ao. The decline con-
tinued during the final Quarter of an
hour. Just before the bell struck De-
cember was 77Ac and the last quota
tion for the day was 77asc bid, 11sc
higher than the close or Saturday.
The excitement in the pit was too
great and the trade too active to per-
nit any ineligible understanding of
the persons trading, but in general
way floor traders realized. John Cudahy
sold big line through traders. Lo-
gar and S. Dupec we're heavy sellers, to
such an extent, in fact, as to cause one
Of the frequent ana violent breaks
which characterized the trading.
Baldwin also sold carly.
On the other hand Armour was a
buyer, Milmine, Bodman & Co., and
Schwartz, Dupee & Co., took in large
lines Nicol bought about 100000
bushels at 79c.
The advance was due to the Liver
pool cables, which reported that mar
ket excited and from 3h to sd higher,
equivalent 10 an auNdHCe Vi 4 W %
cents. No such jump has been expert
enced in that market for years. Most
of the trading early was done around
m cents. Tremendous lines were
dumped on the market at about that
figure. All the news was not bullish
I'M any means. Northwestern receipts
We're heavy, LEAP GERS against 1887
last year, and unofficial worlds ship
ment reports We're liberal. Tine cables,
however, were the prominent influence
and trading was enormous, with fluctu-
atoms violent and frequent.
4 big surprise WAS occasioned by
the Indian shipments OF $4,000 bushels.
This was totally unexpected and
semed to indicate that the seriousness
Of the Indian situation has been exag-
eerated There was a lot of selling
done on it and 1t was with this as q
reason that the price of December
sagged to 77Ac during the last hour of
business. Liverpool was not the only
foreign market to advance. Paris
ported jump equivalent to Bose
per bushel. The Berlin advance
eQualed 4-5c and Antwerp 5Q10c per
blshel
Nat,. Yorl, on4 On Wheat made a