The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-10-20
Wheat Market Continues Its Up
ward Course With r mark
able RaTi"ity.
The Opening Quotations Showed
all Advance of About
Three Cents,
Liverpool Market Opened Six
Cents llighcr--Thp New
York Market.

CHICAGO, Oct. 2o.-Whe2t made n
record breaking jump, sO!ng'up at the
opening from 1859 to 19l8c, steadylng
at the latter figure, an advance Of Sac.
The widest excitement characterized
The trading. There was talk of possible
failures as a result OF the unparalleled
advance. After a momentary reaction
D &c, December wheat soon went be-
ycnd the top figures at the opening,
touching as high as 1914c several times
within the first Is minutes of business.
Then there was a sudden plunge down.
ward, followed by a quick rally to 79c.
1t is one of the features of the bulge,
which is one of the most remarkable i'll
the recent history of the trade, that
there has been no Zig short selling. A
big short interest would have made the
course Of the market a little mor ir-
regular from 81 cents to rs cents.
Wheat has developed into what old
grain men refer to kindly as an 'old.
fashioned bull Market There have
been wilder advances and sharper tuc-
.~uations i'll the past, but under existing
circumstances the speculative move
mont in wheat has been i'll many re-
spects phenomenal. Money has been
scarce and speculative interest at the
lowest possible ebb. \
What are known as the country
SPECTATORS. who are depended on to
come i'll and add to the enthusiasm on
an up" turn, have not had mean or
inclination to trade and the profession
ais had been educated up to a theory
that high prices We're a thing of the
past.
Now the whole aspect of affairs has
been changed. Prices have advanced
33 per cent, receipts having increased
to such an extent that the grain re-
ceivers have no time to brood over en-
croachments of the warehouse men, and
commission firms have forgotten that
there are such things as telegraph tolls,
clerk hire or Office rent.
In the advance which has been under
way since Labor day there have been
few setbacks. Realizing sales have
been at \ ever increasing limits, and
while the higher prices have brought
out enormous deliveries from farmers
i'm this country, arguments for higher
prices have been piling up abroad. The
international features of the wheat
market have been brought out in the
strongest possible light.
Attention was first attracted to sup
plies in Russia. Last years offerings
of Russian wheat had much to do with
depressing prices. While the shipments
were heaviest reports regarding this
years crop began to come i'll. A big
shortage was predicted and now seems
to be confirmed. The Berlin market
was the first to reflect the Russian o II
ditions with an advance of over 10
cents in two weeks. But for the none
tary conditions this would have started
q boom here. Then came the reports
of scarcity of wheat in India, a country
| which has become one of Americas
dangerous rivals i'll the export grain
| trade. California then took a hand in
| the game and sent reports of sales and
| shipments of wheat to Calcutta and of
| export sales to Australia.
Such an abnormal movement seems
| incredible, but the sharp advances in
| San Francisco excited Liverpool, and
between Liverpool and the Pacific
| coast the wheat market has been kept
boiling since. The heavy receipts OF
wheat at all primary points, big in
creases in the visible supply, and, in
fact, everything but news directly or in
| directly confirming a failure of supple:
in wheat countries Of the Southern
Hemisphere has been ignored.
At neon, the tremendous strain o.
excitement exhausted itself and price.
fell off a cent a bushel. through the
cessation of the strong demand which
had been o feature Of the morning
The local feeling is still very unsettled
however, and traders OH every HAND
were alert to catch the least indication
of a change in the market symptoms
the fact that late cables were a shad'
easier contributed not a htt,e to tn,
reaction in prices. AS an evidence o
the markets activity, it was estimated
that up to ! O'Clock over IL, GOO, OC'
bushels had been traded in. Their
have been many entire days III the PAS
month when the sales did not averag
oyar two or three million