The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-10-20
WHEAT IS SOLD
TO ALL THE WORLD
Advance OF Four Cents at the Opening
Of the Market.
BIG ORDERS COME FROM ABROAD
Foreign Houses Followed Closely by
Local Ones in Excite.
ment Here and in EurOpe.. Chi.
cagO, Liverpool, Paris and Berlin
Report Soaring Prices.

New York, Oct. 19.-Wheat bounced
upward by leaps and bounds when the
local market opened today at the New
York Produce Exchange. The first sale
of December future was made at S57s
cents, the closing price on Saturday,
making Il net advance of over four
cents and an advance of 215s cents
over the lowest point it reached in the
month of September. The big advance
was the outcome of further advance
in the European markets and the re-
ports of shortage in the crops of India,
Australia and other foreign countries
which continue to be received.
Within ten minutes after the opening
the market advanced to S61a cents and
the trading was attended with great
excitement. This was particularly
marked when dispatches were received
from Chicago land Liverpool showing
that big advances had been made over
Saturday in those markets also. The
Chicago market, with enormous trad
ing, was even more excited than the
local one. Liverpool advices showed
that an advance equivalent to cents a
bushel had been made since Saturday.
The Berlin market was to 5h marks
higher, and Paris reported an advance
of from 80 to 40 centimes.
Wheat was traded in on an enormous
scale all the forenoon. The foreign
houses were large buyers and the local
firms were close behind.
All the other markets felt the slim
ulus OF the advance in wheat. Corn
sold at 3iA cents for its December fu-
ture, compared with 33A cents for Sat-
urday, net advance of | cent a bushel.
Stocks. cotton and provisions were
strong likewise on the impression which
all the dispatches from abroad seem to
confirm that the world will have to
turn to this country for it's breadstuffs
this year.
EXCITEMENT AT CHICAGO.
Chicago, Oct. 19.-In the midst of a
scene of wild excitement, such as vet
eran traders recall in war times, De-
cember wheat opened on the Chicago
board of trade today anywhere from
1872 to 79R after closing officially Sat
urday at 1873. 1t was an average three
cent jump to begin the furor. Eighty
cent wheat was missed by quarter of
cent only, the top notch of the SEN
sational session being 1874. But the
market was not all upwards. 1t oscil-
lated between Saturdays closing prices
and the top, reacted to 7SA and
flashed all around this point with a
bewildering assortment of changes.
me IeceilDeF future DrOke tOWfI dS
the close. the last official price being
1Iaa, but that was ~ above Saturdays g
closing. Before the cOmmotion in the
pit began the English cables posted on
Change told the feverish crowd that
more wheat was wanted by the United
Kingdom. Paris and Berlin contribut-
ed their quota of bull news and served
to tune the excited crowd to the pitch
of a 3-cent rise at the opening. Trad
ers on both sides of the market real
lied it was not a local one, which was
shown by the prices remaining firm in
the face of heavy selling of long lines
by holders to get the profit. A feature
of the day was that everybody was
making money. Paying business came
to the brokers from Tacoma to New
Brunswick. p. ID. Armour was a heavy
buyer, and there was q report that
John Cudahy sold big lots of his wheat
holdings but it was not supposed he
sold all Of his long line. The bolster
Gus opening of the Minneapolis mar
ket, where the opening price was al
most five cents above the closing Sat-
urday was taken as evidence of the
strength of the northwestern market.
Strong as the demand was loca ly
wheat could only be got when men We're
found who We're willing to let go and
be satisfied with their profits. For
tunes were made in an hour.
President Baker said The activity
is due to strong foreign markets, Liv-
erpool showing an advance of six cents
a bushel. Great Britain wants our
wheat, but 1t is absurd to talk of wheat
being shipped to Argentina"