Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-20
RISE In WHEAT.
WILD EXCITEMENT ON THE GILL
CAGO BOARD OF TRADE
EVERYBODY nAKINC MONEY,
Paying Business from All Over the
Country-The Activity Eue to
Britain Wants Our Product.

CHICAGO, october BIN the midst or
q scene Of wild excitement, such as vete-
ran traders recall In war times, December
wheat opened on the Chicago Board OF
Trade to-day anywhere from 7S 1-2 to 79 IL
cents, after closing officially on Saturday
at 75 rs cents. 1t was an average 3-cent
| jump to begin the furor with, and in its
| startling suddenness and effect 1t came
| like a bomb in the board. Eighty-cent
wheat was missed by a quarter of cent
| only, the top-notch of the sensational ses-
| sion being 10 3-4c. But the market was
! not all upward. IL oscillated between
Saturdays closing price and the top. re-
acted to rs "a cents, then went to 70 81
cents, and flashed all around this point
with bewildering assortment Of changes.
The December future broke towards the
| close, the last official price being n 3-s
cents. but that was 11-2 cents above
Saturdays closing.
Before the commotion in the pit began
the English cables posted on Change told
the feverlsh crowd that more wheat was
wanted by the United Kingdom. London,
| Liverpool, Paris. and Berlin contributed
| their quota of bull news, and served 10
| tune the excited crowd to the pitch of a
Scent rise at the opening. Traders on
| both sides OF the market realized that 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 every
body was making money. Paying bust
ness came TO the brokers from Tacoma to
! New Brunswick. Il. ID. Armous was a
| heavy buyer. and there was q report
that John Cudahy sold big lots of his
| wheat-holding, but IL was not supposed
that he sold all of his long line. The
boisterous opening of the MINNEAPOLIS
market, where the opening price was al
most cents above the closing Saturday.
was taken as evidence OF the strength OF
the Northwestern market. Strong az the
demand was locally. wheat could only be
got when men were found who were will
ing to let go and be satisfied with their
! profit. Fortunes were made in an hour.
President Baker said: 1.-THE activity is
due to strong foreign markets. Liverpool
showing an advance of cents a bushel
Great Britain wants our wheat, but II is
absurd TO talk OF wheat being shipped to
| Argentina"
OCEAN FREIGHT RATES JUMP.
! BALTIMORE, October 19.-The rush Of
! grain to Europe has caused ocean freight
rates from this port to jump up at a live
ly rate. To-day's quotations TO Liverpool
are two-pence bushel higher than those
onered few weeks ago. Ship-brokers
say that more business at the HIGHER rates
Is being offered than at this season for
several years past. Vessels have been
chartered at good rate as far ahead az
next March. As a result OF this ac-
tivity, every available steamer and sailing
vessel has been pressed into service and
ship-brokers say that the supply Of yes-
sells is still unequal to the demand. For
the two months which ended October 18th
there were 1872 vessels cleared from Balti-
more for foreign ports, against 90 for the
corresponding period OF last year. Most Of
the vessels carried grain.
Large shipments OF corn are being made
the low prices and heavy crop proving at
tractive TO foreign buyers. This business
Us stimulated by the action of the Joint
Traffic Association in reducing freight
rates from 70 cents to Is cents per hundred
pounds from Chicago on all corn for ex-
port.
During September 9,ei9.25S bushels of
wheat and 12,930.291 bushels of corn were
exported from Baltimore. For September.
1885, the figures were 5.O06,S77 bushels OF
wheat, and $3.50, 424 bushels Of corn.
Southern wheat to-day broke all PIE
vious records in the local market when
it advanced 3-4 cents bushel No. 2
red closed Saturday at rs "a, and sold to-
day at 81 l-2. Western wheat also jump6i
cents a bushel i'm this market. Flour was
also affected, and advanced % cents a bar,
rel.
SHIPMENTS FROM OREGON.
PORTLAND. ORE. October 19.-More
wheat has been put afoat in Port
land i'm the last forty-eght hours than
ever before in a similar length of time
in the history of the port. The spips As
toria. Glengorm Castle, Lindsfarne and
Henrietta. with wheat, and the Sierra
Estrella, with -four, finished loading yes
terday and the Andreada got away the
day before. These ships carried nearly
, 10000 long tons. or over 10000 bushels. OF
wheat The shipments to date are far in
excess Of those Of any previous year, and
, with plenty OF ships and plenty of wheat
the good work will keep up The barken-
tine Narcissus was chartered Saturday
The Procyon, which has been in the ofiing
for several days. awaiting orders has
also been chartered and will come to Port
! land TO load at once Two other vessels
are also spoken of, and Will hasten tc
; this port for wheat cargoes.
EXCITEMENT IN FRISCO.
BAN 1INAN0loOCf C%At<.f DNNN'NA 80
Excitement in the local wheat market
! continues unabated The first sale of De
? cember wheat to-day was at 152, 1t rapid
; ly rose TO 154 5-S, finally closing at l53 3-4
an advance OF IA cents over Saturday
[ closing price. May wheat opened al
1547-S, advanced to 157 1-2. and closed a.
1866 S-4, a gain of l-2 cents over Saturday
At the second session OF the board
which closed shortly before noon, May
I 40
The sales for the morning were ovel
eleven thousand tons.
BABEL IN NEW YORK.
! NEW YORK, October 19.-Wheat tool
>. another upward bound today. On thu
Produce Exchange there was great ex
element The brokers gathered afk-
the wheat pit, and when the opening FOL
December wheat was recorded at 81 Use.
n babel of shouts arose that would have
done credit 10 the Stock Exchange In IT.
widest moments. 1t was rise of 3-8c
from Saturdays closing. and the brokers
seemed 10 the uninitiated observer, o
whom there were many I'm the galleries
to have gone suddenly crazy. There wa
little business done In any other part o
1.-THE Exchange. For the rest Of the dal
the wheat pit was mass Of struggling
, | excited men, who yelled as though thei
lives depended upon their lung-power.
! In the hour and half up to noon tn
transactions I'm futures were il0{5,0O
Z bushels, representing gains or losses oil
, the &c rise of. roughly 100000.
! December wheat went up steadily in th'
, morning until II reached S6 1-2nS6 5-Sc..
, | rise Of p cents since September Sth whel
active operations in December future
a began. It huctuated about the Sc mark
In response to the brokers' call this morn
ING. and the general opinion was that
would continue steadily to advance. TIL
news that came early from Chicago 10 tn