The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-10-20
WHEAT GOES UP WITH A WHIRL
PRICES JUMP UP THREE CENTS AT
THE OPENING.
European Demand at the Bottom of
the BLGe-FOrtunes Made in an
HOur-P. ID. Armour "A Heavy Buy
er-JOhn Cudahy Reported to Have
Sold n Large Part of HIS Hold
ings.

Sold IA Large Part of HIS Hold
ings.
Chicago, ILL.,, Oct. 19-In the midst of a
scene of widest excitement, such as vet
eran traders recall in war times, Decem-
Der wheat opended on the Chicago Board
of Trade to-day anywhere from 7S1s to
| 1872 after closing officially Saturday at
1873. 1t was an average 3-cent jump to
begin the furore with, and in it's startling
suddenness and effect, it came like a
! bomb in the board. Eighty-cent wheat
was missed by hc only, the top notch of
the sensational session being 1884.
But the market was not all upwards.
1t Oscillated between Saturdays closing
price and the top, reacted to 7S4c. then
went to 79Ac, and flashed all around this
point with a bewildering assortment of
changes. The December future broke to-
wards the close, the last official price being
773sc, but that was 11sc above Saturdays
! 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 T@Iited Kingdom. Lon
don, Liverpool, Paris and Berlin contribu-
! ted their quota of bull news and served
| to tune the excited crowd to the pitch of
| a 3-cent rise at the opening. Traders on
! both sides of the market realized it was
not 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 bus
| mess came to the brokers from California
to New Brunswick. P. D. Armour was
| heavy buyer and there was a report that
John Cudahy sold big lots of his wheat
! holdings, but it was not supposed he sold
all of his large line.
The boisterous opening of the Mnneap-
| oils market, where the opening prices were
almost cents above the closing Satur-
day, was taken as evidence of strength of
! the northwestern market.
| Strong as the demand was locally, wheat
could only be got when men were found
who were willing to let go and take their
| profits. 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 it is
absurd to talk of wheat being shipped to
Argentina"
Minneapolis, Mimi, Oct 19.-There was
a wild scene on change here this morn
| ing when wheat advanced cents within
/
| of the shorts to cover. 1t is said that
some of them will not be able to raise
the money TO cover their margins.
New York, Oct 19.-Wheat traders to-
day, following the lead of Chicago started
prices up here AS cents. From this there
was another advance, making in the early
trading a clean rise of 4% cents from the
official close of Saturday,
Baltimore, Nd, Oct. 19-The rush of
! grain to Europe has caused ocean freight
rates from this port to jump up at lively
rate.
To-day's quotations to Liverpool are
| 2 pence a bushel higher than those
offered a 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 rates, as far ahead as
next March. AS result of this activity
every available steamer and sailing YES
sci has been pressed into service and
several representative ship brokers say
that the supply of vessels is still unequal
to the demand For the two months
which ended Oct. IS, there were 152 ves-
sells cleared from Baltimore for foreign
ports, against ninety-three for the corre-
spending period Of last year. Most of the
| vessels carried grain.
Large shipments of corn are being
made, the low pIlCeS ana n6aVy crop
proving attractive to foreign buyers. This
business is stimulated by the action of
the Joint Traffic Association, in reduc-
ing freight from 20 cents to IS cents per
100 pounds from Chicago on all corn for
export.
During September 9649 253 bushels of
wheat and u, 291 bushels of corn were
exported from Baltimore. For September,
1895 the figures were 500G,ST bushels of
wheat and 5,S69,42l bushels of corn.
Southern wheat to-day broke all previ-
Gus records in the local market, when 1t
advanced 81 cents a bushel. No. 2 red
closed Saturday at 78% cents, and sold
to-day at S41s cents. Western wheat also
jumped cents a bushel IN this market
Flour was also affected and advanced
25 cents a barrel.
Portland Ore Oct. 19-More wheat has
been put ahoat in Portland in the last
forty-eight hours than ever before in
similar length of time in the history of
the port. The ships Astoria, Glengorm
Castle, Lindisfarne and Henrietta, with
wheat and the Sierra Estrella with -four
finished loading yesterday, and the An
dreada got away the day before. These |
ships carried nearly 10000 long tons, or
over 10000 bushels of wheat. The ship
ments 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. Inc DdIkenLlne NaFcLSSuS |
was chartered Saturday. The Procyon, |
which has been in the ofIing for several
days waiting orders, has also been char
tered, and will come to Portland to load |
at once. Two other vessels are also |
spoken OF. and will hasten to this port for
wheat cargoes.
New York. oct l9.-Wheait took another |
upward bound to-day. On the produce |
exchange there was great excitement. |
The brokers gathered about the wheat pit, |
and when the opening for December |
wheat was recorded as 877sc a babel of |
shouts arose that would have done credit |
to the stock exchange in its widest mo- |
ments IL was a rise of 43s cents from |
Saturdays closing and the brokers SEEM |
ed TO the uninitiated observer. of whom |
there were many in the galleries, to have |
gone suddenly crazy. There was little |
business done in any other part OF the ex- |
change. For the rest Of the day the |
wheat pit was a mass Of struggling excit- |
ed men, who yelled as though their lives |
depended upon their lung power.
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