The San Francisco call., 1896-10-20
EXCITEMENT IN
THE WHEAT PIT
Scenes Among Veterans
That Recall the War
Times.
Every Speculator Appears to BE
Making Big Money at
Chicago.
PHIL ARMOUR A HEAVY BUYER
Constant Increase in the Demand From
Foreign Lands Causes a Large
Profit in This Country.

CHICAGO, ILL, Oct. 19.-In the midst
of scene of wild excitement, such as
veteran traders recall in war times, De-
cember wheat opened on the Chicago
Board of Trade to-day anywhere from
7S1I to 1914, after closing Saturday at 1873.
1t was an average cent jump to begin
the furor with, and it came on like bomb
in the pit. The market was not all up
ward. 1t oscillated between Saturday s
closing price and the top, reacted to 1871,
then went to 79A and flashed all around
this point with a bewildering series OF
changes.
Before the commotion in the pit began,
the English cables posted told the feyerish
crowd that more wheat was wanted by the
United Kingdom. London, Liverpool,
Paris and Berlin contributed their quota
of bull news, and served to tune the ex-
cited crowd TO the pitch of Scent rise at
the opening. Traders on both sides OF the
market realized it was short market. A
feature of the day was that everybody was
making money. Paying business came to
the brokers from Tacoma to New Bruins
wick. P. D. Armour was heavy buyer,
and there was report that John Cndahy
sold big lots of his wheat holdings, but it
was not supposed he sold all OF his loEg
line. The boisterous opening of the Min
neapolis market, where the opening price
was almost cents above the closing price
Saturday, was taken as evidence OF the
strength of the Northwestern market.
Wheat could only be got when men could
be found who were willing to let go.
President Baker said: 1.-The activity is
due to strong foreign markets, Liverpool
showing an advance of six cents bushel.
Great Britain wants our wheat, but it is
absurd to talk of wheat being shipped to
Argentina"
ST. LOUIS. Mo-, Oct. 19.-When the
pointer on the wheat dial at the Mer-
chants Exchange was set at the opening
to-day it indicated 81A cents. The price
quoted on September wheat at the closing
hour Saturday was 7SA cents. Less than
forty-eight hours later it had advanced 3
cents. The total advance since the close
Friday has been 63I cents. The total ad-.
vance in the price of this years crop has
been over 80 cents a bushel. There was
great excitement though but little anx-
iety, as nearly all the short traders were
protected by cash holdings. The price
hovered around 80 cents for awhile and
then began to ease off. 1t went back to
the opening price and continued to decline
until it dropped to SO5s cents. The mar
ket closed at 1887 cents-one cent above
the close Saturday.
ALI these fluctuations followed the trend
of New York prices. 1t is Known that
three months ago all the local traders
began buying in other markets, for ad-
vance, mainly in Chicago. There is no
difficulty anticipated in handling the
large receipts that the advance will call
out. Car service is ample and elevators
well equipped.
President Spencer of the exchange says
the advance is not manipulated one.
THE advance" said he, sis due to the
universally short crop. The stock of red
winter wheat is unusually small. The
crop in India was almost total failure.
In Argentine and France the output was
unusually small. There was a medium
rains. The same conditions prevailed in
the north of Egypt. The Russian crop is
short nearly 10000, 900 bushels. Nat
urally the demand is greater than the sup
ply. Though the crop here was small
this year it was large compared to the
crops of Europe. The foreign coun tries
are looking to us for their wheat"
BALTIMORE, Nd, Oct. 19.-The rush
of grain to Europe has caused ocean
freight rates from this port to jump at a
lively rate. To-day's quotations to Liver
those offered a few weeks ago. Ship
brokers say that more business at those
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 a result of this activity
every available steamer and sailing vessel
has been pressed into service and several
representative shipbrokers say the supply
of vessels Is still unequal to the demand.