Omaha daily bee., 1896-10-18
December Reaches the Dcllar-and-a-
Mark in San Francisco,
VANCE is DUE TO LEGITIMATE CAUSES
Crops Are Short in Australia, India, the
Argentine Republic and Russia.
RISE OF NEARLY FOUR CENTS IN CHICAGO
Liverpool, Hcrlin and Paris Also RE-
port Very strong Mnrkcts-Bip
Foreign Purchases Mt High
Figures i'm New York.

SAN FRANCISCO. Oct 17.-Excitement
in the local grain circles especially wheat.
runs high. The markets throughout were
active and booming and the local market is
keeping up its end in great style. In the
local speculative markets today the highest
point during the present excitement was
reached, when December sold for $3.50 per
Genital, against Sl.4li9 as the best price paid
yesterday. The opening figures this morn
ing were $l.47h, an advance over yesterdays
opening OF 9la cents. The lowest point reached
today for December was Sl.46it. while yes
terday's lowest figure for the same option
was Sl3S. After the sl50 mark was reached
today, December gradually weakened, until
at the close 1t had reached a figure below
the opening. viz: $liGis. May wheat took
practically the same course as December,
opening at 81 80, an advance Of cents, then
going to sl.51%, and then receded to Sl.iSis,
at which figure it closed.
The total sales of the day footed up 202,-
COO centals OF which 10000 We ->sc,st ~
and the balance May.
Prices on spot wheat are based on a call
board basis and are purely nominal, nobody
excepting those requiring the cereal at tho
moment buying at the prices asked. Each
succeeding day for the past week has shown
improved prices until today spot wheat is
held for $l.4O to S1.42h for No lots and as
high as S1.45 is asked for choice milling
purposes.
The Bulletin says: THE recent improve
ment In the price OF wheat is timely. II Is
not confined to any section of this
country, nor to the country itself. Tho
price has advanced in all parts
OF the world, and is due to legit-
innate causes. First came drouth
| in Australia, which cut down the last crop
in the colonies very materially. Later tho
advices from Adelaide indicated great need
OF rain and the next crop there may be
dwarfed on that account Two bad years In
succession in Australia are improbable. but
not impossible. The crop in the Argentine
Republic is short for the same reason and
this is also true of India and Russia. The
| spectacle of California shipping wheat to
Calcutta is one the world has never before
beheld"
FOUR CENTS ADVANCE IN CHICAGO.
CHICAGO Oct 1T-After a session seldom
equaled for its excitement and the heavi-
ness of Its transactions. December wheat
closed today at 1873 cents, an advance OF
clean 80 cents since the closing bell OF
yesterdays board The closing figures were
not the top ones by any means, for shortly
before the noon hour 76k cents was being
bid for the December option. The advance
is attributable to but one thing the re-
markable strength OF the Liverpool, Berlin
and Partisan markets. Everybody was
watching the cables. They have been show
ing big advances for several days, and for
elGners undoubtedly have long lines OF
wheat. 1t was the general impression
that there would be no reaction until they
unload, and in view OF the failure OF the
| India crop and the shortness in Russia and
Argentine, this seemed to be a rather re-
| mote contingency.
Every offer o. wheat made to Europe to-
day was accepted Liverpool closed with an
| advance of 2lA pence per GENITAL. London
| reported an equivalent advance. That
| started the fun. When the opening bell
sounded a perfect roar went up from the
wheat pit, where a seething. struggling mass
| of excited spectators were trying to buy
wheat which was not for sale. December
opened at an advance OF IL to ~ cents and
almost instantly advanced another 4 cent.
Then for a while prices held comparatively
| steady. There were plenty of spectators
who were willing to accept the profit in
| suCn aH duNdUNts Dul lHtH OHeTlDBS were
| eagerly snapped up.
| News calculated to boost" prices con-
| tinued to pour in One Of che most in
luential items was dispatch from San
! Francisco, reporting two more cargoes en-
gagged for Indian shipment. Late Berlin and
Paris cables were very strong and 1t was
! stated that all the grain tonnage on both
coasts had been engaged for months ahead,
one significant fact being the inquiry for
sailing vessels. There vas no stopping the
advance. Up 1t went until 76B cents had
| been recorded, or exactly cents higher
than yesterdays closing figures Even at
| that quotation there was little to sell, but
| enough was offered to cause a reaction to
| 75A cents at the close
The oldest specula ;ors were astonshed at
the strength displayed Talk was heard that
II today's advance Is any criterion OF what
| Is to come, that colorado OF wheat specu-
lators, the dollar mark is once more In
sight.
BULL CAMPAIGN WELL UNDER WAY.
NEW YORK, Oct. 1.-THE bull campaign
in wheat was marked today by another SEN
! sational advance in prices and a heavy trade.
The total transactions In futures aggregated
$3.50, 900 bushels. The dealings we're largely
among room traders and on professional or
ders from the west, although there was I'M
mistakable evidence Of q broadening outside
trade. Prices started up one-half cent above
last nights figures and during the session
we're elevated cent more. May showed the
most strength, touching s47s cents, or an adj
vance Of 3h cents over last night and IN per
cent over the close OF last night. AS fast as
one set of traders sold out their wheat new
set would take their places thus maintaining
a constant demand. which prevented any
burdensome accumulation. Gables were ex-
ceedingly strong aud acted as the main
spring OF the advance. Today upwards ot
100000 bushels were taken by foreign houses.
The corn and oats markets were both stiIau-
lated TO unusual activity by the jump in