The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-10-20

ness began and the front rail was lined all
day with interested spectators, many of
them women.
December wheat went up steadily in the
morning until it reached S61adS65sc, a rise
of &c since Sept. S, when active operations
in December futures began. 1t fiuctuated
about the SEC mark in response 10 the cries
of the brokers, all the morning, and the
general opinion was that 1t would continue
steadily to advance.
The news that came early from Chicago
to the effect that the farmers were taking
advantage of the rise in prices to rush
their shipments, and that the railroads
were getting blocked had no effect upon
the exchange here. 1t is felt that the ad-
vance is a natural one, justified by con-
ditions, and that even glut would have
no permanent effect.
vt is the universal opinion that the i'm
provement in wheat is a logical sequence
to natural conditions. "The crop in the
United States this year is fair average. p"
said prominent dealer, this nom ng The
steady flight of prices upward due entire
ly to demand from abroad In neither In
da, Australia Russia or the Argentine
Republic is the yield this year anywhere
near the average. 1t is particularly bad
in India and Argentine. The United King
dom must get from us the difference
Wheat will keep on going up. 1t is utter
nonsense to talk of manipulation"
Before the opening of the produce ex-
change this morning quotations on the
curb were influenced by the cabled news
that the Liverpool wheat market was
wildly excited and had scored an advance
equivalent to cents per bushel the most
sensa tional advance in the English mar
ket in years A wild opening was antic-
ipated, and the trade was not disappointed.
Initial simultaneous transac tiOns in the
December future were made at all the way
from S5l5 to S5K cents, against S14 cents
as Saturdays close, representing a net
advance over Saturday OF 3l2 to AZ cents
per bushel The pit was filled with shout
ing brokers with the volume Of business
very heavy. At the advance some large
profit taking selling developed and within
ten minutes from the opening the price
had weakened to S51a cents This, how
ever, proved the lowest quotation of the
morning, and further large buying quick
ly forced quotations to again mount up
ward. All through the morning trading
continued very nervous, with the transac-
tions very rapid. The highest quotation
for the morning of the December future
-S6 9-16 cents-was made just before noon,
representing an advance since SATURDAY
of 1916 cents per bushel
At noon the ruling quotation was S6
cents. The closing quotations were De-
cember, Sl5s cents; January, S5b cents;
May, S7% cents. Total sales, 20,l050OO
bushels.
San Francisco, Oct. l9.-The excitement
in the local wheat market continued un-
abated at the opening of the call of the
board session on the produce exchange
this morning The first sale of December
wheat was at 152. 1t rapidly rose to 1.545s,
finally closing al 153A, an advance of
~ cents over Saturdays closing prices.
May wheat opened at 1.547s, advanced to
1571b, and closed at 15634, a gain of Sla
cents over Saturday
At the second session, which closed
shortly before noon, May wheat advanced
l cent and December "A of a cent. The
sales for the morning were over 1000
tons.
Liverpool, Oct. 19.-Wheat to-day open
ed Sgd dearer, and after an exciting trade
continued firm at SAD advance Later
the market gave way somewhat on real
izations, and closed nervous at an advance
of sd over Saturdays closing figures. The
sales to-day amounted to 205,000 quarters.
London, Oct. 19. The Times, commenting
tomorrow on the state of the wheat
market, viii say that the rise in the
price of wheat in America caused some
thing resembling CONSERVATION, and when
the American opening cables were re-
ceived there was a scene such as is usu-
ally not seen except in time of war. The
paper adds that the advance appears to
be chiefly due to the sale of American
wheat for India, which frightened the
specula tors a great deal. Cautious observ-
ers think that a rise of five shillings per
quarter in a week fully discounts the
effect of the abnormal Indian demand.